Aspen Real Estate in a joint venture with Devli Real Estate, announced they recently closed on the $13.7 million purchase of the 138,000 s/f MainTree Shopping Center in Vineland, NJ.
Aspen won the purchase contract on a TEN-X auction and had to scramble to close within 40 days.
This is Aspen and Devli’s fourth Joint Venture purchase and the second purchase from the TEN-X platform. Prior to this acquisition, the JV purchased two office complexes totaling over 320,000 s/f and the 220,000 s/f Freehold shopping center.
Aspen principal Philip Proetto said the Maintree shopping center is a value add investment. “Even with Covid cases rising, it is very difficult to acquire a supermarket anchored center, in great condition, with four PADS included, at only $100 psf,” said Proetto.
“The sales of the major tenants at the center have actually increased during the Covid restrictions and we already have interest from new tenants to lease the 27,000 s/f of vacant stores. The property will provide immediate cash flow as well as the opportunity to increase value through leasing of vacant space and adding 5th PAD.”
Devli principal, Mark Devli, commented, “Mid-sized, local shopping centers can have the perfect mix of tenants that do not compete against internet. While most investors are running away from retail investments, this sector offers us the opportunity to achieve Out Sized returns.”
Joe French and his team at Marcus and Millichap represented the seller in the transaction.