Urban Farms Shopping Center…Sold

By The Franklin Lakes Journal

Published: January 11, 2010

The Urban Farms Shopping Center in Franklin Lakes, anchored by The Market Basket, was recently sold for over twenty-two million dollars to Urban Farms Acquisition, LLC and Two Sunny Hill Associates, LLC. The landmark shopping destination for Franklin Lakes and surrounding communities includes 74,000 square feet of retail space and 16,000 square feet of office space. Starbucks, TD Bank, Hallmark and the Chateau Salon featured in the Housewives of New Jersey are a few of the other retail outlets.

In the cycle of history, Urban Farms, under the McBride family stewardship, opened in the late 1950’s developing homes in Franklin Lakes.Homes on one acre were selling for around $60,000 back then. In 1954 only 20 percent of Franklin Lakes’ 6,000 acres was developed, and up till the 1960s much of the borough was still considered countryside. The expansion of 287, and one of the lowest tax rates in the county, brought continued growth to Franklin Lakes through the 1980s.

The 1990’s saw an increase in commercial activity, besides the major pharmaceuticals, with new restaurants, shops, and other retail businesses opening to service the growing community.