Commercial real estate investment firm the Hampshire Companies recently announced it completed the sale of an 88,265-square-foot retail shopping center, the Towne Square Shopping Center in Mt. Laurel.
The property sits on 13.03 acres and is anchored by ShopRite.
“Since acquiring the Towne Square Shopping Center in 2012, our strategy was to fully lease the property and secure a buyer within five years,” Igor Derbaremdiker, director of dispositions for the Hampshire Companies, said. “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 timeframe.”
The property sits 15 miles east of Center City, Philadelphia, and 80 miles from New York City. Hampshire said Towne Square has a daily combined traffic count of 129,000 cars because of its location near Routes 38, 70 and 73, and Interstate 295.
The Towne Square Shopping Center, located at 860-892 Union Mill Road, sits in an area with an average household income in excess of $121,000 and is projected to rise to $131,000 by 2021.
“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,” Derbaremdiker said.
CBRE Executive Vice President Brad Nathanson represented the Hampshire Cos. in the transaction. Financial terms were not disclosed.