Cranberry Plaza, 233 S. Broadway, Pennsville, NJ
PENNSVILLE, NJ—Marcus & Millichap brokered the sale of Cranberry Plaza, a 106,165-square-foot shopping center located in Pennsville, NJ, for $3.525 million.
Michael Cebula, a senior associate in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private New Jersey-based investor who had owned the property for ten years and made numerous capital improvements. The buyer, a well-qualified New Jersey-based private investor, was also secured and represented by Cebula.
“Cranberry Plaza offered investors solid double-digit cash-on-cash returns with upside potential in a stable market with very minimal downside risk,” says Cebula. “We were able to generate numerous qualified offers in a short period of time, and ultimately closed with the buyer that my client was most confident would execute.”
Cranberry Plaza is located on 18 acres of land at 233 S. Broadway in Pennsville, NJ. The center has 12 tenants, including Save A Lot, Metro PCS, and local tenants PV Pets and Tap & Bottle.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
