Planet Fitness Signed to Anchor Foxmoor

Planet Fitness Signed to Anchor Foxmoor

ROBBINSVILLE, NJ - (December 19, 2019) - Planet Fitness has signed a minimum 10-year lease to occupy at least half of the former Marazzo's Thriftway in The Shoppes at Foxmoor, Pennmark Properties Chief Financial Officer Mr. Robert Sichelstiel announced Thursday.

As of September 30, 2019 Planet Fitness has 14.1 million members and 1,899 locations in 50 states,  District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama, and Mexico. The Company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which they call the “Judgement Free Zone.”
It will share the building with STEM Academy - a school and childcare facility - to help anchor the 126,000-square-foot plaza.
planetMany residents had hoped that another grocery store would take over. Robbinsville Mayor Dave Fried acknowledges their disappointment and maintains every attempt was made to land a food store, but the competition locally proved too strong.

"My team reached out to every major grocery and specialty chain on the East Coast,” Mayor Fried said, “but the reality of three super ShopRite stores and a popular Acme all located within a five-minute driving radius proved to be a hurdle too large for those corporations to ignore.”

Built in 1986, Foxmoor has seen a host of tenants come and go over the last decade and had just a 41 percent occupancy rate when Penmark purchased the plaza at auction in August of 2018 for $7.5 million.

Built in 1986, Foxmoor was deemed an "area in need of redevelopment" by the Robbinsville Planning Board in August, 2016. That assessment was due to deteriorating conditions and a spike in vacancies since Thriftway closed in 2011. Approximately three of the center’s 19 acres are located in Hamilton Township, including Friendly’s Restaurant.

In addition to STEM and Planet Fitness, a number of tenants have signed new leases with Pennmark, including: Thai Ginger, Justin’s Barber Shop, ATA Hamilton Karate, Code Ninjas, The Healthy Animal and Mathnasium. Existing tenants which have signed new leases are: Brighter Dental; Wellness Center (Dr. Swanekamp); Allied Vision; Edward Jones; Tindall Jewelers; Hair It Is; Cocoa Beach Tanning and Foxmoor Animal Hospital.

With another signed lease pending and two more letters of intent extended, Foxmoor’s occupancy rate could reach 85 percent within the next two months. Tenants that have renewed leases since the change of ownership include: Brighter Dental; Wellness Center (Dr. Swanekamp); Allied Vision; Edward Jones; Tindall Jewelers; Hair It Is; Cocoa Beach Tanning and Foxmoor Animal Hospital.

-RT-
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