The seller was Zagara Realty LLC of Marlton, NJ, a company formerly related to the Zagara's grocery operation, which is one of the shopping center's current anchor tenants. The specialty and natural foods store and café was recently acquired by Fresh Markets LLC.

The Village at Cambridge Crossing's other anchor tenant is Borders. Other leading tenants at the asset, which is located on Route 38 near I-295 and adjacent to the site of a proposed 800,000-sf big-box retail complex, include Talbots, Ann Taylor, Chico's, AT&T Wireless, Mimi Maternity, Prudential Real Estate and Spa San Marco.

The property also comes with approvals for an additional 24,000 sf of restaurants and retail space in the form of pad sites fronting the existing shopping center, according to Maurice Zekaria, director of acquisitions for Paramount. No specifics for the use of that space have been announced, although plans are in the works.

For Paramount, the acquisition is the second recent lifestyle center addition to the company's portfolio of retail and office properties. Earlier, the company had acquired Marlton Square Specialty Center in Marlton, which is also located in the southern portion of the Garden State. The Marlton property's tenants include Pottery Barn, Victoria's Secret, Williams-Sonoma, the Gap, Restoration Hardware, the Sharper Image and Trader Joe's.