Real Estate Journal — Southern New Jersey — October 13 - 26, 2017 — 7B
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M id A tlantic
S outhern N ew J ersey Nathanson of CBRE represent seller in the transaction TheHampshireCompanies sell fully-leased 88,265 s/f grocery anchored retail center in Mt. Laurel M t. Laurel, NJ — The Hamp - shire Companies
announced the sale of the 88,265 s/f Towne Square Shopping Center at 860-892 Union Mill Rd. in Mt. Laurel to The Westover Companies. The multi-tenant property is currently anchored by NJ-based grocery chain, ShopRite. The Towne Square Shop- ping Center sits on 13.03 acres in the heart of Mt. Lau- rel, one of the most affluent suburbs in NJ with nearly 60,000 residents within a three miles radius and aver- age household incomes in excess of $121,000, a number that is projected to rise to $131,000 by 2021. The property is 15 miles east of Center City Phila- delphia and 80 miles south of NYC with easy access to southern New Jersey’s major commercial arteries, which includes Rtes. 38, 70, and 73 with a daily combined traffic count of 129,000 cars, as well as I-295 and the NJ Tpke. The center is 94% leased by anchor tenant, Shop- Rite, owned and operated by Wakefern Corporation and additional tenants include Burn Boot Camp, a national women’s fitness franchise with 53 locations, leasing 6,000 s/f, Angelo’s Pizza leasing 3,080 s/f, and Hair Cuttery, leasing 1,600 s/f. “Since acquiring the Towne Square Shopping Center in 2012, our strategy was to fully lease the property and secure a buyer within five years. Our strong investment track record and experience with grocery-anchored retail centers enabled us to suc- cessfully lease the property and create a stabilized, in- come-producing asset within that time-frame,” said Igor Derbaremdiker , director of dispositions for The Hamp- shire Companies. “High de- mand for stabilized grocery- anchored retail product, the strong growth trajectory of the ShopRite grocery chain and Mt. Laurel’s favorable demographics made this the perfect time to sell and complete our investment strategy for the property.” Brad Nathanso n, execu- tive VP, investment proper- ties at CBRE , represented The Hampshire Companies in the transaction. n
Towne Square Shopping Center
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