Asana Partners Buys New Jersey Retail Center

October 2, 2026

Retail Investment New York News More Northeast

The property last traded in 2024.

Aerial shot of The Hills Village Center, a 110,453-square-foot retail center in Bedminster, N.J. — The Hills Village Center is just off U.S. Route 202, some 40 miles west of downtown Manhattan. *Image courtesy of JLL Capital Markets*

Asana Partners has purchased The Hills Village Center, a 110,000-square-foot retail center in Bedminster, N.J. Lena Centers—a Longpoint Partners subsidiary—sold the asset, in a transaction arranged by JLL Capital Markets. The asset traded for $60.7 million, Yardi Matrix shows.

Longpoint Partners previously acquired the asset in 2024 from DWS, for $45 million, according to the data provider. In 2025, the property became subject to a $26.5 million permanent loan issued by Manufacturers and Traders Trust Co.

JLL Capital Markets Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Director J.B. Bruno and Senior Associate Cole Doyon led the team that arranged the deal on behalf of the seller.

A closer look at The Hills Village Center

The Hills Village Center opened in 1991 at 550 Hills Drive, 31 miles from Newark International Airport and 41 miles from downtown Manhattan. The retail center consists of four one- and two-story buildings across a 13-acre site. Anchored by Kings Food Markets and CVS, the shopping center’s tenant roster also includes Starbucks, PNC Bank and Peapack Gladstone Bank. The property was fully leased at the time of the sale.

READ ALSO: Retail Market Trends in 2026

Just off the interchange between U.S. Route 202 and Interstate 287, which see a total of more than 94,000 vehicles daily, the retail center serves a population of approximately 60,000 residents on a five-mile radius. The area’s average household income surpasses $230,000 per year, while the median home value exceeds $711,000, according to JLL company data.

Across the first three quarters of 2026, retail building sales in Northern New Jersey amounted to $781.5 million, with assets changing hands at an average price of $254.3 per square foot, according to Yardi Matrix information. During the same timeframe in 2025, the market recorded $657.9 million in investment sales, marking a 18.9 percent increase year-over-year, with properties trading at an average price of $219.7 per square foot, up 15.9 percent.