CBRE on Wednesday said it helped facilitate a $13 million sale of three stand-alone shopping center properties and an undeveloped land parcel situated within Cedar Hill Shopping Center, a 366,000-plus-square-foot power center anchored by Lowe’s, BJ’s Wholesale Club and Aldi in Voorhees.
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,” Gorman said. “The buyer correctly identified the value-add potential of acquiring the assets as a portfolio, knowing that they would be worth substantially more on an individual basis due to the flexibility of the condo ownership structure in place.”
The properties sold include units 2, 3 and 4 (62,358 square feet) within Cedar Hill Shopping Center at 142-178 Route 73, a 19.2-acre shopping complex with parking for nearly 1,700 vehicles. The properties feature a diverse mix of food/beverage, health and wellness, merchandise and service provider tenants including Starbucks with drive-thru, the Vitamin Shoppe, AT&T and a newly added 22,000-square-foot Savers Thrift Store as well as national anchor tenants.
The South Jersey assets are located directly across from Virtua Health’s 120-acre Voorhees health care campus, which consists of a 386-bed inpatient acute care hospital and 300,000-square-foot health and wellness center. The property is also adjacent to a 10-acre, 216-unit senior-living community currently under development.