Reflecting the continued strength of New Jersey’s grocery-anchored retail sector, JLL Capital Markets on Monday announced that it secured $71.3 million in acquisition financing for the Medipower Group. The funding covers two major transactions, headlined by the acquisition of a premier shopping destination in Bergen County.
The financing package, arranged by JLL’s Morristown-based team, supports the acquisition of Lewandowski Commons in Lyndhurst, alongside a six-property retail portfolio spanning the Southeast.
Lewandowski Commons stands as the centerpiece of the New Jersey acquisition. The 77,743-square-foot center is strategically located just seven miles from New York City, serving an affluent population where average household incomes exceed $138,000.
The property is anchored by Stop & Shop, which carries an investment-grade guarantee from parent company Ahold Delhaize. This “recession-proof” anchoring, combined with a 99.7% occupancy rate across the entire deal, made the asset highly attractive to lenders.
“These transactions reflect strong lender confidence in high-quality, grocery-anchored retail assets with exceptional fundamentals,” Jim Cadranell, managing director at JLL said. “Lewandowski Commons’ proximity to New York City and its investment-grade tenancy made this an ideal opportunity for Protective Life.”
While the financing includes a six-property portfolio across Georgia, South Carolina, and Virginia, the overarching theme is the durability of the American grocer. The properties involved are anchored by market leaders including Stop & Shop, Publix and Kroger.
Key performance metrics for the portfolio include:
- High Productivity: Average sales exceeding $700 per square foot.
- Affordability: Low occupancy costs for tenants, averaging just 2.2%.
- Stability: A near-perfect occupancy rate of 99.7%.
The JLL Debt Advisory team, led by New Jersey-based experts Jon Mikula and Jim Cadranell, leveraged the “high-barrier-to-entry” nature of the Lyndhurst market to secure favorable terms. By grouping the New Jersey asset with high-performing sites in the Atlanta metro area—one of the fastest-growing regions in the U.S.—Medipower has solidified a diversified, income-generating footprint.
“These properties benefit from durable income streams,” added JLL’s Gregg Shapiro. “The financing structure provides Medipower with the flexibility to execute their business plan across these institutional-quality assets in premier markets.”
As digital commerce continues to evolve, the “Lewandowski Commons” deal proves that well-located, grocery-anchored brick-and-mortar retail remains a cornerstone of the Garden State’s commercial real estate economy.
