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The View at Marlton. Image courtesy of Institutional Property Advisors
Paramount Realty Services has acquired The View at Marlton, a 91,000-square-foot shopping center in Marlton, N.J., through a 1031 exchange. Institutional Property Advisors Senior Managing Director of Investments Brad Nathanson brokered the $36.5 million deal on behalf of the seller and developer, a joint venture between Abrams Realty & Development and Lazgor Co.
Paramount also assumed the existing mortgage on the property. According to CommercialEdge, The View at Marlton is subject to a $26.5 million loan from Argentic, set to mature in 2027.
A well-located shopping center
Anchored by long-term tenant LA Fitness, the asset was 98 percent leased at the time of sale. The shopping center’s roster includes AAA, The Malvern School, Truist Financial Corp., Euro Wax, Restore Cryotherapy, Dunkin’ Donuts, Naf Naf and Smoothie King, among others.
Completed in 2017 at 3001 Lincoln Drive, The View at Marlton serves an area that includes 6 million square feet of office space within a 3-mile radius, as well as the Philadelphia suburbs of Cherry Hill and Mount Laurel. The 11-acre property is alongside the busy Route 73, facing a Whole Foods Market and a medical center anchored by the Rothman Institute.
In a prepared statement, Nathanson said that Marlton has some of the highest retail rental rates in the Philadelphia metropolitan area due to its proximity to Philadelphia’s Center City and housing markets where average household incomes surpass $145,000 per year.
READ ALSO: What Will Retail Look Like in 2023?
The retail real estate sector remained robust during the final quarter of 2022, with persistent demand causing shopping center vacancies to reach an all-time low, according to a recent Cushman & Wakefield report. Across the country, the asking rents for shopping centers increased by 0.8 percent quarter-over-quarter to an average of $22.99 per square foot, while the vacancy rate dropped 20 basis points to 5.7 percent.
In Philadelphia, a negative net absorption of 117,539 square feet was registered in the fourth quarter of 2022, while vacancy stood at 6.9 percent, the same report shows. Asking rents clocked in at $20.62 per square foot, a 0.6 increase over the quarter.
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