Press Releases
Marcus & Millichap Arranges $10M Sale of Grocery-Anchored Retail Center in Pennsauken Township, N.J.
May 07, 2025
PENNSAUKEN TOWNSHIP, N.J., May 7, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Saigon Plaza, a multi-tenant, specialty grocery-anchored retail center located in Pennsauken Township, New Jersey. The property sold for $10 million.
“The successful sale of Saigon Plaza underscores the strong investor appetite for multi-tenant retail centers that offer durable, long-term cash flow,” said Mark Krantz, first vice president investments. “Its highly visible location along Route 38, combined with proximity to both Cherry Hill and Center City Philadelphia, made it a compelling opportunity in today’s competitive retail environment.”
Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, who also operates Sun Seng Supermarket, the center’s long-standing anchor tenant.
Built in 2008 and situated on 4.40 acres, the property features a diverse tenant mix of retail and service-oriented businesses. Sun Seng Supermarket, a staple in the submarket since 2011, continues to serve as a key traffic driver for the center. The site benefits from strong traffic exposure with over 47,000 vehicles per day and a prime location just seven miles from downtown Philadelphia. Saigon Plaza will continue to operate as a multi-tenant retail asset, supported by the enduring strength of suburban retail and consistent demand for essential goods and services.
“The successful sale of Saigon Plaza underscores the strong investor appetite for multi-tenant retail centers that offer durable, long-term cash flow,” said Mark Krantz, first vice president investments. “Its highly visible location along Route 38, combined with proximity to both Cherry Hill and Center City Philadelphia, made it a compelling opportunity in today’s competitive retail environment.”
Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, who also operates Sun Seng Supermarket, the center’s long-standing anchor tenant.
Built in 2008 and situated on 4.40 acres, the property features a diverse tenant mix of retail and service-oriented businesses. Sun Seng Supermarket, a staple in the submarket since 2011, continues to serve as a key traffic driver for the center. The site benefits from strong traffic exposure with over 47,000 vehicles per day and a prime location just seven miles from downtown Philadelphia. Saigon Plaza will continue to operate as a multi-tenant retail asset, supported by the enduring strength of suburban retail and consistent demand for essential goods and services.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
