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LJL Realty Acquires 190000 SF Hazlet Town Center For $44 Million From Onyx Equities

Property Image
SOLD
$44,000,000

New Jersey

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Retail190,000 SF
Sold 04/10/2025
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Property Image
SOLD

LJL Realty Acquires 190000 SF Hazlet Town Center For $44 Million From Onyx Equities

3070 New Jersey Highway 35

See Similar Deals
Retail190,000 SF
Sold 04/10/2025
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$231
Total Square Footage:190,000 SF
Transaction Type:Sale

The retail asset involved in the transaction is located at 3010-3070 Route 35 in Hazlet. The sale price for the property was $44,000,000, and it encompasses a total square footage of 190,000. The property, formerly known as Kmart Plaza, is currently 90% leased and is anchored by tenants including Aldi, Burlington, and Urban Air.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $44,000,000
  • Square Footage: 190,000
  • Address: 3010-3070 Route 35
  • Market: Hazlet
  • Price Per Square Foot: $232
  • Buyer: LJL Realty
  • Seller: John Saraceno, Jr. & Jonathan B. Schultz - Onyx Equities

The transaction was facilitated through a property exchange with OASG Hazlet LLC, an affiliate of Onyx Equities, marking a significant acquisition for LJL Realty. The individuals involved in the sale, John Saraceno, Jr. and Jonathan B. Schultz, are associated with Onyx Equities.

Players

JJ
Onyx Equities
John Saraceno, Jr.
3 deals$366M volume
SELLER
Onyx Equities
Onyx Equities
SELLER

Details

SOLD
IMAGE: John Saraceno, Jr. & Jonathan B. Schultz DATE: 04/10/2025 ADDRESS: 3010-3070 Route 35 MARKET: Hazlet ASSET TYPE: Retail BUYER: LJL Realty SELLER: John Saraceno, Jr. & Jonathan B. Schultz (@StreetSchultz) - Onyx Equities SALE PRICE: $44,000,000 SF: 190,000 ~ PPSF: $232 NOTE: LJL Realty acquired the 190,000 SF Hazlet Town Center for $44 million from OASG Hazlet LLC, an affiliate of Onyx Equities, in a property exchange. The center, 90% leased and anchored by Aldi, Burlington, and Urban Air, was formerly Kmart Plaza.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,346,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$156,322.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$208,582.45
Annual Debt Service$2,502,989.37