Marcus & Millichap announced on Wednesday that it sold a grocery-anchored shopping center in Paulsboro for $2,502,900.

“Value-add, grocery-anchored shopping centers in New Jersey are among the most in-demand asset classes in the market today,” Alan Cafiero, senior managing director investments, said. “As expected, we had tremendous activity on this deal, which ultimately sold to a buyer executing a 1031 exchange.”

Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and buyer, both private investors.

Located at 545 W. Broad St., the 46,236-square-foot property is anchored by Save-A-Lot Food Stores and Dollar Tree, with additional potential for pad site development. Positioned in front of the ExxonMobil Lube Plant and near the Paulsboro Refinery, the property is close to major employment centers and Interstate 295.