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HAMILTON RETAIL CENTER
TRADES IN $100 MILLION DEAL
Paramount Realty has acquired a
roughly 485,000-square-foot retail
property in Hamilton for more than
$100 million, in a newly announced
deal by Marcus & Millichap.
The brokerage team represented the
seller, SITE Centers, in the trade of
the ShopRite-anchored Hamilton
Marketplace at 130 Marketplace
Blvd. They noted that the deal is the
largest single-asset shopping center
transaction to close in New Jersey
since 2017, citing the strength of
a tenant roster that also includes
Kohl’s, Ross, Staples, Barnes & Noble,
Michaels, Old Navy, Ulta and others.
Brad Nathanson, executive director,
and JP Colussi,
senior director
of Marcus &
Millichap’s
Institutional
Property
Advisors
division,
marketed the
Brad Nathanson
485,094-square-
foot property and procured the New-
Jersey based buyer. The fi rm’s Sunny
Sajnani, executive managing director,
and Travis Headapohl, associate
director, also represented the buyer
in procuring fi nancing with a national
life insurance company.
“Hamilton Marketplace is in the top
1 percent of most-visited shopping
centers in the nation and one of
the most-visited open-air shopping
centers in New Jersey,” Colussi said.
“The center’s high anchor retention
and the 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, Hamilton
Marketplace sits roughly eight
miles south of Princeton near
the confl uence of Route 130 and
Interstate 195, which feeds into the
New Jersey Turnpike. The property’s
65,155-square-foot ShopRite anchors
a tenant roster that is 99 percent
occupied.
“Given this was on the open
market for the fi rst time since
initial development, the size of
the transaction coupled with the
powerful metrics of its performance
drew a deep pool of institutional
capital that we haven’t seen have
interest since before COVID, as well
as large private family offi ces that
knew the value of controlling over
128 acres with highway frontage,”
Nathanson said. “Best-of-class power
centers have recognized some of the
best resiliency and rent appreciation
within the product type since 2021
given the lack of new construction
and the high re-tenanting cost that
has appreciated rents at an above
average rate. This in turn has created
a demand driver especially for older
vintage power centers like Hamilton
Marketplace that have strong
performance drivers among their
existing tenant base.”
Courtesy: Marcus & Millichap
Hamilton Marketplace at 130 Marketplace Blvd. in Hamilton
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