Plymouth Meeting, PA, July 27, 2022 – Bart Delfiner and David DeRienzo of Equity Retail Brokers represented the seller of Ventnor Plaza, a 211,556 square-foot, grocery-anchored shopping center on Wellington Avenue in Ventnor City, New Jersey. The buyer was an investor local to the Southern New Jersey market.
Ventnor Plaza is anchored by Acme Markets and leased to national tenants such as AutoZone, Dollar Tree, H&R Block, and United States Postal Service as well as community-based tenants Island Gym, Shore Thrift, and Buy Rite Liquor Store. The property is located in a highly-trafficked corridor leading to the beach town communities of Ventnor, Margate, and Longport.
“Ventnor Plaza offered an exceptional opportunity to acquire scarce and irreplaceable bayfront real estate along the New Jersey Coast,” DeRienzo said. “Additional upside through the leasing of nearly 65,000 square feet of vacant space creates significant opportunity for value creation.”
“We are very fortunate to have worked with Lamar Companies and the buyer on this transaction. The level of professionalism from both buyer and seller was unsurpassed,” Delfiner said. “The buyer has the experience to do very well with the shopping center and we wish them the best of luck.”