Hazlet Town Center, a 190,000-square-foot shopping plaza in Hazlet, New Jersey, has been sold for $44 million.
Based along the Route 35 retail corridor, the property is approximately 90% leased and anchored by Aldi, Burlington and Urban Air. The sale did not include the Wawa outparcel at the center.
CBRE’s (NYSE: CBRE) National Retail Partners represented seller OASG Hazlet LLC, an affiliate of Onyx Equities. LJL Realty purchased the property as part of a 1031 exchange.
“The center’s attractive rent roll, grocery anchor and long-term leases provide highly stable income with additional upside through the lease-up of the remaining inline vacancy,” said CBRE Vice Chairman Jeff Dunne.
