Boston-based real estate investment firm Longpoint Partners announced the acquisition of grocery-anchored center The Hills Village Center in Bedminster, and El Monte Shopping Plaza in Phoenix, Arizona. Together the two totaled $61.9 million.
The centers will be managed under Longpoint’s recently unveiled Lena Centers brand.
“We are proud to have expanded our Lena Centers portfolio with these acquisitions in our target markets,” Dwight Angelini, co-founder and managing partner of Longpoint, said. “Both properties are optimally located and well-occupied with high-quality retailers and businesses that cater to the needs of each local community. Our strategy is to create culturally relevant shopping centers for our communities.”
The Hills Village Center is a 101,453-square-foot shopping center that is anchored by the high performing Kings Food Market, which is owned by the Albertsons Companies, one of the largest food and drug retailers in the U.S. The center is 89% occupied with a diverse range of food & beverage retailers, fitness, business and financial services firms, including several publicly traded, credit tenants. The property offers direct connectivity to the major highways of I-78 and I-278 and features frontage along Route 202/206, making the shopping plaza accessible to an affluent consumer base.
Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo of Colliers facilitated the purchase of the El Monte Shopping Plaza on behalf of Longpoint.
Jose Cruz, Kevin O’Hearn, and J.B. Bruno of JLL’s Capital Markets Investment and Sales Advisory team represented the seller in The Hills Village Center acquisition.
