Cornerstone Real Estate Advisers bought the Village at
Cambridge Crossing, a 127,993-square-foot community retail center at Route 38
and Briggs Road in Mount Laurel, N.J., for $41.7 million.
The seller was Paramount Realty of Lakewood, N.J., which
bought the property in 2003 for $22 million. The center sits on 18.8 acres and
was 99 percent occupied at the time of sale.
LA Fitness is the center's anchor tenant and it occupies
43,000 square feet. Other tenants include Chico's, Ann Taylor Loft, Ruby
Tuesday and Charming Charlie.
Cornerstone also owns locally the Baederwood Shopping
Center, a 117,000-square-foot retail strip anchored by Whole Foods, in
Jenkintown, Pa.
Brad Nathanson and Thomas Gorman of CBRE arranged the
sale of Village at Cambridge Crossing and the prior sale of Baederwood.
Source: Philadelphia
Business Journal
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