Paramount Realty Acquires Cherry Hill Commons
Paramount Realty has acquired Cherry Hill Commons in Cherry Hill, NJ.
Cherry Hill Commons is a 263,500 square foot shopping center anchored by Walmart, Wawa and Dollar Tree. Planet Fitness has signed a lease for 24,180 SF, taking the vacancy next to the Dollar Tree. We are planning to update and upgrade the façade in 2020.
Cherry Hill Commons is located on one of the busiest commercial arteries in Southern New Jersey and in close proximity to the vast majority of Paramount Realty’s assets. Among one of its greatest features is the property’s prominent positioning and location given its access and frontage on Route 38 as well as Cuthbert Boulevard, seeing traffic counts combined in excess of 75,000 vehicles per day. Cherry Hill is one of the largest retail submarkets serving the Greater Philadelphia Market, strategically straddling Route 38 and Route 70, both feeder roads to the Ben Franklin Bridge into Philadelphia. Cherry Hill Commons is approximately five miles east of Philadelphia and located among some of the most prominent retail centers in South Jersey including Garden State Park, a 700,000 square foot regional center anchored by Wegmans, Home Depot, and Nordstrom Rack, and the 1.3 million square foot Cherry Hill Mall, anchored by Nordstrom, Crate & Barrel, Apple, Pottery Barn, and the Container Store. The center benefits from over 325,000 residents living within a five-mile radius of the property.