Value-add ShopRite-anchored center trades for $40M in New Jersey

MORRISTOWN, N.J., Jul. 24, 2025 – JLL Capital Markets announced today that it has arranged the $40 million sale of Golden Acres Shopping Center, a 219,848-square-foot grocery-anchored shopping center in South Plainfield, New Jersey.

JLL worked on behalf of the seller. The buyer was a joint venture between Agus Holdings and Treeco.

Golden Acres Shopping Center is strategically located along Oak Tree Avenue in the densely populated suburb of South Plainfield. The property sits at the intersection of Park Avenue and Oak Tree Avenue, which see 15,000 and 23,000 vehicles-per-day respectively, providing excellent visibility and accessibility in an area with limited retail competition.

The shopping center is 83.0% leased to a strong roster of tenants led by a "World Class" ShopRite that was renovated in 2016. Additional tenants include Shoppers World, Unique Thrift Store and a highly visible Wendy's outparcel. The property generates 3.3 million annual visits, ranking it among the most heavily trafficked retail centers in New Jersey.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Kavaler and Joseph Lopresti.

"Golden Acres Shopping Center represents a truly rare opportunity to acquire an asset with the highly sought-after combination of near term mark-to-market potential and a top performing grocery anchor in a strong market," commented Bruno. "With significantly below-market anchor and shop tenant rents, the property offers compelling NOI growth potential."

"The South Plainfield submarket has an average retail occupancy of 97.8% with limited new deliveries over the past decade," added Cruz. "This high barrier to entry location combined with the property's long-tenured occupancy made it an attractive investment for Agus Holdings and Treeco."

“We’re incredibly excited to acquire a premier ShopRite‑anchored shopping center in the heart of New Jersey and to partner again with our close friends and partners at Treeco,” said Josh Agus of Agus Holdings. “It was a true pleasure working with Jose, J.B. and Kevin throughout the process to make this a seamless transaction.”

“It was great working with the JLL team on our 2nd acquisition in as many years. J.B., Jose and Kevin are true professionals,” said Treeco’s Andrew Fish. “Congratulations to our wonderful friends and partners at Agus Holdings.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Agus Holdings is a real estate investment company that has operated for nearly 30 years and currently owns and manages approximately 1 million square feet of property across New York and New Jersey. The company specializes in identifying under-performing retail assets in strong markets and maximizing their potential through strategic retailer partnerships and effective management techniques. Agus Holdings is vertically integrated with in-house management, leasing and underwriting capabilities focused on acquiring value-add commercial properties throughout the region.

Founded in 1981 by Frederick Fish and Nathan Shmalo, Treeco is a multi-generational real estate investment company that develops, owns, and manages a diverse portfolio of strategically located properties in densely populated, high-barrier-to-entry markets. With over one million square feet under management, Treeco’s portfolio primarily consists of grocery-anchored shopping centers across New York, New Jersey, Pennsylvania, and Massachusetts. Treeco is actively pursuing the acquisition of retail-oriented properties in first-ring suburban communities within the New York and Philadelphia metropolitan areas.