WASHINGTON TWP., NJ-Whitman Plaza LLC has acquired Whitman Plaza Shopping Center, a 65,531-sf strip in this Gloucester County community, for $5.4 million. The sale price computes to $82.50 per sf, and the property traded at a cap rate of 6.78%.
Marcus & Millichap represented both sides in the deal. The buyer was represented by Mark Taylor and Dean Zang of the Taylor-Zang Retail Investment Group of Marcus & Millichap. The seller, Whitman Center Associates LP, a New Jersey-based partnership, was represented by Joseph Jesuele and Adam Stein, both of Marcus & Millichap's Philadelphia office.
The center is located on Route 42 in South Jersey. Its tenant roster includes Choice Mobility; Domino's Pizza, Gymboree and Lotus Oriental, among others.
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