JLL Capital Markets successfully orchestrated the sale and financing of Highlands Village Shopping Center, a 60,614-square-foot community retail hub located at 546 Allen Road in Basking Ridge.
JLL represented the seller, Kushner Real Estate Group, and procured the buyer, Adoni Property Group. Additionally, JLL’s debt advisory team secured $12.2 million in acquisition financing for the buyer through a life insurance company.
Spanning 11.13 acres, the 100% occupied property comprises five buildings and 387 parking spaces. The center features 18 diversified, necessity-based tenants averaging an impressive 16.4 years of tenure, anchored by Walgreens and the United States Postal Service. Positioned within the master-planned community of The Hills at Basking Ridge—which encompasses more than 4,700 homes—the center benefits from steady foot traffic generated by its captive residential base and proximity to major regional roadways, including Interstates 287 and 78.
“Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty,” Sonny Adoni, founder and CEO of Adoni Property Group, said. “We are thrilled to add such an exceptional asset to our portfolio and look forward to continuing to serve The Hills community with best-in-class property management and stewardship.”
The transaction underscores a resilient market appetite for well-anchored, necessity-driven retail real estate embedded within high-barrier, affluent suburban submarkets.
“Properties like Highlands Village Shopping Center that serve as an irreplaceable commercial hub to a captive residential base represent some of the most compelling opportunities in today’s retail investment landscape,” J.B. Bruno, senior director at JLL, said.
