2022 was a good year for Azarian Realty Co. Not only did the Midland Park-based firm experience significant leasing activity across its portfolio, but it added many new property management assignments, as well.
Over 60,000 square feet was leased in 2022 and 75,000 square feet was added to Azarian’s management portfolio. The firm’s assets under management now exceed over 1.2 million square feet. Azarian reports that the top use among all completed deals in 2022 were restaurant tenants. 33% of Azarian’s 2022 deals were restaurant uses, while the remaining top uses were office at 23% and service businesses at 20% of all total deals in 2022. Nearly a quarter of all transactions were co-brokered deals.
Livingston Town Center experienced the most leasing activity in 2022 under Azarian Realty’s assets under management. A total of seven new tenants, ranging from restaurants to fitness and service, signed leases at the open-air center in Livingston.
Additionally, in terms of expanding its assets under management, of the five new property management assignments, its largest includes a four-building mixed-use portfolio centrally located in Hudson County.
“We are beyond excited to take on this management assignment and bring our best-in-class services and ideas to drive the value of these assets for ownership,” Kevin Pelio, senior director of leasing, said.
Azarian Realty Co. looks forward to continuing this momentum in its 39th year in business by continuing to provide professional commercial real estate leasing and property management services throughout the New York metropolitan marketplace.