Azarian Realty Co. is pleased to announce that Hobby Lobby has leased 58,952 SF in the Neptune Plaza Shopping Center in Neptune Township, NJ. The big-box retailer will be taking the prime Route 66-facing anchor space formerly occupied by Home Goods and Marshalls. Hobby Lobby is expected to open in 2024.

Kevin Pelio of Azarian Realty Co. represented the Landlord and Michael Testa of Jeffery Realty represented the Tenant in this transaction.

The 215,000 SF Neptune Plaza Shopping Center is anchored by a 113,000 SF World Class Shop Rite and is comprised of numerous national tenants including IHOP, Carvel, and a freestanding TD Bank pad with four-lane drive-thru.

In July 2022, 10,000 SF was leased to KPOT Korean BBQ & Hot Pot. The restaurant is currently under construction. The addition of Hobby Lobby brings the Neptune Plaza Shopping Center to 99.3% occupancy , with one in-line, retail space of 1,621 square feet available for immediate occupancy.

“When Marshall’s and Home Goods relocated in the market, it left considerable upside and opportunity to reposition the Neptune Plaza Shopping Center for the long-term ownership group we represent. Hobby Lobby was able to see that long-term vision and their future success at the property as well. We are thankful for the creative deal-making, tenacity, and perseverance of all our partners in this transaction, including Mike Testa and the Hobby Lobby team, and our own client in bringing this deal to fruition. We are slated to begin the oversight of the renovation and construction on this box in the next few weeks and look forward to Hobby Lobby’s highly anticipated opening,” states Kevin Pelio, Senior Director of Leasing.

Azarian Realty Co. is the exclusive leasing and managing agent for Neptune Plaza Shopping Center. Contact Kevin Pelio, Senior Director of Leasing to inquire about current leasing opportunities in Neptune Plaza Shopping Center.

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Related Press:

Hobby Lobby Signs 58,952 SF Retail Lease in Neptune, New Jersey – Northeast Real Estate Business, 01/20/2023

Neptune NJ Getting Hobby Lobby Store on Route 66 – Asbury Park Press, 01/18/2023

Hobby Lobby Signs Lease for New NJ Store – NJ.com, 01/19/2023

Hobby Lobby Heading to Neptune – NJBIZ, 01/20/2023

Azarian helps Hobby Lobby ink 60,000 sq. ft. lease in Neptune – ROI-NJ, 01/19/2023

Azarian: Hobby Lobby Takes 59,000 sq. ft. at Neptune Twp. Shopping Center – Real Estate NJ, 01/19/2023