Popular South Jersey Shopping Center Sold for $32 Million

A popular Cape May County shopping center anchored by an Acme supermarket has been sold for about $32 million, according to the Philadelphia Business Journal.

New York-based investor Alpine Real Estate Partners purchased the 163,000-square-foot Plaza at Cape May Court House from Wayne, PA.-based RW Partners for about $195 per square foot.

The Plaza at Cape May Court House, also known as the Acme Plaza Shopping Center, was built along Route 9 in 1998 at the intersection of Magnolia Drive and S. Dennis Road. 

Chris Munley and Colin Behr with CBRE’s National Retail Partners team represented the seller, RW Partners, in the transaction with Alpine Real Estate Partners.

“The Plaza at Cape May Court House generated some of the highest investor interest we saw in 2025,” said Munley. “The high-performing anchor tenant blended with the location’s prominence created exorbitant market demand.”

Location, Location, Location

The shopping center is 89% occupied. In addition to Acme, tenants include Staples, Chase Bank, Starbucks, and TrueValue.

RW Partners purchased the property in 2016 for $27.4 million, or $167 per square foot, according to Cape May County property records.

“The Plaza at Cape May Court House serves as the primary community center to Avalon and Stone Harbor, two of the most prestigious zip codes in New Jersey,” Behr said in a release.

“Its position as the gateway to these communities has served the shopping center exceptionally well, driving tenant performance and leasing demand.”

“The Plaza at Cape May Court House is the type of high-quality, well-located asset we look to acquire,” said Josh Stein, Co-Founder of Alpine Real Estate Partners.

“The center serves Avalon and Stone Harbor, two of New Jersey’s most vibrant coastal communities, and benefits from exceptional tenant performance and a consistently high-end demand base.

In the summer months, the population in the surrounding area swells to levels comparable to major cities like Seattle or Denver, creating a uniquely robust seasonal customer base. We’re excited to invest in the property, strengthen the tenant mix, and continue supporting the growth of this exceptional market.”