Updated Dec 4, 2024
Western Building Co. Acquires Smithville Square Retail Property In Galloway For $13.7M
45 New York Road
$13,700,000
$128/SF
Building Size
106,931 SF
Asset Type
Retail
Closing
Aug 26, 2024
About this deal
AI
Smithville Square, a retail property located at 45 South New York Road in Galloway, encompasses 106,931 square feet and spans 26 acres. The asset was sold for $13,700,000, reflecting a price per square foot of $128.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $13,700,000
- Market: Galloway
- Buyer: Western Building Co.
- Seller: Harvey Rosenblatt - P3 Properties
- Brokers: Andre Balthazard, Daniel Bottiglieri, Frank DiTomasso, Jordan Sobel & Max Helfman - Cushman & Wakefield
- Acres: 26
- SF: 106,931
- PPSF: $128
Cushman & Wakefield represented the seller, P3 Properties, which achieved a significant increase in occupancy from 55% to 97% through redevelopment efforts.
On the Map
$13,700,000
$128/SF
Retail
View full map
Players
Galloway Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Andre Balthazard to view all their deals.
Browse Galloway retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.16%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93