The Hampshire Companies, a full service, private real estate investment firm, announces the sale of the 88,265-square-foot Towne Square Shopping Center at 860-892 Union Mill Road in Mt. Laurel, N.J. to The Westover Companies. The multi-tenant property is currently anchored by leading New Jersey-based grocery chain, ShopRite.
The Towne Square Shopping Center sits on 13.03 acres in the heart of Mt. Laurel, one of the most affluent suburbs in New Jersey with nearly 60,000 residents within a three miles radius and average household incomes in excess of $121,000, a number that is projected to rise to $131,000 by 2021. The property is strategically located at the gateway to a 55-plus community called Holiday Village East, which consists of more than 950 residential homes and is also situated at the entrance to three residential subdivisions boasting an additional 2,400 units.
The property is just 15 miles east of Center City Philadelphia and 80 miles south of New York City with easy access to southern New Jersey’s major commercial arteries, which includes Routes 38, 70, and 73 with a daily combined traffic count of 129,000 cars, as well as I-295 and the New Jersey Turnpike. Additionally, the property is a short distance from the abutting, prestigious towns of Moorestown, Cherry Hill and Marlton.
Built in 1996, The Hampshire Companies acquired the Towne Square Shopping Center in 2012. The center is 94 percent leased by anchor tenant, ShopRite, 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 square feet, Angelo’s Pizza leasing 3,080 square feet, and Hair Cuttery, leasing 1,600 square feet. The property also includes an adjacent free-standing pad with a 5,000-square-foot vacant retail building.
“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 successfully lease the property and create a stabilized, income-producing asset within that time-frame,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “High demand 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 Nathanson, Executive Vice President, Investment Properties at CBRE, represented The Hampshire Companies in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.3 billion based in Morristown. N.J. 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 www.hampshirere.com.
R&J Strategic Communications