MOUNT LAUREL, NJ—Paramount Realty has sold the Village at Cambridgerossing, at the intersection of Route 38 and Interstate 295 in Mt. Laurel, NJ, to CornerstoneRealEstateAdvisers for $41.7 million.
Brad Nathanson and Thomas Gorman of CBRE's Philadelphia office, in partnership with JeffreyDunne and David Gavin of CBRE's Metro New York National Retail Investment Group, represented Paramount Realty. The team was also responsible for procuring the buyer, Cornerstone Real Estate Advisers. CBRE has been retained as exclusive Agent for management and leasing of the property.
Anchored by LAFitness, Cambridge Crossing is a high profile community shopping center, strategically located at the intersection of Route 38 and Exit 40 of Interstate 295, two of the busiest highways in Southern New Jersey. The center is located at the border of Moorestown and Mount Laurel, two of the wealthiest towns in the area, with average household incomes exceeding $118,000. It is 100% leased at the time of sale and other well-known tenants at the center include Chico's, Ann Taylor Loft, Verizon Wireless, AAA Car Center, Ruby Tuesday and Charming Charlie.
“We had a successful execution with an owner looking to grow its regional retail portfolio after acquiring Baederwood Shopping Center in Jenkintown, PA, from CBRE in 2013,” says Nathanson. “Cambridge Crossing represents a best-of-class asset with lifestyle tenancy strategically straddling I-295 with Centerton Square, a 730,000 square foot power center anchored by Wegmans.”
“The high incomes and growing population density coupled with three million square feet of office space surrounding VillageatCambridgeCrossing provide a strong daytime and evening shopping population, which should generate an increasing long term cash flow for Cornerstone,” says Dunne.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
