328 Rowan Blvd. in Glassboro — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has acquired a nearly 22,000-square-foot retail property near Rowan University’s campus in Glassboro, brokers with Marcus & Millichap announced Tuesday.
The buyer, JJU Properties LLC, paid roughly $3.46 million for the multitenant space at 328 Rowan Blvd. The brokerage team noted that the 21,750-square-foot property sits at the base of the Whitney Center, a five-story student housing complex that’s adjacent to hundreds of units at other residence halls, and is 93 percent occupied by 7-Eleven, Pizza Hut and Playa Bowls.
Marcus & Millichap’s Alan Cafiero, Brent Hyldahl, Seth Goldberg and Brad Nathanson, investment specialists in the firm’s New Jersey and King of Prussia, Pennsylvania, offices, represented Kinsley Properties LLC in the sale and procured the buyer.
“Multitenant retail assets are in high demand from the investment community these days because of the strong fundamentals of this asset class,” said Cafiero, a senior managing director for investments. “The location of the Whitney Center, essentially on the campus of Rowan University, combined with a strong lineup of tenants, significantly drove investor demand for this property.”
