Towne Square Shopping Center at 860-892 Union Mill Road — Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has sold a grocery-anchored shopping center in Mount Laurel, capping off a plan to find a buyer after acquiring it in 2012 and bringing the complex to full occupancy.
The real estate investment firm announced that it had sold the 88,265-square-foot Towne Square Shopping Center, located at 860-892 Union Mill Road, to The Westover Cos. The 94 percent leased property is anchored by ShopRite, sitting on 13 acres in the affluent South Jersey suburb.
Terms were not disclosed. Brad Nathanson, executive vice president for investment properties at CBRE, represented Hampshire in the transaction.
In a news release, Hampshire touted the center’s proximity to nearly 60,000 residents within a three-mile radius and average household incomes in excess of $121,000. The firm said the property sits at the gateway of a 55-plus community called Holiday Village East, which consists of more than 950 homes, and near the entrance to three residential subdivisions boasting an additional 2,400 units.
“Since acquiring the Towne Square Shopping Center in 2012, our strategy was to fully lease the property and secure a buyer within five years,” said Igor Derbaremdiker, director of dispositions for Morristown-based Hampshire. “Our strong investment track record and experience with grocery-anchored retail centers enabled us to successfully lease the property and create a stabilized, income-producing asset within that timeframe.
“High demand for stabilized grocery-anchored retail product, the strong growth trajectory of the ShopRite grocery chain and Mount Laurel’s favorable demographics made this the perfect time to sell and complete our investment strategy for the property.”
Built in 1996, the Towne Square Shopping Center also includes tenants such as Burn Boot Camp, a national women’s fitness franchise with 53 locations, along with Angelo’s Pizza and Hair Cuttery, Hampshire said. The property also includes an adjacent freestanding pad with a 5,000-square-foot vacant retail building.
The center is 15 miles east of Center City Philadelphia and 80 miles south of New York City, with easy access to major commercial arteries such as routes 38, 70 and 73 and Interstate 295 and the New Jersey Turnpike. It’s also a short distance from the neighboring communities of Moorestown, Cherry Hill and Marlton.
