Neptune Plaza Shopping Center on Route 66 in Neptune Township — Courtesy: Azarian Realty Co.
By Joshua Burd
Hobby Lobby has leased nearly 59,000 square feet at a grocery-anchored retail center in Neptune Township, in a newly announced deal by Azarian Realty Co.
According to the leasing team, the transaction at Neptune Plaza Shopping Center on Route 66 will help backfill a space that was vacated by Home Goods and Marshalls. The arts and crafts chain is taking 58,952 square feet at the 215,0000-square-foot property, with plans to open in 2024.
Azarian’s Kevin Pelio represented the landlord, while Michael Testa of Jeffery Realty represented Hobby Lobby.
“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,” Pelio said. “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.”
In announcing the deal, Azarian noted that Neptune Plaza Shopping Center is anchored by a 113,000-square-foot ShopRite and is home to several other national tenants, including IHOP, Carvel and a freestanding TD Bank pad with a four-lane drive-thru.
The commitment by Hobby Lobby comes six months after a 10,000-square-foot lease at the site by KPOT Korean BBQ & Hot Pot, which is now under construction, the leasing team said. Neptune Plaza is now 99.3 percent leased.
