Kmart Plaza, Route 35, Hazlet, NJ Kmart Plaza, Route 35, Hazlet, NJ

HAZLET, NJ—Onyx Equities has acquired Kmart Plaza in Hazlet, NJ, a 204,000 square-foot center anchored by Kmart, with additional tenants including Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes, for $26.2 million.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Investment Group represented Goodrich Hazlet, an affiliate of Goodrich Management, in the sale, and found the buyer.

The center is located in an infill market on Route 35 in a dense retail corridor, with more than two million square feet of retail within approximately five miles of the center. The center is 71 percent occupied, and benefits from strong in-place income with upside through lease-up of the former 51,000 square-foot Pathmark.

Kmart Plaza represents a highly unique value add opportunity in a major retail market in New Jersey,” says Dunne. “The center is ideally positioned for near-term lease up and potential redevelopment.”