The Gardens Portfolio, a nine-property net lease power center in western Morris County, sold for $27.9 million. The fully leased commercial plaza is anchored by Lowe’s and includes eight additional national tenants across seven pad sites. JLL handled the transaction.
The sale of the Mount Olive property was spearheaded by JLL’s Corporate Capital Markets and Net Lease Team, along with Senior Managing Directors Kevin O’Hearn and Jose Cruz, plus Senior Director JB Bruno. JLL represented the seller, RIVANI.
“The Gardens Portfolio represented an exceptional opportunity to acquire long-term ground leases and net leases with high-quality, credit tenants,” commented JLL’s 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.”
The nine-property Gardens Portfolio comprises a 135,039-square-foot Lowe’s and eight additional properties on seven pad sites—these eight total 32,493 square feet. Five are ground leases, and four are net leases. In a net lease, the tenant pays base rent plus some or all of the operating expenses, including insurance, maintenance, and property taxes. Roughly 64% of the annualized base rent at the Gardens comes from ground leases. Tenants include LongHorn Steakhouse, McDonald’s, Wendy’s, Chipotle, Applebee’s, Panera, Wells Fargo, and Panda Express. The portfolio currently has a weighted average lease term of ±11.8 years.
The Gardens ranks in the top 6% of the most-visited retail centers in New Jersey. The Morris County commercial plaza recently underwent significant renovations and added attractive new tenants. Annual visits to the center have spiked by more than a million since March 2023. The portfolio is located near several major state highways and is one of the few local power centers in Morris County.
