TEI takes gamble on Atlantic City retail asset
Original Post: Real Estate Weekly
Time Equities 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, New Jersey.
The firm, which remains bullish on retail, has grown its portfolio to include 121 retail assets. The complex, located at 190 Hamilton Commons Drive, 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.”
Terms of the transaction are undisclosed, Ziff, Jonathan Kim and Grant Scott represented TEI in-house. Chris Munley, Jim Galbally and James Graf at JLL represented the seller.
The shopping center, built in 2001, is in a high-traffic area of Atlantic County near the Atlantic City Expressway. it is currently 93 percent leased to 34 tenants.