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The basics:

• TFE Properties acquires 10-acre Orchard Plaza in Ocean Township
• Retail center built in the 1980s is mostly vacant
• Site designated for redevelopment; prime Route 35 location near Netflix facility
• Future plans include updates

TFE Properties LLC has added Orchard Plaza in Ocean County to its extensive portfolio.

The East Windsor-based real estate and development company announced its purchase of the 10-acre Oakhurst site Aug. 25. The price was not disclosed. The Ocean Township Planning Board designated the retail strip, at 1610 Route 35, as an area in need of redevelopment the week prior.

According to new ownership, the center served as a regular destination for shoppers when it was built in the 1980s. However, it has since fallen into disrepair. But with a prime highway location and new businesses, like Netflix, coming to the area, TFE says the time is ripe for an updated vision.

Room to grow

In a May 19 presentation to the local Planning Board, Topology founder and CEO Phil Abramson described Orchard Plaza as “one of the largest parcels of land on the Highway 35 frontage.”

According to minutes from the meeting, no major changes have taken place at the property since it arrived in the 1980s, despite several applications over time for tenant fit-outs. The site comprises two buildings totaling 72,000 square feet featuring 17 separate suites, Abramson said. There is one ingress and one egress with a total of 332 parking spaces. Parking is spread across a front and rear lot.

According to Topology’s presentation, Orchard Plaza is 85% vacant. TFE also told NJBIZ Aug. 27 that the property is mostly vacant, with very few tenants still there.

When it comes to what’s next, Abramson cited potential. He referenced Smart Growth Planning Principals – “which promotes a mix of land uses, an attractive community, a sense of place, etc.” – as applicable to the site, one of eight criteria outlined by the state for designating an area for redevelopment.

Abramson said the established commercial center offers access to a good road network and can also handle mixed uses, “should that be the long-term desire.”

This is the moment

“Monmouth County is an ever-growing destination for residents, vacationers, commuters, and businesses,” TFE Properties President Carey Tajfel said with his company’s announcement. “And with the new Netflix production facility coming to the former Fort Monmouth campus, Route 35 is going to see an increase in traffic.

“We want to make sure the area is up to its peak potential.”

While plans for the site are still fluid, Tajfel said TFE has several possibilities. “The plaza is situated in an excellent location along a busy thoroughfare surrounded by other thriving retail centers in Ocean Township,” they said. “We’re confident that with some modernization tailored to the community’s needs, the future site will thrive.”

According to coverage from The Coaster, Ocean Township Mayor John Napolitani said the local council seeks “something dynamic. Something out of the box.” He went on to underscore the importance of attracting new businesses – and tax ratables – into the building.

“We intend to work with the township in a collaborative effort to come up with a best plan for the property,” TFE told NJBIZ.