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.
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