Longpoint Companions has acquired The Hills Village Heart, a 110,453-square-foot retail heart in Bedminster, N.J. The buying heart might be managed underneath the agency’s Lena Facilities model.
Longpoint paid practically $50 million for the asset, in response to Business Actual Property Direct. JLL represented the vendor and procured the customer.
Accomplished in 1988 on a 13-acre web site, The Hills Village Heart was 89.3 p.c leased on the time of sale. The property is anchored by Kings Meals Market and its tenant roster contains CVS, Chilly Stone Creamery, PNC Financial institution, Starbucks, Nice Clips and Orange Principle.
The retail heart is at 550 Hills Drive inside The Hills, a townhouse neighborhood of 5,548 households. Main transportation routes within the space embrace interstates 287 and 78, in addition to highways 202 and 206. The retail heart has greater than 380,000 annual visits.
JLL Senior Managing Administrators Jose Cruz and Kevin O’Hearn, along with Director J.B. Bruno, led the Capital Market Funding and Gross sales Advisory workforce representing the vendor.
As for the customer, Longpoint bought one other retail asset, in Phoenix, earlier this month. The 101,269-square-foot buying heart additionally operates underneath the Lena Facilities model.
