Onyx Equities Grows Its Retail Portfolio by Purchasing 203,912 Sq.Ft. Shopping Center in Hazlet, N.J.
Onyx Equities Grows its Retail Portfolio by Purchasing
203,912 Sq.Ft. Shopping Center in Hazlet, N.J.
Hazlet, N.J., (June 29, 2016) -- “In partnership with a fund managed by Siguler Guff & Company, Onyx Equities, LLC, announced that they have purchased the 203,912 sq.ft. shopping center known as Kmart Plaza, in Hazlet, NJ.”
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Investment Group represented Goodrich Hazlet LLC, an entity controlled by Goodrich Management, in the sale. Mr. Dunne commented: “Kmart Plaza represents a highly unique value add opportunity in a major retail market in New Jersey. The center is ideally positioned for near-term lease up and potential redevelopment.”
Kmart Plaza is a 203,912± SF center anchored by Kmart and formerly by Pathmark, with additional tenants including Bank of America, TGIFriday’s, Planet Fitness, GNC, GameStop and Payless Shoes. The center is located in an infill market on Route 35 (42,695± cars per day) in a dense retail corridor, with over 2 million SF of retail within approximately 5 miles of the center.
Stephen Sullivan, Senior Vice President of Onyx Equities’ Investment Group added: “As one of the most active retail purchasers in the N.Y. metro area, we are pleased to add this to our growing retail portfolio.”
Matthew Flath, Onyx’s Vice President of Retail Leasing added, “located at a prime intersection in one of central New Jersey’s premier retail corridors, Kmart Plaza offers tenants the ability to reap the benefits of the area’s dense population, Route 35’s heavy traffic, and the site’s close proximity to the Garden State Parkway.”
Driving Onyx Equities’ success is its custom-made technology platform that allows on-site and regional management teams to increase operational efficiency, tenant satisfaction and long-term value throughout its portfolio.
About Onyx Equities, LLC
Onyx Equities, LLC is a leading private real estate investment, management and development firm. Founded in 2004, Onyx has acquired more than $2 billion worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Since 2008, the firm has owned, managed or served as the appointed Receiver for more than 57 million square feed of office, retail, industrial, and self-storage properties. The company’s rapidly growing Receivership and REO portfolio has recently expanded into 10 states along the east coast. For more information, contact the firm at 732-362-8800, or visit www.onyxequities.com.