CBRE’s National Retail Investment Group represented Goodrich Hazlet LLC in the sale of Kmart Plaza in Hazlet, for $26.2 million. The group was also responsible for procuring the buyer, Onyx Equities.
Kmart Plaza is a 203,900 square-foot center anchored by Kmart, with additional tenants including Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. The center is located in an infill market on Route 35 (42,700 cars per day) in a dense retail corridor, with over two million square feet of retail within approximately five miles of the center. Nearby tenants include Costco, Lowe’s, Home Depot, ShopRite, Stop & Shop, Bed Bath & Beyond, Target, Kohl’s and Petco, to name a few. At 71% occupied, the Property benefits from strong in-place income with upside through lease-up of the former 51,000 square-foot Pathmark.Related Articles: