JLL Capital Markets closed the sale of Deptford Landing, a fully leased retail power center in Southern New Jersey near Philadelphia to Wharton Realty Group.
News release
11 April 2022
Southern New Jersey power center sells to Wharton Realty Group
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MORRISTOWN, N.J., April 11, 2022 – JLL Capital Markets announced today that it has closed the sale of Deptford Landing, a fully leased, 517,096-square-foot retail power center anchored by a global discount department store and its related membership-only retail warehouse club in the South New Jersey community of Deptford, New Jersey.
JLL marketed the property on behalf of the seller. Wharton Realty Group acquired the asset.
Deptford Landing’s high-performing tenant lineup is dominated by national tenants, including the one of the world’s largest retailers as anchor tenants along with DSW, Michaels, Five Below, PetSmart, Raymour’s Furniture, The Mattress Factory, Hand & Stone, Carter’s, Five Guys, Great Clips, Chipotle and National Vision.
Positioned on 67.33 acres at 2000 Clements Bridge Rd. approximately 12 miles from downtown Philadelphia, Deptford Landing is along NJ-42, one of the most traveled roadways in the area, and visible to more than 107,000 vehicles per day. The property has easy connectivity to Interstates 76 and 295 and serves a trade area that includes 82,467 residents within a three-mile radius.
The JLL Capital Markets team representing the seller was led by Jose Cruz, Chris Munley, Steve Simonelli, J.B. Bruno, Jim Galbally, Colin Behr and Austin Pierce.
“Deptford Landing was well received by the investment community, with multiple offers coming from both private and institutional investors,” Cruz said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wharton Realty Group
Wharton Realty Group is a privately held fully integrated real estate firm based in New Jersey. They currently own 30 shopping centers in 10 states with over 7 million square feet. To learn more about WRG click, wrgusa.com.