1031 Little Gloucester Road in Blackwood — Courtesy: Rose Commercial Real Estate
By Tina Traster
Rose Commercial Real Estate has negotiated the $1.45 million sale of an 8,000-square-foot retail strip center in the Blackwood section of Gloucester Township.
Alan Sussman, director of investment sales, brokered the deal at 1031 Little Gloucester Road. The buyer was Diamond Capitol LLC, while the seller was Mayayz Properties LLC.
The center is located on Blackwood Clementon Road with more than 170 feet of frontage along the heavily traveled corridor, Rose Commercial said. Built in 1990, the fully leased property has seven long-term tenants and parking, selling for an 8 percent capitalization rate.
The per-square-foot sale price was about 18 percent higher than the average for other comparable listings in the area, the company reported. The property was on the market for one week.