The Golden Acres Shopping Center in South Plainfield has officially changed hands in a $40 million transaction, underscoring the ongoing strength of grocery-anchored retail properties in New Jersey even as consumer spending cools nationwide.
Located at 3600 Park Avenue, the 219,848-square-foot shopping center is anchored by a ShopRite supermarket, a tenant that continues to serve as the driving force behind steady foot traffic. At the time of the sale, the property was 83 percent leased, with several long-standing tenants maintaining leases at below-market rates. Real estate professionals point to this mix of stability and growth potential as a key factor that made the property attractive to the new ownership group, Agus and Treeco.
The sale was finalized in mid-July, with filings from the Middlesex County Clerk’s Office confirming the deal. Industry data suggests that Golden Acres draws roughly 3.3 million visitors each year, making it a major retail hub for South Plainfield and its surrounding communities. For investors, that combination of a reliable grocery anchor, steady consumer traffic, and favorable demographics in the region presents an opportunity that goes against the broader narrative of declining retail strength.
Commercial real estate experts note that while national headlines continue to highlight post-pandemic challenges for retail—from declining discretionary spending to the downsizing of well-known chains—New Jersey’s grocery-anchored centers remain resilient. Families still need supermarkets, and centers that feature essential services are weathering market shifts more effectively than non-anchored strip malls. That resilience is part of what continues to attract capital into retail real estate across the Garden State. For more insight into New Jersey’s property market, visit Explore New Jersey Real Estate.
Just a few miles north of Golden Acres, another significant sale highlights how investors are continuing to place big bets on neighborhood retail. In Edison, the Inman Grove Shopping Center recently sold for $24 million. While smaller in scale at 120,000 square feet, Inman Grove commanded a higher price per square foot—$200 compared to Golden Acres’ $182. The difference is tied to several factors, including land value, property visibility, and long-term tenant potential.
Notably, Inman Grove has lacked a true anchor tenant since Stop & Shop closed its 47,000-square-foot store in 2024. However, Stop & Shop is still paying rent under the terms of its lease, giving the new ownership group financial stability as they negotiate with potential new tenants. Real estate professionals suggest that the chance to bring in a new anchor tenant at higher rental rates could make the Edison property even more lucrative in the long run.
This contrast between Golden Acres and Inman Grove illustrates how different variables drive valuation in New Jersey’s commercial retail market. Investors are not just looking at square footage or existing leases but also at long-term neighborhood trends, land appreciation, and the strength of local demographics. South Plainfield, with its access to major highways and a growing residential population, continues to position itself as a reliable market for essential retail. Edison, by comparison, has the potential for significant upside if a strong anchor tenant is secured in the near future.
Industry observers continue to note that “big-box” grocery stores remain the gold standard for retail investors. They draw consistent customer traffic and ensure neighboring tenants—from small restaurants to specialty shops—benefit from a steady stream of visitors. Even in an era where online shopping is expanding, grocery-anchored centers provide a necessity-driven appeal that keeps them insulated from some of the volatility affecting other retail categories.
For South Plainfield residents, the sale of Golden Acres may not change their day-to-day routines. But for the New Jersey real estate market, the deal is another sign that investors are willing to spend big money to secure stable, long-term returns in retail hubs that still matter. With buyers continuing to pay premium rates for grocery-centered properties, New Jersey remains one of the most active markets for commercial shopping center investment on the East Coast.
