HAMILTON, NJ—Privately-held Asian alternative investments group PAG Investments paid $6.4 million to acquire Nottingham Shopping Center, a 24,396-square-foot retail center with a freestanding Walgreens in Hamilton, NJ.
Holliday Fenoglio Fowler arranged the sale of the property on behalf of the seller, Mercer Realty. The buyer was represented by Chaim Dahan Esq., of The Dahan Law Firm.
“With retail cap rates continuing to compress in the Mid-Atlantic, acquisitions that have a value-add component are in high demand,” says HFF managing director Chris Munley. “The security of the Walgreen's credit and cash flow, compounded by the ability to develop further retail on the site, made this property a highly sought after asset.”
Situated on almost six acres at 2021 Nottingham Way, Nottingham Shopping Center is at the signalized intersection of Highway 33 and Klockner Road in Hamilton, a central New Jersey township four miles east of Trenton and 35 miles from Philadelphia. Completed in 2012, the three-building center is 91.6 percent leased to Walgreens, Dunkin Donuts and Aromaz Carpet.
The HFF investment sales team representing the seller was led by managing director Chris Munley and senior managing director José Cruz.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
