Onyx Buys Kmart Plaza in Hazlet, NJ for $26.2 Million

Kmart Plaza, Route 35, Hazlet, NJ

HAZLET, NJ—Onyx Equities has acquired Kmart Plaza in Hazlet, NJ, a 204,000 square-foot center anchored by Kmart , with additional tenants including Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes , for $26.2 million. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Investment Group represented Goodrich Hazlet , an affiliate of Goodrich Management , in the sale, and found the buyer. The center is located in an infill market on Route 35 in a dense retail corridor, with more than two million square feet of retail within approximately five miles of the center. The center is 71 percent occupied, and benefits from strong in-place income with upside through lease-up of the former 51,000 square-foot Pathmark. “ Kmart Plaza represents a highly unique value add opportunity in a major retail market in New Jersey,” says Dunne . “The center is ideally positioned for near-term lease up and potential redevelopment.”