Northern New Jersey Shopping Center Changes Hands

Adoni Property Group has acquired the 60,614-square-foot shopping center in Northern New Jersey’s Basking Ridge from Kushner Real Estate Group. JLL Capital Markets arranged the sale and secured $12.2 million in acquisition financing on behalf of the buyer through an unidentified life insurance firm.

Built in 2000, the community retail center spans approximately 11 acres at 546 Allen Rd. and includes five buildings that were fully leased to 18 tenants at the time of the sale. Four new leases executed within the past 12 months point to continued momentum at the property. Anchored by Walgreens and United States Postal Service locations, the shopping center sits within the master-planned community The Hills at Basking Ridge.

“Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty,” said Sonny Adoni, founder and CEO of Adoni Property Group in a statement.

Westfield, NJ-based Adoni develops and manages a diversified portfolio of residential and commercial properties. Headquartered in Jersey City, Kushner Real Estate Group is a real estate investment and management firm with a portfolio of apartments and commercial space across four states.