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Adoni Property Group buys Basking Ridge shopping center for $12.2M

The 60,614-square-foot center at 546 Allen Rd. was built in 2000 and is fully leased to 18 tenants, with four new leases inked in the past 12 months.

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Adoni Property Group has acquired a shopping center in Basking Ridge, New Jersey, from Kushner Real Estate Group, according to ConnectCRE.

The property totals 60,614 square feet and was built in 2000, covering about 11 acres across five buildings at 546 Allen Rd. At the time of the sale, the center was fully leased to 18 tenants, with Walgreens and the United States Postal Service serving as anchors.

ConnectCRE reports that JLL Capital Markets arranged the transaction and arranged $12.2 million in acquisition financing for Adoni through an unidentified life insurance firm.

The outlet said four new leases were executed within the past 12 months, adding to what it described as continued momentum, and noted the shopping center is located within the master-planned community The Hills at Basking Ridge.

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