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Three NJ Retail Properties and Development Site Sold for $13M
CBRE has arranged a $13 million sale of three established shopping center properties and an undeveloped land parcel within Voorhees, NJ’s Cedar Hill Shopping Center.
The properties (units 2, 3, and 4) cover 62,358 square feet within the 19.2-acre Cedar Hill Shopping Center at 142-178 Route 73. The properties house tenants including Starbucks, The Vitamin Shoppe, AT&T, and a recently added lease with Savers Thrift Store taking 22,000 square feet.
The CBRE Philadelphia capital markets team of Matthew Gorman, Michael Shover, Thomas Finnegan, and Rob Thompson represented the seller, a New England-based debt fund, and procured the buyer. “This was a rare opportunity to acquire three stabilized retail properties along with a development site in a well-located and highly trafficked shopping center in the heart of an affluent suburban Philadelphia market,” said Gorman.
- ◦Sale/Acquisition
