The Court at Hamilton in Hamilton Township — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has reaped more than $19 million from the sale of a Walmart-anchored retail center in Hamilton Township, in a newly announced transaction by Marcus & Millichap.
The brokerage firm represented Abrams Realty & Development in the sale of The Court at Hamilton, a 194,106-square-foot property at 1750 Nottingham Way. New Jersey-based First National Realty Partners purchased the complex, which is anchored by a 150,000-square-foot Walmart Supercenter, for $19.2 million.
“The Court at Hamilton is a necessity-based grocery-anchored shopping center developed in 2016 in a high-density market with close proximity to Trenton and Princeton. With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales,” said Brad Nathanson, a senior managing director with Marcus’ Institutional Property Advisors division. “The area’s high population density and the opportunity to co-tenant with Walmart make the center immensely appealing to retailers.”
Nathanson represented the seller and procured the buyer, while Michael Helpern and Christopher Marks of the firm’s IPA Capital Markets unit arranged the debt on behalf of the buyer. The Court at Hamilton was 99 percent occupied at the time of the sale, Marcus said, with other tenants including Rainbow, Snipes, Burger King and an upcoming Capital Health General Medicine practice slated to open in March.
“The attractive nature of a newly developed shopping center anchored by a Walmart Supercenter on a long-term lease at a time when large format retail development has been dormant was a huge demand driver for investors,” Nathanson added. “We are still finding that the bulk of national investor demand lies in grocery-anchored shopping centers, especially with the ability to borrow at very attractive interest rates in today’s debt markets.”