If you are from Clifton (New Jersey), you may have heard about Unclaimed Freight. This place was located in a very old commercial property, which was known as the former Unclaimed Freight Center, but the news is that this property is going to be redeveloped into a brand-new retail complex anchored by a supermarket.
The project involves an $11.5 million investment, and construction is already set to begin. If everything moves forward as planned, the new shopping center is expected to open to the public in 2027. So, let’s learn more about the beloved Unclaimed Freight and the new project.
From Unclaimed Freight to a grocery-anchored retail center
The building where the furniture store Unclaimed Freight was occupies a great part of the almost 49,000-feet-square commercial property in Clifton (New Jersey). This is why many locals refer to the building as the Unclaimed Freight Center.
This property will now be transformed into a grocery-anchored retail center. Basically, the main business in the complex will be a supermarket and around that supermarket, there will be additional stores and services.
The redevelopment represents a complete repositioning of the property. Instead of functioning as a single large furniture store space, it will become a multi-tenant retail center designed to attract steady daily customer traffic.
High investment and financing details
The redevelopment of the former Unclaimed Freight site is backed by an $11.5 million loan and the transaction was arranged by JLL, a global commercial real estate services company. The loan was provided by Fidelity Investments, which financed the 48,535-square-foot property as part of the transformation plan.
According to the official statement, construction is expected to begin immediately, and it’s expected to be completed within approximately 18 months, placing the public opening sometime in 2027.
Did you think this was all the money invested into the project? Not at all! In addition to the primary financing, about $1.5 million will be spent on capital improvements. These improvements include:
- Enhancements to the building’s façade
- Upgraded signage
- Replacement of HVAC systems
- Repairs to the parking lot
- Roof updates
The location
Why was this location chosen? According to data shared by JLL, the location where the property sits is in a retail submarket that has maintained very low vacancy rates of just 1.7% over the past five years. So, most commercial spaces in the area are occupied, which means strong demand.
What’s more, the property is located in one of New Jersey’s busiest retail corridors. Approximately 56,000 vehicles pass the site each day, and high traffic levels are important for retail centers because they increase visibility and customer access.
Another important detail is that the commercial property was already 80% preleased before the financing deal was finalized. This means most of the space has already been committed to tenants, even before construction improvements are complete.
Closures around the U.S.
We should also mention the broader context of retail challenges in the United States. Experts have warned that up to 45,000 physical stores could close over the next five years.
An analysis from UBS predicts that the total number of retail stores could decline from 958,000 to 913,000. Several major retailers have already announced store closures or filed for bankruptcy in recent years. For example:
- Foot Locker announced plans to close up to 400 stores by 2026.
- Tuesday Morning filed for bankruptcy in 2023.
- Mitchell Gold + Bob Williams also filed for bankruptcy in 2023.
- Bed Bath & Beyond closed all of its physical stores and now operates online only.
The sectors most affected have included clothing, consumer electronics, sporting goods, hobby shops, book stores, music stores, and home furnishing retailers. However, the report also suggests that some large retailers may benefit from industry changes. Companies such as Walmart, Costco, Home Depot, and Target are expected to remain strong.
What you could find in the new shopping center
While official tenant announcements have not yet been made, proposals for the upcoming shopping center include: a supermarket, a day care center, an indoor playground, and a food court. These types of businesses are designed to serve everyday needs while also providing family-oriented services and dining options.
So…
What was once a single furniture store will soon become a modern grocery-anchored retail center designed to serve everyday needs. If you’ve driven past the old Unclaimed Freight building countless times, you may soon see it in a completely new light. What do you think about this change?