Underscoring investment demand for multi-tenant retail spaces, Marcus & Millichap arranged the sale of property with 10 tenant spots. Adding to the appeal in Glassboro: Whitney Center’s location at the base of a five-story student housing complex on the Rowan University campus.

Marcus & Millichap announced the $3.46 million sale June 25. Investment specialists from both the New Jersey and King of Prussia offices exclusively marketed the 21,750-square-foot retail asset at 328 Rowan Blvd. on behalf of the seller, Kinsley Properties LLC. The team of Senior Managing Director Investments Alan Cafiero and Brad Nathanson; First Vice President Investments Brent Hyldahl; and Associate Seth Goldberg also procured the buyer, JJU Properties.

Whitney Center was 93% occupied at the time of the sale, the firm said. National tenants at the space include 7-Eleven, Pizza Hut and Playa Bowls.

In a statement, Cafiero pointed to strong market fundamentals as driving investor interest in multi-tenant retail assets.

“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 stated.

The Whitney Center is part of a $350 million project to develop an active downtown linked with the campus community.

Rowan Boulevard is a one-third mile corridor with shopping, restaurants, housing, offices, classrooms and more. Opened in 2011, the Whitney Center features housing for up to 300 students. The John H. Martinson Honors College also calls the property home.

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