Paramount Purchases a Grocery-Anchored Regional Power Center in Central New Jersey

Hamilton Marketplace was purchased by Paramount Realty for a total consideration in excess of $100 million, making it the largest single asset shopping center transaction to close in New Jersey since 2017. Hamilton Marketplace is anchored by a 65,155-square-foot ShopRite Supermarket, the market-leading grocer within the Northeast. The tenant roster includes such industry leaders as Kohl's, Ross, Staples, Barnes & Noble, Michaels, Old Navy, Ulta, Staples, Burlington, and PetSmart. Walmart, Lowe's, and BJ's Wholesale Club, which all own their stores, also anchor Hamilton Marketplace for a critical mass of nearly a million square feet of retail that is 99% occupied.

Brad Nathanson, executive director, and JP Colussi, senior director of Marcus & Millichap's Institutional Property Advisors division represented the seller, SITE Centers, and procured the New-Jersey based buyer, Paramount Realty.

Constructed in phases beginning in the early 2000s, Hamilton Marketplace is located approximately eight miles south of Princeton, New Jersey, at the confluence of New Jersey Route 130 and Interstate 195, which feeds into the New Jersey Turnpike, two miles from the shopping center. The highway network provides direct access to Philadelphia and New York in approximately an hour's drive and is a key logistical hub for industrial and warehousing operations.

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