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JLL closes $60M sale of South Jersey retail destination (updated)

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JLL Capital Markets said Tuesday it closed the $60 million sale of Hamilton Commons, a 403,050-square-foot power center in a high-traffic retail corridor in the Atlantic City-area community of Mays Landing.

JLL marketed the property on behalf of the seller, Retail Value Inc. (RVI). Time Equities Inc. purchased the asset.

Hamilton Commons sits on 61.2 acres at 190 Hamilton Commons Drive approximately 12 miles west of Atlantic City and 1 mile from Exit 12 of the Atlantic City Expressway, a major regional thoroughfare connecting Atlantic City to the Philadelphia MSA.

The property is 93 percent leased to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz, Chris Munley, James Galbally and Kevin O’Hearn; Senior Director Colin Behr; and Director J.B. Bruno.

“It was a pleasure working with both teams from RVI and Time Equities Inc.,” Munley said. “Both groups were nothing but professional and diligent throughout the process, and it made for an exceptional execution on all fronts.”

Editor’s Note: This story was updated on 2/21 to remove a reference to Atlantic City Expressway as Interstate 495.