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Real estate investor secures first asset

Vineland property will be developed into upscale shopping center.Ulysses Diversified Holding Corp., a New York-based real estate investment company, announced Tuesday it has finalized an agreement with OS6 Inc., which has a 98-year ground lease on a parcel on North Delsea Drive, in Vineland. The parcel is the first asset in Ulysses’ portfolio, the company said.

Under the agreement, the two firms will control the ground lease in a joint venture. Ulysses said it will receive the benefits of development on the site in exchange for paying OS6 300,000 shares of its restricted common stock.

Ulysses plans to develop the Shoppes by Wal-Mart, an upscale, Class A shopping center, on the property, which is located in front of an existing Super Wal-Mart, the company said.

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