Livingston Town Center in Livingston — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has sold a Livingston retail center for more than $21 million after nearly doubling its occupancy over the course of five years.
Representing the sellers, Onyx Equities and Lubert Adler, Cushman & Wakefield recently announced the sale of the 65,000-square-foot complex to The Azarian Group. The property, Livingston Town Center, is 96 percent occupied and sits at the intersection of North Livingston Avenue and Mount Pleasant Avenue, housing a mix of nearly 30 tenants.
“Livingston Town Center occupies a prime location in one of northern New Jersey’s most desirable residential communities, and is part of a successful town center concept that also includes 114 upscale residential units,” Cushman & Wakefield’s David Bernhaut said. “Its best-in-class curb appeal and complementary tenant mix distinguish the property within its competitive set.
“At a time when investors continue to chase high-quality retail, this offering was very well received.”
Bernhaut headed the assignment with C&W Metropolitan Area Capital Markets team members Andrew Merin, Gary Gabriel, Brian Whitmer, Nick Karali and Seth Pollack, according to a news release. John Alascio and Sri Vankayala of the commercial real estate services firm’s Equity Debt and Structured Finance Group arranged the purchase financing.
Livingston Town Center was built in 2006 and acquired by Onyx and Lubert Adler in 2012. The joint venture embarked on a series of upgrades that helped improve traffic flow, increase occupancy and improve the tenant mix, while securing a liquor license and expanding zoning to include additional retail uses.
Onyx said in February that occupancy had grown from 52 percent when the joint venture acquired the site five years ago. A high-end Asian restaurant known as Fan Bistro, Dentistry with a Smile and Restore Cold Pressed Juices are among the most recent additions, C&W said, while Fit 36 and Xtend Barre will be opening soon.
“Onyx and Lubert Adler repositioned Livingston Town Center as a destination shopping center – with great success,” Whitmer said. “Now The Azarian Group has a fantastic opportunity to leverage the property’s infill location to increase value through property improvements and the market’s strong leasing momentum.”