MOUNT LAUREL—Marcus & Millichap Real Estate Investment Services has arranged the sale of Town Square Shopping Center, an 88,380-sq.-ft. shopping center in Mount Laurel. The sales price of $19 million equates to $215 per sq. ft.
Brad Nathanson, a senior director of Marcus & Millichap’s National Retail Group in Philadelphia, represented the seller, a New Jersey-based private developer, and the buyer, a privately held, 50-year-old real estate firm based in New Jersey.
Town Square Shopping Center was built in 1996 on 13.1 acres on the corner of Union Mill Road and Elbo Lane at 892 Union Mill Road in Mount Laurel. ShopRite, which occupies 73 percent of the shopping center, is the dominant supermarket operator in New Jersey. The supermarket’s lease is guaranteed by Ahold USA Inc.