Golden Acres Shopping Center, a 219,848-square-foot grocery-anchored shopping center in South Plainfield, sold for $40 million, according to a recent announcement from JLL Capital Markets.
JLL worked on behalf of the seller. The buyer was a joint venture between Agus Holdings and Treeco.
Golden Acres Shopping Center is strategically located along Oak Tree Avenue in the densely populated suburb of South Plainfield. The property sits at the intersection of Park Avenue and Oak Tree Avenue, which see 15,000 and 23,000 vehicles-per-day respectively, providing excellent visibility and accessibility in an area with limited retail competition.
The shopping center is 83.0% leased to a strong roster of tenants led by a “World Class” ShopRite that was renovated in 2016. Additional tenants include Shoppers World, Unique Thrift Store and a highly visible Wendy’s outparcel. The property generates 3.3 million annual visits, ranking it among the most heavily trafficked retail centers in New Jersey.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Kavaler and Joseph Lopresti.
“Golden Acres Shopping Center represents a truly rare opportunity to acquire an asset with the highly sought-after combination of near term mark-to-market potential and a top performing grocery anchor in a strong market,” Bruno said. “With significantly below-market anchor and shop tenant rents, the property offers compelling NOI growth potential.”
“The South Plainfield submarket has an average retail occupancy of 97.8% with limited new deliveries over the past decade,” Cruz said. “This high barrier to entry location combined with the property’s long-tenured occupancy made it an attractive investment for Agus Holdings and Treeco.”
“We’re incredibly excited to acquire a premier ShopRite‑anchored shopping center in the heart of New Jersey and to partner again with our close friends and partners at Treeco,” said Josh Agus of Agus Holdings. “It was a true pleasure working with Jose, J.B. and Kevin throughout the process to make this a seamless transaction.”
“It was great working with the JLL team on our 2nd acquisition in as many years. J.B., Jose and Kevin are true professionals,” Treeco’s Andrew Fish said. “Congratulations to our wonderful friends and partners at Agus Holdings.”
