AMC's Black Horse site goes to Paramount Realty

Real Estate Weekly, May 4, 2005

AMC Delancey Group, Inc. announced the disposition of Ganttown Plaza Shopping Center, a 108,057 s/f suburban community retail center located at Black Horse Pike and Ganttown Road, to Paramount Realty Services, Inc. for an estimated $12 million. Metro Commercial Realty served as the property manager and leasing agent for the shopping center. AMC Delancey's Andrew Kleeman, vice president of asset management, and Brian Friedman, vice president and general counsel, served as in-house representatives for this sale transaction, along with Paul Rumley, of Metro Commercial Real Estate.

"We are pleased to announce the disposition of Ganttown Plaza to Paramount Realty Services," said Kenneth P. Balin, president and CEO of AMC Delancey. "Upon acquisition of this property in 2001, we executed a targeted value-creation strategy with help from Metro Commercial Realty, which resulted in the center reaching 100% occupancy. One challenge we overcame was the presence of a non-traditional, non-grocery anchor at the center-Forman Mills, a clothing retailer. We successfully turned this seemingly negative attribute into a positive by using it to position the center as a unique and thriving retail hub in a community neighborhood. We are pleased to have achieved all of our investment objectives with this asset sale."

Strategically located along Route 42, Ganttown Plaza is close to I-295, New Jersey Turnpike and the Atlantic City Expressway. Anchored by Forman Mills, the property includes such tenants as Blockbuster Video, Firestone, Commerce Bank Loan Center, Dollar General and Prudential Fox & Roach Realtors.