Smithville Square at 45 South New York Road in Galloway — Courtesy: Cushman & Wakefield
By Joshua Burd
P3 Properties has sold a nearly 107,000-square-foot retail property in the Atlantic County township of Galloway, brokers with Cushman & Wakefield announced Friday.
According to a news release, Western Building Co. paid $13.7 million for what’s known as Smithville Square at 45 South New York Road. The deal comes eight years after P3 acquired the 106,931-square-foot center, which Cushman said was 55 percent occupied at the time, for $4.1 million and went on to make a series of improvements that brought occupancy to 97 percent.
C&W’s team of Frank DiTomasso, Andy Schwartz, Jordan Sobel, Max Helfman, Andre Balthazard and Dan Bottiglieri represented P3 in the newly announced trade.
“This transaction underscores the continued demand for stabilized retail assets in growing markets with strong demographics,” Sobel said. “Smithville Square is a prime example, offering a value-add opportunity in a thriving retail corridor.”
The brokers noted that Smithville Square sits on 26 acres with frontage along Route 9. Curexa Pharmacy anchors the property, which has 19 tenants across the lifestyle, wellness, educational and child services sectors, among others, along with restaurant-oriented uses.
The site is also four miles from Garden State Parkway Exit 44.
