Dealmaker: Institutional Property Advisors Sells New Jersey Shopping Center for $37M

(The View at Marlton shopping center, Marlton, N.J.)

Institutional Property Advisors, Calabasas, Calif., sold The View at Marlton shopping center in Marlton, N.J., for $36.5 million, or $400 per square foot.

IPA Senior Managing Director of Investments Brad Nathanson represented the seller and original developer, a Philadelphia-based partnership between Abrams Realty & Development and Lazgor Co., and also procured buyer Paramount Realty Services as part of a 1031 exchange.

LA Fitness anchors the 98% occupied, 91,000-square-foot property.

“The View at Marlton is the dominant service-oriented center serving the nearly six million square feet of suburban office space within three miles and the affluent suburban communities of Cherry Hill, Mount Laurel and Marlton,” Nathanson said. He noted the 2017-vintage property sits on heavily traveled Route 73 across from a Whole Foods Market and a medical campus anchored by Rothman Institute. “Marlton attracts some of the highest retail rents in the Philadelphia MSA given its proximity to Center City Philadelphia, close to robust office and mature housing markets,” he said.

In addition to LA Fitness, other The View at Marlton tenants include The Malvern School and Truist Financial Corp.