A Sicklerville Dollar General location in South Jersey has a new owner, following a transaction arranged by Cushman & Wakefield.
CushWake announced the sale of the suburban retail asset Sept. 2. Located at 1601 Williamstown Erial Road, VanRock Properties acquired the 11,528-square-foot property for $1.68 million as part of a 1031 exchange.
According to the news release, Dollar General has leased the site through 2029.
Cushman & Wakefield Managing Director Andrew Schwartz, Director Jordan Sobel, Senior Associate Andre Balthazard, Associate Dan Bottiglieri and Executive Vice Chair Andy Merin marketed the property on behalf of the seller, Erial-Jarvis LLC. The team also procured the buyer.
Erected as an Eckerd Pharmacy in 1999, the Williamstown Erial Road location became a Dollar General in October 2012, the discount retailer told NJBIZ.
The store occupies a signalized corner site. Cushman & Wakefield said the Williamstown Erial Road location ranks in the 83rd percentile among all New Jersey Dollar General locations for customer traffic. According to Placer.ai data from July, the store saw 15,000 visits that month.
Stabilized suburban retail drives demand
“The deal generated significant market interest, with an offer being accepted within two weeks of marketing launch, which speaks to the demand for stabilized retail assets in the suburban New Jersey market,” noted Sobel. “The buyer is a 1031 exchange purchaser, highlighting the property’s appeal to investors seeking tax-deferred investment opportunities. We are pleased to have delivered an expedited, successful result for our client.”
Based in Midland Park, privately held real estate investment firm VanRock Properties specializes in the acquisition, redevelopment and management of performing and underperforming properties in the United States. According to its website, the firm currently seeks acquisitions in New Jersey, New York, Connecticut and Pennsylvania ranging from $1 million to more than $15 million.
In 2022, CushWake helped VanRock offload a pair of Bergen County industrial properties for $11 million.
About 20 miles southeast of Philadelphia, the Sicklerville area has experienced steady population growth, CushWake said. The firm pointed to the area’s affordability and family-friendly environment. The site is also convenient to major highways, such as the Atlantic City Expressway, Route 42 and Interstate 295.
Dollar General boasts nearly 150 New Jersey locations. In its latest earnings, released Aug. 28, the company reiterated plans to execute approximately 4,885 real estate projects in the current fiscal year. That includes:
- Opening approximately 575 new U.S. stores as well as a maximum 15 locations in Mexico;
- Remodeling approximately 2,000 stores through its Project Renovate and remodeling about 2,250 stores through Project Elevate; and
- Relocating approximately 45 outposts.
