February 25, 2020 – JLL Capital Markets announced today that it has 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, New Jersey.
JLL marketed the property on behalf of the seller, Retail Value Inc. (RVI). Time Equities, Inc. purchased the asset.
Hamilton Commons is situated on 61.2 acres at 190 Hamilton Commons Dr. approximately 12 miles west of Atlantic City and one mile from Exit 12 of the Atlantic City Expressway (Interstate 495), a major regional thoroughfare connecting Atlantic City to the Philadelphia MSA. The property is 93% leased to 34 tenants, including national brands, restaurants and retailers. Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots serve as anchor tenants.
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.”
“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.”