(For more retail coverage, click GlobeSt.com/RETAIL.)
ATLANTIC CITY-A 10,000-sf ground-floor retail parcel in the City Center mixed-use building here has been leased by AC Super and Convenience. The store cut the ribbon for its location this week. Terms of the lease were not disclosed.
Investment firm Diversified Capital, based in Lakewood, purchased City Center two years ago in June 2004. "The opening of an AC Super & Convenience at the City Center addressed a long-standing need in the community for a high-quality grocery in the area," says Aron Gottlieb, senior vice president of Diversified Capital. "Since we acquired the property in June of 2004, we have invested substantially to restore this famous city landmark."
The 85%-leased building's current roster includes the New Jersey Board of Education, the State of New Jersey Department of Gaming and Bank of America. The top floor is currently vacant.
Diversified Capital acquires troubled properties and holds them for long-term portfolios. It owns property in New Jersey, Connecticut, Pennsylvania, Virginia and Texas.
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