A Cherry Hill retail site has been purchased for $4 million, with plans for a CVS to be located at the intersection, according to Rose Commercial Real Estate.
The Marlton-based real estate firm said the two-acre property, which includes a series of lots at 1803 & 1807 Springdale Road and 1900-1904-1906 Rt. 70 E., was purchased by Moreland Development LLC of Bala Cynwyd, Pennsylvania. The developer already has broken ground for the new, 13,074-square-foot CVS at the intersection of Route 70 East and Springdale Road.
Adam Rose, president, and Jeffrey Lucas, director of business development, worked on the deal, which involved several undisclosed sellers.
“This is not the first time we have worked with Moreland Development,” Rose said in a prepared statement. “I have known (partner Eric Seidman) for years and admire every member of his team. Their professionalism is beyond reproach.”
The official close was Oct. 8, and the CVS is expected to open in summer 2021.