NEW JERSEY—Onyx Equities LLC, a private real estate investment,and management firm, has closed on the acquisition of a retail center in Livingston through its Phalanx Fund II.
John Lavalley, vice president ofat Onyx Equities and point-person on the purchase of Livingston Town Center represented Onyx in the transaction. David Csantos of Newmark Knight Frank represented the seller.
Constructed in the mid-2000s, Livingston Town Center is part of a master-planned residential and commercial development located at the intersection of Livingston and Mount Pleasant Avenues. The residential component of the development, the Gables, has seen the successful development of more than 80 units to date; the commercial component totals approximately 80, 000 sq. ft. of retail space and more than 300 parking spaces.
Upon completing the commercial development, the original developer was able to secure 100 percent occupancy, including such tenants as Nicole Miller, Wells Fargo and Omaha Steaks, among others.
However, a changing economic climate caused many of the original tenants to terminate their leases and the center’s occupancy fell to nearly 50 percent.
“Although there are clearly obstacles, Onyx and our partner Lubert Adler are excited to take on the challenge of returning Town Center to its planned prominence in Livingston,” said Stephen Sullivan, senior vice president of investments for Onyx.
The Goldstein Group has been hired by Onyx as leasing representative for Livingston Town Center.