River Road Shopping Center at 17-17 to 17-70 River Road in Fair Lawn — Courtesy: JLL
By Joshua Burd
TFE Properties has sold a nearly 93,000-square-foot shopping center with redevelopment potential in Fair Lawn, inking the deal less than a year after acquiring the property.
Brokers with The Goldstein Group represented the seller in the transaction at 17-17 to 17-70 River Road, the site of the three-building River Road Shopping Center. They noted that a ShopRite at the property shuttered in 2023 after moving to a new location nearby, making the site primed for redevelopment by the buyer, BSPSS Mid-Atlantic LLC.
“The purchaser has plans to reposition the former ShopRite space for a new use,” The Goldstein Group’s Marc Palestina said. “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.”
Palestina completed the deal alongside colleagues CJ Huter, Lew Finkelstein and Neil Goldstein, while Cushman & Wakefield’s Frank Truesdell and John Picco represented the buyer. JLL’s Jose Cruz, Kevin O’Hearn and J.B. Bruno advised TFE, having also brokered the previous sale of the property.
The JLL team noted that the 92,523-square-foot center, originally built in 1962, occupies 6.45 acres and includes tenants such as Sherwin Williams and Walgreens, plus the vacant grocery store with covered parking. The brokers also touted the borough’s dense, affluent population and the site’s quick access to routes 208, 4 and 17 and Interstate 80.
“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,” O’Hearn said.
TFE adds three-building, 93,000 sq. ft. retail property in Fair Lawn, in JLL-brokered deal
