2101 Route 70 in Manchester Township — Courtesy: TFE Properties
By Joshua Burd
TFE Properties has purchased two former Rite Aid locations in Ocean County, touting their redevelopment and leasing potential in growing commercial corridors.
The larger property, located in Manchester Township, is a freestanding 11,206-square-foot building at the signalized intersection of Route 70 and Ridgeway Road. The site benefits from exceptional visibility and accessibility, TFE said, noting that the two roadways have combined daily traffic of roughly 42,000 vehicles, while the surrounding trade area has experienced significant residential and commercial development.
In Lacey Township, the firm acquired a vacant 10,908-square-foot store on some 1.76 acres at the corner of Route 9 and South Main Street. The property’s signalized intersection has daily traffic of 26,000 vehicles, with strong visibility, access and zoning that allows for a wide range of retail and commercial uses.
TFE plans to actively market both locations to retailers, medical users, service-oriented businesses and other potential tenants seeking high-traffic locations in Ocean County, the company said. Terms of the deals were not disclosed.
“These acquisitions represent another step in TFE Properties’ continued investment strategy focused on well-located retail assets with strong redevelopment and repositioning opportunities,” said Carey Tajfel, president of TFE Properties. “Both sites are located within growing Ocean County communities and offer excellent frontage, traffic exposure and long-term value.”
