Azarian Realty Co. on Wednesday said that Hobby Lobby inked a 58,952-square-foot lease in Neptune Plaza Shopping Center in Neptune Township. The big-box retailer will be taking the prime Route 66-facing anchor space formerly occupied by Home Goods and Marshalls.
Hobby Lobby is expected to open in 2024.
Kevin Pelio of Azarian Realty Co. represented the landlord and Michael Testa of Jeffery Realty represented the tenant in this transaction.
At 215,000 square feet, the Neptune Plaza Shopping Center is anchored by a 113,000-square-foot ShopRite and is comprised of numerous national tenants, including IHOP, Carvel and a freestanding TD Bank pad with four-lane drive-thru.
In July 2022, 10,000-square-fet was leased to KPOT Korean BBQ & Hot Pot. The restaurant is currently under construction. The addition of Hobby Lobby brings the Neptune Plaza Shopping Center to 99.3% occupancy, with one in-line, retail space of 1,621 square feet available for immediate occupancy.
“When Marshalls and Home Goods relocated in the market, it left considerable upside and
opportunity to reposition the Neptune Plaza Shopping Center for the long-term ownership group we represent. Hobby Lobby was able to see that long-term vision and their future success at the property as well. We are thankful for the creative deal-making, tenacity and perseverance of all our partners in this transaction, including Mike Testa and the Hobby Lobby team, and our own client in bringing this deal to fruition. We are slated to begin the oversight of the renovation and construction on this box in the next few weeks and look forward to Hobby Lobby’s highly anticipated opening,” Kevin Pelio, senior director of leasing, said.
Azarian Realty Co. is the exclusive leasing and managing agent for Neptune Plaza Shopping