JLL Capital Markets has completed the sale of The Hills Village Center, a grocery-anchored retail property in Bedminster, NJ. The center, located at 550 Hills Dr., totals approximately 110,000 square feet and is fully leased at the time of sale. The transaction involved the sale of the asset by Lena Centers, a subsidiary of Longpoint Partners, to Asana Partners. The parties did not disclose the purchase price.
The Hills Village Center is anchored by Kings Food Markets and CVS, providing daily needs retail that draws consistent customer traffic from the surrounding community. In addition to its grocery and pharmacy anchors, the center includes a mix of national and regional tenants such as Starbucks, PNC Bank and Peapack Gladstone Bank. Multiple dining concepts and service-oriented retailers round out the tenant lineup, positioning the property as a one-stop neighborhood shopping destination.
JLL Capital Markets represented the seller in the transaction. The JLL team was led by senior managing directors Jose Cruz and Kevin O’Hearn, senior director J.B. Bruno and senior associate Cole Doyon. Their role included marketing the property and advising Lena Centers through the disposition process. The sale underscores ongoing investor appetite for stabilized, grocery-anchored retail in established suburban communities.
According to commentary from JLL, Lena Centers has developed The Hills Village Center into a key commercial hub for The Hills residential community and nearby neighborhoods. The property is described as a thriving retail destination that benefits from strong local demographics and limited competing retail options in the immediate trade area. JLL noted that these fundamentals are supporting investor interest in Somerset County’s retail market.
The buyer, Asana Partners, adds The Hills Village Center to its portfolio of retail assets focused on established, high-traffic locations. While financial terms were not released, the fully leased status, institutional tenant roster and grocery and pharmacy anchors indicate that the property offers a stabilized income profile. The transaction highlights how well-located, necessity-based retail centers in supply-constrained suburban markets continue to attract capital despite limited publicly disclosed pricing benchmarks.
