Grocery-anchored New Jersey shopping center trades hands

MORRISTOWN, N.J., Dec. 9, 2024 –  JLL Capital Markets announced today that it has secured the sale of The Hills Village Center, a 110,453-square-foot grocery-anchored shopping center in Bedminster, New Jersey.

JLL represented the seller, a global Investment manager, and procured the buyer, Longpoint Partners. The center will be managed under Longpoint’s newly unveiled Lena Centers brand, which was designed to reflect Longpoint’s mission to create community shopping center experiences that serve the needs of residents living and working in the neighborhood.

The Hills Village Center, situated at 550 Hills Dr., is a prime commercial hub nestled within The Hills residential development, which boasts a community of 5,548 households. Strategically positioned along Rte-202 and 206, the shopping center offers strong visibility and convenient access to major transportation arteries, including I-287 and I-78.  Bedminster Township, located in Somerset County, New Jersey, is renowned as one of the state's most affluent communities with an average household income of $180,233. The area has experienced significant population growth and offers exceptional housing options, serene country settings and close proximity to major employment centers.

The Hills Village Center, built in 1988 on nearly 13 acres, boasts an impressive 89.3% occupancy rate and 4.7 year weighted average lease term. Anchored by Kings Food Market, which attracts over 380,000 visits annually, the center serves as a vibrant hub for local commerce and community gatherings. The diverse tenant mix includes renowned brands such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orange Theory, offering a comprehensive range of services and experiences to meet the needs of area residents and visitors.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Jose Cruz, Senior Managing Director Kevin O'Hearn and Director J.B. Bruno.

"The Hills Village Center garnered strong investor interest, including numerous institutions and REITs, given its strong in-place cash flow from credit tenants and upside potential through lease-up of available space," said Cruz. "We're pleased to have facilitated this significant transaction in one of New Jersey's most affluent and desirable submarkets."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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