JLL arranges sale of grocery-anchored retail center in northern New Jersey

MORRISTOWN, N.J., Sept. 30, 2026 - JLL Capital Markets announced today the sale of The Hills Village Center, a 110,000-square-foot grocery-anchored retail property located at 550 Hills Drive in Bedminster, New Jersey.

JLL represented the seller, Lena Centers, a Longpoint Partners subsidiary, in the transaction. Asana Partners acquired the asset.

The Hills Village Center is a vibrant shopping destination strategically positioned at the intersection of Hills Drive and Route 206, one of the busiest major retail nodes in Somerset County. The property benefits from exceptional visibility and access, with more than 19,000 vehicles per day traveling on Hills Drive and more than 75,000 vehicles per day on Route 202. Interstate 287 is accessible within minutes of the site, further enhancing the center's regional connectivity.

The fully leased shopping center is anchored by Kings Food Markets and CVS and features a diverse tenant mix including Starbucks, PNC Bank, Peapack Gladstone Bank and multiple dining establishments and service-oriented retailers.

The Hills Village Center serves one of New Jersey's most desirable demographic markets. Within a five-mile radius, the property draws from a population of nearly 60,000 residents with an average household income exceeding $230,000 and a median home value of more than $711,000. More than 67% of residents hold a bachelor's degree or higher. The trade area also benefits from more than 83,000 daytime employees within five miles, providing a strong weekday customer base for the center's retailers and restaurants.

The JLL Capital Markets team was led by Senior Managing Directors Jose Cruz and Kevin O'Hearn, Senior Director J.B. Bruno and Senior Associate Cole Doyon.

"Lena Centers has cultivated a thriving retail destination that serves as the commercial hub for The Hills community and surrounding areas," Cruz said. "The successful disposition to Asana Partners reflects both the quality of the asset and the strength of the Somerset County retail market, where strong demographics and limited competition continue to drive investor interest."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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