
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the successful sale of Hamilton Marketplace, a grocery-anchored regional power center located in Hamilton Township, New Jersey. This transaction, valued at over $100 million, marks the largest single-asset open-air shopping center sale in New Jersey since 2017.
“Retail fundamentals are the strongest that I have ever seen in my 20-year career,” said Brad Nathanson, IPA executive director.
Highlighting the significance of the sale, Nathanson noted, “The property was offered on the open market for the first time since its development, attracting a diverse pool of private and institutional investors, including large family offices that recognize the value of owning over 128 acres with highway frontage. Best-in-class power centers have demonstrated remarkable resilience and rent appreciation since 2021 due to limited new construction and high re-tenanting costs, leading to increased demand for vintage power centers with strong tenant bases.”
Nathanson and JP Colussi, IPA senior director, represented the seller, SITE Centers, and facilitated the purchase for New Jersey-based buyer Paramount Realty.
“Hamilton Marketplace ranks in the top 1% of most-visited shopping centers nationwide and is among the most popular open-air shopping centers in New Jersey,” Colussi stated. “Its high anchor retention rate and leading sales volumes from top retailers solidify its status as one of the best-performing grocery-anchored power centers in the nation. Of the original 17 anchors, 13 remain, and over the past three years, nine anchor tenants have exercised their contractual obligations.”
The center, developed in phases starting in the early 2000s, is anchored by a 65,155-square-foot ShopRite Supermarket. Its tenant mix includes well-known brands like Kohl’s, Ross, Staples, Barnes & Noble, Michaels, Old Navy, Ulta, Burlington, and PetSmart.
Nathanson emphasized, “Retail fundamentals are the strongest that I have ever seen in my 20-year career, driving institutions, REITs, and various new private groups to actively seek reallocating portfolios toward large-format shopping centers.”
The last open-air shopping center sale exceeding $100 million in New Jersey occurred in 2017 with Centerton Square in Mt. Laurel, where Nathanson and Colussi also represented the seller and secured the buyer.
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 combines real estate investment and capital markets expertise with industry-leading technology and research, providing customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. For more information, visit www.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. specializes in commercial real estate investment sales, financing, research, and advisory services, with offices across the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices, offering investment brokerage and financing services to commercial real estate sellers and buyers. In 2023, Marcus & Millichap completed 7,546 transactions with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.