Shopping center sells for over $100M in one of the largest such deals in N.J. in years

Hamilton Marketplace, one of the most visited shopping centers in New Jersey was purchased by Paramount Realty for over $100 million, the company announced on Sept. 24.

The price tag makes the sale of the shopping center the largest for a “single asset shopping center” in New Jersey since 2017, Paramount Realty said in a press release announcing the completed sale.

The shopping center was purchased from SITE Centers, according to the news release announcing the sale.

Institutional Property Advisors represented SITE Centers in the sale which was the largest open-air shopping center in New Jersey to sell over $100 million since Centerton Square in Mt. Laurel in 2017, according to the broker.

Paramount is a New-Jersey commercial real estate company with offices in Lakewood and Lancaster, Pennsylvania, according to the company’s website.

Brad Nathanson, Institutional Property Advisors executive director said in a press statement that Hamilton Marketplace drew a strong amount of interest from private as well as institutional investors, and the property was available for sale for the first time since it was developed.

Paramount owns over 150 properties spanning 10 states across the mid-Atlantic and Northeast region, according to the company’s website.

Hamilton Marketplace is anchored by a 65,000-square-foot ShopRite and includes other stores such as Kohl’s, Ross, Staples, Barnes & Noble, and Walmart and a BJ’s Wholesale Club.

The shopping center is 99 percent occupied and features over 1 million square feet of retail space, the statement said.

“Hamilton Marketplace is in the top one percent of most-visited shopping centers in the nation and one of the most-visited open-air shopping centers in New Jersey,” said JP Colussi, senior director for Institutional Property Advisors. “Its high anchor retention and chain-leading sales volumes of top retailers make it one of the nation’s best-performing grocery-anchored power centers. Of the 17 original anchors, 13 are still in place, and in the past three years, nine anchor tenants exercised their contractual obligations.”

Built in phases starting over 20 years ago, Hamilton Marketplace is centered at the connection of Route 130 and Interstate 195.

Representatives for Paramount did not immediately respond to a request for comment.