New Jersey Power Center Changes Hands for $60M
- Feb 27, 2020
Shortly after selling Newnan Crossing in Kennesaw, Ga., Retail Value Inc. has also sold Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, N.J. Time Equities Inc. acquired the asset for $60 million. JLL Capital Markets negotiated the deal on behalf of the seller, while the buyer represented itself.
Located at 190 Hamilton Commons Drive on 61.2 acres, the shopping destination opened its doors in 2001. The property is roughly 13 miles from downtown Atlantic City, between East Black Horse Pike and Atlantic City Expressway, with a traffic count of 50,000 cars per day. The property is anchored by Regal Cinemas, Marhsalls, Hobby Lobby and Ross Dress for Less, among others. At the time of the sale, Hamilton Commons was 93 percent occupied.
The JLL team that brokered the transaction included Senior Managing Directors Jose Cruz, Chris Munley, James Galbally and Kevin O’Hearn, Senior Director Colin Behr and Director J.B. Bruno. Time Equities was represented in-house by Director Ami Ziff, Senior Portfolio Manager Jonathan Kim and Senior Associate Grant Scott.