09.14.04
JV Acquires Rosemore Center for $67 Per SF

By Marita Thomas
GlobeSt.Com

HATBORO, PA — Once part of a two-property, $13.5-million sale, the 87,000-sf Rosemore Shopping Center passed to a joint venture between Philadelphia-based AMC Delancey Group and Metro Commercial Real Estate, which is based in Mt. Laurel, NJ. The center is 98% leased. Citizen's Bank and Dunkin’ Donuts join existing tenants that include Rite Aid, Sherwin-Williams, Dollarland and Rent-A-Center.

In early April 2001, the owner, Feasterville-based Davisville Properties coupled Rosemore with a similar-size neighborhood shopping center in Richboro and arranged to sell both to AMC Delancey. Within months, the buyer closed on the Richboro property, but ran into roadblocks in the closing of this center. Gasoline and dry-cleaning contamination was discovered, which called for a clean-up prior to closing.

That accomplished, the AMC Delancey/Metro Commercial JV acquired Rosemore for the original price, which is just short of $5.9 million, or about $67.24 per sf. Michael Wachs, Delancey's VP of acquisitions, and Paul Rumley of Metro Commercial were in-house representatives.

"The culmination of this transaction reflects AMC Delancey's ability to align our interests with those of our operating partner, the seller and the local community," says Kenneth P. Balin, president and CEO of AMC Delancey.

Plans call for repositioning the center through what Wachs calls "a substantial capital improvement program that will increase curb appeal and create a more shopper-friendly experience. Although it was a complex transaction," he says it demonstrates that "(we) stick to our objectives despite any obstacles that might come our way."