Cushman & Wakefield Inc. helped secure $6.5 million for Smithville Square in Galloway Township.
The recently renovated, 107,000-square-foot retail center less than a mile from the historic Smithville downtown is currently home to 19 tenants, including Dunkin Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails.
The center has 542 parking spaces and 1,061 feet of frontage on South New York Avenue.
“P3RE Properties did a fantastic job of completely renovating and reintroducing the shopping center into the Galloway market,” said Cushman Executive Director John Alascio. “The property has successfully been leased up with a mix of regional and national credits, and lenders recognized this and, ultimately, Atlantic Stewardship Bank delivered competitive terms that aligned with sponsor’s refinancing goals.”
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio and Sridhar Vankayala represented P3RE in the transaction.