JLL Capital Markets announced that it has arranged the $27.9 million sale of The Gardens Portfolio, a fully leased net lease retail investment in Mount Olive.
JLL represented the seller, commercial real estate developer RIVANI, led by President Robert Rivani.
The Gardens Portfolio consists of eight properties across seven pad sites, totaling 32,493 square feet, and a single-tenant Lowe’s on 135,039 square feet. The portfolio comprises five ground leases and four net leases featuring national tenants Lowe’s, Applebee’s, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald’s, Wendy’s, Panda Express and Chipotle with a weighted average lease term of plus or minus 11.8 years. About 64% of the annualized base rent is derived from ground leases.
The Gardens is a Lowe’s-anchored power center in western Morris County that ranks in the top 6% of most-visited shopping centers in New Jersey, with more than 4.5 million visits in the last 12 months, according to JLL. The center recently underwent renovations and added new tenants.
The portfolio appeals to a wide trade area given the scarcity of power centers serving the area and is located 0.1 mile from Interstate 80.
The transaction was led by JLL’s Corporate Capital Markets and Net Lease Team, alongside Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director JB Bruno.
“The Gardens Portfolio represented an exceptional opportunity to acquire long-term ground leases and net leases with high-quality, credit tenants,” said O’Hearn. “The property’s strategic location in an underserved retail market combined with its stable cash flow profile with mid-term upside potential made it an attractive acquisition for the buyer.”
