Monday, September 18, 2023

Shopping Center, Three Industrial Buildings Slated for Former New Jersey Mall Site

 By Linda Moss CoStar News

The site of a former mall in Burlington County, New Jersey, is being redeveloped to include a shopping center and three large industrial buildings.

Ferber Co., a privately held real estate developer based in Ponte Vedra Beach, Florida, on Friday said that The Shops at The Crossings will occupy a portion of the site previously home to Burlington Center Mall at 2501 Mount Holly Road in Burlington Township. Located along Route 541, the redevelopment project will be constructed in phases to include three industrial buildings totaling 1.9 million square feet, which will be developed by MRP Industrial, and 30 acres of retail, The Crossings.

The mall, opened in 1982, became vacant in 2018 after the last tenant, Sears, closed its doors. Township officials collaborated on how to create a mixed-use development to improve the underutilized area, approving the plans and demolishing the old structure in 2021, according to Ferber, which has a regional office in Basking Ridge, New Jersey.

"We are currently working on construction of Phase 1 of the project, with many of the tenants projected to open December 2023 and are hoping to confirm a possible medical office, dual-branded hotel, and/or fitness center for Phase 2," Justin Hollander, Ferber vice president and retail development lead, said in a statement.

The tenant roster for the first stage includes Raising Cane's, Panera Bread, Freddy's Frozen Custard & Steakburgers, Discount Tire and Sleep Number.

The Burlington mall's demise helped spark legislation signed into law in August 2019 aimed at revitalizing New Jersey's vacant retail centers, struggling corporate office parks and other troubled commercial properties.

Clarion Partners of Dallas acquired the Burlington property in February 2019 for $22 million from Moonbeam Capital Investment of Las Vegas, according to CoStar.

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