GALLOWAY TWP., NJ-Holualoa Arizona Inc., a Tucson, AZ-based company with roots in the Garden State, has acquired the 101,000-sf Galloway Shopping Center here. The seller was a local partnership; the sale price was not disclosed.

The asset, located on Route 9 just north of Atlantic City, is the forth the company has acquired in the past 14 months, along with its Kenilworth, NJ-based partner, Kay Realty Services. The partners are “in talks to acquire other shopping centers and retail locations,” 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 much as 30,000 sf. The center “has fallen into disrepair and will be updated and upgraded,” according to Perlman, who oversees Holualoa’s New Jersey assets.

The supermarket location currently totals 38,000 sf and can be expanded as part of an as-of-right agreement with local township officials. A pharmacy location is also being offered, according to Perlman.

“We see an enormous opportunity to establish a substantial portfolio in New Jersey,” adds Bill Klein of Kay Realty, “especially as we anticipate Ocean and Atlantic counties to continue to attract seniors and other residents in a historically robust population involved in everything from technology to farming. New Jersey’s mid-section represents a very reliable customer base.”

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