Phase One of the property was completed in 2001, and a second phase reached completion last year. The center is 100% occupied, according to Maurice Zekaria, Paramount's director of acquisitions, who was the sole negotiator of the transaction.

He declined to disclose the price of the acquisition to GlobeSt.com. Recent data from the Philadelphia office of Marcus & Millichap says the median price for multi-tenant retail properties in this area rose from $94 per sf in 2002 to $98 per sf in 2003 and anticipates a similar increase this year. That would put the price in the range of $33 million. However, area brokers tell GlobeSt.com that, given the age and tenancy of the property, the price may have been significantly higher.

For example, Paramount recently acquired the 130,000-sf Village at Cambridge Crossing in Mt. Laurel, NJ for $169 per sf, according to the M&M report. Provided with the M&M data, Zekaria made no comment. Target and Home Depot anchor the Marketplace at Neshaminy, and LA Fitness, Famous Footwear, Mattress Giant, Quiznos, Ruby Tuesday and Longhorn Steakhouse are among the other tenants.

Paramount specializes in retail, and Zekaria says its current portfolio has an aggregate of about 2.5 million sf in Pennsylvania and New Jersey. "We are focused on the Philadelphia region," he says. The company recently purchased Marlton Square Specialty Center in Marlton, NJ in addition to the Village at Cambridge Crossing.