Adoni Property Group has acquired the 60,614-square-foot shopping center in Northern New Jersey's Basking Ridge from Kushner Real Estate Group. JLL Capital Markets arranged the sale and secured $12.2 million in acquisition financing on behalf of the buyer through an unidentified life insurance firm. The community retail center, built in 2000, spans approximately 11 acres at 546 Allen Rd. and includes five buildings.
The property was fully leased to 18 tenants at the time of the sale, and four new leases executed within the past 12 months point to continued momentum. Anchored by Walgreens and United States Postal Service locations, the shopping center sits within the master-planned community The Hills at Basking Ridge. Sonny Adoni, founder and CEO of Adoni Property Group, described Highlands Village as "a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty."
The transaction highlights continued investor interest in necessity-based retail assets with stable occupancy. Westfield, NJ-based Adoni develops and manages a diversified portfolio of residential and commercial properties, while Jersey City-headquartered Kushner Real Estate Group is a real estate investment and management firm with apartments and commercial space across four states. The fully leased status and recent leasing activity suggest the buyer is acquiring an income-producing property with limited near-term vacancy risk.
The sale price was not disclosed, and the identity of the life insurance firm providing the $12.2 million in acquisition financing remains unknown. The report does not specify the loan terms, the capitalization rate, or the buyer's planned capital improvements or management changes at the property.