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JLL Capital Markets arranged the sale of the grocery-anchored Golden Acres Shopping Center in Middlesex County.

According to a July 24 announcement from the global commercial real estate and investment management company, the South Plainfield strip sold for $40 million.

JLL worked on behalf of the unnamed seller; while a joint venture of Agus Holdings and Treeco acquired the 219,848-square-foot property located at 3600 Park Ave. in South Plainfield.

Anchored by a “World Class” ShopRite, updated in 2016, the retail property was 83% leased, JLL said. Other tenants include: Shoppers World, Unique Thrift Store and a Wendy’s outparcel. The neighborhood center sits at the intersection of Park Avenue and Oak Tree Avenue. JLL said the crossroads get between 15,000 and 23,000 vehicles per day, respectively. JLL highlighted the visibility and accessibility, particularly in the context of an area with limited retail competition.

According to the most-recent Placer.ai data, Golden Acres Shopping Center racked up 262,000 visits in June 2025.

Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Director J.B. Bruno, Managing Director Michael Kavaler and Executive Vice President Joseph Lopresti from JLL Capital Markets’ Investment Sales and Advisory team represented the seller.

Commenting on the deal, Bruno called it a “rare opportunity,” highlighting the combination of near term mark-to-market potential, the neighborhood center’s grocery anchor and a strong market. “With significantly below-market anchor and shop tenant rents, the property offers compelling NOI growth potential,” he added.

Agus Holdings is a real estate investment company that owns and manages approximately 1 million square feet across New Jersey and New York. Meanwhile, Treeco‘s portfolio – with about that same footprint – comprises primarily grocery-anchored centers throughout New Jersey, New York, Pennsylvania and Massachusetts.

Treeco Managing Member Andrew Fish noted the transaction marks its second acquisition in as many years with JLL. In 2023, the partners acquired a 6-acre site in Watchung that hosts a recently built Cinemark movie theater.