04.19.05
AMC DELANCEY GROUP ANNOUNCES THE DISPOSITION OF GANTTOWN PLAZA SHOPPING CENTER IN TURNERSVILLE, NEW JERSEY
 

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

TURNERSVILLE, NJ, APRIL 18, 2005 ö AMC Delancey Group, Inc., a Philadelphia, Pennsylvania-based national real estate investment company, announced the disposition of Ganttown Plaza Shopping Center, a 108,057-square-foot 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 of the shopping center. AMC Delanceyâs 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.

ãWe are pleased to announce the disposition of Ganttown Plaza to Paramount Realty Services,ä said Kenneth P. Balin, President and CEO of AMC Delancey. ãUpon 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 percent 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.ä

Strategically situated along Route 42, Ganttown Plaza is convenient to I-295, New Jersey Turnpike and the Atlantic City Expressway. Anchored by Forman Mills, the propertyâs other tenants include Blockbuster Video, Firestone, Commerce Bank Loan Center, Dollar General, and Prudential Fox & Roach Realtors.

Metro Commercial is a leading specialist in retail brokerage, focusing on providing comprehensive services to high-level corporate, institutional and entrepreneurial entities facing multiple and complex real estate requirements. For more information on Metro Commercial, visit www.metrocommercial.com.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com.