NJ Shopping Center Changes Hands
- Sep 19, 2017
After recording the largest portfolio sale in New Jersey year to date, The Hampshire Cos. sold Towne Shopping Center, an 88,265-square-foot retail center in Mt. Laurel, N.J. The buyer was The Westover Cos.
The fully leased center is located at 860-892 Union Mill and is anchored by local grocery chain ShopRite. The tenant roster includes national women’s fitness franchise Burn Boot Camp, Angelo’s Pizza and Hair Cuttery. Additionally, the property features an adjacent 5,000-square-foot vacant retail building with a free-standing pad.
Built in 1996, the property sits on 13 acres and is bounded by Holiday Village East, a 55-plus community, and three residential subdivisions. The transit-friendly shopping center is 15 miles east of Philadelphia’s Center City and 80 miles south of New York City. It is also close to routes 38, 70 and 73, Interstate 295 and the New Jersey Turnpike, which provide easy access to and from the neighboring Moorestown, Cherry Hill and Marlton.
CBRE Investment Properties Executive Vice President Brad Nathanson represented the seller in the transaction.
The Hampshire Cos. acquired the asset in 2012, with plans to fully lease the property and secure a buyer within five years, according to Director of Dispositions Igor Derbaremdiker.
“High demand for stabilized grocery-anchored retail product, the strong growth trajectory of the ShopRite grocery chain and Mt. Laurel’s favorable demographics made this the perfect time to sell and complete our investment strategy for the property,” he added.
Image courtesy of The Hampshire Cos.