JLL arranges the sale of Highlands Village Shopping Center to ADONI Property Group
MORRISTOWN, N – JLL Capital Markets announced today the sale of Highlands Village Shopping Center, a 60,614-square-foot community retail center located at 546 Allen Road in Basking Ridge, Somerset County, New Jersey.
JLL represented the seller, Kushner Real Estate Group, in the transaction and procured the buyer, Adoni Property Group. JLL also arranged $12.2 million in acquisition financing through a life insurance company.
The JLL Capital Markets team was led by Senior Managing Directors Kevin O'Hearn and Jose Cruz and Senior Director J.B. Bruno, along with Senior Analyst Cole Doyon. JLL also arranged acquisition financing, led by Senior Directors Max Custer and Gerard Quinn, Director Ryan Carroll and Senior Analyst Kevin Badger.
Sonny Adoni, Founder & CEO of Adoni Property Group, said “Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty. We are thrilled to add such an exceptional asset to our portfolio and look forward to continuing to serve The Hills community with best-in-class property management and stewardship.”
"Community-embedded retail in high-barrier, affluent submarkets continue to attract strong investor demand because of the long-term income stability these assets provide," O'Hearn said. "Properties like Highlands Village Shopping Center that serve as an irreplaceable commercial hub to a captive residential base represent some of the most compelling opportunities in today's retail investment landscape," added Bruno.
"We are pleased to have assisted ADONI in arranging acquisition financing for Highlands Village," said Custer. "Appetite for well-located retail properties remains incredibly strong across the lending community and continues to yield attractive financing solutions for borrowers."
Built in 2000 across 11.13 acres, the center features five buildings with 387 parking spaces. The property is 100% occupied with 18 diversified tenants averaging 16.4 years of tenure, reflecting sustained demand from the exclusive community it serves. Four new leases have been executed within the past 12 months, reinforcing continued leasing momentum at the center. The tenant mix, anchored by Walgreens and a United States Postal Service, is necessity-based, spanning health and wellness, education, food and beverage, essential services and recreation.
Highlands Village Shopping Center is strategically positioned within The Hills at Basking Ridge, a master-planned community comprising more than 4,700 homes and adjacent to a top 10 New Jersey elementary school, a 260-acre private championship golf course, community clubhouse, pools, tennis courts and walking trails, generating consistent daily foot traffic. The property is located within one mile of Interstate 287 and two miles of Interstate 78.
