Onyx Equities Sells New Jersey Shopping Center
Onyx Equities has sold Hazlet Town Center, a grocery-anchored, 190,000-square-foot shopping center in Hazlet, N.J. LJL Realty bought the asset for $44 million in an 1031 exchange. CBRE’s National Retail Partners represented the seller.
Onyx had purchased the retail center back in 2016 for $26.2 million, according to CommercialEdge data. Following the acquisition, the firm jump-started a five-year renovation plan that involved exterior upgrades as well as parking lot improvements as the property’s occupancy continued to rise.
Completed in 1970 at 310 Route 35, Hazlet Town Center was 90 percent leased at the time of the current sale. Anchor tenants include ALDI, Burlington and Urban Air. The latter’s adventure park opened at the end of 2023 after almost a year of setbacks, taking over 40,000 square feet.
The roster also includes Planet Fitness, Panera Bread and Subway, among others. The property’s Wawa outparcel was not part of the current transaction.
The shopping center occupies some 20 acres at the intersection of Route 35 and Bethany Road, where the daily car traffic reaches roughly 43,000 vehicles. The location is near the Hazlet train station and just under 40 miles from downtown New York City.
CBRE’s Jeffrey Dunne, David Gavin and Travis Langer negotiated on behalf of the seller.
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