A 98% Leased ShopRite Center in South Jersey Just Hit the Market at $30 Million
CBRE is marketing the 157,000-square-foot Marketplace at Chews Landing in Clementon for owner Regis Cos., the first time the Camden County center has traded since 2016.
Marketplace at Chews Landing, the 157,000 square foot ShopRite-anchored center at 1200 Chews Landing Road in Clementon, just hit the sales market. CBRE is marketing the property for owner Regis Cos. of Lakewood, New Jersey, which has held it since 2016. Philadelphia Business Journal puts occupancy at 98%, and Commercial Real Estate Direct reports the center could fetch around $30 million.
A grocery-anchored center this close to full occupancy rarely sits on the market long. 98% leased with a ShopRite anchor is exactly the profile institutional buyers have been chasing all year in this region: stable cash flow, a defensive tenant, and almost no lease-up risk. Nine years under one owner at full occupancy also means the buyer here is paying for in-place income on a stabilized asset. By my math, $30 million on 157,000 square feet works out to roughly $191 a foot.
If you own a grocery-anchored center anywhere in Camden, Burlington or Gloucester counties, this listing is your pricing comp. If you're on the buy side looking for stabilized retail in South Jersey, get into the data room now. Centers this clean don't sit unsold.
Source: Philadelphia Business Journal, Commercial Real Estate Direct
Why it matters
A fully leased, ShopRite-anchored center just came to market in Camden County at roughly $191 a square foot. That's the number to benchmark against for any stabilized South Jersey retail trade this year.
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