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Some see what’s standing there.We see what it could be.

P3 PropertiesWork

Retail redevelopment · Sold

Smithville Square

Under half full when we bought it. Sold for more than three times the price.

Galloway, NJ107,000 SFBought March 2016Sold, August 2024

Storefronts at Smithville Square
Storefronts at Smithville Square
Purchase price, March 2016
Sale price, August 2024
Hold
Levered net IRR

Where we found the value

  1. Identity

    We gave the center a clear local identity and rebranded it.

  2. Use of the site

    We renovated the site and façade first, so shoppers saw the change.

  3. Operations

    We kept leasing for years until Curexa signed for 50,000 SF as the anchor.

  1. 01What we saw

    Under 50% occupied when we bought it.

    Smithville Square was under 50% occupied, in a market others had overlooked. The buildings were sound, but the center was dated, poorly marketed and under-managed.

    Under 50%
    Occupied at purchase

    Core value in practiceChallenge Every Assumption

  2. 02What we thought

    Work through the tenant mix.

    Give the center a clear local identity, fix what shoppers see first, and keep going after an anchor big enough to change the center’s economics.

    Core value in practiceCreative Advantage

  3. 03What we did

    Keep working until the lease is signed.

    We renovated the site and façade, rebranded the center and signed Dunkin’, Anytime Fitness, BuyRite and Bellino’s. Early leasing supported a $6.5M refinance in 2018. After a multiyear marketing effort, Curexa took 50,000 SF as the anchor.

    50,000 SF
    Curexa anchor lease

    Core value in practiceRelentless Execution

  4. 04What changed

    Sold after the anchor lease.

    An anchor lease is contracted income a buyer can underwrite. We sold the center in August 2024 for $13.7M, against the $4.2M we paid.

    $4.2M
    Purchase price
    $13.7M
    Sale price
    18%
    Levered net IRR, March 2016 to August 2024

In photographs

  • Storefronts at Smithville Square

  • Smithville Square from the air

  • The Dunkin' at Smithville Square

For invited investorsThe full file on Smithville Square is private.Investors we have invited can see it, with its documents, after signing in.Investor login

Purchase, sale and recapitalization figures are property-level prices, not investor proceeds or multiples. Levered net IRRs are as reported by P3, net of expenses including P3’s 30% carried interest; no management fee was taken.

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