First, the great news regarding Foxmoor Plaza.
Since Pennmark Properties purchased the 19-acre, 126,000 square foot shopping center at auction in August of 2018 for $7.5 million dollars, vacancies are declining rapidly. I am very pleased to announce that Planet Fitness and STEM Academy will serve as two of the center’s anchor tenants!
When the bank finally relinquished the property and its millions in debts, the Foxmoor vacancy rate was listed at 41 percent. With another lease pending and another two poised to sign letters of intent, the occupancy rate in the once-beleaguered plaza could reach 85 percent over the next 60 days. In addition, extensive work on the building façade is expected to begin in Spring, 2020.
“Over the past twelve months there has been strong activity at the center, between the new tenants added and the renewals of the existing tenants,” Pennmark Properties CEO Don Cafiero said. “The Shoppes at Foxmoor is once again becoming a staple of the Robbinsville community and we’re excited to be part of the process.”
The bad news for some may be that despite the best efforts of everyone involved in this revitalization, the anchor tenant will not be a supermarket.
It certainly was not for a lack of trying. In conjunction with Pennmark, my team reached out to every major grocery and specialty chain on the East Coast, but the reality of three super ShopRite stores and a popular Acme all located within a five-minute driving radius proved to be a hurdle too large for those corporations to ignore.
Built in 1986, Foxmoor was deemed an “area in need of redevelopment” by the Robbinsville Planning Board in August, 2016. That assessment was due to deteriorating conditions and a spike in vacancies since Thriftway closed in 2011. Only approximately three of the center’s 19 acres are located in Hamilton Township, including Friendly’s Restaurant.
Pennmark, which also owns the Suburban Square Shopping Center on Scotch Road in Ewing, is making good on its focus of health, fitness and education-centered companies making a home in the plaza. Tenants that have been signed since Pennmark took over are: Planet Fitness (One of the fastest growing health club franchises in the U.S. with more than 1,800 locations nationwide); Thai Ginger: (1,627 square foot Thai restaurant); Justin’s Barbershop: (1,453-square-foot franchise barbershop); ATA Hamilton Karate: (1,534-square-foot Karate studio); The Healthy Animal: (1,125-square-foot franchise pet food store); Code Ninjas: (2,027-square-foot franchise computer school for children); Mathnasium: (1,533-square-foot franchise after-school Math program for children); Fit Body Boot Camp: (3,040-square-foot fitness franchise for adults), and we are thrilled to welcome Stem Academy: (15,000-square-foot school/childcare facility.
The list of tenants that have renewed are: Brighter Dental; Wellness Center (Dr. Swanekamp); Allied Vision; Edward Jones; Tindall Jewelers; Hair It Is; Cocoa Beach Tanning and Foxmoor Animal Hospital.
The beauty of this revitalization is everyone is on the same page. We also love the fact Pennmark does not just lease space to anyone. They keep an open mind, but it has turned away potential tenants that “don’t help other tenants or don’t fit the demographic.”
Town council is the redevelopment agency and my administration will continue to do everything we can to help with this revitalization. Businesses interested in leasing in Foxmoor should contact Robert Sichelstiel at email@example.com.
Dave Fried is the Mayor of Robbinsville Township.