Hamilton Marketplace, one of New Jersey’s most-visited shopping centers, has been acquired by Paramount Realty for more than $100 million, the company announced on September 24.
This price makes the sale of the shopping center the largest for a “single-asset shopping center” in New Jersey since 2017, Paramount Realty said in a press release announcing the completion of the sale.
The shopping center was purchased from SITE Centers, according to a news release announcing the sale.
Institutional Property Advisors represented SITE Centers in the sale, which made it New Jersey’s largest outdoor shopping center since Centerton Square in Mount Laurel in 2017 at more than $100 million, according to the brokerage.
Paramount is a New Jersey commercial real estate company with offices in Lakewood and Lancaster, Pennsylvania, according to the company’s website.
Brad Nathanson, executive director of Institutional Property Advisors, said in a press statement that Hamilton Marketplace has received strong interest from institutional as well as private investors, and the property is now available for sale for the first time since its development. said.
Paramount owns more than 150 properties across 10 states in the Mid-Atlantic and Northeast regions, according to the company’s website.
Hamilton Marketplace is anchored by the 65,000 square foot ShopRite and includes other stores such as Kohl’s, Ross, Staples, Barnes & Noble, Walmart and BJ’s Wholesale Club.
The shopping center is 99% occupied and has more than 1 million square feet of retail space, according to a statement.
“Hamilton Marketplace is in the top 1 percent of most-visited shopping centers in the nation and is one of the most-visited outdoor shopping centers in New Jersey,” said JP Corussi, senior director of Facilities Real Estate Advisors. says Mr. “Its high anchor retention rate and chain-leading sales volumes for top retailers make this region one of the best-performing grocery anchor power centers in the country. 13 of the original 17 anchors The anchors are still in place and nine anchor tenants have fulfilled their contractual obligations over the past three years.”
Built in phases over 20 years ago, Hamilton Marketplace is centrally located at the junction of Route 130 and Interstate 195.
Representatives for Paramount did not respond to requests for comment.
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Matthew Enuco can be reached at Menuco@njadvancemedia.com. to follow Matt on X