Hazlet Town Center at 3010-3070 Route 35 in Hazlet — Courtesy: Onyx Equities/Pierson Commercial
By Joshua Burd
An investment team has tapped Pierson Commercial as its leasing agent at an upgraded shopping center in Hazlet, as it seeks to lure tenants to a newly dedicated restaurant section.
The retail brokerage is representing Onyx Equities and Siguler Guff & Co. in the assignment at Hazlet Town Center, a 203,912-square-foot complex at Route 35 and Bethany Road. The center, the former home of a Kmart, has benefited in recent months from extensive renovations and a rebranding under the current ownership, which has coincided with several new leases.
A leasing team spearheaded by Pierson’s Gregg Medvin is now marketing space at a newly minted restaurant row.
“While the retail market continues to evolve, one trend that has stayed consistent is the desire for quality product,” said Medvin, a vice president with the firm. “The recent improvements at Hazlet Town Center have turned the historically well-occupied center into the most desirable shopping center along the Route 35 retail corridor from Hazlet to Middletown.
“The center has strategically positioned itself to attract both those tenants looking to right-size and relocate within the market, while also attracting retailers interested in entering the densely populated and highly trafficked corridor,” he added, with availabilities for restaurant space ranging from 1,700 to 9,687 square feet.
Medvin noted that the dedicated section will feature contiguous storefront spaces, large outdoor seating areas and abundant parking that take into account the new operating environment for restaurant and carryout establishments.
“It will be ideal for full-service and take-out restaurants as well as quick-service concepts because of its attractive outdoor patio seating allocated in front of the restaurants,” he said.
The upgrades at Hazlet Town Center include extensive façade renovations, new pylon signage, lighting modernization and landscaping enhancements. The repositioning efforts and leasing activity recently gained traction with the addition of Aldi and Burlington, which joined tenants such as Planet Fitness, Bank of America, Quest Diagnostics and Great Clips.
Additionally, Panera Bread and Wawa are coming soon to the center.
“The re-tenanting has been particularly successful due to unparalleled market positioning — geographically, demographically and with prime cross street access leading to the residential neighborhoods of the Hazlet, Holmdel, Colts Neck and Matawan communities,” said Matthew P. Flath, vice president of asset management at Onyx Equities.
Hazlet Town Center also has availabilities ranging from 1,000 square feet and two roughly 20,000-square-foot stores that are divisible into smaller spaces.