X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SPRINGFIELD, PA-Philadelphia-based AMC Delancey Group has acquired the 104,877-sf Stoney Creek Shopping Center at 453 Baltimore Pike for $11 million, or about $105 per sf. Some sections of the three-building property are two stories and contain 25,209 sf of office space on the second floor, while the ground floor has an aggregate of 79,668 sf of retail space.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.