Livingston Town Center, Livingston, NJ
LIVINGSTON, NJ—The Azarian Group of Midland Park, NJ has acquired Livingston Town Center, a 65,000-square-foot, lifestyle retail property in Livingston, NJ, from a joint venture of Onyx Equities and Lubert Adler for $21.25 million.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the transaction.
“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,” says 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.”
Bernhaut headed the property marketing with Metropolitan Area Capital Markets team members Andrew Merin, Gary Gabriel, Brian Whitmer, Nick Karali and Seth Pollack. John Alascio and Sri Vankayala of the commercial real estate services firm’s Equity Debt and Structured Finance Group arranged the purchase financing.
Located at the intersection of North Livingston Avenue and Mt. Pleasant Avenue (Route 10), Livingston Town Center houses a diverse tenant mix including 28 convenience stores, restaurants and service retailers, among other categories and is 96-percent occupied. Fan Bistro, a high-end Asian restaurant, Restore Cold Pressed Juices, an organic juice bar and Dentistry with a Smile are among recent additions. Fit 36 and Xtend Barre will be opening soon.
Livingston Town Center was built in 2006 and acquired by the Onyx/Lubert Adler joint venture in 2011. That ownership improved traffic flow, increased occupancy, improved the tenant mix, secured a liquor license and expanded zoning to include additional retail uses.
“Onyx and Lubert Adler repositioned Livingston Town Center as a destination shopping center – with great success,” Whitmer says. “Now The Azarian Group has a fantastic opportunity to leverage the property’s infill location to increase value through property improvements and the market’s strong leasing momentum.”
Pollack says that the property’s prime location at a highly trafficked intersection in one of the wealthiest townships in New Jersey has been a key to its progress. North Livingston and Mt. Pleasant avenues offer a combined traffic count of more than 45,000 vehicles per day, and the neighborhood offers a population density of 2,590 persons per square mile within a five-mile radius. Livingston has an average household income of $173,223 and a median home value of $528,118.