Marcus & Millichap’s Institutional Property Advisors Brokers Sale of Grocery-Anchored Regional Power Center in Central New Jersey
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Hamilton Marketplace, a grocery-anchored regional power center in Hamilton Township, New Jersey. The transaction, valued at over $100 million, marks the largest single-asset open-air shopping center deal in New Jersey since 2017.
The center, spanning 128 acres with highway frontage, was sold by SITE Centers to New Jersey-based Paramount Realty. Hamilton Marketplace is among the top 1% of most-visited shopping centers in the nation, featuring anchors like ShopRite, Kohl's, Ross, and Barnes & Noble. The deal highlights the strong demand for high-quality power centers, driven by robust retail fundamentals and new construction.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha annunciato la vendita di Hamilton Marketplace, un centro commerciale regionale di rilevanza ancorato a un supermercato situato a Hamilton Township, New Jersey. La transazione, del valore di oltre 100 milioni di dollari, segna il più grande affare per un centro commerciale all'aperto con un singolo asset nel New Jersey dal 2017.
Il centro, che si estende per 128 acri con affaccio su autostrade, è stato venduto da SITE Centers a Paramount Realty, con sede nel New Jersey. Hamilton Marketplace è tra il 1% dei centri commerciali più visitati della nazione, ospitando insegne come ShopRite, Kohl's, Ross e Barnes & Noble. L'affare mette in evidenza la forte domanda per centri commerciali di alta qualità, sostenuta da solidi fondamentali al dettaglio e nuova costruzione.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha anunciado la venta de Hamilton Marketplace, un centro regional de poder anclado por una tienda de comestibles en Hamilton Township, Nueva Jersey. La transacción, valorada en más de 100 millones de dólares, marca el mayor acuerdo de un solo activo en un centro comercial al aire libre en Nueva Jersey desde 2017.
El centro, que se extiende por 128 acres con frente a la carretera, fue vendido por SITE Centers a Paramount Realty, con sede en Nueva Jersey. Hamilton Marketplace está entre el 1% de los centros comerciales más visitados en el país, contando con anclas como ShopRite, Kohl's, Ross y Barnes & Noble. Este acuerdo destaca la fuerte demanda de centros de poder de alta calidad, impulsada por sólidos fundamentos comerciales y nueva construcción.
Institutional Property Advisors (IPA)는 Marcus & Millichap (NYSE:MMI)의 한 부서로, 뉴저지 주 해밀턴 타운십에 위치한 슈퍼마켓이 주축인 지역 파워 센터인 Hamilton Marketplace의 판매를 발표했습니다. 이 거래는 1억 달러 이상의 가치가 있으며, 2017년 이후 뉴저지에서 가장 큰 단일 자산 오픈 에어 쇼핑 센터 거래입니다.
센터는 고속도로 전면에 위치하고 있으며, 128에이커의 면적을 차지합니다. SITE Centers에서 뉴저지 기반의 Paramount Realty에게 판매되었습니다. Hamilton Marketplace는 전국에서 가장 많이 방문된 쇼핑 센터의 1%에 속하며, ShopRite, Kohl's, Ross, Barnes & Noble 같은 주요 상점들이 있습니다. 이 거래는 탄탄한 소매 기본 사항과 새로운 건설에 의해 추진된 고품질 파워 센터에 대한 강한 수요를 강조합니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a annoncé la vente de Hamilton Marketplace, un centre commercial régional ancré par un supermarché situé à Hamilton Township, dans le New Jersey. La transaction, évaluée à plus de 100 millions de dollars, représente le plus grand accord d’un actif unique pour un centre commercial en plein air dans le New Jersey depuis 2017.
Le centre, s'étendant sur 128 acres avec un front sur l'autoroute, a été vendu par SITE Centers à Paramount Realty, basé dans le New Jersey. Hamilton Marketplace fait partie des 1% des centres commerciaux les plus visités du pays, avec des enseignes comme ShopRite, Kohl's, Ross et Barnes & Noble. Cette affaire met en avant la forte demande pour des centres commerciaux de qualité, soutenue par des fondamentaux de vente au détail solides et de nouvelles constructions.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf von Hamilton Marketplace, einem regionalen Einkaufszentrum in Hamilton Township, New Jersey, bekannt gegeben, das von einem Lebensmittelgeschäft getragen wird. Die Transaktion, die mit über 100 Millionen Dollar bewertet wird, stellt den größten Einzelvermögensverkauf eines Freiluft-Einkaufszentrums in New Jersey seit 2017 dar.
Das Zentrum erstreckt sich über 128 Acres mit Autobahnfront und wurde von SITE Centers an die in New Jersey ansässige Paramount Realty verkauft. Hamilton Marketplace gehört zu den 1% der am meisten besuchten Einkaufszentren im Land und bietet Anker wie ShopRite, Kohl's, Ross und Barnes & Noble. Der Deal hebt die starke Nachfrage nach hochwertigen Power Centern hervor, die durch robuste Einzelhandelsgrundlagen und neuen Bau getrieben wird.
- Sale of Hamilton Marketplace for over $100 million, the largest single-asset open-air shopping center transaction in New Jersey since 2017
- High anchor tenant retention with 13 out of 17 original anchors still in place
- Center is in the top 1% of most-visited shopping centers nationally
- Strong retail fundamentals driving institutional and private investment in large format shopping centers
- None.
Insights
The sale of Hamilton Marketplace for over
Key factors contributing to the property's attractiveness include:
- Its position in the top
1% of most-visited shopping centers nationally - High anchor tenant retention (
76% of original anchors still in place) - Strong performance of major retailers
- Strategic location with highway frontage
The deal highlights the resilience and rent appreciation potential of best-in-class power centers, particularly given the current lack of new construction. This trend could lead to increased investor interest in similar properties, potentially driving up valuations in the sector.
For Marcus & Millichap (MMI), this transaction showcases their ability to broker high-value deals in a competitive market, potentially boosting their reputation and future business prospects in the institutional real estate sector.
The Hamilton Marketplace transaction underscores several critical trends in the retail real estate market:
- Resurgence of investor interest in grocery-anchored power centers
- Shift towards quality assets with proven performance
- Importance of tenant mix and sales volumes in valuation
The center's success, anchored by ShopRite and featuring a strong lineup of national retailers, demonstrates the enduring appeal of well-located, diverse retail offerings. The high retention rate of original anchors and recent lease renewals indicate robust tenant performance and consumer demand.
This deal may signal a broader trend of capital reallocation towards large-format shopping centers, potentially impacting pricing and competition for similar assets. For investors and REITs focused on retail, this could present opportunities to reassess portfolio strategies and potentially acquire or divest assets based on these market dynamics.
“On the open market for the first time since development, the offering drew a pool of private and institutional capital that we haven’t seen since before the pandemic and interest from large private family offices that know the value of controlling over 128 acres with highway frontage,” said Brad Nathanson, IPA executive director. “Best-of-class power centers have had some of the strongest resiliency and rent appreciation in the product type since 2021, given the lack of new construction and high re-tenanting cost that appreciated rents at an above average rate. This created a demand driver for vintage power centers with strong tenant bases.”
Nathanson and JP Colussi, IPA senior director, represented the seller, SITE Centers, and procured the
“Hamilton Marketplace is in the top
Constructed in phases beginning in the early 2000s, the center is anchored by a 65,155-square-foot ShopRite Supermarket. The tenant roster includes Kohl’s, Ross, Staples, Barnes & Noble, Michaels, Old Navy, Ulta,
“Retail fundamentals are the strongest that I have ever seen in my 20-year career,” Nathanson added. “They are driving institutions, REITs and all types of new private groups to push for the reallocation of portfolios into large format shopping centers.”
The last open-air shopping center to trade at over
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001666248/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
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