Longpoint Companions has acquired The Hills Village Heart, a 110,453-square-foot retail middle in Bedminster, N.J. The purchasing middle might be managed below the agency’s Lena Facilities model.
Longpoint paid practically $50 million for the asset, based on Industrial Actual Property Direct. JLL represented the vendor and procured the client.
Accomplished in 1988 on a 13-acre website, The Hills Village Heart was 89.3 % 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 middle is at 550 Hills Drive inside The Hills, a townhouse group of 5,548 households. Main transportation routes within the space embrace interstates 287 and 78, in addition to highways 202 and 206. The retail middle 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 client, Longpoint bought one other retail asset, in Phoenix, earlier this month. The 101,269-square-foot purchasing middle additionally operates below the Lena Facilities model.
