M id A tlantic Real Estate Journal — Retail Development Reimagined — February 28 - March 12, 2020 — 11A


R etail D evelopment R eimagined Portfolio’s occupancy soars to historic levels The Azarian Group signs over seven new leases in recent months


EWYORKAND NEW JERSEY — JohnAzar- ian , CEO of TheAzarian

Group L.L.C. and Christopher Kaufman , director of Leasing of Azarian Realty Co., are pleased to announce that TheAzarian Group’s portfolio’s occupancy has soared to historic levels. The Azarian Group has signed over seven new leases in recent months. The Azarian Group was founded in 1970 and its portfolio includes 19 commercial properties with more than 350 ten- ants throughout NY and NJ. The Shoppes at North Bruns- wick, a 150,000 s/f premium life- style center, with 43 national stores, services, and eateries located on Rte. 1 in North Brunswick, NJ is pleased to announce new leases with The Vitamin Shoppe for 3,134 s/f and Glowout Blow Dry Bar Snell & Veale of KLNB ink 2,538 s/f restaurant building WESTMINSTER, MD — KLNB announced the disposi- tion of a 2,538 s/f restaurant

The Shoppes at North Brunswick

The Livingston Town Center

has leased 1,200 s/f. Remaining vacant spaces range from 2,475 s/f to 8,426 s/f. The Livingston Town Center, 1100-8100 Town Center Way, Liv- ingston, NJ has leased 612 s/f to a Hair Salon which will be opening soon. New store openings include

Lash Lounge, Verizon and Pure Barre. Remaining vacant spaces range from 1,323 s/f to 4,434 s/f. The Montvale Shopping Center, 120 Chestnut Ridge Rd., Montvale, NJ, has leased 1,479 s/f to Fitness Together, which specializes in ex- ercise services and a fitness studio.

The total renovation of the Pine Brook Plaza, Rte. 46 West in Pine Brook, NJ, is now complete. There is a space available of 940 s/f. 900 s/f has been leased to a Hair Salon which will be opening soon. 2,115 s/f has been leased to F45 Train- ing, actor Mark Walberg’s fitness

franchise which will also be open- ing soon. The Hyde Park Mall, Rte. 9 (Al- bany Post Rd.) Hyde Park, New York has leased 2,242 s/f to Smoke Depot, which is now open. Remain- ing vacant spaces range from 2,140 s/f to 16,190 s/f. 

building in Westminster c u r r e n t l y housing an Arby’s. Pe- t er Sne l l , d i re c t o r o f single tenant investment sales and So- phia Veale of KLNB, rep- resented the seller. Snell said, “ Th i s i s a great invest- ment f or a buyer looking to break into

Peter Snell

Sophia Veale

the greater Washington, DC area. Arby’s historical commit- ment to the location, in addi- tion to recently extending the primary lease term at a higher rental rate, shows the strength of the local market. With zero landlord responsibilities, this Arby’s is an excellent opportu- nity for a buyer looking for a solid investment with passive income.” This net leased Arby’s has a track record of successful op- erations at this location for the past 19 years. Arby’s recently extended the term of the lease at a higher rental rate with five years remaining on the lease with an additional five-year option. The property is an out parcel of the 620,000 s/f Town- mall of Westminster. 

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