FOR IMMEDIATE RELEASE:
Contact: John Nalbone
Office of Communications & Public Information
(609) 259-3600 Ext. 129
ROBBINSVILLE, NJ – (February 26, 2018) – Stuck in limbo for the better part of seven years, it appears the beleaguered Foxmoor Plaza at 1095 Washington Boulevard is about to get a badly needed jump start.
With no bidders at the February 14 Sheriff’s Sale, U.S. Bank National Association purchased the 19 acre plaza for $100 and assumed $13.1 million of its debt. A new trust will be established and Colliers International purportedly will be retained to manage the property once the deed clears in approximately two weeks. Bank representatives intend to meet with Township officials before the end of March to discuss a targeted marketing campaign aimed at securing a buyer and developer for the 126,000 square feet at Foxmoor.
Mayor Dave Fried, however, will need plenty of convincing now that the Court and former property owners have been removed from the scenario after innumerable delays, postponements and a failure to capitalize on the Township's many resources triggered frustration and slowed progress at Foxmoor to a crawl.
“We’re happy the sale has finally happened, but we have limited confidence in (U.S. Bank National Association) and Colliers,” Mayor Fried said. “It took entirely too long to get to this point, and each of them has a long way to go to restore the trust and confidence of both the Township and the business owners there. It feels like I have been watching an Laurel and Hardy routine for the past two-plus years. We have offered assistance in every imaginable form to the bank and to Colliers, and each failed to fully capitalize on those resources.
"The best-case scenario for the tenants of Foxmoor is to sell this property and bring in a competent team, because I know for a fact there are some exciting possibilities and no shortage of interest in developing the plaza. I want to once again thank the Robbinsville businesses there which have stuck it out throughout this long, arduous process.”
The Foxmoor Plaza was designated “an area in need of redevelopment” by the Robbinsville Township Council via resolution in September, 2016. Approximately three acres of the center, including Friendly’s and Massimo’s restaurants, are located in Hamilton Township.