Onyx Equities brings Hazlet Town Center to 92% occupancy with 3 new retail leases

Latest capital refresh includes exterior façade updates and parking lot repaving

Hazlet Town Center is nearing full occupancy with the recent signing of three new leases totaling 9,614 square feet, according to Tuesday announcement from Pierson Commercial Real Estate.

Pierson is the exclusive leasing agent for the approximately 200,000-square-foot Monmouth County retail center.

Located at 3010-3070 Route 35, the center is situated at the intersection of Route 35 and Bethany Road. It was acquired as a joint venture between Onyx Equities LLC and Siguler Guff & Co. in 2016. Since its acquisition, it has been rebranded as Hazlet Town Center and has undergone an extensive five-year renovation.

The center’s repositioning efforts and leasing activity initially gained tremendous traction with the addition of Aldi and Burlington as the center’s anchor tenants. The center’s newest tenants include K-Pot Korean BBQ (7,014 sq. ft.), the UPS Store (1,600 sq. ft.) and Underground Nutrition (1,000 sq. ft.).

“These newest Hazlet Town Center tenants are a wonderful addition to the center, where each is providing important services and/or products that cater to the tastes and needs of visitors and consumers,” Gregg Medvin, a vice president of Pierson Commercial who is spearheading the leasing team, said.

Completed enhancements include façade renovations, the addition of new landscaped green space, lighting modernization and new signage that includes eye-catching pylon branding. This winter’s capital improvements will include further exterior façade updates and paving improvements to the center’s parking lot.

“Though it was only 25% occupied when we acquired the property, we saw great potential in this location,” Matthew Flath, vice president of asset management at Onyx Equities, said. “Hazlet Town Center is uniquely located at a highly trafficked intersection with multiple means of access, including Bethany Road, and is supported by an extremely high-density residential population nearby. As the repositioned Hazlet Town Center realizes its full potential and sets new benchmarks, it has emerged as an important retail and lifestyle anchor along this extremely popular corridor.”

“In addition to being near the Garden State Parkway, there is a residential population of approximately 70,000 people and a daytime population of approximately 62,000 people within three miles of Hazlet Town Center, not to mention connectivity to many residential communities within Hazlet and Holmdel. These factors are some reasons the Route 35 corridor is considered a top-tier retail artery in New Jersey. These generators appeal to the full spectrum of today’s tenants, from grocery and dining to leisure and recreation concepts,” Medvin said.

In addition to its larger pad sites and the three latest leases, Hazlet Town Center’s broad tenant mix now includes Urban Air Adventure Park; Planet Fitness; a Panera offering indoor/takeout dining and a drive-thru; Gamestop; Wawa; Sally Beauty Supply; Subway; Bubbakoo’s Burritos; CoCo Fresh Tea & Juice; AT&T; Bank of America; Hazlet Family Dental; Great Clips; and Quest Diagnostics. According to Medvin, there are divisible spaces remaining for approximately 1,210 to 9,500 square feet.