A high-profile retail center in Northern New Jersey has changed hands, as Madison-based Lamar Companies and partner Real Capital Solutions have acquired The Shops at Legacy Square. The transaction, facilitated by JLL Capital Markets, marks a significant investment in the high-traffic Route 1/9 retail corridor.
The 93,785-square-foot property, located at 820-860 W Edgar Rd., was completed in 2021. JLL represented the sellers, Stockbridge Capital Group and Cypress Equities, in the sale.
The Shops at Legacy Square sits at a strategic signalized four-way intersection, benefiting from its proximity to major regional transit arteries, including Interstates 278 and 95, as well as the Garden State Parkway. The site sees approximately 70,000 vehicles per day, serving a dense Union County trade area with nearly 466,000 people within a five-mile radius.
The retail center is currently 80.6% occupied, featuring a mix of food, beverage, and service tenants. A major draw for the property is its “shadow anchors,” which include a top-tier Walmart Supercenter and a high-performing LA Fitness. The site is also surrounded by high-visibility pad tenants, such as Starbucks, Panera Bread, Wawa, Chick-fil-A, AFC Urgent Care, and Aspen Dental.
The JLL Capital Markets team representing the sellers was led by J.B. Bruno, Kevin O’Hearn, Jose Cruz, and Cole Doyon. JLL’s Michael Klein and Max Custer advised the buyers on acquisition financing.
“The combination of new construction, exceptional shadow anchor performance and 18,235 square feet of remaining lease-up opportunity created a compelling value proposition for investors seeking growth in one of New Jersey’s most established retail markets,” J.B. Bruno, Senior Director at JLL said.
The transaction highlights a broader trend of aggressive competition for high-quality retail assets in the Tri-State area. “This highly competitive bidding process is reflective of the exceptionally high demand we’re seeing for quality retail assets in New Jersey and the tri-state area,” added Senior Managing Director Kevin O’Hearn. “The amount of investment capital is at an all-time high.”
The acquisition aligns with the portfolio strategy of Lamar Companies, a Madison-based firm that has been a fixture in the national retail real estate landscape since 1972.
