The Whitney Center at Rowan University, a multitenant retail asset in Glassboro, has sold for more than $3.459 million, according to a Tuesday announcement from Marcus & Millichap, which brokered the deal.
“Multitenant retail assets are in high demand from the investment community these days because of the strong fundamentals of this asset class,” M&M’s Alan Cafiero, senior managing director, investments, said. “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, Pennsylvania, 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 10 tenants and is currently 93% occupied.
