JLL arranges $27.9M sale of Gardens Portfolio retail complex in Mount Olive Township
MOUNT OLIVE TOWNSHIP, N.J. (Morris County) — JLL Capital Markets has arranged the $27.9 million sale of The Gardens Portfolio, a fully leased retail investment property in Mount Olive, the company announced Monday.
JLL represented the seller, RIVANI.
The Gardens Portfolio includes eight buildings across seven pad sites totaling 32,493 square feet, along with a single-tenant Lowe’s occupying 135,039 square feet. The portfolio consists of five ground leases and four net leases with national brands such as Lowe’s, Applebee’s, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald’s, Wendy’s, Panda Express and Chipotle. The weighted average lease term is approximately 11.8 years, and ground leases account for about 64% of annualized base rent.
Anchored by Lowe’s, The Gardens is considered a dominant power center in western Morris County, ranking in the top 6% of most-visited shopping centers in both New Jersey and nationally, according to JLL. Recent renovations and new tenant additions have driven annual visits up by more than one million since March 2023. Its location near four major state highways and a limited supply of competing retail centers broadens its regional draw.
The transaction was handled by JLL’s Corporate Capital Markets and Net Lease Team, alongside Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director JB Bruno.
“The Gardens Portfolio represented an exceptional opportunity to acquire long-term ground leases and net leases with high-quality, credit tenants,” said O’Hearn. “The property’s strategic location in an underserved retail market combined with its stable cash flow profile with mid-term upside potential made it an attractive acquisition for the buyer.”
JLL Capital Markets provides global capital solutions for real estate investors and occupiers, supported by more than 3,000 specialists operating in nearly 50 countries.
