JLL Arranges $12.2 Million Financing as Adoni Property Group Acquires Highlands Village Shopping Center from Kushner

BASKING RIDGE, N.J. — JLL Capital Markets has arranged the sale of Highlands Village Shopping Center, a 60,614-square-foot community retail center in Basking Ridge, New Jersey, to Adoni Property Group. JLL represented the seller, Kushner Real Estate Group, and also arranged $12.2 million in acquisition financing through a life insurance company on behalf of the buyer.

Deal Details: Fully Leased Necessity Retail in Somerset County

The property, located at 546 Allen Road in Somerset County, is 100% occupied by 18 tenants with an average tenure of 16.4 years. Built in 2000 across 11.13 acres, the center comprises five buildings with 387 parking spaces. Anchored by Walgreens and the United States Postal Service, the tenant mix spans health and wellness, education, food and beverage, essential services, and recreation. Four new leases have been executed within the past 12 months.

Highlands Village Shopping Center sits within The Hills at Basking Ridge, a master-planned community of more than 4,700 homes. The property is adjacent to a top-10 New Jersey elementary school and a 260-acre private championship golf course, and is located within one mile of Interstate 287 and two miles of Interstate 78.

JLL Team Led by Kevin O'Hearn and Jose Cruz

The JLL Capital Markets investment sales team was led by Senior Managing Directors Kevin O'Hearn and Jose Cruz and Senior Director J.B. Bruno, along with Senior Analyst Cole Doyon. Acquisition financing was arranged by Senior Directors Max Custer and Gerard Quinn, Director Ryan Carroll, and Senior Analyst Kevin Badger.

"Community-embedded retail in high-barrier, affluent submarkets continue to attract strong investor demand because of the long-term income stability these assets provide," O'Hearn said. "Properties like Highlands Village Shopping Center that serve as an irreplaceable commercial hub to a captive residential base represent some of the most compelling opportunities in today's retail investment landscape," Bruno added.

"We are pleased to have assisted ADONI in arranging acquisition financing for Highlands Village," Custer said. "Appetite for well-located retail properties remains incredibly strong across the lending community and continues to yield attractive financing solutions for borrowers."

Adoni Property Group Expands Retail Portfolio

Adoni Property Group is a privately held firm with more than 30 years of experience in real estate development, investment, ownership, and management. Its portfolio spans luxury apartment complexes, active adult communities, retail shopping centers, office buildings, and industrial spaces.

Sonny Adoni, Founder and CEO of Adoni Property Group, said the center's track record made it a compelling acquisition. "Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty," Adoni said. "We are thrilled to add such an exceptional asset to our portfolio and look forward to continuing to serve The Hills community with best-in-class property management and stewardship."

Market Context: Suburban Necessity Retail Draws Lender and Investor Interest

The transaction reflects sustained demand for fully leased, necessity-oriented suburban retail in affluent New Jersey submarkets. Retail vacancy in highly desirable Northern New Jersey pockets has been reported near 3%, underscoring the scarcity of stabilized community retail assets in markets like Basking Ridge. The use of life insurance company financing aligns with a broader lending environment in which institutional lenders remain active for well-located retail with durable, long-term income profiles.

Kushner Real Estate Group, founded in 1979 and headquartered in Jersey City, is a full-service real estate investment and management company with a portfolio exceeding 9,000 existing apartments and 6 million square feet of commercial space across four states.

JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing investment sales and advisory, debt advisory, equity and fund placement, and related services.

Sources

JLL Newsroom: JLL arranges the sale of Highlands Village Shopping Center