Receiver Sale: Value-Add Retail Redevelopment

Highlights:

• Large Scale Value-Add Retail Center: The Tri State is a 114,679 SF retail center formerly anchored by national brands ShopRite and T.J. Maxx. The Property is now 2% leased while the competitive property set is nearly fully occupied with top tier tenants.
• 16.9 Acre Site with Flexible Zoning: The Property is a candidate for repositioning. Warehouse, self-storage, R&D, hospitality, manufacturing, retail and more are permitted uses as of right.
• Premier Accessibility: The Tri State mall is one turn and less than 0.75 miles from Interstate 84 connecting the Property to all of the major regional population centers. Approximately 30 million people live within 100 miles of the Property.

Description:

RI Marketplace Online Auction May 5-7, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2456/receiver-sale-value-add-retail-redevelopment?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2456

Colliers, in conjunction with RealINSIGHT Marketplace, is pleased to present the exclusive offering of the Tri State Mall located at 10 Route 23, Montague Township, Sussex County, New Jersey (“Tri State Mall” or the “Property”). Tri State Mall is a ±114,679 SF single-story retail center less than one mile from the borders of both New York and Pennsylvania. The Property was historically anchored by major national tenants including ShopRite, T.J. Maxx and Dollar Tree but is now ±2.0% occupied by a single tenant.

Tri State Mall represents a tremendous value-add opportunity. This area is home to a plethora of major national brands including WalMart, Home Depot, Lowes, ShopRite, Family Dollar among others. Several large retailers including Ollie’s Bargain Outlet and Planet Fitness have made recent lease commitments. The submarket vacancy rate is approximately 2% and the peer properties are strong performers. An influx of recent multi-family development will further strengthen this retail market.

Tri State Mall is also a strong candidate for redevelopment or repositioning. The ±16.9-acre Property is in the flexible Tri-State Center zoning district which permits a wide range of retail uses in addition to warehouse, laboratory, self-storage, hotel, manufacturing, wholesale and office, among other uses. Tri State Mall is one turn and less than 0.75 miles from the entrance to both I-84 East and West, connecting the Property to population centers in Pennsylvania, New York, Connecticut and Massachusetts. New York City, Hartford and Philadelphia are among the major cities within 150 miles of the Property.

The surrounding area has benefited from a boom of construction over the past five years. During this timeframe, there have been nine major warehouse developments totaling more than 2,000,000 SF, including several currently under construction. Since 2020, asking industrial rents in Sussex County have increased 48%, or 8.1% per year as supply remains constrained.

Peter Costanzo
c/o Fisher Auction Company, Inc.
License: BK No. 8910502

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