Marcus & Millichap : Brokers Rowan University Multi-Tenant Retail Asset for $3.459 Million
June 26, 2024 at 10:46 pm
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Marcus & Millichap Brokers Rowan University Multi-Tenant Retail Asset for $3.459 Million
June 25, 2024
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GLASSBORO, N.J., June 25, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Whitney Center at Rowan University, a multi-tenant retail asset in Glassboro, New Jersey. The asset sold for $3,459,375.
"Multi-tenant retail assets are in high demand from the investment community these days because of the strong fundamentals of this asset class," said Alan Cafiero, senior managing director 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."
Cafiero, Brent Hyldahl, Seth Goldberg, and Brad Nathanson, investment specialists in Marcus & Millichap's New Jersey and King of Prussia offices, had the exclusive listing to market the property on behalf of the seller, Kinsley Properties, LLC, and procured the buyer, JJU Properties, LLC.
Located at 328 Rowan Blvd., the 21,750-square-foot retail asset is situated at the base of the Whitney Center, a five-story student housing complex on the campus of Rowan University and adjacent to multiple student housing complexes with over 500 units. Anchored by national retailers including 7-Eleven, Pizza Hut, and Playa Bowls, the property hosts ten tenants and is currently 93% occupied.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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25 June 2024 and is solely responsible for the information contained therein. Distributed by
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
