A former Shop Rite and adjacent retail spaces in Fair Lawn owned by TFE Properties has been sold for $14 million, according to an announcement from The Goldstein Group. Goldstein successfully brokered the sale of the shopping center at 17-17 to 17-77 River Road, according to Neil Goldstein, principal.
Marc Palestina, vice president, CJ Huter, vice president, Lew Finkelstein, executive vice president, and Neil Goldstein for The Goldstein Group represented the seller, 17-77 River LLC and SSM River LLC. The purchaser BSPSS Mid-Atlantic, LLC was represented by Frank Truesdell and John Picco from Cushman & Wakefield.
JLL’s Capital Markets Investment team advised the seller in the deal. The JLL team included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno. JLL Capital Markets was also involved in the prior sale of this property, which occurred less than one year ago in August of 2024.
River Road Shopping Center, originally built in 1962, consists of 92,523 square feet of prime retail space spread across three buildings on a 6.45-acre site.
Originally constructed in the 1990s and shuttered in June 2023 following Shop Rite’s relocation to a larger facility on Maple Avenue, the River Road property now sits raised for transformation.
The sale of the 6.45-acre site included a vacant 54,500 square foot former ShopRite, a freestanding Walgreens, and a 14,900 square foot strip center anchored by Sherwin Williams.
According to O’Hearn, “We’re thrilled to have assisted TFE Properties with the successful completion of their value-add strategy in less than one year from acquiring the property. With the lack of retail development in the region, combined with the exceptionally strong user demand, opportunistic investors are poised to do very well in this market.”
“The purchaser has plans to reposition the former ShopRite space for a new use,” noted Palestina. “While the property was initially introduced to the market for lease, a strategic sale opportunity materialized, prompting ownership to shift strategy and move forward with the sale.”
The property benefits from quick access to major routes like Routes 208, 4 and 17 as well as Interstate 80, offering unmatched regional connectivity. Additionally, it’s located in proximity to local professional offices, educational institutions, residential areas and several multi-housing communities.
