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American Continental developing 2 Walmart-anchored centers in NJ.

American Continental Properties, a real estate development and investment company, is developing two community shopping centers in Southern New Jersey with Wal-Mart as the anchor tenant.

The Pennsville Marketplace will be a 170,000-square-foot center on a 42-acre site on Route 49 in Pennsville, New Jersey. In addition to a 93,000-square-foot Wal-Mart store, the center will be anchored by a 45,000 square foot Superfresh Supermarket, a division of the ALP Company. The Marianne and Marianne Plus division of Petrie Stores has also committed to a 7,000 store.

Designed by the Tarquini Organization of Camden, New Jersey, the center will feature a split-faced block facade with full height glass storefronts and a cantilevered canopy. Site work has already begun in anticipation of a late summer completion for a Fall 1993

Construction financing for the $12 million project has been provided by Capital Holding Corporation of Louisville, Kentucky, with credit enhancement by Fleet National Bank of Providence, Rhode Island.

The 230,000-square-foot Cumberland Crossing is located on a 36-acre site at Routes 47 and 55 across from the Cumberland Mall in Millville, New Jersey. In addition to a 116,000-square-foot Wal-Mart store, the center will be anchored by a 59,000-square-foot Pathmark supermarket. House of Fabrics has committed to a 12,000 square foot store, and Marianne and Marianne Plus will be leasing 7,000 square feet.

The $15 million project is also being designed by the Tarquini Organization. Construction is scheduled to start in March for a Spring 1994 opening.
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Title Annotation:American Continental Properties develops shopping centers in Southern New Jersey with Wal-Mart Stores Inc. as primary tenant in both locations
Publication:Real Estate Weekly
Date:Feb 2, 1993
Words:252
Previous Article:A slower than usual recovery.
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