Longpoint Buys New Jersey Retail Center for $50M
Longpoint Partners has acquired The Hills Village Center, a 110,453-square-foot retail center in Bedminster, N.J. The shopping center will be managed under the firm’s Lena Centers brand.
Longpoint paid nearly $50 million for the asset, according to Commercial Real Estate Direct. JLL represented the seller and procured the buyer.
Completed in 1988 on a 13-acre site, The Hills Village Center was 89.3 percent leased at the time of sale. The property is anchored by Kings Food Market and its tenant roster includes CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orange Theory.
The retail center is at 550 Hills Drive within The Hills, a townhouse community of 5,548 households. Major transportation routes in the area include interstates 287 and 78, as well as highways 202 and 206. The retail center has more than 380,000 annual visits.
JLL Senior Managing Directors Jose Cruz and Kevin O’Hearn, together with Director J.B. Bruno, led the Capital Market Investment and Sales Advisory team representing the seller.
As for the buyer, Longpoint purchased another retail asset, in Phoenix, earlier this month. The 101,269-square-foot shopping center also operates under the Lena Centers brand.
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