Hazlet, N.J., – Pierson Commercial, a leading New Jersey provider of retail brokerage and advisory services, has been named the exclusive leasing agent of Hazlet Town Center, a 203,912-square-foot regional shopping center situated within the prominent Route 35 Hazlet/Middletown retail market. Located at the main intersection of Route 35 and Bethany Road in Hazlet, N.J., the shopping center is owned by a joint venture between Onyx Equities and Siguler Guff & Co. and has undergone an extensive façade renovation and repositioning associated with new tenant additions since being acquired by the group.
“While the retail market continues to evolve, one trend that has stayed consistent is the desire for quality product. The recent improvements at Hazlet Town Center have turned the historically well-occupied center into the most desirable shopping center along the Route 35 retail corridor from Hazlet to Middletown,” said Gregg Medvin, vice president of Pierson Commercial who is spearheading the leasing team. “The center has strategically positioned itself to attract both those tenants looking to right-size and relocate within the market, while also attracting retailers interested in entering the densely populated and highly trafficked corridor. As a result of Hazlet Town Center’s renaissance and ease-of-access along this major Route 35 commercial corridor, approximately 9,687 square feet of prime retail space is being dedicated to establishing its very own ‘restaurant row.’”
According to Medvin, this section of Hazlet Town Center will feature contiguous storefront spaces, large outdoor dining areas and abundant parking that take into account the new environment in which dining and carryout establishments have been forced to operate. “It will be ideal for full-service and take-out restaurants as well as quick-service concepts because of its attractive outdoor patio seating allocated in front of the restaurants,” he said.
The center’s repositioning efforts and leasing activity recently gained traction with the addition of Aldi and Burlington as the Hazlet Town Center’s new anchor tenants. The center’s broad growing tenant mix includes Planet Fitness, Bank of America, Quest Diagnostics and Great Clips with Panera Bread and Wawa coming soon.
Originally constructed in 1970, the former Kmart Plaza has been undergoing extensive redevelopment and rebranding since being acquired by the new ownership. “The re-tenanting has been particularly successful due to unparalleled market positioning – geographically, demographically and with prime cross street access leading to the residential neighborhoods of the Hazlet, Holmdel, Colts Neck and Matawan communities,” said Matthew P. Flath, vice president of asset management at Onyx Equities.
Currently, the Pierson Commercial leasing team is marketing Hazlet Town Center’s restaurant row with availabilities of 1,700 SF up to 9,687 SF. There are additional opportunities ranging from 1,000 SF to 9,000 SF, and two approximate 20,000-square-foot stores also are divisible into smaller spaces.
About Pierson Commercial: Established in 2011, Pierson Commercial is a leading retail-focused commercial real estate brokerage and advisory firm providing a full range of acquisition, disposition and leasing services. Headquartered in Marlboro, N.J., with an office in New York City, the company’s broad client base encompasses institutional property holders and multi-faceted real estate developers as well as more than one dozen regional and national retailers with growth strategies targeting the state of New Jersey. In total, Pierson Commercial’s retail leasing and property marketing assignments span over 4 MSF of retail space across major downtown redevelopments, ground-up new construction and existing retail shopping centers.
About Onyx Equities: Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $2.3B worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Onyx has executed over $250M in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its loyalty to core geographic markets, a seasoned team of expertise in all facets of real estate, its adaptability to market conditions and the experience gained from managing over 65 MSF since inception. Throughout its portfolio, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value. For more information, contact the firm at (732) 362-8800, or visit www.onyxequities.com.