JLL arranges the sale of Highlands Village Shopping Center to ADONI Property Group

MORRISTOWN, N.J., Sept. 3, 2026 – JLL Capital Markets announced today the sale of Highlands Village Shopping Center, a 60,614-square-foot community retail center located at 546 Allen Road in Basking Ridge, Somerset County, New Jersey.

JLL represented the seller, Kushner Real Estate Group, in the transaction and procured the buyer, Adoni Property Group. JLL also arranged $12.2 million in acquisition financing through a life insurance company.

The JLL Capital Markets team was led by Senior Managing Directors Kevin O'Hearn and Jose Cruz and Senior Director J.B. Bruno, along with Senior Analyst Cole Doyon. JLL also arranged acquisition financing, led by Senior Directors Max Custer and Gerard Quinn, Director Ryan Carroll and Senior Analyst Kevin Badger.

Sonny Adoni, Founder & CEO of Adoni Property Group, said “Highlands Village is a premier, necessity-based retail center with a proven history of stability and long-term tenant loyalty. We are thrilled to add such an exceptional asset to our portfolio and look forward to continuing to serve The Hills community with best-in-class property management and stewardship.”

"Community-embedded retail in high-barrier, affluent submarkets continue to attract strong investor demand because of the long-term income stability these assets provide," O'Hearn said. "Properties like Highlands Village Shopping Center that serve as an irreplaceable commercial hub to a captive residential base represent some of the most compelling opportunities in today's retail investment landscape," added Bruno.

"We are pleased to have assisted ADONI in arranging acquisition financing for Highlands Village," said Custer. "Appetite for well-located retail properties remains incredibly strong across the lending community and continues to yield attractive financing solutions for borrowers."

Built in 2000 across 11.13 acres, the center features five buildings with 387 parking spaces. The property is 100% occupied with 18 diversified tenants averaging 16.4 years of tenure, reflecting sustained demand from the exclusive community it serves. Four new leases have been executed within the past 12 months, reinforcing continued leasing momentum at the center. The tenant mix, anchored by Walgreens and a United States Postal Service, is necessity-based, spanning health and wellness, education, food and beverage, essential services and recreation.

Highlands Village Shopping Center is strategically positioned within The Hills at Basking Ridge, a master-planned community comprising more than 4,700 homes and adjacent to a top 10 New Jersey elementary school, a 260-acre private championship golf course, community clubhouse, pools, tennis courts and walking trails, generating consistent daily foot traffic. The property is located within one mile of Interstate 287 and two miles of Interstate 78.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

KRE Group, founded in 1979 and headquartered in Jersey City, is a full-service real estate investment and management company with a portfolio exceeding 9,000 existing apartments and 6 million square feet of commercial space across four states. As dedicated professional partners, KRE strives to create positive impacts for all stakeholders while enhancing financial returns for investors and improving the workplaces and lifestyles of tenants and residents through impeccable attention to detail and an outstanding tradition of integrity.

Adoni Property Group is a privately held organization with over 30 years of experience in the development, investment, ownership, and management of high-quality and vastly diversified real estate assets. We handle all aspects of the real estate life cycle from acquisitions and architectural and engineering design to construction/development and property management. Adoni Property Group strives to construct beautiful buildings and properties across all acquisitions, creating a long-standing reputation for excellence and expertise. We are recognized within the industry as a leading firm that is strong and stable. We have developed various types of properties including but not limited to luxury apartment complexes, active adult communities, retail shopping centers, office buildings, and industrial spaces. https://www.adonipropertygroup.com/