The asset, located on Route 9 just north of Atlantic City, isthe forth the company has acquired in the past 14 months, alongwith its Kenilworth, NJ-based partner, Kay Realty Services. Thepartners are "in talks to acquire other shopping centers and retaillocations," according to Holualoa vice president Michael Perlman,as well as other types of commercial properties.

Galloway Shopping Center is a value-added buy for the partners,who plan to sign a supermarket as an anchor tenant and add as muchas 30,000 sf. The center "has fallen into disrepair and will beupdated and upgraded," according to Perlman, who overseesHolualoa's New Jersey assets.

The supermarket location currently totals 38,000 sf and can beexpanded as part of an as-of-right agreement with local townshipofficials. A pharmacy location is also being offered, according toPerlman.