Southern Jersey Retail Power Center Trades for $60M
The property is 93% leased to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots, which serve as anchor tenants.
MAYS LANDING, NJ—New York City-based Time Equities Inc. has acquired the Hamilton Commons retail power center here in Southern New Jersey for $60-million.
The 403,050-square-foot property in this Atlantic City community was sold by Retail Value, Inc. of Beachwood, OH. Net proceeds equal to 105% of the property’s allocated loan amount were used to repay mortgage debt associated with Retail Value Inc. with the remaining proceeds retained as cash. Subsequent to the transaction, RVI owned interests in 15 properties in the continental U.S. and 12 properties in Puerto Rico.
JLL marketed the property, which was built in 2001, on behalf of the seller. The JLL Retail Capital Markets team representing RVI was led by senior managing directors Jose Cruz, Chris Munley, James Galbally and Kevin O’Hearn; senior director Colin Behr and director J.B. Bruno.
Ami Ziff, director, national retail for TEI; Jonathan Kim, senior portfolio manager in the national retail group and Grant Scott, senior associate in the national retail group, represented Time Equities in-house in the transaction.
Hamilton Commons is located on 61.2 acres at 190 Hamilton Commons Dr. approximately 12 miles west of Atlantic City and one mile from Exit 12 of the Atlantic City Expressway, which is a major regional thoroughfare connecting Atlantic City to the Philadelphia MSA.
The property is 93% leased to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots, which serve as anchor tenants.
“We know retail, and over the course of the past five years, increased our portfolio by 35 retail assets. We continue to expand nationally as we build up our retail platform in various secondary and tertiary markets,” says TEI’s Ziff. “We continue to strategically add to our retail holdings across the United States and plan to sustain this robust level of growth for the next several years.”
TEI’s portfolio totals approximately 31.1 million square feet of residential, industrial, office and retail property‚ including more than 4,000 multi-family apartment units. In addition, TEI is in various stages of development and pre-development of constructing approximately 1.4 million square feet of various property types, which includes at least 1,447 residential units.