Centerstone Property Group Acquires Retail Property In Galloway For $2.925M

The retail property located at 269 West Whitehorse Pike in Galloway has been sold. The property, spanning 28,905 square feet, was sold for a price of $2,925,000. This translates to a price per square foot of $101. The asset was listed with an asking price of $3,400,000.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $2,925,000
• Address: 269 West Whitehorse Pike
• Market: Galloway

The buyer of the property is Centerstone Property Group, represented by Russell Nova, Ethan Karavani, and Igor Zakh. The seller, Jonathan Zimick, was represented by David DeRienzo. The financing for the transaction was arranged by Cornerstone Capital of NY.

Centerstone Property Group is a real estate investment firm that focuses on purchasing value-add and cash-flowing shopping centers in NY/NJ/PA. Their main objective is to bring added value to tenants and increase foot traffic to the center. As part of their plans for the Galloway property, they intend to carry out extensive exterior renovations, including new signage, parking lot resurfacing, installation of new cameras, power washing the exterior, enclosure for dumpsters, and the creation of a dog park named after Carmella and Oscar. Additionally, they will give the facade a new look, showing their commitment to revitalizing the community.

Attention realtors, Centerstone Property Group is actively seeking shopping centers and encourages them to reach out for upcoming opportunities. With an in-house analyst and coordinator, they can make quick and decisive decisions in their acquisitions.