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11.01.07
AMC Delancey Group Sells Lancaster, PA.- Based
Quality Center Shopping Center to Waterford Realty
Contact
Michael J. LaCosta, Vice President
Beckerman Public Relations
(908) 781-6420,
michaelj@beckermanpr.com
PHILADELPHIA (November 1, 2007) – AMC Delancey Group, Inc., a
leading national real estate investment and development firm, today
announced that it has sold its Quality Center Shopping Center to Waterford
Realty, an affiliate of the Meridian Realty, for an undisclosed sum.
Located near Routes 30 and 896 in Lancaster, Pa., Quality Center’s 60,712
square feet of retail space is 88 percent leased and features a host of
long-term tenants, including Adidas, Tuesday Morning, Lemon Grass Thai,
Oriental Rug and several others. Richard A. Frolik, executive vice president
of CB Richard Ellis, represented AMC Delancey in this transaction.
The sale represents a continuation of AMC Delancey’s corporate strategy
shift from owner/operator to provider of equity capital and resources to
real estate operating partners. The company has been systematically selling
properties it managed internally, and will continue to do so as appropriate
opportunities arise.
“This was a favorable time to sell Quality Center, as managing this type
of asset is no longer core to our operating strategy,” said Kenneth P.
Balin, president and CEO of AMC Delancey Group. “We will continue to review
asset sales opportunities as they arise, while simultaneously maintaining
our ongoing strategy of seeking strategic real estate operating partners,
particularly in hotels, senior housing and land development, with whom to
invest.”
About AMC Delancey Group
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a
leading real estate investment and development firm that aligns interests
and co-invests with a growing number of real estate operating partners
throughout the United States. Headquartered in Philadelphia, Pennsylvania,
the Company's programmatic approach focuses first on the quality of
potential operating partners, next on their investment strategies, and then
on the specific properties proposed for acquisition. The Company's current
investment programs include hotel, office, retail, multi-family,
condominium, mixed use, and land development. AMC Delancey plans to expand
these and future investment programs throughout the United States, with both
existing and new operating partners, with investments targeted over the next
several years in excess of one billion dollars. For more information on AMC
Delancey Group, visit
www.amcdelancey.com .
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