FSSC Announces Purchase of First State Plaza

WILMINGTON, Del., July 18, 2012 /PRNewswire/ -- Bernie Kenny of Hockessin, Delaware, president of FSSC, LLC, has purchased the First State Plaza in Stanton, Delaware from USRP I, LLC, an entity controlled by Regency Shopping Centers of Jacksonville, Florida. Bernie Kenny is the Chairman and Founder of Delaware Supermarkets, Inc. (DSI), a Delaware company which operates five ShopRite supermarkets in Delaware. 

First State Plaza is a highly visible 164,779-square-foot shopping center anchored by a successful ShopRite supermarket. With over 1300 square feet of frontage on West Newport Pike/Route 4, which sees more than 32,000 cars daily, the Center is situated within a densely populated region with nearly 220,000 people residing within a 5-mile radius. In addition to ShopRite, major retailers in the center include Cinemark (a 10-screen movie theater), Dollar Tree, and the U.S. Post Office. 

Bernie Kenny commented, "We know First State Plaza having operated the supermarket in the shopping center for the last 25 years. We now look forward to updating the shopping center look and its tenant mix and making First State Plaza an even more important community hub."

With the purchase of First State Plaza, the new owners have exciting plans for the renovation of the center, including expediting the installation of a bus shelter to facilitate Dart, the transit services provided by the Delaware Authority for Regional Transit. The shopping center will now be easily accessible by mass transit, providing frequent daily trips with access into greater Wilmington. 

Smooth traffic flow is a key to the success of any shopping center, and the owners of First State Plaza will soon construct an additional exit from the center to reduce traffic congestion in the parking lot while allowing easy access to Route 4.

"First State Plaza is an important part of the greater Stanton community - we are excited about FSSC's improvements to the center and look forward to working with the existing tenants while we welcome new ones," said Chris Kenny, CEO of DSI. "Giving the community greater access to our store and to the shopping center through improved public transit will make the center an even greater source of pride to all those who live and work in the area."

Jeff Dunne of CBRE's NY Institutional Group, who represented the seller, commented, "First State Plaza was a strategic investment for the Kenny Family, providing them with control over ShopRite's future and additional leasing to be completed at the Center. Having a landlord who also operates an anchor store in the shopping center is typically a winning combination for a successful shopping center."

There are a number of leasing opportunities in the center, including an 8,119-square-foot pad site situated directly on Route 4 at the signalized entrance to the center. Leasing Agent Jim O'Hara noted, "Given the strategic location of this center and the strong customer counts generated by the high-volume ShopRite, we are excited about the opportunity to bring in new tenants to the shopping center."

Contact:        

Sherri Way
302-225-6900

Leasing Info: 

Jim O'Hara, Leasing Agent
Steve Reisler, Property Mgr.
Emory Hill Real Estate Services
302-322-9500

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SOURCE FSSC, LLC