Highlands Village Shopping Center at 546 Allen Road in Basking Ridge — Courtesy: JLL
By Joshua Burd
The owner of a retail center at the heart of an affluent, master-planned housing development in Somerset County has tapped JLL to sell the property.
Located in the Basking Ridge section of Bernards Township, the Highlands Village Shopping Center spans 60,614 square feet and is home to 18 diversified tenants averaging 16.4 years of occupancy, according to the listing team. Those occupiers include anchors Walgreens and the United States Postal Service, which have more than 50 years of combined tenure and account for some 27 percent of gross leasable area at 546 Allen Road.
Importantly, the fully leased asset serves as the sole commercial hub for The Hills at Basking Ridge, the master-planned community comprising more than 4,700 homes with values exceeding $2.2 million and close to the interchange of interstates 78 and 287.
“The captive residential base creates a built-in customer pipeline that is virtually impossible to replicate, insulating the Center from competitive threats,” JLL wrote in its offering materials. “Strategically located in the heart of The Hills and adjacent to a top 10 New Jersey elementary school, 260-acre private championship golf course, community clubhouse, pools, tennis courts and walking trails — generating consistent daily foot traffic.”
The firm’s Kevin O’Hearn, J.B. Bruno, Jose Cruz and Cole Doyon lead the marketing team with support from debt broker Ryan Carroll and leasing specialists David Townes and Alana Friedman. They noted that Basking Ridge ranks among New Jersey’s most affluent communities, with average household income of over $275,000 and more than 74 percent of residents holding bachelor’s degrees, while more than 50 percent earn over $200,000 annually.
Occupying 11.13 acres, Highlands Village Shopping Center has a tenant mix that includes health and wellness, education, food and beverage, essential services and recreation, delivering what JLL described as a necessity-based options to an ultra-affluent residential base. The firm added that ownership has executed four new leases within the past 12 months, reinforcing sustained demand for space at the center while citing “strong mark-to-market opportunity” upon lease rollover for tenants that are paying below-market rents.
