Lacey and manchester former rite aid stores slated for retail redevelopment

OCEAN COUNTY, N.J. — Two vacant former Rite Aid properties in Ocean County could soon see new life after TFE Properties announced Monday that it acquired retail sites in Manchester Township and Lacey Township as part of its continued push into redevelopment-focused commercial investments.

The properties, both located along heavily traveled commercial corridors, include an 11,206-square-foot building at Route 70 and Ridgeway Road in Manchester Township and a 10,908-square-foot former Rite Aid on Route 9 and South Main Street in Lacey Township. TFE Properties said the locations will be marketed to retailers, medical operators, and service-oriented businesses seeking high-traffic storefronts in growing parts of Ocean County.

The acquisitions arrive as former pharmacy properties across New Jersey continue drawing interest from investors looking to reposition vacant big-box retail space in established shopping corridors.

High-Traffic Locations Draw Redevelopment Interest

The Manchester Township property sits at a signalized intersection with substantial daily traffic counts. According to TFE Properties, Route 70 carries about 26,000 vehicles per day, while Ridgeway Road sees roughly 16,000 daily drivers.

Company officials said the surrounding area has experienced ongoing residential and commercial growth, strengthening the site’s long-term redevelopment potential and visibility for future tenants.

The Lacey Township acquisition includes approximately 1.76 acres at the corner of Route 9 and South Main Street, another signalized intersection in a major retail corridor. The site also sees roughly 26,000 vehicles daily, according to the company.

The property carries Commercial C-150 zoning, allowing flexibility for multiple retail and commercial uses.

Former Rite Aid Sites Continue Finding New Uses

Vacant Rite Aid properties have become increasingly attractive targets for redevelopment firms following widespread pharmacy closures nationwide. Their locations often include established infrastructure, direct highway access, existing parking, and visibility in densely traveled retail corridors.

TFE Properties said both Ocean County sites fit its broader investment strategy focused on repositioning underutilized retail assets in strong suburban markets.

“These acquisitions represent another step in TFE Properties’ continued investment strategy focused on well-located retail assets with strong redevelopment and repositioning opportunities,” Carey Tajfel, president of TFE Properties, said in a statement.

“Both sites are located within growing Ocean County communities and offer excellent frontage, traffic exposure, and long-term value,” Tajfel added.

Key Points

• TFE Properties acquired former Rite Aid properties in Manchester and Lacey townships
• Both sites sit along major Ocean County retail corridors with about 26,000 daily vehicles
• The company plans to market the properties to retailers, medical users, and service businesses

Ocean County Retail Corridors Continue Expanding

Both acquisitions place TFE Properties in rapidly developing sections of Ocean County, where residential growth has fueled continued retail demand and commercial redevelopment activity.

The Manchester Township location benefits from direct frontage along Route 70, one of the county’s key east-west transportation routes connecting residential communities with shore destinations and regional shopping areas.

In Lacey Township, the Route 9 corridor remains one of the township’s primary commercial districts, supporting a mix of national retailers, restaurants, healthcare providers, and local businesses.

TFE Properties did not disclose financial terms of the acquisitions or identify potential tenants currently in negotiations for either site.

The company said it plans to actively market both properties for future leasing opportunities, targeting businesses seeking established retail locations with high visibility and strong traffic exposure.

At this stage, both former Rite Aid buildings remain vacant while redevelopment and leasing efforts move forward.

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