JLL Capital Markets on Monday announced it recently secured the sale of The Hills Village Center, a 110,453-square-foot grocery-anchored shopping center in Bedminster.
JLL represented the seller, a global Investment manager, and procured the buyer, Longpoint Partners. The center will be managed under Longpoint’s newly unveiled Lena Centers brand, which was designed to reflect Longpoint’s mission to create community shopping center experiences that serve the needs of residents living and working in the neighborhood.
The Hills Village Center, situated at 550 Hills Dr., is strategically positioned along Rte-202 and 206, the shopping center offers strong visibility and convenient access to major transportation arteries, including I-287 and I-78.
The Hills Village Center, built in 1988 on nearly 13 acres, boasts an impressive 89.3% occupancy rate and 4.7 year weighted average lease term. Anchored by Kings Food Market, which attracts over 380,000 visits annually, the center serves as a vibrant hub for local commerce and community gatherings. The diverse tenant mix includes renowned brands such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orange Theory, offering a comprehensive range of services and experiences to meet the needs of area residents and visitors.
JLL Capital Market’s investment and sales advisory team representing the seller was led by Senior Managing Director Jose Cruz, Senior Managing Director Kevin O’Hearn and Director J.B. Bruno.
“The Hills Village Center garnered strong investor interest, including numerous institutions and REITs, given its strong in-place cash flow from credit tenants and upside potential through lease-up of available space,” Cruz said. “We’re pleased to have facilitated this significant transaction in one of New Jersey’s most affluent and desirable submarkets.”
