Out-of-state investor Longpoint Partners recently acquired a grocery-anchored shopping center nestled within the affluent The Hills residential development in Somerset County.

At 110,453 square feet, The Hills Village Center at 550 Hills Drive sits on 13 acres and features a Kings Food Market as lead tenant. JLL represented the global investment manager seller in the deal and procured the buyer.

Longpoint Partners announced its acquisition of the property along with a 101,269-square-foot shopping plaza in Phoenix. The Boston-based buyer said it paid $61.9 million for both properties. Longpoint will manage each retail center under its new Lena Centers brand, according to a December announcement.

“We are proud to have expanded our Lena Centers portfolio with these acquisitions in our target markets,” said Longpoint co-founder and Managing Partner of Dwight Angelini. “Both properties are optimally located and well-occupied with high-quality retailers and businesses that cater to the needs of each local community. Our strategy is to create culturally relevant shopping centers for our communities.”

In New Jersey, The Hills Village Center sits along Route 202/206, offering strong visibility. The vantage point also provides access to major arteries, such as Interstates 78 and 287. Household incomes in Bedminster average $180,233.

Built in 1988, the shopping center boasts a more than 89% occupancy rate with a 4.7-year weighted average lease term. Other tenants include: CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orange Theory. According to Placer.ai data, The Hills Village Center recorded upwards of 111,000 visits in November 2024, led by Kings (38,000+ visits). The supermarket first opened at the mall at the end of the 1980s.

Locally, Longpoint also acquired a 13-building multi-tenant industrial park in June.

Strong interest

Senior Managing Director Jose Cruz, Senior Managing Director Kevin O’Hearn and Director J.B. Bruno led JLL Capital Market’s Investment and Sales Advisory team representing the seller.

“The Hills Village Center garnered strong investor interest, including numerous institutions and REITs, given its strong in-place cash flow from credit tenants and upside potential through lease-up of available space,” Cruz said. “We’re pleased to have facilitated this significant transaction in one of New Jersey’s most affluent and desirable submarkets.”

What’s trading?

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