New Jersey Shopping Center Trades for $60 Million
New York City-Based Time Equities Adds Hamilton Commons in Mays Landing to Retail Portfolio
By Linda Moss
Expanding its U.S. retail portfolio, Time Equities has acquired Hamilton Commons, a 403,050-square-foot shopping center in New Jersey, for $60 million.
The transaction is the largest purchase of the year for Time Equities, which is based in New York City. It bought the center at 190 Hamilton Commons Drive in Mays Landing from Retail Value, a real estate investment trust headquartered in Beachwood, Ohio.
In a statement, Time Equities said it “remains bullish on retail, specifically open-air strip and power centers,” and that its portfolio has grown to include 121 retail properties.
“We know retail, and over the course of the past five years, increased our portfolio by 35 retail assets,” Ami Ziff, director of national retail for Time Equities, said in a statement. “We continue to expand nationally as we build up our retail platform in various secondary and tertiary markets … and plan to sustain this robust level of growth for the next several years.”
Hamilton Commons, built in 2001, is in a high-traffic area of Atlantic County near the Atlantic City Expressway, the main highway linking Philadelphia and Atlantic City, and the Black Horse Pike. The shopping center is 93% leased to 34 tenants, and is anchored by Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots.
In its statement on the deal, Retail Value said net proceeds equal to 105% of the property’s allocated loan amount were used to repay mortgage debt associated with the REIT, with the remaining proceeds retained as cash.
Following the transaction, Retail Value owns interests in 15 properties located in the continental United States and 12 properties in Puerto Rico.
For the Record
In addition to Ziff, Jonathan Kim, Senior Portfolio Manager in Time Equities’ national retail group, and Grant Scott, senior associate in that group, represented the real estate firm in-house; Chris Munley, Jim Galbally and James Graf at JLL exclusively represented the seller.
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