Midland Park, NJ-based Azarian Group has closed on the purchase of the Livingston Town Center in a $21.25 million deal. Located at the intersection of North Livingston Avenue and Mt. Pleasant Avenue, the 65,000 square foot center features 28 stores, restaurants and service retailers. Built in 2006, the retail center was 96 percent leased at the time of the sale. Cushman & Wakefield’s Metropolitan Area Capital Markets Group sold the property on behalf of the owners, a joint venture of Onyx Equities and Lubert Adler. “Livingston Town Center occupies a prime location in one of Northern New Jersey’s most desirable residential communities, and is part of a successful town center concept that also includes 114 upscale residential units,” said Cushman & Wakefield’s David Bernhaut. “Its best-in-class curb appeal and complementary tenant mix distinguish the property within its competitive set. At a time when investors continue to chase high-quality retail, this offering was very well received.”
