JLL closes $60M sale of southern New Jersey power center
Hamilton Commons acts as destination retail for the greater Atlantic City MSA
PHILADELPHIA, 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.
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, 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Retail Value, Inc.
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
About Time Equities, Inc.
Founded in 1966, Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 50 years. TEI currently holds in its own portfolio approximately 31.1 million square feet of residential, industrial, office and retail property – including over 4,000 multi-family apartment units. In addition, TEI is in various stages of development and pre-development of constructing approximately 1.4 million square feet of various property types which includes at least 1,447 residential units. With properties in 30 states, five Canadian provinces, Germany, the Netherlands and Anguilla, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest and West Coast, and new markets are always being evaluated.