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JLL Capital Markets said it recently closed the sale of Heritage Square, a newly developed 87,318-square-foot community retail center located along Route 22 in Watchung.
JLL represented the seller and also procured the buyer, Urban Edge Properties.
The property, developed in 2019, is home to investment-grade credit tenants such as HomeSense and Sierra Trading Post, CityMD and Starbucks, as well as strong national tenants, such as Chick-fil-A, Ulta Beauty, Miller’s Ale House and David’s Bridal. Fifty percent of the asset’s income is generated from credit tenants, and 86% is from national retailers.
Situated at 1640 Route 22, a highly desirable retail corridor that includes over 18.9 million square feet of retail inventory, the corridor boasts an impressive traffic count of approximately 63,000 annual average daily traffic and provides connectivity to Interstate 78, Route 28, the Garden State Parkway and Interstate 287.
Positioned in Watchung within the wealthy Somerset County, the center benefits from an average household income of over $180,000 within a three-mile radius and affluent nearby towns, such as Westfield, Berkeley Heights, New Providence and Summit. Within a five-mile radius of the property, consumer spending totals approximately $3.6 billon.
The JLL Retail Capital Markets team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn and Austin Pierce.
“Despite a challenging interest rate environment, both buyer and seller worked together to ensure a successful transaction,” Cruz stated. “Retail opportunities have continued to attract institutional capital to the suburban New York area.”
“We are excited to add Heritage Square to our growing portfolio,” Jeff Mooallem, chief operating officer at Urban Edge Properties, said. “We have worked on several transactions with Jose and the JLL Capital Markets team this past year, and they always deliver accurate information, clear communication and the highest level of integrity to the process.”
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