Adoni Property Group has acquired a 60,614-square-foot shopping center in Northern New Jersey’s Basking Ridge, purchasing the asset from Kushner Real Estate Group. JLL Capital Markets arranged the disposition and at the same time secured $12.2 million in acquisition financing on behalf of the buyer through an unidentified life insurance company. The transaction combines an investment sale and new loan placement for a community retail property within an established residential setting.
The shopping center, known as Highlands Village, was built in 2000 and is described as a community retail center spanning roughly 11 acres at 546 Allen Rd. The property consists of five buildings and was fully leased to 18 tenants at the time of sale. Four new leases executed within the past 12 months indicate recent leasing activity and reinforce occupancy momentum at the center as it trades to new ownership.
Highlands Village is anchored by Walgreens and a United States Postal Service location, positioning the center as a necessity-driven destination for area residents. The property is located within The Hills at Basking Ridge, a master-planned community that provides a built-in customer base for day-to-day retail and service uses. Its fully leased status at closing underscores the property’s appeal for both tenants and investors focused on stable income streams.
“Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty,” said Sonny Adoni, founder and CEO of Adoni Property Group, in a statement commenting on the acquisition. The quote highlights the buyer’s view of the asset’s performance track record and tenant retention.
Adoni Property Group, based in Westfield, NJ, develops and manages a diversified portfolio of residential and commercial real estate. The firm adds Highlands Village to its holdings as it continues to expand its presence in the region. The seller, Jersey City-headquartered Kushner Real Estate Group, is a real estate investment and management company with a portfolio that includes apartments and commercial space across four states. JLL Capital Markets’ role in both marketing the property and arranging the acquisition financing illustrates ongoing capital availability from life insurance companies for stabilized retail assets in established suburban communities.
