Net lease retail portfolio trades for $27.9M in Mt. Olive

MORRISTOWN, N.J., Dec. 8, 2025 –  JLL Capital Markets announced today that it has arranged the $27.9 million sale of The Gardens Portfolio, a fully leased net lease retail investment in Mt. Olive, New Jersey.

JLL represented the seller, RIVANI.

The Gardens Portfolio consists of eight properties across seven pad sites, totaling 32,493 square feet, and a single-tenant Lowe’s on 135,039 square feet. The Portfolio is comprised of five ground leases and four net leases featuring prominent national tenants including Lowe's, Applebee's, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald's, Wendy's, Panda Express and Chipotle with a weighted average lease term of ±11.8 years. Approximately 64% of the of the annualized base rent is derived from ground leases.

The Gardens is a dominant Lowe’s-anchored power center in western Morris County that ranks in the top 6% of most-visited shopping centers in New Jersey and across the U.S. The center recently underwent renovations and new tenant additions, with annual visits to the center up by more than one million since March of 2023. The Portfolio appeals to a wide trade area given the scarcity of power centers serving the area and its proximity to four major state highways.

The transaction was led by JLL’s Corporate Capital Markets and Net Lease Team, alongside Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director JB Bruno.

"The Gardens Portfolio represented an exceptional opportunity to acquire long-term ground leases and net leases with high-quality, credit tenants," said 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."

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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. 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^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

RIVANI epitomizes elevated luxury and innovative disruption in commercial real estate under President Robert Rivani's leadership. The company's approach redefines industry standards through bold, dynamic and transformative projects. The firm pioneers top-tier hospitality brands and revitalizes urban landscapes, with each project designed to exceed expectations and inspire change. RIVANI has committed to setting new industry standards where extraordinary results are standard practice. The company focuses on leaving lasting impacts through its commercial real estate developments, combining luxury elements with disruptive innovation approaches across its portfolio.