2021 Nottingham Way in Hamilton — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has paid more than $5.5 million for a 14,280-square-foot Walgreens property in Hamilton, in a sale brokered by Marcus & Millichap.
Brian C. Hosey, regional manager of the firm’s New Jersey office, said Marcus & Millichap represented a private developer in the sale at 2021 Nottingham Way. The buyer acquired the net leased property for $5.54 million.
Karly Iacono, associate director of Marcus & Millichap’s National Retail Group, represented the seller. She and Jonathan Zamora, senior associate in Marcus & Millichap’s New Jersey office, secured and represented the buyer.
“In a supply-constrained New Jersey net leased market, the buyer was very pleased to find a rare drug store investment with a lease that offers rent increases throughout the base term and options,” Iacono said. “Our team sold the asset in a matter of days, at a market cap rate of 5.05 (percent), to a buyer that performed.
“From a seller’s perspective it doesn’t get better than that.”
The Walgreens property is surrounded by national retailers and is four miles from Trenton.