Hazlet Town Center at 3010-3070 Route 35 in Hazlet — Courtesy: Pierson Commercial
By Joshua Burd
The leasing team for a Hazlet shopping center has attracted three new tenants, bringing occupancy to more than 90 percent after recent deals totaling nearly 10,000 square feet.
According to Pierson Commercial, the agent for the roughly 200,000-square-foot Hazlet Town Center, the activity includes a 7,014-square-foot commitment by K-Pot Korean BBQ. Also taking space are The UPS Store and Underground Nutrition, which will occupy 1,600 and 1,000 square feet, respectively, at the complex at 3010-3070 Route 35.
Pierson Commercial’s Gregg Medvin represented ownership, a joint venture of Onyx Equities LLC and Siguler Guff & Co., touting their effort to reposition the site in recent years.
“These newest Hazlet Town Center tenants are a wonderful addition to the center, where each is providing important services and/or products that cater to the tastes and needs of visitors and consumers,” said Medvin, a vice president with Marlboro-based Pierson Commercial.
Onyx and Siguler Guff purchased the property in 2016. Since then, they have rebranded the complex as Hazlet Town Center and completed upgrades such as façade renovations, the addition of new landscaped green space, lighting modernization and new signage.
That work continues, the firms said, citing plans for further exterior façade updates and paving improvements to the center’s parking lot.
“Though it was only 25 percent occupied when we acquired the property, we saw great potential in this location,” said Matthew P. Flath, vice president of asset management at Onyx. “Hazlet Town Center is uniquely located at a highly trafficked intersection with multiple means of access, including Bethany Road, and is supported by an extremely high-density residential population nearby. As the repositioned Hazlet Town Center realizes its full potential and sets new benchmarks, it has emerged as an important retail and lifestyle anchor along this extremely popular corridor.”
Onyx and Pierson noted that the center’s repositioning and leasing activity quickly gained traction with the addition of Aldi and Burlington as its anchor tenants. Its tenant mix now also includes Urban Air Adventure Park, Planet Fitness, a Panera with indoor and takeout dining and a drive-thru, GameStop, Wawa and others.
“In addition to being near the Garden State Parkway, there is a residential population of approximately 70,000 people and a daytime population of approximately 62,000 people within three miles of Hazlet Town Center, not to mention connectivity to many residential communities within Hazlet and Holmdel,” Medvin said. “These factors are some reasons the Route 35 corridor is considered a top-tier retail artery in New Jersey. These generators appeal to the full spectrum of today’s tenants, from grocery and dining to leisure and recreation concepts.”The leasing team for a Hazlet shopping center has attracted three new tenants, bringing occupancy to more than 90 percent after recent deals totaling nearly 10,000 square feet.