The Court at Hamilton was 99% occupied at the time of sale.
HAMILTON TOWNSHIP, NJ—The Court at Hamilton, a 194,106-square-foot retail property anchored by a Walmart Supercenter, has been sold to Red Bank, NJ-based First National Realty Partners for $19.2 million.
The property, which was developed in 2016, is anchored by a 150,000-square-foot Walmart Supercenter. The property was sold by Abrams Realty & Development of Elkins Park, PA.
The transaction was reported by Brad Nathanson, senior managing director, Institutional Property Advisors, a division of Marcus & Millichap, who represented the seller and procured the buyer in the transaction.
"With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales," Nathanson notes. "The area's high population density and the opportunity to co-tenant with Walmart make the center immensely appealing to retailers."
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, which has a long-term lease at the property, the center's other tenants include Rainbow, Snipes, Burger King, and an upcoming Capital Health General Medicine practice slated to open in March.
"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," Nathanson says. "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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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
