Livingston Town Center — Courtesy: Onyx Equities
By Joshua Burd
Onyx Equities is touting the success of its value-add strategy at a Livingston retail center, where it has nearly doubled occupancy since taking over the property in 2012.
The 65,000-square-foot property, Livingston Town Center, is now at 93 percent occupancy after drawing 15 new tenants through a series of renovations, Onyx said in a news release. That is up from 52 percent when Onyx and its partner, Lubert Adler, acquired the site five years ago.
The new leases at the property, which sits at the intersection of Livingston and Mount Pleasant avenues, total more than 36,000 square feet, Onyx said. Its newest tenants including Fan Bistro, Fit36, Restore Cold Pressed, Xtend Barre, Lapels and Dentistry with a Smile.
“Our strategy at Livingston Town Center was to revive the health of this landmark, mixed-use development by seeking out the right mix of tenant offerings,” Matthew P. Flath, Onyx’s vice president of retail leasing, said in a prepared statement. “Additionally, we knew at the onset that we would have to address parking, tenant signage and traffic flow issues in the center.”
The property owners have invested in upgrades to improve shopper experience, including new monument signage, surface-level parking space expansion and upgrades to the parking deck, Onyx said in a news release. The firm has also modified traffic patterns to improve circulation throughout the center.
For Onyx, the Livingston property is one of several ongoing value-add retail projects. The firm has redesigned Plainsboro Plaza in Plainsboro now has plans underway to reposition the newly rebranded Hazlet Town Center in Monmouth County.