JLL Capital Markets said Monday it closed the $32.3 million sale of Concordia Shopping Center in the Central New Jersey community of Monroe Township. JLL marketed the property on behalf of the seller, Concordia Shopping Manager Corp. A joint venture between KPR, formerly known as Katz Properties, and DRA Advisors purchased the asset.
The 135,090-square-foot, Stop & Shop-anchored shopping center is situated on 14.4 acres and located at 1600 Perrineville Road. It is the only grocery store within a 7-mile radius and is positioned as the closet retail center to the New Jersey Turnpike, which is less than 3 miles from the property and, according to JLL, the dominant thoroughfare within the state.
Currently 95 percent leased, the center is also home to UPS, Hair Crafters, Monroe Physical Therapy, Monroe Wine and Spirits and others.
“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.