Pierson Commercial secures 3 tenants
Jessica Perry//January 10, 2023//
Pierson Commercial secures 3 tenants
Jessica Perry//January 10, 2023//
Tenants keep moving to Hazlet Town Center, with several new additions set for the shopping complex located along Route 35 in Monmouth County.
Exclusive leasing agent for the property Pierson Commercial Real Estate secured 9,614 square feet in transactions, according to a Jan. 9 announcement, that will bring three new tenants to the center:
Acquired by a joint venture between Woodbridge-based Onyx Equities LLC and Siguler Guff & Co. in 2016, Hazlet Town Center has since undergone extensive renovations, including an updated façade, the addition of landscaped green space, modern lighting and new signage. According to Onyx, this winter the complex will get more capital improvements to further update exteriors and to pave the parking lot.
“Though it was only 25% occupied when we acquired the property, we saw great potential in this location,” said Matthew Flath, vice president of asset management at Onyx Equities. “Hazlet Town Center is uniquely located at a highly trafficked intersection with multiple means of access, including Bethany Road, and is supported by an extremely high-density residential population nearby.”
In a statement, Pierson Commercial Vice President Gregg Medvin – who leads the leasing team for the property – pegged the residential population of the area at about 70,000 people with a daytime population of approximately 62,000 people within 3 miles of Hazlet Town Center.
“These newest Hazlet Town Center tenants are a wonderful addition to the center, where each is providing important services and/or products that cater to the tastes and needs of visitors and consumers,” he said.
Over the summer, Pierson also secured four new tenants for the property.
“As the repositioned Hazlet Town Center realizes its full potential and sets new benchmarks, it has emerged as an important retail and lifestyle anchor along this extremely popular corridor,” Flath added.
Along with the volume of local population, Medvin pointed to the access Route 35 affords to residential communities in Hazlet and Holmdel.
“These factors are some reasons the Route 35 corridor is considered a top-tier retail artery in New Jersey,” he said. “These generators appeal to the full spectrum of today’s tenants, from grocery and dining to leisure and recreation concepts.”