BURLINGTON, NJ-Hampshire & Co. Real Estatehas acquired Town Crossing Shopping Center, a 91,494-square footpower center at 2703 Route 541 here, for $13.6 million or $148 persquare foot. Marcus & Millichap Real Estate InvestmentServices' Brad Nathanson represented both Hampshire &Co. and the seller, J.S. Hovnanian and Sons.

In a release, Nathanson, a senior director in the Philadelphiaoffice of Marcus & Millichap’s National Retail Group(NRG), says Hampshire & Co. bought the shopping center"because of its dominant strategic location, coupled with the factthat it was delivered free and clear of debt. In addition, thecurrent credit-rated tenants occupying this center havebelow-market rents, with the majority subject to groundleases."

Nathanson adds that Town Crossing will only appreciate in value,thanks to its proximity to both Interstate 295 and the New JerseyTurnpike, "as well as future residential and hospitalitydevelopment planned within Burlington Township.”