LJL Realty purchased Hazlet Town Center from OASG Hazlet, LLC for $44 million as part of what is known as a 1031 exchange. This is a transaction in which one real estate investment property is swapped out for another that allows capital gains taxes to be deferred.
CBRE’s National Retail Partners represented OASG Hazlet, LLC, an affiliate of Onyx Equities.
Hazlet Town Center is a 190,000-square-foot property located at the corner of Route 35 and Bethany Road in the densely populated Route 35 retail corridor in Monmouth County. The center is near big box retailers such as Costco, Target, The Home Depot, ShopRite, Home Goods, and T.J. Maxx.
CBRE said the center is about 90% leased and anchored by Aldi, Burlington, and Urban Air with a mix of other tenants. The sale did not include the Wawa at the center. Wawa opened a 5,600-square-foot store at the center in July 2024. The Hazlet Town Center was revitalized by outgoing ownership after Kmart and Pathmark closed at the center about a decade ago.
CBRE’s Jeff Dunne, David Gavin and Travis Langer represented OASG Hazlet in the deal. “The center’s attractive rent roll, grocery anchor and long-term leases provide highly stable income with additional upside through the lease-up of the remaining inline vacancy,” said Dunne. Gavin added that “We continue to see strong demand in Metro NY for properties like Hazlet Town Center, which provide predictable cash flow in infill, high demographic markets.”
