The nearly 100,000-square-foot Legacy Square shopping center located along U.S. Route 1-9 in Linden was recently sold by its developer five years after it was completed. The builder, Stockbridge Capital Group and Cypress Equities, sold the commercial property at 820-860 West Edgar Road to Madison-based real estate firms Lamar Companies and Real Capital Solutions.
The largest tenants at the property are Five Below, Phoenix Salon Suites, Kid’s Empire, and Blue Sunday Steak, but the retail center is also home to Starbucks, Foot Locker, Verizon, and UPS, to name a few. A report in NJBIZ said the shopping center sits next to a Walmart Supercenter that Stockbridge Capital and Cypress sold in 2023 for $55 million. The report added that Walmart ranks 10th in the country for site visits.
Brokerage firm JLL, which arranged the sale on behalf of the seller, did not disclose the transaction’s financial terms.
The clerk’s office for Union County has not made records of the sale public as of July 13. However, based on the property’s assessed value reported by the Union County Assessor’s Office ($7.7 million) and Linden’s 2026 Chapter 123 ratios — a state-approved metric used to estimate market values — the 14.22-acre property has an estimated market value between $27 million and $36.6 million.
Marketing materials from Red Bank-based brokerage firm Catalyst Real Estate Partners, which is leasing the retail center on behalf of Lamar and Real Capital, note that retail pads up to 8,436 square feet are available at the complex. The materials also note that the shopping center has significant visibility due to its proximity to the New Jersey Turnpike and I-278, and that nearly 61,000 vehicles drive by the commercial property every day.
An LA Fitness franchise is immediately adjacent to the property, as are a Wawa and a Chick-fil-A. The Holiday Inn Express & Suites Linden is also immediately adjacent to the property, and several other shopping centers are in the immediate vicinity.
A report in NJ.com added that the complex has an 81% occupancy rate and that the retail center includes parking for up to 580 vehicles.
The acquisition from Lamar and Real Capital comes three months after Jersey Digs reported that the firms acquired the 368,049-square-foot office building at 30 Montgomery Street near the Exchange Place PATH station in Jersey City.
