JLL retained to market Gardens, 378K sq. ft. retail power center in Flanders

JLL on Tuesday said it was recently retained on an exclusive basis to arrange the sale of the Gardens, a recently renovated 378,385-square-foot retail power center located at 10-50 International Drive S. in Flanders.

JLL’s Kevin O’Hearn, J.B. Bruno, Jose Cruz and Michael Zlotnick are marketing the property on behalf of the would-be seller, with Max Custer available for financing advisory and David Townes and Alana Friedman available for leasing support.

The Gardens, now 99% leased, is a dominant Lowe’s-anchored retail center with a wide trade area. The property is shadow anchored by Walmart (with grocery), which increases drawing power.

Strategically located off Route 206 and situated in close proximity to Interstate 80 and Route 46, the 77.3-acre property offers convenient access from major state highways.

With 10 buildings, including seven pads (six pads featuring national restaurant chains) that could be readily subdivided and sold off at premium pricing, and ample parking (5.61 spaces per 1,000 square feet), the Gardens provides a dynamic mix of retailers.

Current ownership, Black Lion Investment Group, a Beverly Hills, California-based firm, which purchased the center in late 2021 for just under $50 million, has completed about 95,000 square feet of lease-up, several long-term renewals and over $10 million in capital expenditures and improvements, including façade, roof and parking lot improvements.

The major tenants at the Property include Lowe’s (135,039 square feet), TJ Maxx (30,000 square feet), Homegoods (25,912 square feet), Michael’s (24,170 square feet), Ross Dress for Less (20,086 square feet) and PetSmart (19,858 square feet).

National restaurants include McDonald’s, Applebee’s, Longhorn Steakhouse, Wendy’s, Chipotle and Panera Bread. Ownership is constructing a new pad featuring Panda Express and Chipotle, which signed a 10- and 15-year lease at the property, respectively. Other national tenants include Sketchers, Boot Barn, Mattress Firm, Famous Footwear, AT&T, T-Mobile and Five Below.

The Gardens is located in the Western Morris County retail submarket, which has exceptionally strong fundamentals.

The Gardens is a premier retail power center strategically positioned with superior highway access, providing a robust and durable cash flow opportunity through its nearly 99% stabilized occupancy and weighted average lease term of 10.3 years.