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Onyx Equities has sold Hazlet Town Center, a grocery-anchored, 190,000-square-foot shopping center in Hazlet, N.J. LJL Realty bought the asset for $44 million in an 1031 exchange. CBRE’s National Retail Partners represented the seller.

Onyx had purchased the retail center back in 2016 for $26.2 million, according to CommercialEdge data. Following the acquisition, the firm jump-started a five-year renovation plan that involved exterior upgrades as well as parking lot improvements as the property’s occupancy continued to rise.