Pennmark Properties Acquires
Foxmoor Shopping Center for $7.5 million
Company Plans to Honor All Existing Leases with an Eye Toward Revitalization
ROBBINSVILLE, N.J. – (August 3, 2018) - The Foxmoor Shopping Center on Route 33 was purchased at auction by Pennmark Properties August 1 for $7.5 million, well under the appraised value of $13.1 million.
Pennmark, which also owns the Suburban Square Shopping Center on Scotch Road in Ewing, said in a meeting with Township officials Friday it will honor all existing leases once closing takes place at the end of this month.
“I am very pleased we now have what appears to be an experienced owner with a documented track record of turning around similar properties,” Robbinsville Mayor Dave Fried said. “I am very hopeful we can finally begin moving Foxmoor in a new direction. Thank you to the residents who have continued to patronize the businesses through these lean years, and to those businesses for continuing to persevere through some very tough times. Our Township Council and the entire staff in Robbinsville have dedicated a great deal of time to this effort and I want to thank them for all of their hard work.”
Pennmark Properties purchased the Coventry Mall in Pottstown, Pa. in April, 2016 and increased the tenant occupancy rate from 65 percent to 89 percent in two years. Foot traffic increased dramatically with more food vendors and following much-needed repairs to the mall.
“We bring fresh, new ideas with the focus on bringing daily traffic back to these centers,” Pennmark Properties CFO Bob Sichelstiel said. “Revitalization is a word we like to use. Over the next three weeks we’re going to see what the market wants … and then bring it here.”
Built in 1986, Foxmoor was deemed an "area in need of redevelopment" by the Robbinsville Planning Board in August, 2016. That assessment was made due to deteriorating conditions and an increase in vacancies within the complex since Thriftway closed in 2011. The 126,000-square-foot center encompasses 19 acres. Approximately three of those acres are located in Hamilton Township, including four restaurants.
During the online auction, which took place from July 30 to August 1, the Foxmoor vacancy rate was listed at 41 percent. At the Coventry site, Pennmark’s strategy was to tackle filling the corners of the mall first, followed by the inside spaces.
“We’re thrilled and everyone is on the same page,” Robbinsville Township Director of Community Development Hal English said. “Council is the redevelopment agency and we will do everything we can to help with the revitalization, including working with Pennmark and the Department of Transportation on a right-in and right-out from Route 33, which is obviously very important to the success of the complex.”
Businesses interested in leasing in Foxmoor should contact Mr. Sichelstiel at email@example.com.