Category: Press

The Azarian Group, L.L.C., a leading New Jersey-based, commercial real estate investment, leasing, and management firm, has promoted Kevin Pelio to Executive Vice President.

Pelio, who joined the firm at the end of 2021, has been a key contributor in leading the leasing and property management departments through merchandising mix and leasing strategy, budget forecasting, capital expenditure allocations, day-to-day property management oversight, and tenant fit-out construction management for the company’s third-party portfolio of commercial properties.  Since joining the firm, Pelio has directly overseen new lease negotiations of 160,000 square feet of retail and office space, across a broad spectrum of local, regional, and national retailers, bringing the portfolio’s occupancy to 92%.  In the expanded role, Pelio will continue to focus on the core business functions as well as the implementation of new business development and assignments, interdepartmental staffing and coordination, and vendor administration.

“Kevin has worked hard to launch us from a portfolio pandemic low of 76% occupancy to a current high of 92%, which has included 42 new leases during his short tenure. His vision and knowledge of new and innovative concepts have propelled us forward during this challenging time,” states John M. Azarian, CEO, of The Azarian Group, L.L.C.

Founded in 1970, The Azarian Group, L.L.C. is a fully integrated property ownership and management company comprised of a 20-property portfolio, approximately 350 tenants, in a portfolio of 1,300,000 square feet of commercial real estate throughout New Jersey and New York.

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Related Press:

Azarian Group Promotes Kevin Pelio to Executive Vice President – ROI-NJ, 06/14/2023 

Azarian Group Promotes Pelio to Executive Vice President – Real Estate NJ 06/14/2023

 

 

Azarian Realty Co. is pleased to announce that Big Blue Swim School has leased 9,746 SF in The Shoppes at North Brunswick in North Brunswick, NJ.

Kevin Pelio of Azarian Realty Co. represented the Landlord and David Dunkelman of Soloff Realty & Development represented the Tenant in this transaction.

The addition of Big Blue Swim School will add to the Center’s already diverse mix of specialty stores, fitness, and restaurants.

“We are delighted to add Big Blue Swim School to The Shoppes which will round out our impressive and diverse lineup of retailers. Big Blue will offer the community a family-focused environment for children to have healthy physical fitness and hands-on training for this life-essential skill, that will last a lifetime. To accommodate this larger footprint for Big Blue Swim School, we had to work with all parties to look at the merchandising mix holistically and use creative strategies, including the relocation of existing retailers and a combination of contiguous space, to provide one succinct unit to accommodate this use and their required footprint.

 

We are greatly appreciative of the time devoted by our ownership client, as well as David at Soloff Realty and L5 Capital who served as consultants for Big Blue, in understanding the vision and their patience in its execution. In the evolution of the shopping center from a core soft good retail setting, to now a broad spectrum of food offerings, service, and fitness offerings as well as a continued roster of national clothing retailers, our vision is coming to fruition in strengthening the merchandising mix and increasing weekly customer visits. This lease now brings the shopping center to 94% occupied.”, stated Kevin Pelio, Executive Vice President of Azarian Realty Co. and The Shoppes at North Brunswick exclusive leasing agent, in announcing this new lease.

Big Blue Swim School has over 20 existing locations, with six more currently under construction throughout the U.S. This deal marks its third location in New Jersey, with the other two locations in Watchung and Paramus.

Leasing activity is at a record high at The Shoppes at North Brunswick, located at the intersection of Route 1 & 130 in North Brunswick New Jersey.

Earlier this month, Hummus Republic celebrated its grand opening. Currently, six more stores are under various stages of construction and governmental approvals, which include: The UPS Store, Inspire Physical Therapy, Workshoppes, Paris Baguette, Heavenly Cute Apparel, and Girl Scouts Dream Lab. Girl Scouts Dream Lab leased 3,500 SF and is presently undergoing a comprehensive build-out. This will be only the third location nationally for this experiential and community-oriented concept that will create an immersive brand experience for the local North Brunswick community. Girl Scout Dream Lab is estimated to open to the public at the end of the second quarter this year.

Current leasing opportunities include ground floor retail and 2^nd floor professional space ranging between 3,143 and 5,975 SF, with reasonable subdivisions considered. Azarian Realty Co. is the exclusive leasing and managing agent for The Shoppes at North Brunswick. Contact Kevin Pelio, Executive Vice President to inquire about current leasing opportunities in The Shoppes at North Brunswick.

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Related Press:

Azarian Realty Negotiates 9,746 SF Retail Lease in North Brunswick, New Jersey – Northeast Real Estate Business, 05/15/2023

Swim School Leases 10,000 sq. ft. at The Shoppes at North Brunswick, Azarian Says – Real Estate NJ, 05/12/2023

 

Azarian Realty Co. announces two recent deals with office users in the Middlesex County, New Jersey area.

Inspire Physical Therapy has leased 1,192 SF on the 2^nd floor of The Shoppes at North Brunswick in North Brunswick, NJ. The space will serve as the office’s first location.  James Azarian of Azarian Realty Co. represented the Landlord and Ginamarie Pizzola of Keller Williams Preferred Properties represented the Tenant in this transaction.

The Shoppes at North Brunswick is a 147,000 SF Premium Lifestyle Center located on Route 1 & 130 in North Brunswick, New Jersey. It is home to over 35 national brands including fast casual and sit-down restaurants, retailers, services, fitness centers, and 2nd floor office space. One more, fully built out, 2^nd floor office space remains available, in addition to select ground-level retail.

In January, Azarian Realty Co. completed a lease with Dr. Anuj Kapadia who leased 2,736 SF on the 2^nd floor of Plaza K Shopping Center, located in Woodbridge, NJ. Kevin Pelio of Azarian Realty Co. represented the Landlord and Matthew Amato of Shire Realty and Reed Wrisley of Practice Real Estate Group represented the Tenant in this transaction.

Plaza K Shopping Center is a 30,000 SF shopping center centrally located on Route 1 South in Woodbridge. Only one leasing opportunity remains available: a 2,600 SF ground-level in-line space.

Azarian Realty Co. is the exclusive leasing and managing agent for both The Shoppes at North Brunswick and Plaza K Shopping Center. Contact Kevin Pelio, Senior Vice President, or James Azarian, Assistant Director of Leasing to inquire about current leasing opportunities.

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Related Press:

Azarian Realty Co Arranges Two Medical Office Leases – ROI-NJ, 03/15/2023

Azarian Touts New Healthcare Leases at North Brunswick, Woodbridge Shopping Centers – Real Estate NJ, 03/16/2023

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

Azarian Realty Co. is proud to announce its many accomplishments and successes in 2022, which resulted in not only significant leasing activity but the addition of many new property management assignments.

Leasing activity saw a significant increase across the firm’s portfolio, which covers the New Jersey/New York Metropolitan marketplace. Over 60,000 square feet was leased in 2022 and 75,000 square feet was added to Azarian’s management portfolio. The firm’s assets under management now exceed over 1.2 million square feet. Azarian reports that the top use among all completed deals in 2022 were restaurant tenants. 33% of Azarian Realty Co.’s 2022 deals were restaurant uses, while the remaining top uses were office at 23% and service businesses at 20% of all total deals in 2022. Nearly a quarter of all transactions were co-brokered deals.

Livingston Town Center experienced the most leasing activity in 2022 under Azarian Realty’s assets under management. A total of seven new tenants, ranging from restaurants to fitness and service, signed leases at the open-air center in Livingston, New Jersey.

2022 was a record-setting year for Azarian Realty Co. in terms of expanding its assets under management. Of the five new property management assignments, its largest includes a four-building mixed-use portfolio centrally located in Hudson County, New Jersey. “We are beyond excited to take on this management assignment and bring our best-in-class services and ideas to drive the value of these assets for ownership,” said Kevin Pelio, Senior Director of Leasing.

Azarian Realty Co. looks forward to continuing this momentum in its 39^th year in business by continuing to provide professional commercial real estate leasing and property management services throughout the New York Metropolitan marketplace.

If you are interested in learning more about the services Azarian Realty Co. provides, please contact Kevin Pelio, Senior Director of Leasing at kpelio@azariangroup.com.

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Related Press:

Azarian Realty Co. reports record growth and expansion in 2022 – ROI-NJ, 01/17/2023

Azarian boasts record growth in 2022 fueled by new leasing, management assignments – Real Estate NJ, 01/17/2023

Azarian Realty Co. has announced that it has been awarded a four-building property management assignment in Hudson County, New Jersey. The assignment consists of mixed-use properties that total 27,433 SF, with 29 residential units and 3 commercial units.

The firm will be exclusively managing and leasing the mixed-use and residential properties located at 99 Clifton Avenue in Weehawken, 6300 Bergenline Avenue in West New York, 83 6^th Street in Guttenberg, and 6408-6410 Polk Street in West New York. The assignment will bring Azarian Realty Co.’s property management services to the Hudson County market and will strengthen its existing presence in northern New Jersey. The properties were 100% occupied at the time of the assignment.

The management assignment of these properties is an expansion of the firm’s assets under management, which also consists of office, mixed-use, and retail properties across New Jersey and New York. “With the addition of these centrally located, premier Hudson waterfront properties, our assets under management now exceed 22 properties and over 1,200,000 square feet,” says Kevin Pelio, Senior Director of Leasing. Pelio adds that “We are beyond excited to take on this management assignment, for a long-holding family office, and bring our best-in-class services and ideas to drive the value of these assets for ownership.”

Azarian Realty Co. is a licensed real estate commercial brokerage in New York and New Jersey founded in 1984. Since then, Azarian Realty Co. has provided customized commercial real estate services including Landlord representation, Tenant representation, and Property Management to the New York Metropolitan area.

The firm is additionally providing third-party brokerage, accounting, and lease administration services for all properties in the portfolio, as well as for this new assignment.

For more information about Azarian Realty Co.’s services, please contact Kevin Pelio at kpelio@azariangroup.com or visit azariangroup.com.

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Related Press:

Azarian Realty gains 4-building property management assignment in Hudson County – ROI-NJ, 12/02/2022

Azarian scores four-building property management assignment in Hudson County  – Real Estate NJ, 12/02/2022