JLL Capital Markets on Tuesday announced the successful $115 million sale and financing of the East Coast Grocery Portfolio, a massive 558,000-square-foot collection of retail centers spanning New Jersey, Georgia, South Carolina and Virginia.
The portfolio was acquired by Medipower, with JLL representing the seller and securing the acquisition financing on behalf of the buyer. The deal highlights the continued institutional dominance of “necessity-based” retail, as investors seek stable cash flows in high-growth corridors.
The portfolio consists of seven institutionally maintained centers that are almost entirely full, boasting an aggregate occupancy rate of 99.6%. The centers are anchored by some of the most successful names in the grocery industry, including Publix, Kroger, and Stop & Shop.
Performance data for the portfolio is particularly striking, with average grocer sales exceeding $700 per square foot, significantly higher than industry averages.
The Portfolio Breakdown:
- New Jersey: Lewandowski Commons in Lyndhurst.
- Georgia (Atlanta MSA): Hickory Flat Village (Canton), Deshon Plaza (Stone Mountain), Flat Shoals Crossing (Decatur), and Cascade Corners (Atlanta).
- South Carolina: The Plaza at Carolina Forest (Myrtle Beach).
- Virginia: Kroger Plaza (Virginia Beach).
The inclusion of Lewandowski Commons in Lyndhurst underscores the strength of the Northern New Jersey retail market. As a high-density, “infill” location just miles from Manhattan, the New Jersey asset provides a stable, high-barrier-to-entry anchor for the broader portfolio.
“The East Coast Grocery Anchored Portfolio generated significant investor interest, reflecting the continued robust flow of capital into the retail sector,” Jim Hamilton, lead for JLL Capital Market’s Investment Sales and Advisory team said. “Each property in the portfolio is anchored by a top-performing grocer… providing stable cash flows and long-term value.”
According to JLL, the sale represents a unique opportunity for Medipower to gain immediate scale across premier Sunbelt and Mid-Atlantic markets. These regions continue to benefit from favorable demographics and population growth, which are driving sustained retail demand despite broader economic shifts.
The JLL Investment Sales and Advisory team was a multi-regional effort, featuring Jose Cruz, Kevin O’Hearn, and J.B. Bruno representing the New Jersey interests, alongside a broad team of specialists across the Southeast. The Debt Advisory team was led by Gregg Shapiro, Jim Cadranell, and Jon Mikula.
As one of the largest retail trades of the second quarter, the $115 million deal serves as a clear indicator that grocery-anchored centers remain the “gold standard” for real estate investors looking for resilience and growth.
