Cedar Hill Shopping Center at 142-178 Route 73 in Voorhees — Courtesy: CBRE
By Joshua Burd
A debt fund has sold three retail properties and an undeveloped land parcel in Voorhees for a combined $13 million, in a newly announced deal by CBRE.
According to the brokerage team, the assets are part of the 366,000-square-foot Cedar Hill Shopping Center at 142-178 Route 73. They include existing condominium-style space totaling 62,358 square feet that is home to a Starbucks with a drive-thru, The Vitamin Shoppe, AT&T and a newly added, 22,000-square-foot Savers Thrift Store, among several tenants in the food and beverage, health and wellness and merchandise and service categories.
CBRE’s Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson represented the New England-based seller, which was not identified by name, and procured the buyer. They announced the deal while touting the interest in the 19.2-acre complex, which has parking for nearly 1,700 vehicles and is anchored by Lowe’s, BJ’s Wholesale Club and Aldi.
“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 are directly across from Virtua Health’s 120-acre Voorhees health care campus, which consists of a 386-bed inpatient acute care hospital and a 300,000-square-foot health and wellness center, according to a news release. They’re also adjacent to a 10-acre, 216-unit senior-living community currently under development.
