An assemblage at 1803 and 1807 Springdale Road and 1900-1904-1906 Route 70 East in Cherry Hill — Courtesy: Rose Commercial Real Estate
By Joshua Burd
A developer has acquired two acres in Cherry Hill, where construction is underway for a new CVS store along one of the township’s main thoroughfares.
Brokers with Rose Commercial Real Estate on Monday announced the sale at the intersection of Route 70 East and Springdale Road, in a deal that involved adjacent lots and multiple sellers. Moreland Development LLC of Bala Cynwyd, Pennsylvania, purchased the parcels for $4 million and has since broken ground on the 13,074-square-foot store.
Adam Rose, president of Rose Commercial Real Estate, and Jeffrey Lucas, director of business development, negotiated the transaction. They noted that the deal included 1803 and 1807 Springdale Road and 1900-1904-1906 Route 70 East, touting the site’s high traffic count and dense population.
The national pharmacy and retailer is slated to open the store next summer.
“This is not the first time we have worked with Moreland Development,” Rose said of the development firm and its partner, Eric Seidman. “I have known Eric for years and admire every member of his team. Their professionalism is beyond reproach.”