Hamilton Commons at 190 Hamilton Commons Drive in Mays Landing — Courtesy: JLL
By Joshua Burd
A roughly 400,000-square-foot shopping center about 12 miles outside Atlantic City is on the market for sale, according to brokers with JLL who are marketing the property.
The real estate services firm is seeking a buyer for Hamilton Commons, a 95 percent leased plaza at 190 Hamilton Commons Drive in Mays Landing. Built in 2001, the complex is home to anchors including Regal Cinemas, Bed Bath & Beyond and Marshalls, along with a host of other retailers and restaurant tenants.
The 403,050-square-foot shopping center, which sits on nearly 64 acres, is projected to sell for around $65 million.
In its offering materials, JLL touted the center’s location one mile from Exit 12 of the Atlantic City Expressway and within a 15-minute drive of 82,844 residents. Nearly 50 percent of its in-place cash flow comes from what the brokers say are financially secure junior anchors such as Hobby Lobby, Marshalls and Ross Dress for Less.
The firm also noted that 19.6 percent of the in-place income is allocated to Hamilton Commons’ multiple pad sites, which can be separately parceled and sold.
The JLL marketing team includes Jose Cruz, Chris Munley, Kevin O’Hearn, Steve Simonelli, James Galbally and J.B. Bruno. Greg Nalbandian is overseeing financing.
