The center was built and sold by principals of Joseph S. Mozino and Co. and Mozino Trust. Mozino is a longtime 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."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.