An empty South Jersey shopping center will get new life as seven national tenants plot new locations in the Deptford Town Center.
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Aldi, Tractor Supply Co., First Watch, Nordstrom Rack, Blinds To Go, Aspen Dental and Chase Bank will move into the roughly 100K SF strip center at 1765-1775 Deptford Center Road, according to a social media post from the township.
The center was previously anchored by a Bed Bath & Beyond, which was accompanied by several of the company’s subsidiaries, including Christmas Tree Shops and Harmon Face Value, according to a listing from JLL.
The site was left vacant after the parent company filed for bankruptcy in April 2023 and began shuttering stores.
Three of the new stores — Aldi, Tractor Supply and Blinds To Go — are set to open sometime this winter, 42Freeway reported. There are also plans to add two new pad sites, which will be fully developed at a later date.
The project is being led by MSP Development, based outside of Pittsburgh. MSC Retail partner Jason Bock brought together the seven tenants and helped finalize the sale to MSP.
The strip center was built on roughly 14 acres across from the Deptford Mall in 2014, according to JLL.
The township had nearly 3.7M SF of retail inventory last quarter and an availability rate of 9.8% in the sector, according to a report from CBRE. While the inventory metric hasn’t changed since Q1 2023, the availability rate has risen from 5.8% over the same period, according to an earlier report from the brokerage.
The township absorbed nearly 13K SF in the first three months of 2023, but that metric has dropped. Last quarter, Deptford's retail sector saw roughly 27K SF more departures than move-ins.
In-line triple-net retail asking rents in the township increased from $17.96 to $20.92 over the same period.
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