Massive Morris Co. Shopping Plaza Sells For Nearly $28M

MORRIS COUNTY, NJ — A nine-property shopping center in Mt. Olive has sold for nearly $28 million.

The Lowe’s-anchored plaza, known as The Gardens Portfolio, is situated off four major highways in Mount Olive. According to the sellers, the plaza ranks in the top six percent of most-visited shopping centers in New Jersey and across the U.S.

Since undergoing renovations a few years ago and adding new tenants, the plaza has seen an increase of more than one million shoppers since 2023.

Represented by JLL, Rivani sold the space for $27.9 million.

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

The Gardens Portfolio has eight properties across seven pad sites, totaling 32,493 square feet, along with an unattached Lowe’s on 135,039 square feet.

Other retail stores on the property include Applebee's, LongHorn Steakhouse, Panera Bread, Wells Fargo, McDonald's, Wendy's, Panda Express, and Chipotle.

JLL has not announced who the buyer is, or if there are any plans to change the plaza as it stands.