Vineland retail property, with Acme anchor, sold for $19.3M (updated)

Marcus & Millichap negotiated the sale of the Acme Supermarket-anchored Maintree Shopping Center in Vineland.

According to a Feb. 7 announcement of the sale from First Vice President and Division Manager John Horowitz, based in Marcus & Millichap‘s Manhattan office, the 138,445-square-foot property sold for $19.3 million.

Joseph French Jr., Kodi Traver and Thomas Dalzell – investment specialists in Marcus & Millichap’s Westchester office – had the listing to market the property on behalf of a New Jersey-based private investor, Aspen Vineland LLC. The buyer, a private investor out of California, was secured and represented by French.

“We were able to identify a buyer who understood the property and will be able to back fill the vacancies, thereby being able to pay an aggressive price,” French, Traver and Dalzell said in a statement.

Currently, the property boasts an 83% occupancy rate.

The firm described Maintree Shopping Center, which was built in 1996 and located at 301 S. Main Road, as a dominant shopping destination in the eastern part of Vineland.

According to U.S. Census data, Vineland has a population of about 61,000 and a median household income of $60,018.

Along with Acme and other regional and national retailers, the property offers five restaurants: Boston Market, Burger King, Pizza Hut, Sino Wok and PrimoHoagies.

Last month, Marcus & Millichap arranged the sale of another Acme-anchored shopping center, that one in North Jersey.

Editor’s note: This story was updated at 3:36 p.m. ET on Feb. 8, 2023, to include the occupancy rate for the property.

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