Daily Voice
By Cecilia Levine From Daily Voice
A fully leased retail portfolio anchored by Lowe’s in a North Jersey town has been sold for $27.9 million, JLL Capital Markets announced.
The sale involved The Gardens Portfolio, a major Mount Olive shopping center off four state highways that ranks among the most-visited retail destinations in New Jersey. JLL represented the seller, RIVANI.
The Gardens Portfolio includes eight properties across seven pad sites totaling 32,493 square feet, along with a single-tenant Lowe’s on 135,039 square feet, JLL said.
The mix features five ground leases and four net leases with national tenants such as Applebee’s, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald’s, Wendy’s, Panda Express and Chipotle. The weighted average lease term is about 11.8 years, and roughly 64% of annualized base rent comes from ground leases.
The center has seen more than one million additional visits since March 2023 after renovations and new tenant additions, JLL said. It ranks in the top 6% of most-visited shopping centers statewide and nationally and draws from a wide trade area due to the scarcity of regional power centers.
The transaction was led by JLL’s Corporate Capital Markets and Net Lease Team, along with Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director JB Bruno.
JLL Capital Markets describes itself as a global provider of capital solutions with more than 3,000 specialists across nearly 50 countries.
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