Supremo Food Markets, a dozen-unit regional chain, is the six-year-old property's anchor tenant. The tenant line-up includes nine other retailers, and the center has one vacancy, a 7,000-sf block formerly occupied by Dollar Prime. Pennington Avenue Shopping is situated on a former brownfields site in this city's West Ward redevelopment area. The center is also surrounded by several phases of residential development, including a 110-unit active adult complex unveiled recently by Ted Davis, who heads Community Concepts.

The sale transaction was brokered for both sides by Brad Nathanson, a director with the National Retail Group of Marcus & Millichap in that firm's Philadelphia office. M&M had picked up the exclusive on the property in early 2006. "The market for this shopping center was tremendous, as more than 20 offers were submitted within a three-week marketing period," Nathanson says.

The deal was also in the offing for about a year. According to Nathanson, the property was under contract for that time "due to EDA restrictions in transferring its 10-year tax abatement to the new owner. The city also wanted to make sure the new ownership would come in with experience and professionalism," Nathanson says.