MAYS LANDING, NJ-Paramount Realty has closed on the acquisition of the Festival at Hamilton Shopping Center, a 200,000-sf community center here, according to Maurice Zekaria, the firm's director of acquisitions. The property is located on Route 322, also known as the Black Horse Pike, not far from the Atlantic City Expressway in Southern New Jersey.
The seller of the property was the Philadelphia-based AMC Delancey Group Inc., which had acquired it in early 2002. According to Zekaria, the deal was brokered by Paul Rumley of Metro Commercial of Mt. Laurel, whose company has been managing and leasing the shopping center for AMC Delancey. Zekaria declined to disclose the sale price.
The Festival, which "shares a traffic light with Hamilton Mall," according to Zekaria, is anchored by a 57,000-sf Acme Markets superstore. Other tenants on-site include Jo-Ann Stores, Boaters World, Pier 1 Imports, Mattress Giant, PNC Bank, Hollywood Tans, Dunkin Donuts and Blockbuster, among others. The center is also shadow anchored by Wal-Mart, Toys 'R' Us and Office Depot.
The deal marks the second shopping center trade involving the three parties this year. As reported by GlobeSt.com in April, AMC Delancey sold the 110,000-sf Ganttown Plaza in Turnersville to Paramount Realty, in a deal similarly brokered by Metro Commercial. The latter had also managed and leased the property for AMC Delancey. The sale price for the center, whose tenant roster includes Forman Mills, Blockbuster, Little Gym, Dollar General Prudential, Commerce Bank and Firestone, among others, was reported as $12 million.
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