HAMILTON TOWNSHIP, N.J., Feb. 28, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Court at Hamilton, a 194,106-square-foot shopping center anchored by a 150,000-square-foot Walmart Supercenter in Hamilton Township, New Jersey. The property sold for $19.2 million.
“The Court at Hamilton is a necessity-based grocery-anchored shopping center developed in 2016 in a high-density market with close proximity to Trenton and Princeton. With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales,” said Brad Nathanson, IPA senior managing director. “The area’s high population density and the opportunity to co-tenant with Walmart make the center immensely appealing to retailers.” Nathanson represented the seller, Abrams Realty & Development and procured the buyer, New Jersey-based First National Realty Partners. Manhattan-based Michael Helpern and Christopher Marks of IPA Capital Markets, a division of Marcus & Millichap Capital Corp., arranged the debt on behalf of the buyer. Brian Hosey, vice president and district manager is Marcus & Millichap’s broker of record in New Jersey.
The Court at Hamilton was 99% occupied at the time of sale. In addition to Walmart, the center’s tenants include Rainbow, Snipes, Burger King, and an upcoming Capital Health General Medicine practice slated to open in March. Nathanson added: “The attractive nature of a newly developed shopping center anchored by a Walmart Supercenter on a long-term lease at a time when large format retail development has been dormant was a huge demand driver for investors. We are still finding that the bulk of national investor demand lies in grocery-anchored shopping centers, especially with the ability to borrow at very attractive interest rates in today’s debt markets.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.