Marcus & Millichap’s Institutional Property Advisors Brokers Sale of Grocery-Anchored Regional Power Center in Central New Jersey
October 01 2024 - 12:50PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Hamilton
Marketplace, a grocery-anchored regional power center in Hamilton
Township, New Jersey. The center sold for a total consideration of
over $100 million, making it the largest single-asset open-air
shopping center transaction to close in New Jersey since 2017.
“On the open market for the first time since development, the
offering drew a pool of private and institutional capital that we
haven’t seen since before the pandemic and interest from large
private family offices that know the value of controlling over 128
acres with highway frontage,” said Brad Nathanson, IPA executive
director. “Best-of-class power centers have had some of the
strongest resiliency and rent appreciation in the product type
since 2021, given the lack of new construction and high
re-tenanting cost that appreciated rents at an above average rate.
This created a demand driver for vintage power centers with strong
tenant bases.”
Nathanson and JP Colussi, IPA senior director, represented the
seller, SITE Centers, and procured the New Jersey-based buyer,
Paramount Realty.
“Hamilton Marketplace is in the top 1% of most-visited shopping
centers in the nation and one of the most-visited open-air shopping
centers in New Jersey,” said Colussi. “Its high anchor retention
and chain-leading sales volumes of top retailers make it one of the
nation’s best-performing grocery-anchored power centers. Of the 17
original anchors, 13 are still in place, and in the past three
years, nine anchor tenants exercised their contractual
obligations.”
Constructed in phases beginning in the early 2000s, the center
is anchored by a 65,155-square-foot ShopRite Supermarket. The
tenant roster includes Kohl’s, Ross, Staples, Barnes & Noble,
Michaels, Old Navy, Ulta, Burlington, and PetSmart.
“Retail fundamentals are the strongest that I have ever seen in
my 20-year career,” Nathanson added. “They are driving
institutions, REITs and all types of new private groups to push for
the reallocation of portfolios into large format shopping
centers.”
The last open-air shopping center to trade at over $100 million
in New Jersey was Centerton Square in Mt. Laurel, N.J. in 2017.
Nathanson and Colussi also represented the seller and procured the
buyer in that transaction.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241001666248/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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