The Kmart Plaza in Hazlet, New Jersey has been acquired by Onyx Equities for $26.2 million. The 203,912 sqf center anchored by Kmart at 3052 NJ-35 traded for just over $128 per sqf. The center is currently leased at over 71 percent with national tenants including including Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. CBRE’s National Retail Investment Group represented Goodrich Hazlet LLC,the seller an affiliate of Goodrich Management, in the sale and procurred the buyer as well. Jeffery Dunne, CBRE commented: “Kmart Plaza represents a highly unique value add opportunity in a major retail market in New Jersey. The center is ideally positioned for near-term lease up and potential redevelopment.”
