Monroe Twp. shopping center fetches $32.3M, JLL says

A shopping center in Monroe Township has sold for $32.3 million, according to JLL Capital Markets.

Concordia Shopping Center, 135,090 square feet anchored by a Stop & Shop supermarket, was sold by Concordia Shopping Manager Corp. to a joint venture of KPR, the former Katz Properties, and DRA Advisors.

JLL marketed the property on behalf of the seller. It is currently 95% leased, the firm said in a news release.

“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,” Eric Wolf, KPR’s managing director of acquisitions, said in a prepared statement. “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 included Chris Munley, Jose Cruz and James Galbally, senior managing directors; Steve Simonelli, senior director; and Colin Behr, senior vice president.

The deal was secured by Holliday Fenoglio Fowler L.P. before its acquisition by JLL on July 1, 2019.