Stockbrige, Cypress Sell New Jersey Retail Asset
This is the first time the property changes hands since opening.
Lamar Cos. and Real Capital Solutions have purchased The Shops at Legacy Square, a 93,785-square-foot retail center in Linden, N.J. Stockbridge Capital Group and Cypress Equities sold the asset.
JLL Capital Markets arranged the deal on behalf of the buyers and procured financing. This is the first time the property trades since opening.
The shopping center came online in 2021 at 820-860 W. Edgar Road, on a 14-acre site. Featuring five buildings, The Shops at Legacy Square includes tenants such as Foot Locker, Tropical Smoothie Café, Dave’s Hot Chicken, Blue Sunday Bar & Grill, Kids Empire and Dimond Braces Orthodontist. The retail center was 80.6 percent leased at the time of the deal.
Shadow-anchored by a Walmart Supercenter, the property is also adjacent to several fully leased shadow pad sites housing tenants such as Starbucks, Panera Bread, Taco Bell, Wawa, Chick-fil-A, AFC Urgent Care and Aspen Dental.
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Located along Route 1/9 corridor, which is transited by approximately 70,000 cars per day, the property serves a population of 466,129 individuals on a five-mile radius, with an average household income of $116,030 per year, according to JLL. Major thoroughfares in the area include interstates 278 and 95, which connect Linden to Staten Island, N.Y., some 4 miles east. Additionally, The Shops at Legacy Square is across the road from the Linden Airport and the Target-anchored Aviation Plaza shopping center.
JLL Capital Markets Senior Director J.B. Bruno, Senior Managing Directors Kevin O’Hearn and Jose Cruz and Associate Cole Doyon led the team that brokered the sale. JLL Senior Managing Director Michael Klein and Senior Director Max Custer worked on behalf of the buyer in securing acquisition financing.
Out with the old, in with the new?
Retail investment across the U.S. has become increasingly selective, with investors preferring high-quality properties that strike the perfect balance between stable income, limited supply risk and long-term resilience. Recent retail market trends focus, among others, on grocery-anchored and open-air shopping centers as the current capital magnets. While older properties face greater challenges—unless they present a repositioning opportunity—recently developed assets remain investors’ first choice.
The U.S. retail landscape and its major players have turned their attention towards secondary markets, in addition to major gateway cities. With lower acquisition and operating costs, secondary and tertiary markets present enough growth potential and investment returns, as they go hand-in-hand with post-pandemic relocations.
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