A massive shopping facility in Mercer County has fetched a price on the open market not seen in years as the heavily trafficked Hamilton Marketplace officially has new ownership.
Paramount Realty, a New Jersey-based real estate company, has announced their purchase of the 485,000-square-foot retail center for a total consideration of $116.5 million. The eye-popping price tag makes the deal the largest single-asset shopping center transaction to close in New Jersey since 2017.
Hamilton Marketplace, situated just off Route 130, is anchored by a 65,155-square-foot ShopRite Supermarket. The tenant roster includes Kohl’s, Ross, Staples, Barnes & Noble, Michaels, Old Navy, Ulta, Staples, Burlington, PetSmart, Walmart, Lowe’s, and BJ’s Wholesale Club. The retail space within the complex is 99% occupied.
Brad Nathanson and JP Colussi of Marcus & Millichap’s Institutional Property Advisors division represented the seller, SITE Centers, on the transaction.
“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.”
Constructed in phases beginning in the early 2000s, Hamilton Marketplace has seen consistent retail occupation since first opening. Of the 17 original anchor stores, 13 are still in place despite the ebbs and flows of commercial real estate and the devastation brought on by the COVID-19 pandemic.
Hamilton Marketplace is located approximately eight miles south of Princeton and near Interstate 195, which feeds into the New Jersey Turnpike. The highway network provides critical access to Philadelphia and New York in approximately an hour’s drive in either direction.
