HAMILTON TOWNSHIP, NJ—Regal Entertainment has signed a lease with IP Associates, owner of Independence Plaza in Hamilton NJ, to locate a state-of-the-art 12-screen digital movie theater with luxury seating in the shopping center.
IP says Regal will become the shopping center’s new anchor tenant. This lease announcement caps an eight month turnaround leasing campaign that netted 115,000 square feet of new leases for the redeveloped shopping center off I-295 on South Broad Street in Hamilton, NJ. The Regal opening is scheduled for some time in 2016.
Other new tenants scheduled to open this winter include Ollie’s Bargain Outlet (35,000 square feet), Save-A-Lot Supermarket (16,000 square feet) and Crunch Fitness (22,000 square feet). They will join current tenants Dollar Tree, Rainbow Shops, Santander Bank, Subway, and Wendy’s among others, bringing the total leased space to about 162,500 square feet or 65 percent of the 250,000 square foot property.
IP Associates, a partnership between JJ Operating and Houlihan Parnes acquired the property late last year through a foreclosure sale. The partners plan to spend $5-million in capital improvements as they work to reinvigorate a shopping center, which for many years was the economic hub of South Broad Street.
“We’re excited to announce the signing of a premier anchor tenant in Regal Entertainment Group” says Joseph J. Jemal of JJ Operating. “Their tenancy will certainly pave the way, as we work to complete our redevelopment of the property.”
Regal Cinemas was represented in the transaction by William Farkas of Jeffrey Realty Group.