The Concordia Shopping Center at 1600 Perrineville Road in Monroe — Courtesy: JLL
By Joshua Burd
A joint venture has acquired a Middlesex County shopping center for more than $32 million, in a newly completed transaction by brokers with JLL.
The real estate services firm announced that it represented Concordia Shopping Manager Corp., the seller, in the transaction at 1600 Perrineville Road. A joint venture between KPR, formerly known as Katz Properties, and DRA Advisors purchased the grocery-anchored Concordia Shopping Center for $32.3 million.
JLL senior managing directors Chris Munley, Jose Cruz and James Galbally, along with Senior Director Steve Simonelli and Senior Vice President Colin Behr completed the assignment.
“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,” said Eric Wolf, KPR’s managing director of acquisitions. “The Mid-Atlantic continues to be a focal point of our portfolio, and this acquisition deepens our ties to the region.”
Sitting on 14.4 acres Concordia Shopping Center is the only grocery store within a seven-mile radius, JLL said in a news release, making it the closet retail center to the nearby New Jersey Turnpike. The complex, which is anchored by Stop & Shop, is 95 percent leased.
“Concordia Shopping Center is representative of retail product that we have witnessed continual interest and cap rate compression,” Munley added. “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.”