If the bank takes ownership through a credit bid, it will put the property up for sale again, said Richard O'Halloran, an attorney representing Bank of America.
Despite the proliferation of vacant commercial property in the township, "there will always be inherent value on a property in a place like Cherry Hill," O'Halloran said.
The shopping center was built in 1999. Its north-south construction provides little road frontage.
In 2004, it was bought by a group of investors listed in court records as Cherry Hill Properties 1, 2, and 3. Their attorney, Sheldon Finkelstein, declined to comment. The original lender was the now-defunct Bear Stearns.
Home Depot, which anchored a central space, moved out in favor of a location in the newer Garden State Park several years ago. Its vacancy became a cancer in the shopping center.
"The center is stale," said Bill Solazzo, general manager for the Staples store there.
His office supply store does well because it has minimal competition in the area, Solazzo said. But he doesn't think prospects are good for a revitalization unless something can be done with the Home Depot location, which is in the middle of the plaza.
The home-improvement retailer owns its old space. Spokeswoman Jennifer King said the property is under contract with a prospective buyer whom she would not identify.
Madison Marquette, developers of "lifestyle centers" that combine retail and residential with entertainment venues, has expressed interest in the property, said Dan Keashen, spokesman for Cherry Hill Mayor Bernie Platt. The firm is based in Washington, with offices in Asbury Park, N.J., and Philadelphia.
