Grocery-anchored retail center sold in Central New Jersey
JLL closed the $32.3M sale of Concordia Shopping Center
MORRISTOWN, N.J., January 13, 2020 – JLL Capital Markets announced today that it has closed the $32.3 million sale of Concordia Shopping Center, a 135,090-square-foot, Stop & Shop-anchored neighborhood shopping center in the central New Jersey community of Monroe Township.
Situated on 14.4 acres at 1600 Perrineville Road, Concordia Shopping Center is the only grocery store within a seven-mile radius; the nearest store is a ShopRite in East Windsor. Additionally, Concordia Shopping Center is ideally positioned as the closet retail center to the New Jersey Turnpike, which is less than three miles from the property and the dominant thoroughfare within the state. The property’s Monroe Township location places it in the southern part of Middlesex County, an affluent central New Jersey submarket, with more than 52,000 residents earning an average annual household income of $106,052. Currently 95% leased, the center is also home to UPS, Hair Crafters, Monroe Physical Therapy, Monroe Wine and Spirits and more.
“We’re excited to complete our second acquisition in New Jersey and look forward to the opportunity to maintain the historically strong performance of this shopping center,” KPR Managing Director of Acquisitions Eric Wolf said. “The Mid-Atlantic continues to be a focal point of our portfolio, and this acquisition deepens our ties to the region.”
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Munley, Jose Cruz and James Galbally; Senior Director Steve Simonelli; and Senior Vice President Colin Behr.
“Concordia Shopping Center is representative of retail product that we have witnessed continual interest and cap rate compression,” Munley added. “As capital allocation for grocery-anchored retail continues to expand, we anticipate continued high demand, along with aggressive pricing metrics for the product in 2020.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail properties, with a primary focus on grocery-anchored shopping centers and power villages, within well-located East Coast submarkets. KPR is a vertically integrated investor with in-house leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties.
Established in Boston in 2003, KPR has since expanded its footprint in 14 states within the greater New England, New York State, Mid-Atlantic and Southeast submarkets. Its successful track record of strategic acquisitions and dispositions has led us to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices. Visit kprcenters.com for more information.
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has $10 billion in assets under management. Since 1986, DRA's focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA's acquisitions since inception include 1600 properties valued at over $29 billion.