Lamar Cos. JV Buys Philly-Area Retail Center
The property previously traded in 2014 for nearly $42 million.
Image by Eduardo Soares via Unsplash.com
Lamar Cos. and Real Capital Solutions have acquired Village at Cambridge Crossing, a 128,000-square-foot retail center in Mount Laurel, N.J. Barings, the seller, had purchased the asset back in 2014 for $41.7 million, according to CommercialEdge.
Village at Cambridge Crossing encompasses nine one-story buildings completed in 1999, the same data provider shows. Anchored by LA Fitness, the retail center is home to a mix of tenants that includes FedEx, New Balance, LOFT, Chico’s, Panchero’s Mexican Grill and AAA Car Care, among others.
Village at Cambridge Crossing occupies almost 19 acres at 4010 Dearborn Circle, some 16 miles from downtown Philadelphia. The property is near the intersection of Interstate 295 and Route 38, in an area where the daily traffic count reaches approximately 50,000 vehicles. Rowan College at Burlington County and The Funplex are within 2 miles of the shopping center.
Several transactions involving retail assets have closed in the Philadelphia metro since the beginning of the year. In February, PREIT sold a 65,155-square-foot Whole Foods Market parcel in Plymouth Meeting, Pa., while a joint venture between Goodman Properties and The Provco Group paid $24.6 million for a 134,980-square-foot, grocery-anchored shopping center in Warrington, Pa.
In March, Milbrook Properties acquired a 124,626-square-foot, grocery-anchored retail center in New Britain, Pa. JLL Capital Marketsfacilitated the deal on behalf of the seller, Federal Realty Investment Trust.
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