VINELAND — Potential new owners of the former ShopRite site on North Delsea Drive can bid on the property during an auction next week.
City Council President Paul Spinelli said Wednesday that Frank Guaracini Jr. is the current owner of the 8.3-acre site, which includes a 75,000-square-foot building.
“I guess they have had no luck in attempting to get tenants,” Spinelli said. “We don’t like to see anything go up for auction, but if someone is willing to buy it and try to do something with it in a business aspect — it’s in the middle of a commercial zone — hopefully something good will come out of it.”
The auction is scheduled for 11 a.m. Wednesday at the Ramada by Wyndham, 2216 W. Landis Ave.
Four years ago, Guaracini, of Vineland, held a news conference at City Hall where he announced plans to convert a former supermarket into a family entertainment complex with a bowling alley, children’s party center, restaurant and retail stores.
The entertainment complex was pursued for a couple of years, but all of the financing did not come together for it, said Guaracini on Wednesday evening.
Guaracini has had the property for sale through real estate brokers for the past couple of years, but the price tag was $10 million, he said.
The minimum bid at the auction will be $2.5 million, he said.
Guaracini said he has used auction companies previously, and it is better to move the property onto someone to use than to left it vacant.
“We have a realistic price for the land the property,” said Guaracini, 63, who added he planned to attend the auction.
Bottino’s ShopRite moved from that location into a new supermarket in 2013 in the city.
Guaracini’s company in 2002 developed the $4 million Vineland Regional Transportation Center, among other projects.
A property preview will be held from noon to 2 p.m. Thursday at 215 N. Delsea Drive, said Max Spann Jr., president and CEO of Max Spann Real Estate & Auction Co., based in Hunterdon County.
A message on the company’s website describes the property as being in an excellent retail location with high exposure across from a Walmart SuperCenter.
The city is a designated Opportunity Zone and an Urban Enterprise Zone. An income-producing, 4,284-square-foot leased second building is onsite.
With an average of 21,455 vehicles daily, the site is a high-traffic location.
There is parking for about 266 vehicles, and the site is in close proximity to the Cumberland Mall and Route 55, a major highway to Philadelphia.
Spann’s company sells real estate up and down the East Coast and around the country, including in Atlantic City.