CBRE Announces The $44 million sale of Hazlet Town Center in Hazlet, New Jersey

Hazlet, NJ – Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented OASG Hazlet, LLC, an affiliate of Onyx Equities, in the sale of Hazlet Town Center in Hazlet, NJ for $44 million. LJL Realty purchased the property as part of a 1031 exchange.

Hazlet Town Center is a 190,000 sq. ft. grocery-anchored center situated in the densely populated and growing Rt. 35 retail corridor in Hazlet, New Jersey. The center is highly visible and easily accessible via multiple points along Route 35 and Bethany Road. Two million sq. ft. of complementary retailers surround the center, including national and big box retailers such as Costco, Target, The Home Depot, ShopRite, Home Goods and T.J. Maxx.

The center is approximately 90% leased and anchored by Aldi, Burlington and Urban Air with a diverse mix of inline tenants and outparcels. The sale did not include the Wawa outparcel at the center. Current ownership renovated and repositioned the property from what was previously a Kmart and Pathmark-anchored center to its current roster of best-in-class operators that will continue to drive increased foot traffic to the center.

CBRE’s Jeff Dunne commented, “The center’s attractive rent roll, grocery anchor and long-term leases provide highly stable income with additional upside through the lease-up of the remaining inline vacancy.”

David Gavin of CBRE added, “We continue to see strong demand in Metro NY for properties like Hazlet Town Center, which provide predictable cash flow in infill, high demographic markets.”