FRANKLIN TWP., NJ-Walgreens Pharmacy has signed a lease for 14,490 sf at Value Shopping Center, a 41,797-sf strip center here. The drug chain will anchor the complex, which currently has 11,267 sf of space available.

The property is in the portfolio of Value Asset Management Inc., a Clifton, NJ-based firm headed by president Andrew B. Abramson. Walgreens joins KFC and Dairy Queen on the tenant roster, which also includes a collection of local eateries, a dry cleaner and a laundromat.

The center is also in the process of undergoing a capital improvement program, according to Abramson. Located at Hamilton St. and Franklin Blvd. in this Somerset County community, Value Shopping Center "was created to fulfill the need for convenience shopping in the area," Abramson says.

Value Asset Management is the property management arm of the Value Group Inc., a company known mostly for its apartment portfolio. Through an affiliate, the company is currently building a 38-unit luxury rental complex in Saddle Brook, NJ, and is in the final planning stages for a new 158-unit apartment complex in the same community. Another company affiliate has an application for a 140-unit condo project before a local planning board in another North Jersey community.