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TURNERSVILLE, NJ-Paramount Realty Services has acquired Ganttown Plaza, a 110,000-sf community shopping center here, from AMC Delancey Group. The sale price, according to AMC Delancey, was in the $12 million range, which factors out to about $109 per sf.

"This acquisition is a great opportunity for us to expand our presence in the South Jersey/Philadelphia market," Maurice Zekaria, director of acquisitions for the Lakewood, NJ-based Paramount, tells GlobeSt.com. "Ganttown Plaza is located near some other properties in our portfolio, including Marlton Square in Marlton, the Village at Cambridge Crossing in Mt. Laurel, among others."

AMC Delancey's Andrew Kleeman, vice president of asset management, and Brian Friedman, vice president and general counsel, were the company's in-house reps in the transaction. The outside broker was Paul Rumley of Metro Commercial Real Estate of Mt. Laurel, NJ, a firm that had served as the manager and leasing agent for the property.

"After we acquired this property in 2001, we executed a value-creation strategy, which resulted in the center reaching 100% occupancy," says Kenneth P. Balin, president/CEO of the Philadelphia-based AMC Delancey. "One challenge was the presence of a non-traditional, non-grocery anchor, Forman Mills, a clothing retailer. We turned this into a positive attribute by using it to reposition the center."

Besides Forman Mills, the property's other tenants include Blockbuster Video, Firestone, Commerce Bank, Dollar General, Prudential Fox & Roach Realtors, Little Gym and Footprints.According to Zekaria, Palace Buffet is set to take the center's one remaining vacancy of 9,629 sf. "And the New Jersey Department of Motor Vehicles will be taking the space currently being occupied by Hallmark," he says.

Instant Insights /

$12M Takes 110,000-SF Shopping Center

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