The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, has announced the acquisition of Town Square Shopping Center, a 91,758-square-foot retail center located at 872 Union Mill Road in Mount Laurel, N.J., from Town Square, LLC.
Situated on more than 13 acres on the corner of Union Mill Road and Elbo Lane, Town Square Shopping Center is located at this highly visible location that offers easy access to the strong demographics provided by the neighboring residential communities. The center has an 88% occupancy and is anchored by a ShopRite Supermarket, which occupies 64,255 square feet. Currently, 9,500 square feet of retail space is available for lease.
"This is a classic neighborhood shopping center surrounded by a growing residential housing base and anchored by ShopRite, the dominant grocer in the Central New Jersey marketplace,” said Rob Schmitt, a Principal of The Hampshire Companies. “Due to its infill location and diverse tenant mix, the center is well-positioned to meet the retail and service needs of the Mount Laurel Community, both now and into the future. Its long term stability makes the property a nice fit for the Hampshire portfolio.
"Given the retail center’s strong demographics and tenant base, this was an ideal investment for us,” said Ray Ayers, an Investment Manager for The Hampshire Companies. “The property’s premier location in a high traffic area, coupled with its high occupancy rate, makes this a strong addition to our retail portfolio."
Brad Nathanson of Marcus & Millichap represented both Hampshire and the seller in the transaction.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
R&J Public Relations