The Neptune Plaza Shopping Center, located in its namesake city, has filled the space formerly occupied by Home Goods and Marshalls with arts and crafts retailer Hobby Lobby.
On Jan. 19, Azarian Realty Co. said the retailer will occupy the 58,952-square-foot anchor space facing Route 66. According to the announcement, Senior Director of Leasing Kevin Pelio represented the landlord; the tenant was represented by Jeffery Realty Retail Leasing & Investment Sales Specialist Michael Testa.
“When Marshall’s and Home Goods relocated in the market, it left considerable upside and opportunity to reposition the Neptune Plaza Shopping Center for the long-term ownership group we represent,” Pelio said in a statement. “Hobby Lobby was able to see that long-term vision and their future success at the property as well.”
Neptune Plaza Shopping Center is a more than 215,000-square-foot grocery-anchored shopping center, featuring a 113,000-square-foot World Class Shop Rite in additional to national tenants, including IHOP, Carvel and a freestanding TD Bank pad with a four-lane drive-thru. According to Azarian Realty, the firm leased a 10,000-square-foot space at the property in July 2022 to KPOT Korean BBQ & Hot Pot, which is currently under construction.
With the addition of Hobby Lobby, the complex is 99.3% occupied with one in-line retail space (1,621 square feet) available for immediate occupancy.
Based in Midland Park, Azarian Realty is the exclusive leasing and management agent for Neptune Plaza Shopping Center, which is located at the corner of Route 66 and Neptune Boulevard, near the Asbury Avenue Circle and 2 miles from Exit 102 of the Garden State Parkway.
“We are thankful for the creative deal-making, tenacity, and perseverance of all our partners in this transaction, including Mike Testa and the Hobby Lobby team, and our own client in bringing this deal to fruition,” Pelio said.
He added that oversight for renovations and construction on Hobby Lobby’s space – the Oklahoma City-based retailer currently has 15 locations in New Jersey – is scheduled to begin in the next few weeks, with the store’s debut expected in 2024.