Onyx’s Lease-up and Capital Improvement Efforts Yield 93% Occupancy at Livingston Town Center
February 10, 2017 – Livingston, NJ. Onyx and partner Lubert Adler, as ownership, are pleased to announce that Livingston Town Center, the 65,000 sq.ft. lifestyle shopping center located at the intersection of Livingston Avenue and Mount Pleasant Avenue, has achieved 93% occupancy. Needless to say, opportunities to lease space are now limited.
Ownership acquired the property in 2012. At that time, occupancy was at a mere 52%. Under Onyx’s management, the Center signed 15 new tenants, totaling over 36,000 sq.ft. of retail space. The newest tenants include Fan Bistro, Fit36, Restore Cold Pressed, Xtend Barre, Lapels and Dentistry with a Smile.
Onyx’s Vice President of Retail Leasing, Matthew P. Flath commented: “Our strategy at Livingston Town Center was to revive the health of this landmark, mixed-use development by seeking out the right mix of tenant offerings. Additionally, we knew at the onset that we would have to address parking, tenant signage and traffic flow issues in the Center. “
In addition to the steady lease-up, Ownership invested in a number of capital renovations to improve shopper experience including new monument signage, surface level parking space expansion, upgrades to the parking deck, and modifications to the traffic patterns to improve circulation throughout the center. Livingston Town Center represents another value-add case study in Onyx’s portfolio. Other value-add retail projects include the redesign of Plainsboro Plaza in Plainsboro, NJ, the renovation of Penrose Plaza in Philadelphia, PA and plans currently underway to breath life into the newly rebranded Hazlet Town Center in Hazlet, N.J.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. 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. Since its founding 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 feet 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 on Onyx Equities, contact the firm at 732-362-8800, or visit www.onyxequities.com.