KPR-DRA Advisors JV Acquires Central NJ Shopping Center for $32.3M
The shopping center, which is anchored by grocer Stop & Shop, is located on 14.4 acres at 1600 Perrineville Road.
MONROE TOWNSHIP, NJ—A joint venture of New York City-based DRA Advisors and KPR has acquired the 135,900-square-foot grocery-anchored Concordia Shopping Center here from $32.3 million.
JLL Capital Markets, which announced the sale transaction, marketed the property on behalf of the seller, Concordia Shopping Manager Corp.
The shopping center, which is anchored by grocer Stop & Shop, is located on 14.4 acres at 1600 Perrineville Road. The Concordia Shopping Center features the only grocery store within a seven-mile radius; the nearest store is a ShopRite location in East Windsor.
Currently 95% leased, the center is also home to UPS, Hair Crafters, Monroe Physical Therapy, Monroe Wine and Spirits and more.
The property’s location in the southern part of Middlesex County, an affluent central New Jersey submarket, offers a market area with more than 52,000 residents earning an average annual household income of $106,052.
“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.”
KPR is formerly known as Katz Properties.
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 SVP Colin Behr.
“Concordia Shopping Center is representative of retail product that we have witnessed continual interest and cap rate compression,” JLL’s Munley says “As capital allocation for grocery-anchored retail continues to expand, we anticipate continued high demand, along with aggressive pricing metrics for the product in 2020.”