The center, located on NJ Route 45, is anchored by a 70,000-sf ShopRite supermarket, but is otherwise vacant. The ShopRite store is operated by Zallie Supermarkets, based in Clementon, NJ.
"ShopRite is very successful here and has no plans, to my knowledge, to go anywhere," says James H. Nobil Jr., director of acquisitions for Nellis Corp. "Unfortunately, we are not in a position to comment at this time on the unoccupied space.
"We focus on the acquisition of properties at prices below replacement cost, with no fixed criteria as far as capitalization rates," Nobil says. "Properties encumbered in whole or in part by below-market leases or unattractive financing are good candidates for acquisition. So are properties with significant vacancy.
"We are seeking to buy additional retail properties, office buildings and warehouses in the Philadelphia, Baltimore/Washington and Richmond [VA] areas," he continues. "We are also looking to acquire single-tenant, net-leased properties of all types and credit nationwide."
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