JLL Capital Markets successfully orchestrated the sale of The Hills Village Center, a premier 110,000-square-foot, grocery-anchored retail property located in Bedminster.
JLL represented the seller, Lena Centers—a subsidiary of Longpoint Partners—in the transaction. The thriving Somerset County asset was acquired by Asana Partners.
Situated at 550 Hills Drive at the bustling intersection of Hills Drive and Route 206, The Hills Village Center serves as a vital commercial hub for the local community. The property enjoys heavy exposure, capturing traffic counts exceeding 19,000 vehicles per day on Hills Drive and upwards of 75,000 vehicles per day along nearby Route 202, with rapid accessibility to Interstate 287.
The fully leased center is anchored by major household names Kings Food Markets and CVS. It features a diverse, service-oriented tenant roster including Starbucks, PNC Bank, Peapack Gladstone Bank, and a variety of popular local dining establishments and retail storefronts.
The property is positioned within one of New Jersey’s most economically robust and desirable demographic corridors. Within a five-mile radius, the center draws from a population of nearly 60,000 residents boasting an average household income exceeding $230,000 and a median home value north of $711,000. Furthermore, over 67% of adults in the trade area hold a bachelor’s degree or higher, complemented by a strong weekday customer base driven by more than 83,000 daytime employees in the vicinity.
“Lena Centers has cultivated a thriving retail destination that serves as the commercial hub for The Hills community and surrounding areas,” said Jose Cruz, Senior Managing Director at JLL. “The successful disposition to Asana Partners reflects both the quality of the asset and the strength of the Somerset County retail market, where strong demographics and limited competition continue to drive investor interest.”
The transaction was spearheaded by JLL Capital Markets’ Senior Managing Directors Jose Cruz and Kevin O’Hearn, alongside Senior Director J.B. Bruno and Senior Associate Cole Doyon.
