The Shops at Legacy Square at 820-860 West Edgar Road in Linden — Courtesy: JLL
By Joshua Burd
A joint venture has sold a prominent retail center in Linden, completing the deal five years after delivering the nearly 94,000-square-foot property along the Route 1&9 corridor.
Brokers with JLL represented the sellers, Stockbridge Capital Group and Cypress Equities, in the transaction at 820-860 West Edgar Road. The buyers, Madison-based Lamar Cos. and Real Capital Solutions, paid an undisclosed price for a property that is 80.6 percent occupied with a tenant base spanning food and beverage, merchandise and service categories.
It also benefits from prominent shadow anchors such as a Walmart Supercenter that ranks 10th in the nation for site visits and a top-performing LA Fitness, JLL said, citing Placer.ai data.
“The combination of new construction, exceptional shadow anchor performance and 18,235 square feet of remaining lease-up opportunity created a compelling value proposition for investors seeking growth in one of New Jersey’s most established retail markets,” said J.B. Bruno, a senior director with JLL. “The property’s strong fundamentals and strategic location along the Route 1/9 corridor drove significant buyer interest.”
The JLL team involved in the deal included Bruno, senior managing directors Kevin O’Hearn and Jose Cruz and Associate Cole Doyon, while Senior Managing Director Michael Klein and Senior Director Max Custer advised the buyer on the acquisition financing. They noted that the 93,785-square-foot property, known as The Shops at Legacy Square, includes five buildings at a signalized four-way intersection with 580 parking spaces and multiple access points.
The site also draws traffic from several fully leased and highly visible shadow pad sites that include credit tenants such as Starbucks, Panera Bread, Taco Bell, Wawa and Chick-fil-A, along with medical tenants AFC Urgent Care and Aspen Dental. What’s more, the center has roughly 600 feet of frontage along Route 1&9, which carries 70,000 vehicles per day, and is minutes from Interstate 278, the New Jersey Turnpike and the Garden State, providing access throughout the Northeast Corridor and to New York City in less than 25 minutes.
JLL added that the complex serves Union County, the third-most densely populated county in New Jersey, with an average household income of $119,701. The five-mile trade area encompasses a population of 466,129 with an average household income of $116,030.
“This highly competitive bidding process is reflective of the exceptionally high demand we’re seeing for quality retail assets in New Jersey and the tristate area,” O’Hearn said. “The amount of investment capital is at an all-time high and more cap rate compression is expected, which bodes well for sellers/owners.”
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