FOR IMMEDIATE RELEASE
Contact: John Nalbone
Office of Communications & Public Information
(609) 918-0002 Ext. 129
COLLIERS INTERNATIONAL NJ LLC APPOINTED CARETAKER OF FOXMOOR PLAZA
ROBBINSVILLE, NJ - (November 3, 2015) - Colliers International NJ, LLC was appointed by the Monmouth County Court to become the controlling manager of the Foxmoor Shopping Plaza after the former landlord, Foxmoor Associates, LLC/Pettinaro Companies, gave the plaza back to the bank after years of neglect and mounting debt.
Colliers will serve as rent receiver from the handful of remaining tenants and make repairs such as defective roofs and crumbling sidewalks/curbs, but they are not in a position to infuse major capital into the property while it is in receivership. Colliers will serve as a caretaker until a new owner steps forward with a comprehensive plan to rejuvenate the entire plaza.
"Having Colliers in place is a very good thing until there is a transition of ownership,'' said Jaimee L. Katz Sussner, a partner with the firm of Herrick, Feinstein LLP. "Colliers is a top-notch entity and their first priority is to make every effort to clean up the property and respond to the maintenance needs of the tenants. Neither the lender, nor the receiver will allow this property to go into decay."
Robbinsville Township Council on Thursday, October 22 2015 unanimously approved a resolution that directs the Planning Board to undertake a preliminary investigation of the center to see if it fits the criteria as an "Area in Need of Redevelopment.''
Mayor Dave Fried recently met with concerned business owners in the beleaguered plaza, which is in need of a face lift, along with an anchor tenant to fill the void left by the closing for the former Marrazzo's Thriftway.
"This is the first step,'' Mayor Fried said last month. "We need to do everything we possibly can to help these business owners. The Township has offered the current property owner our assistance in every imaginable form, from the expediting of permits to the helping to improve the aesthetic to make the plaza more attractive. I feel we have to act.''
Council president Ron Witt said the township will continue to work to improve conditions, and pedestrian traffic, at the plaza while the Township works to find a more permanent solution to the Foxmoor problem.
"If the site investigation deems the center as an area in need of redevelopment it triggers a bunch of things that can be done on our end. It makes the redevelopment process that much more viable,'' Mr. Witt said. "We want those business owners, as well as our residents, to know we are committed to a long-term solution in Foxmoor. That said, there is only so much we can do and we do not have a magic wand. I would urge our residents to keep supporting the businesses that are there, that have stuck it out, and we will do everything we can on our end to help make that shopping center a destination once again.''