In another sign of resilience and renewed investor confidence in New Jersey’s suburban retail market, the newly repositioned Hazlet Town Center in Monmouth County has been sold for $44 million. The transaction underscores the increasing appeal of grocery-anchored shopping centers in high-traffic, high-demographic corridors across the state.
A Strategic Transformation Pays Off
Originally anchored by legacy retailers Kmart and Pathmark, Hazlet Town Center underwent a significant transformation under the stewardship of OASG Hazlet LLC, an affiliate of Onyx Equities LLC, based in Woodbridge. The property was revitalized and strategically repositioned with a focus on modern retail trends and consumer demand.
The results speak for themselves: national brands like ALDI, Burlington, and Urban Air have now taken anchor positions at the 190,000-square-foot center, replacing the outdated former tenants and creating a more contemporary and experience-driven shopping environment.
Prime Location Along Route 35 Retail Corridor
Located directly on the bustling Route 35 retail corridor, Hazlet Town Center benefits from a strategic location in one of Monmouth County’s most vibrant commercial areas. With over 2 million square feet of complementary retail nearby, including big-box neighbors like Costco, Target, The Home Depot, and ShopRite, the center enjoys both high visibility and consistent foot traffic.
Recent foot traffic data from Placer.ai further validates the center’s momentum: in March 2025, the retail plaza logged an impressive 271,900 visits, reflecting a steady upward trend in consumer engagement and site activity.
The Deal: Who Was Involved
The transaction was brokered by commercial real estate services giant CBRE, with Vice Chairman Jeffrey Dunne, Senior Vice President David Gavin, and Senior Financial Analyst Travis Langer of the firm’s National Retail Partners group representing the seller. The buyer, LJL Realty, acquired the property as part of a 1031 exchange, allowing for reinvestment of proceeds from a prior sale into a new income-generating asset.
“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,” noted Dunne in a statement. As of the sale, the property is approximately 90% leased, with room to grow.
Not Included in the Sale: Outparcel Wawa
Although centrally located within the shopping plaza, a standalone Wawa on an outparcel was not included in the sale. The convenience store remains a strong traffic generator for the overall site but was retained under separate ownership.
Growing Investor Appetite for Grocery-Anchored Centers
The sale of Hazlet Town Center is the latest in a wave of recent acquisitions involving supermarket-anchored retail centers across New Jersey. These types of properties have become increasingly attractive to investors for their steady cash flow, resilience to economic fluctuations, and their ability to draw consistent consumer foot traffic.
Recent examples include:
- A $17 million grocery-anchored shopping center sale in Bergen County, and
- A Somerset County property that changed hands as part of a $62 million portfolio acquisition.
David Gavin emphasized this trend, stating: “There continues to be strong demand in the Metro New York region for properties like Hazlet Town Center that offer reliable income in densely populated, high-demographic areas.”
Looking Ahead
With the retail sector in New Jersey showing signs of sustained health—particularly for well-located centers anchored by essential services and experiential tenants—deals like the Hazlet Town Center sale offer a glimpse into how savvy investors are positioning themselves for long-term stability and growth.
For residents, the center’s revitalization means more shopping, dining, and entertainment options right in their backyard. For developers and investors, it’s another case study in how thoughtful redevelopment and tenant repositioning can lead to significant returns in today’s evolving commercial real estate landscape.
