The largest and most fully developed of the properties is Rio Mall, a 165,000-sf strip shopping center located at the intersection of routes 9 and 47 in this Cape May County community. The center is anchored by Kmart and a Frank Theatre. Frank Investments is an affiliate of the Pleasantville, NJ-based Frank Theatres.
The various sites that are on the market are considered "excess or underutilized" by Frank Investments, according to Perry GraBois, who's heading the disposition assignment for the Plymouth Meeting, PA-based Fameco Real Estate. The include 14.6 acres at 445 Absecon Ave. in Absecon; three adjoining parcels totaling 15,000 sf at 5213 Ventnor Ave. in Ventnor; 13.3 acres at 3320 White Horse Pike in Mullica; and two acres at MacArthur Blvd. and Braddock Ave. in Somers Point. The latter property has an approved site plan for a shopping center, according to GraBois.
"Three of the five properties, in Ventnor, Absecon and Somers Point are just minutes away from Atlantic City and the highest concentration of casinos on the East Coast," GraBois says. "The other properties are about an hour from Atlantic City."
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