JLL Brokers Sale of The Shops at Legacy Square in Linden, NJ; Lamar Companies and Real Capital Solutions Acquire 93,785-SF Retail Center

JLL has arranged the sale of The Shops at Legacy Square, a 93,785-square-foot retail center in Linden, New Jersey, the firm announced June 26, 2026. Sellers Stockbridge and Cypress Equities were represented by JLL in the transaction. Madison, New Jersey-based Lamar Companies acquired the asset alongside partner Real Capital Solutions.

Property Overview: Route 1/9 Corridor Retail Center

The Shops at Legacy Square was completed in 2021 and is located at 820–860 W Edgar Rd. along the Route 1/9 corridor in Linden, a Union County community situated less than 25 minutes from New York City. The five-building property sits at a signalized four-way intersection with approximately 600 feet of frontage along Route 1/9, which carries an estimated 70,000 vehicles per day. The center provides 580 parking spaces and features multiple access points, with regional connectivity to Interstate 278, Interstate 95 and the Garden State Parkway.

The property carries 80.6% occupancy, leaving approximately 18,235 square feet of available lease-up space. Its tenant base spans food and beverage, merchandise and service categories. The center benefits from prominent shadow anchors, including a Walmart Supercenter that ranks 10th in the nation for site visits and a top-performing LA Fitness, according to Placer.ai data cited by JLL. Fully leased shadow pad sites adjacent to the property include credit tenants Starbucks, Panera Bread, Taco Bell, Wawa and Chick-fil-A, as well as medical tenants AFC Urgent Care and Aspen Dental.

Dense Trade Area Underpins Investment Thesis

The property serves Union County, which JLL describes as the third most densely populated county in New Jersey, with an average household income of $119,701. Within a five-mile trade area, the center draws from a population of 466,129 residents with an average household income of $116,030. The location's proximity to the Northeast Corridor and New York City metro area adds to its regional accessibility.

The remaining lease-up opportunity — roughly 18,235 square feet — was cited by the JLL brokerage team as a key element of the investment case. The combination of new construction, established shadow anchor performance and available space positioned the asset as a value-add opportunity in a supply-constrained retail market.

JLL Team and Transaction Details

The JLL Capital Markets team representing the sellers was led by Senior Director J.B. Bruno, Senior Managing Directors Kevin O'Hearn and Jose Cruz, and Associate Cole Doyon. Separately, JLL's Michael Klein and Max Custer advised the buyer on acquisition financing. Financial terms of the transaction, including sale price, cap rate, loan amount and lender, were not disclosed.

"The combination of new construction, exceptional shadow anchor performance and 18,235 square feet of remaining lease-up opportunity created a compelling value proposition for investors seeking growth in one of New Jersey's most established retail markets," Bruno said in a statement. "The property's strong fundamentals and strategic location along the Route 1/9 corridor drove significant buyer interest."

O'Hearn noted the level of competition for the asset. "This highly competitive bidding process is reflective of the exceptionally high demand we're seeing for quality retail assets in New Jersey and the tri-state area," he said. "The amount of investment capital is at an all-time high and more cap rate compression is expected which bodes well for sellers/owners."

About the Firms Involved

Lamar Companies is a full-service, privately held real estate investment company headquartered in Madison, New Jersey. Founded in 1972, the firm has routinely ranked among the top 100 largest owners of retail shopping centers in the United States, according to National Real Estate Investor rankings. The company focuses on opportunities created by real estate economic cycles and underperforming assets, and invests as a principal for its own account and in partnership with institutional investors.

Real Capital Solutions partnered with Lamar Companies on the acquisition. Terms of the partnership were not disclosed.

Stockbridge Capital Group is a real estate investment management firm founded in 2003 that manages equity investments across the risk spectrum on behalf of U.S. and foreign institutional investors, family offices and high-net-worth individuals. The firm reported approximately $37.4 billion of assets under management as of December 31, 2025, spanning major and specialty property types with an emphasis on residential and industrial assets. Stockbridge has offices in San Francisco, Atlanta, Chicago, Dallas, Denver and Phoenix.

Cypress Equities, founded in 1995 and headquartered in Dallas, Texas, is a national commercial real estate development and investment company. The firm specializes in destination-class commercial and residential properties, focusing on build-to-suit developments, off-market investments and redevelopment opportunities.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. The firm's Capital Markets group includes more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

JLL Newsroom — The Shops at Legacy Square Sells in Linden, New Jersey (June 26, 2026)