White Horse Wine & Spirits galloped to the rescue when a retail center under development lost a potential anchor tenant.
Wright Partners, a local developer from Media, Pennsylvania, had acquired a six-acre site that was formerly a ball field in Absecon, New Jersey. The company planned to redevelop the parcel and build a 40,000-square-foot retail property called Absecon Crossing. The developer had expected to ink a lease with fast-growing discount grocer Lidl for 35,000 square feet at the location. But Lidl backed out of the deal.
But the temporary setback provided an unexpected opportunity for White Horse Wine, a family-owned business operated by Steve Sternberger and his son Adam Sternberger, to open their dream store. The wine and spirits shop had been located in a former Acme grocery store space — occupying 35,000 square feet — at the nearby Marketplace Shopping Center in Absecon where it had been a tenant for many years, but the Sternbergers wanted to own their building, have more visibility and have a layout that could incorporate a deli/market as well as their liquor store business.
About the Project: With Lidl opting out, the Sternbergers seized on the opportunity to construct their own 25,000-square-foot building where they could relocate their store and own the building. White Horse Wines made the move in December. Their commitment to the project led to Chipotle taking an outparcel pad in the center currently under construction.
The development of the ball field site was done with the help of a payment in lieu of taxes, or PILOT, program. It entailed the relocation of the firehouse plus a lengthy entitlement process, and Wright incurred rising costs and supply delays of materials during the construction process.
What the Judges Said: "I actually know this project and have watched it go from sale to construction," said Eric Goldstein, president and CEO of the King of Prussia Business Improvement District. "It's not the most exciting project, but new investment in Absecon's business core is not commonplace, so this seems to be a very significant project for the community."
They Made It Happen: Carl Wright and Brad Midgette, principals, Wright Partners; Russ Menk, Arrow Real Estate Services.
CoStar Senior Market Manager Shae Yeager and Market Manager Douglas Scott-Meagher contributed to this report.