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Ventnor Plaza Gets New Tenants




Ventnor Plaza

VENTNOR, NJ - The 200,000-sf Ventnor Plaza has added Peebles and Dollar Tree to its tenant roster. Peebles, which opened on May 1, and Dollar Tree, which is slated to open in mid-June, will join a tenant roster than includes PathMark, the US Post Office and H&R Block.

Both companies are taking space that was formerly occupied by Bradlees department store, which went bankrupt in 2000. The space has been vacant ever since the company closed all its stores in 2001. The property, built in the 1950s, is currently receiving a number of cosmetic improvements, including a new facade for the section the new tenants will be in.

Peebles has taken the largest lease; with 17,000 sf. Dollar Tree will occupy 10,000 sf. According to Randy Hope, an associate with Metro Commercial and the exclusive leasing agent for the site, rents at Ventnor Plaza are about $14 per sf for larger stores.

Hope attributes both companies’ interest in the area to the overall demographics and a lack of competition nearby. The area, which is near Atlantic City, features dense residential and a population that nearly doubles from about 76,000 to 150,000 during peak seasons.

Hope represented the Plaza’s owners, Bellevue Properties Ventnor Plaza LLC. Dollar Tree was represented by Metro Commercial’s Donna Drew, a leasing representative in the company’s Conshohocken, PA office. Jerry Johnson, a broker with Fameco Real Estate in Plymouth Meeting, PA represented Peebles.

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