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RIVANI Trades Net-Leased Retail Portfolio in Morris County, NJ
JLL Capital Markets arranged the $27.9-million sale of The Gardens Portfolio, a fully leased net lease retail investment in Mt. Olive, NJ. JLL’s Corporate Capital Markets and Net Lease Team, alongside senior managing directors Kevin O’Hearn and Jose Cruz and senior director JB Bruno, represented the seller, RIVANI. The buyer was not disclosed.
Located in western Morris County, 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. It is comprised of five ground leases and four net leases. Approximately 64% of the annualized base rent is derived from ground leases.
“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.”
- ◦Sale/Acquisition
