Urban Edge Properties has significantly expanded its Somerset County footprint with the $54.3 million acquisition of The Village at Bridgewater Commons, an open-air retail destination. JLL Capital Markets, which orchestrated the deal on behalf of the seller, Pacific Retail Capital Partners, announced the transaction on Wednesday.
The sale of the 92,461-square-foot center underscores the continued institutional appetite for high-performing, “daily-needs” retail assets in New Jersey’s most affluent corridors.
Originally built in 2006, the 12.5-acre site has undergone a major evolution, transforming into a state-of-the-art medical and culinary hub. The center is currently anchored by a newly redeveloped Summit Health facility, which opened in 2024, providing a stable, high-traffic medical component to the property.
Complementing the medical anchor is a “best-in-class” lineup of fast-casual dining, including:
- Starbucks
- Shake Shack
- Cava
- Chipotle
- Big Chicken
This strategic tenant mix has fueled a 14% surge in annual visits over the last 12 months, contributing to a near-perfect 98% occupancy rate.
Located at 600 Commons Way, the property sits directly adjacent to the 1.2-million-square-foot Bridgewater Commons mall. The location is a logistical powerhouse, bordered by Route 22 and situated near the intersection of Route 202/206 and I-287—corridors that collectively see over 247,000 vehicles per day.
“The sale demonstrates the strong investor appetite for well-positioned retail assets in high-barrier-to-entry locations with exceptional demographics,” Kevin O’Hearn, JLL senior managing director said.
The acquisition allows Urban Edge to capitalize on one of New Jersey’s wealthiest trade areas. Within a five-mile radius, the average household income reaches a staggering $182,841, supporting a consumer base that prioritizes both high-end medical services and premium convenience dining.
Transaction Snapshot:
- Sale Price: $54.3 Million
- Buyer: Urban Edge Properties
- Seller: Pacific Retail Capital Partners
- Occupancy: 98%
- Key Anchor: Summit Health (opened 2024)
“The property’s dominant tenant mix… combined with the stability of the Summit Health medical anchor, make it an ideal acquisition for Urban Edge Properties,” added JLL Senior Director JB Bruno.
