PLAINSBORO, NJ-AMC Delancey Group has sold its 66,000-sf Princeton Meadows Shopping Center here to Princeton Meadows Holdings LLC, a local partnership. The $10-million purchase price factors out to just under $152 per sf.
The property was sold after a seven-year hold during which the Philadelphia-based investment company repositioned and stabilized it. Grocer Asian Food Center is the anchor tenant and brings the center to full occupancy. Other current tenants include Aljon's Pizza Restaurant, Crown of India restaurant, Shades of Summer tanning salon, Business Express and Meadows Opticians.
"We focus on creating value," explains Kenneth P. Balin, president and CEO of AMC Delancey. "With Princeton Meadows, we were able to transform the property into a viable community shopping center. We were also able to provide our investors with an IRR of almost 17% on their investments."
Andrew Kleeman, vice president of asset management, and Matthew Kelly, asset manager at AMC Delancey, were the in-house reps for the transaction. Paul Rumley of Metro Commercial Real Estate, Mt. Laurel was the outside rep.
AMC Delancey recently bought both Topps Plaza in Edison and Rosemore Shopping Center in Warminster, PA and there might be more on the horizon. "We are actively looking for additional retail investment opportunities in the region," Balin says.
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