Western Building Co. Acquires Smithville Square Retail Property In Galloway For $13.7M

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.