JLL Capital Markets announced on Monday that it has successfully arranged the sale of The Gardens Portfolio, a fully leased, nine-property net lease retail investment in Mount Olive for $27.9 million.
JLL represented the seller, RIVANI, in the transaction for the high-performing asset located in western Morris County.
The Gardens Portfolio is a dominant, Lowe’s-anchored power center consisting of eight properties across seven pad sites, totaling 32,493 square feet, and a single-tenant Lowe’s on 135,039 square feet.
The investment was highly attractive due to its strong, stable cash flow profile and its mix of prominent national tenants, which include:
- Lowe’s
- McDonald’s
- Chipotle
- LongHorn Steakhouse
- Panera Bread
- Applebee’s
- Wells Fargo
- Wendy’s
- Panda Express
The portfolio has a weighted average lease term (WALT) of approximately 11.8 years, with about 64% of the annualized base rent derived from long-term ground leases, offering stability and mid-term upside potential for the buyer.
The center is a significant retail destination, ranking in the top 6% of most-visited shopping centers in both New Jersey and the entire U.S. It appeals to a wide trade area due to the scarcity of comparable power centers in the region and its easy access to four major state highways.
The property recently underwent renovations and added new tenants, resulting in a reported increase of more than one million annual visits since March 2023.
The JLL team, which led the transaction, included Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director JB Bruno.
“The Gardens Portfolio represented an exceptional opportunity to acquire long-term ground leases and net leases with high-quality, credit tenants,” O’Hearn said. “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.”
