Sale of 8,000 +/- SF Fully Leased Retail Strip Center, Blackwood, NJ
Sale of 8,000 +/- SF Fully Leased Retail Strip Center in Blackwood, NJ
Property Type: Retail Strip Center/Investment
Site Size: 8,000 +/- SF
Buyer: Diamond Capital LLC
Seller: Mayayz Properties LLC
Brokers: Alan Sussman, Director of Investment Sales
When it came time for the owner of 1031 Little Gloucester Road in Blackwood to sell, Mayayz Properties LLC engaged Alan Sussman of Rose Commercial Real Estate to market the property. The 8,000 square foot retail strip center is located at the signalized intersection on Blackwood Clementon Road with more than 170 feet of frontage on the heavily traveled corridor. Built in 1990, the fully-leased property, which has seven (7) long-term tenants and ample parking, sold for an 8% cap. The per square foot sale price was approximately 18% higher than the average for other comparable listings in the area. Within one (1) week on the market, Rose Commercial had a buyer, Diamond Capital LLC, and the property quickly closed for $1,450,000 on January 21, 2022.
