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TURNERSVILLE, NJ-Peppercorn Plaza, a 22,930-sf shopping strip at 5501 Black Horse Pike or Route 42 in this South Jersey community, has been sold for $4 million. That sale price factors out to just less than $174.50 per sf, and the cap rate was nearly 6.6%, according to brokers from Marcus & Millichap’s Philadelphia office, who orchestrated the deal. The buyer and seller are investor groups that were not identified.

Constructed in 1986, the property was extensively renovated in 2005 by its now-former owner. The upgrade included new facades and signage, as well as lighting and parking area improvements.

Peppercorn Plaza was 85% occupied at the time of sale, with three slots totaling 3,400 sf available for lease. Current tenants include its largest, Sherwin-Williams, with about 5,700 sf, and Quiznos.

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