6C — September 23 - October, 20, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers Urban Air Adventure Park, Bubbakoo’s Burritos and CoCo Fresh Tea & Juice among newest signees Pierson Commercial announces 4 newly finalized leases totaling 44,805 s/f at Hazlet Town Center
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density residential population, Central New Jersey’s Rte. 35 corridor offers excellent market positioning for brick-and-mor - tar operations. Hazlet Town Center also is at a prime cross street connecting to the high- household-income residential neighborhoods in Hazlet, Holm- del, Colts Neck and Matawan. According to Medvin, Pier- son Commercial is currently engaged in lease-up negotia- tions for the remaining space availabilities. This includes an additional 2,792 s/f to 4,200 s/f of space available within the contiguous L-shaped shop- ping center itself. “Hazlet Town Center is an integral fixture within this highly desirable trade mar- ket, where we are committed to enhancing the immedi- ate-area’s lifestyle choices,” said Matthew Flath , vice president of asset manage- ment at Onyx Equities. “By repositioning Hazlet Town Center, we are ensuring the shopping center’s longevity as a center of commerce as well as a community gathering place.” MAREJ
AZLET, NJ — Pier- son Commercial , leasing agent of the
203,912 s/f Hazlet Town Cen- ter, has announced four new retail leases totaling 44,805 s/f at the newly repositioned regional shopping center. Lo- cated on Rte. 35 in Monmouth County’s Hazlet Twp., the center’s newest tenant addi- tions now include Urban Air Adventure Park (39,699 s/f), Bubbakoo’s Burritos (1,825 s/f), CoCo Fresh Tea & Juice (1,250 s/f) and AT&T Wireless (2,031 s/f). The following individuals also were part of the leasing teams in the noted respective transactions: Stephen Carro- zza of Metro Commercial and Matt Kenderian of Jeffery Realty represented Urban Air Adventure Park; Pierson’s Gary Krauss represented Bubbakoo’s Burritos; and Jack Kahn of Jack Kahn Realty Services Corp. represented AT&T Wireless. “Within a short period of time, Hazlet Town Center has been transformed into a high- profile lifestyle and experiential
Hazlet Town Center
services destination within the sought-after, in-demand Hazlet/ Holmdel/Middletown Rte. 35 retail submarket,” said Gregg Medvin , vice president of Pier- son Commercial who is spear- heading the firm’s leasing as - signment. “Anchored by recent tenant additions of Burlington and Aldi, which book-end Urban Air, the shopping center appeals to a diverse slate of tenants, from national and local service
providers to medical, fitness and restaurant providers.” In addition to the latest leas- ing activity, Panera’s indoor/ outdoor dining with a drive- thru location and Bubbakoo’s Burritos at the center’s north- west corner recently opened. Construction is expected to begin on the pad at the north- east corner for a Wawa con- venience store and fueling station shortly.
Situated at the highly traf- ficked intersection of Rte. 35 and Bethany Rd., Hazlet Town Center is owned by a joint ven- ture between Onyx Equities and Siguler Guff & Co. Since being acquired by the group, it has undergone sweeping reno- vations that include extensive façade refurbishments and a complete rebranding and repositioning. Boasting an extremely high-
Squires and Davidovic of Kislak arrange sale of multifamly portfolio in Hoboken, New Jersey totaling $13.2 Million
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$628,571 per unit sale price represents one of the highest price per units achieved for
in 2006 and specializes in the sale of multifamily properties with a focus on land and de- velopment throughout north- ern New Jersey. He received Kislak’s 2007 Rookie of the Year award and 2014 Sima Kislak Jelin Salesperson of the Year award. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm con - sistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a per- sonalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kis- lak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide com- prehensive market cover - age throughout New Jersey, New York, Pennsylvania, and Delaware. MAREJ
OBOKEN, NJ — The Kislak Compa- ny, Inc. announced
a multifam- ily property in Hoboken. The demand for well- maintained apartment buildings is the strongest I’ve seen in my career.
the recent sale of three contiguous mul t i fam- ily properties with a total of 21 units in Hobo- ken, Hudson County for $13.2 million.
Robert Squires
Scott Davidovic
The sale of these assets con- tinues to prove that multifam- ily properties are among the strongest investments.” The properties are three four-story buildings with a total of 21 units. The build- ings at 512 and 514 Observer Highway have been fully renovated. There is value- add potential to renovate the building at 510 Observer Highway. Tenants are respon- sible for heat, hot water and electrical expenses. Penthouse units include private balconies with views of New York City. The buildings are ideally located a short walk to Wash - ington Street, which is Hobo-
The properties are located at 510, 512 and 514 Observer Highway, minutes from the Hoboken PATH Station, which provides direct train service to and from New York City. Kislak marketed the port - folio on an exclusive basis with senior vice presidents Robert Squires and Scott Davidovic handling the as- signment on behalf of the sellers, 510 Observer Hwy., LLC; 512 Observer Hwy., LLC and 514 Observer Hwy., LLC; which are affiliates of Skylight Real Estate Partners. Squires also procured the purchaser, 510 Observer LLC. Squires commented, “The
Hoboken portfolio
ken’s vibrant and historic com - mercial center, the Hoboken PATH Station and waterfront. Know as the Mile Square City, Hoboken sits along the Hudson River. As of the 2020 United States Census, the city's population was 60,417. Among cities with a popula- tion above 50,000, Hoboken was ranked as the third- most densely populated in the United States, with more than 42,400 people per square mile. Hoboken is part of the New York metropolitan area and
is consistently ranked among the strongest and most desir- able rental markets in the tristate area. Robert Squires joined Kis- lak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Con- sistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Scott Davidovic joined Kislak
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