CHERRY HILL, NJ-Some two years after losing its last tenant, and a year after a failed attempt to sell the project outright, the owners of the 54,000-square foot retail center at Route 70 (Brace Road) and Kings Highway have retained Max Spann Real Estate & Auction Co. to auction the seven-acre project.
An auction is a sign to the market that the owners, an estate that has held the project for more than 25 years, are willing to accept the public’s valuation of the project, Bob Dann, executive VP and COO of Clinton, NJ-based Max Spann, tells GlobeSt.com.
“In today’s real estate market, people are afraid to move forward,” Dann says. “On June 20, people should step up to the plate.”
Bidders must pre-register, and have a bank cashier’s check in the amount of $20,000. A 10% deposit of the contract price will be required on the day of the auction, upon execution of the contract.
Pathmark, which had been in the project for decades, later sublet the space to National Wholesale Liquidators. The project has been empty since the latter filed for Chapter 11 bankruptcy in 2008 and closed the store the next year. In 2010, the center was placed on the market for sale, with an asking price of $5.2 million.
But the project did have an environmental problem because of a dry cleaner that had once been a tenant, likely one reason no sale occurred, Dann says. “[A&P] has put money aside to complete the clean-up,” as part of its lease agreement, he says. The work is under way.
Located at a major signalized intersection with an average daily traffic count of 67,600 vehicles, the project is zoned for retail, office, a gas station or a restaurant in what Dann called in the auction announcement “one of the busiest corners in the state.”
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