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SPRINGFIELD, PA-Philadelphia-based AMC Delancey Group has acquired the 104,877-sf Stoney Creek Shopping Center at 453 Baltimore Pike for $11 million or about $105 per sf. Some sections of the three-building property are two stories and contain 25,209 sf of office space on the second floor, while the ground floor has an aggregate of 79,668 sf of retail space.

The center was built and sold by principals of Joseph S. Mozino and Co. and Mozino Trust. Mozino is a long-time residential builder in Delaware County, responsible for many single-family homes built near here since the 1950s. Its own offices are, and will remain, at the center. The retail portion is 89% leased with Chuck E. Cheese and H&R Block among the tenants.

Acknowledging that this is an unusual property, Kenneth Balin, president of AMC Delancey, tells GlobeSt.com, "it's very well located in a highly developed area with huge barriers to entry. It fits with our long-term investment strategy of acquiring quality urban in-fill properties." Philadelphia-based Metro Commercial Realty will manage and lease the center.

"Mozino built the center because some retail was needed to serve the residences it was building in the area," says Michael Wachs, AMC Delancey's VP of acquisitions. "The three buildings were constructed over time, beginning in the 1960s, and, because they were built by a residential builder, they have basement space. Some tenants lease that for storage and others have opened it up for additional retail."

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GlobeSt.com EXCLUSIVE: AMC Delancey Pays $11M for Stoney Creek Center

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