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TEI announces purchase of Hamilton Commons in Mays Landing, NJ for $60M

Original Post:

https://www.marejournal.com/single-post/2020/03/26/TEI-announces-purchase-of-Hamilton-Commons-in-Mays-Landing-NJ-for-60M

https://online.flippingbook.com/view/821993/1/#zoom=z

NYC firm grows retail portfolio to 121 properties across the United States

MAYS LANDING, NJ — Time Equities Inc. (TEI), a full-service New York City-based real estate firm, has announced its largest acquisition of the year with the $60 million purchase of Hamilton Commons, a 403,050 s/f power center located in Mays Landing. The firm, which remains bullish on retail, specifically open-air strip and power centers, has grown its portfolio to include 121 retail assets. The complex, located at 190 Hamilton Commons Dr., was purchased from national real estate investment trust Retail Value, Inc. “We know retail, and over the course of the past five years, increased our portfolio by 35 retail assets. We continue to expand nationally as we build up our retail platform in various secondary and tertiary markets,” said Ami Ziff, director, National Retail for TEI. “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.” While the exact terms of the transaction are undisclosed, Ziff, Jonathan Kim, Senior portfolio manager in the National Retail group and Grant Scott, senior associate in the National Retail group, represented TEI in-house; Chris Munley, Jim Galbally and James Graf at Jones Lang LaSalle (JLL) represented the seller. The shopping center, built in 2001, is in a high-traffic area of Atlantic County near the Atlantic City Expressway, the main thoroughfare connecting Philadelphia and Atlantic City, and the Black Horse Pike, which carries more than 50,000 vehicles per day (VPD) on each artery. Hamilton Commons is currently 93% leased to 34 tenants including national brands, restaurants and retailers. The property is anchored by Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots. ¾