Jones Lang LaSalle

Ashkenazy Buys 76,000-SF Shopping Center
By Eric Peterson
Last updated: March 6, 2006 10:10am
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ATLANTIC CITY-Ashkenazy Acquisition Corp. has picked up Renaissance Plaza Shopping Center, a 76,000-sf retail strip here. The New York City-based private investment firm, which focuses on retail and office assets, acquired the property for an undisclosed sale price.

The seller, Renaissance Plaza LLP, was represented by CB Richard Ellis. Senior vice president Kevin McClernon, first vice president George Schmitt and vice president Pat McCabe of CBRE’s Retail Services Group put the deal together. “The buyer was secured from an extensive database that our retail group has assembled,” McClernon says.

Renaissance Plaza Shopping Center was built in 1996 at the cost of $13 million, aided by Casino Redevelopment Authority funds, by Kramont Realty Trust of King of Prussia, PA. Kramont subsequently sold the property and itself became part of Centro Watt. Anchor tenants at the property, located in the heart of this gaming mecca, are an IGA grocery story and a CVS Pharmacy.