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Atlantic County retail center fetches $60 million

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By Joshua Burd

A real estate investment firm has landed in Atlantic County for its largest purchase of the year to date, acquiring a nearly 400,000-square-foot retail power center for $60 million.

Time Equities Inc., which is based in Manhattan, announced that it has closed on Hamilton Commons at 190 Hamilton Commons Drive in the Mays Landing section of Hamilton Township. The firm acquired the 93 percent leased, 403,050-square-foot complex from Retail Value Inc., a national real estate investment trust.

“We know retail, and over the course of the past five years, increased our portfolio by 35 retail assets,” said Ami Ziff, director, national retail for TEI. “We continue to expand nationally as we build up our retail platform in various secondary and tertiary markets. We continue to strategically add to our retail holdings across the United States and plan to sustain this robust level of growth for the next several years.”

Chris Munley, Jim Galbally and James Graf of JLL represented the seller. Ziff represented TEI in-house alongside Jonathan Kim, senior portfolio manager, and Grant Scott, senior associate, in the firm’s national retail group.

Built in 2001, Hamilton Commons sits in a high-traffic area of Atlantic County near the Atlantic City Expressway and about 12 miles outside Atlantic City. The complex is leased to 34 tenants including national brands, restaurants and retailers, with Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots serving as anchor tenants.