New Jersey town center changes hands

The Azarian Group has acquired The Livingston Town Center in Livingston, New Jersey in a $21.2 million trade arranged by Cushman Wakefield.
 
The 11-year-old lifestyle retail property houses a diverse mix of 28 restaurants and shops, including Fan Bistro, an upscale Asian spot, Restore Cold Pressed Juices, and Dentistry with a Smile. Fit 36 and Xtend Barre are scheduled to open there soon.  
 
“It’s a successful town center concept that also includes 114 upscale residential units,” said Cushman & Wakefield’s David Bernhaut. “At a time when investors continue to chase high-quality retail, this offering was very well received.”
 
Seller of the property was the Onyx/Luber Adler joint venture, which purchased it in 2011.
 
“Onyx and Lubert Adler repositioned Livingston Town Center as a destination shopping center,” Whitmer said.
 
The Livingston Town Center is positioned on a highly trafficked intersection in one of the wealthiest townships in New Jersey. Livingston boasts an average household income of $173,223 and a median home value of $528,118.

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