Rio Mall at 3801 Route 9 South in Rio Grande — Courtesy: NAI Mertz
By Joshua Burd
A nearly 175,000-square-foot retail center in Cape May County is under new ownership after a recent sale arranged by brokers with NAI Mertz.
The property, Rio Mall, sits at 3801 Route 9 South in the Rio Grande section of Middle Township. An unnamed buyer acquired the 173,880-square-foot complex, which has a vacant 121,000-square-foot former Kmart store, for an undisclosed price.
Fred Meyer and Jonathan Klear of NAI Mertz represented the private seller, noting that negotiations were underway for more than half of the vacant Kmart space at the time of the sale.
“We got above asking price had multiple offers, and interested parties by using our extensive relationships in addition to our RCM Platform which was instrumental drawing further attention to the asset,” Klear said. “The buyer will have plenty of upside and we already have sufficient interest and leases out for some of the vacancy.”
Located less than a mile from Exit 4 of the Garden State Parkway, the 15.25-acre property is already home to tenants such as Konsole Gaming, Rent-a-Center, Save-A-Lot and Frank Theaters.