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
“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.
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