CBRE Arranges $13 Million Sale of 3 Retail Properties and Development Site within the Cedar Hill Shopping Center in Voorhees, NJ
December 20, 2023
CBRE today announced the $13 million sale of three stand-alone shopping center properties and an undeveloped land parcel situated within Cedar Hill Shopping Center, a 366,000+ square foot power center anchored by Lowe’s, BJ’s Wholesale Club and Aldi in Voorhees, NJ.
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 successful 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,” said Mr. Gorman. “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 sq.-ft. Savers Thrift Store as well as national anchor tenants.
The South Jersey assets are located directly across from Virtua Health's 120-acre Voorhees healthcare campus, which consists of a 386-bed inpatient acute care hospital and 300,000 sq. ft. health and wellness center. The property is also adjacent to a 10-acre, 216-unit senior-living community currently under development.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.