Recently built retail center in Linden trades hands

MORRISTOWN, N.J., June 26, 2026 – JLL Capital Markets announced today the sale of The Shops at Legacy Square, a recently constructed retail center totaling 93,785 square feet in Linden, New Jersey. 

JLL represented the sellers, Stockbridge Capital Group and Cypress Equities, in the transaction. Madison-based Lamar Companies acquired the asset alongside their partner, Real Capital Solutions.  

The Shops at Legacy Square was completed in 2021 and is located at 820-860 W Edgar Rd. along the Route 1/9 corridor. The property maintains 80.6% occupancy with a diverse tenant base spanning food and beverage, merchandise and service categories. The center benefits from its prominent shadow anchors, including a Walmart Supercenter that ranks 10th in the nation for site visits and a top performing LA Fitness, according to Placer.ai data. Additionally, the property benefits from several fully leased and highly visible shadow pad sites that include credit tenants such as Starbucks, Panera Bread, Taco Bell, Wawa and Chick-fil-A, along with medical tenants AFC Urgent Care and Aspen Dental.

The five-building property is positioned at a signalized four-way intersection with approximately 600 feet of frontage along Route 1/9, which carries 70,000 vehicles per day. The property provides 580 parking spaces and features multiple access points. The location offers connectivity to Interstate 278, Interstate 95 and the Garden State Parkway, providing access throughout the Northeast Corridor and to New York City in less than 25 minutes.

The property serves Union County, the third most densely populated county in New Jersey with an average household income of $119,701. The five-mile trade area encompasses a population of 466,129 with an average household income of $116,030.

The JLL Capital Markets team was led by Senior Director J.B. Bruno, Senior Managing Directors Kevin O’Hearn and Jose Cruz and Associate Cole Doyon.  In addition, JLL’s Michael Klein and Max Custer advised the buyer on the acquisition financing.

"The combination of new construction, exceptional shadow anchor performance and 18,235 square feet of remaining lease-up opportunity created a compelling value proposition for investors seeking growth in one of New Jersey's most established retail markets," said Bruno. "The property's strong fundamentals and strategic location along the Route 1/9 corridor drove significant buyer interest."

O’Hearn added, “This highly competitive bidding process is reflective of the exceptionally high demand we’re seeing for quality retail assets in New Jersey and the tri-state area. The amount of investment capital is at an all-time high and more cap rate compression is expected which bodes well for sellers/owners.” 

JLLL’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.

For more news, videos and research resources, please visit JLL’s newsroom. 

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 113,000 as of March 31, 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.

Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25 years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors, family offices and high net worth individuals. Stockbridge has approximately $37.4 billion of assets under management (as of December 31, 2025) spanning all major real estate property types, and certain specialty property types with an emphasis on residential and industrial space throughout the U.S. The firm has offices in San Francisco, Atlanta, Chicago, Dallas, Denver, and Phoenix. For more information, visit www.stockbridge.com.

Lamar Companies is a full-service, privately held, real estate investment company headquartered in Madison, New Jersey.  Since its founding in 1972, the Company has routinely been ranked in the top 100 largest owners of retail shopping centers in the US according to National Real Estate Investors rankings. Lamar primarily focuses on opportunities created by real estate economic cycles and underperforming assets across the United States and is a principal investor in projects for its own account and in partnership with major institutions. Throughout the years the firm has maintained its entrepreneurial roots as a hands-on operating partner with a deep expertise in retail space, and a unique ability to drive value for its investors.

Cypress Equities, founded in 1995 in Dallas, Texas, is a national commercial real estate development and investment company specializing in destination-class commercial and residential properties. The company focuses on build-to-suit developments, unique off-market investments and redevelopment opportunities across the United States. Through its strong industry relationships and market intelligence, Cypress Equities delivers creative real estate solutions that create investment value and bring communities together.