January 13, 2020 – JLL Capital Markets announced today that it has closed the $32.3 million sale of Concordia Shopping Center, a 135,090-square-foot, Stop & Shop-anchored neighborhood shopping center in the central New Jersey community of Monroe Township.
Situated on 14.4 acres at 1600 Perrineville Road, Concordia Shopping Center is the only grocery store within a seven-mile radius; the nearest store is a ShopRite in East Windsor. Additionally, Concordia Shopping Center is ideally positioned as the closet retail center to the New Jersey Turnpike, which is less than three miles from the property and the dominant thoroughfare within the state. The property’s Monroe Township location places it in the southern part of Middlesex County, an affluent central New Jersey submarket, with more than 52,000 residents earning an average annual household income of $106,052. Currently 95% leased, the center is also home to UPS, Hair Crafters, Monroe Physical Therapy, Monroe Wine and Spirits and more.
“We’re excited to complete our second acquisition in New Jersey and look forward to the opportunity to maintain the historically strong performance of this shopping center,” KPR Managing Director of Acquisitions Eric Wolf said. “The Mid-Atlantic continues to be a focal point of our portfolio, and this acquisition deepens our ties to the region.”
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Munley, Jose Cruz and James Galbally; Senior Director Steve Simonelli; and Senior Vice President Colin Behr.
“Concordia Shopping Center is representative of retail product that we have witnessed continual interest and cap rate compression,” Munley added. “As capital allocation for grocery-anchored retail continues to expand, we anticipate continued high demand, along with aggressive pricing metrics for the product in 2020.”