Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

VENTNOR, NJ-Bellevue Properties Group is set to launch a redevelopment of Ventnor Plaza, a 200,000-sf community shopping center here. Bellevue bought the property in July from Ventnor Plaza Realty LLC, a local group, for $19 million in a deal engineered by Randy Hope of Metro Commercial Real Estate.

What the Hammonton-based Bellevue Properties has in mind for the property is everything from a new entrance tower, fountain and general exterior renovation, to as many as 300 residential condo units on two pieces of property adjacent to the shopping center site, according to company officials. Bellevue has filed a petition with city officials for a zoning change to accommodate the residences.

At the time of the sale, Ventnor Plaza was 70% leased. It’s anchored by a 58,000-sf Pathmark supermarket, which replaced ShopRite at the site in 2002. Other tenants include Hollywood Video and the USPS. Most of the vacant space involves a several-years-vacant Bradlees store.

“The developer will take advantage of the vacant Bradlees in the center to attract new junior anchors and other retailers,” Metro Commercial’s Hope says. “The property has been neglected and will now have an ambiance and tenant line-up suitable for the growing demographics of the area.”

The property is located on Absecon Island in South Jersey, an oceanfront barrier island this city shares with Atlantic City, Margate and Longport. “This area, which historically was seasonal with vacation homes, has seen tremendous year-round growth resulting from the casino and tourism industry,” Hope says.

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?



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
Live Chat

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