LIVINGSTON, NJ-The 6-year-old mixed-use Livingston Town Center, where retail business has struggled in the past few years, has been purchased by Onyx Equities through its Phalanx Fund II, in partnership with Lubert Adler. The Goldstein Group was hired to handle leasing at the center’s 80,000 square-foot retail center, about half-vacant at the time of purchase.
“When the chance presented itself to purchase the Livingston Town Center for a significant discount to its replacement cost, we at Onyx looked past the challenges and immediately to the vast potential opportunity,” says John Lavalley, who led for Onyx in the transaction. David Csantos of Newmark Grubb Knight Frank represented the seller.
The center was built in the mid-2000s, with distinctive all-brick buildings and slate roofs, part of a long-term master plan to create a modern downtown for Livingston. Situated at the intersection of Livingston and Mount Pleasant Avenues, the retail shop and restaurant space has an open courtyard and 300 dedicated parking spaces. The surrounding residential development is comprised of three-story townhouse and large single-story condominiums.
Originally, developers Roseland Property Company, Eastman Management and Jacobs Enterprises, filled the commercial space with prime tenants such as clothier Nicole Miller, Wells Fargo Bank, Omaha Steaks, and other restaurants and retailers. During the years of severe economic downturn, most of the original tenants moved out and occupancy fell to about 50%.
“Although there are clearly obstacles” to revitalizing the retail center, says Stephen Sullivan, an investment executive with Onyx, “our partner Lubert-Adler and our firm are excited to take on the challenge of returning Town Center to its planned prominence in Livingston.” Onyx is based in Woodbridge, while Lubert-Adler has its headquarters in Philadelphia.
“We are very encouraged with the amount of leasing activity we are witnessing at the center” since Goldstein was hired, adds Jared Minatelli, asset manager for Onyx. The Goldstein Group has offices in Paramus.
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