After years of semi-neglect, Ventnor Plaza has a new owner. A new lease on life too.
According to the Press of Atlantic City, the 15 acre retail parcel on Wellington Ave in Ventnor was sold this past June.
A group of investors lead by Real Estate developer and Ventnor resident Mark Greco acquired the property from LAMAR Management.
Ventnor Plaza features popular anchor businesses that include ACME, Auto Zone, the US Post Office and Island Gym.
Even with strong tenants like ACME, the Plaza still suffers from empty retail units. Approx 40% vacancy rate. Greco aims to fix that problem.
Good news on the way. Much needed facelift coming. In the near term, look for a repaved parking lot, nicer landscaping and better lighting.
A Ventnor gateway location. One of the entrance ways to Ventnor City. Must enhance visual appeal. Make good impression.
New owner plans to revive this shopping destination on Wellington Ave in Ventnor.
According to the Press of Atlantic City, we might see a new restaurant, a fast food option, and electric car charging stations.
MLG Realty provides retail and office space in South Jersey.
Mark L. Greco founded MLG Realty in 1994, purchasing his first of many residential rental properties at the Jersey shore. Mark branched into commercial property with his first shopping center purchase in 1999.
MLG Realty owns several, South Jersey shopping centers.
MLG Realty expertise includes: site selection, acquisition, renovation, and leasing of shopping centers, professional office suites, and other commercial developments.
Ventnor Plaza & Wellington Ave Targeted For Redevelopment
Improvements to the shopping center are certainly welcome – more green space, general maintenance, removal of litter, and filling of the vacant storefronts are sorely needed.
We hope that Mark respects the community and selects tenants who will keep the relaxing island vibe – no chains or fast-food restaurants please. The Dunkin Donuts on Ventnor avenue is a scourge on the community – an eyesore, and out of place in a resort town. The last thing Ventnor needs is shopping plaza with a low-rent vibe to it. At a minimum, Panera would be acceptable, but we need to to better than that even.
Gee, Phil, the Dunkin Donuts that is so out of place in a resort town sure is crowded the 3-4 months a year that it really a resort town… and still busy enough the rest of the year.
Phil – you act like this is a tropical paradise, when in fact the vast majority of those who own property are second homeowners, who are here 3-4 months a year. You’re ignoring the reality of what is built/developed needing to be sustainable in the the off-season.
I live here year round and it would be great to have a Trader Joe’s but that may be a dream. It can’t be any worse than what’s there now.
Trader Joe’s need the demographics to pool folks from. Ventnor just doesn’t have the quantity of folks to pull from. Too limited.
We live in Cherry Hill and are 2nd homeowners in Ventnor since 2005. All our shopping is at Traders Cherry Hill location (prior in Marlton) and we stock our Ventnor frig on Friday nights for the weekends down there.
You need a year round quantity of customers, as well as a demographic aligned to the stores. It’s just not practical to try throw out random store names you like and think it means they are coming there.
For almost 40 years the site where Dunkin’ Donuts is now located, was an empty gas station; a total eye sore!! Who doesn’t like Dunkin Donuts for something?? It brings revenue to the town and a familiar name to all.
Ventnor Plaza is the first shopping area you see when coming into Ventnor. It does need an uplift, with new businesses. Popular ones, like Dunkin Donuts are needed! That’s where people shop and are happy to patronize. Sure, a new restaurant, (not a chain) would be welcome, too. People need familiar names, as that is what draws them to shop in the first place!