VOORHEES, NJ-A private investor has purchased Cooper's Plaza, a 184,334-sf power center here. The seller was Bala Cynwyd, PA-based Stoltz Real Estate Partners.
The price was not disclosed. Helen Putterman, president of Cohen & Cohen Inc. Real Estate brought the buyer, for whom she has closed two major transactions in the past 12 months, to the deal. Michael Cleeman, managing director of CCIRE, represented Stoltz.
Cooper's Plaza is anchored by three big-box tenants, Kohl's, Marshalls and Raymour and Flanigan. Citizen's Bank occupies an outparcel. Located in the Philadelphia metro area, the property includes another outparcel with the potential for development of an additional 8,000 sf.
"This purchase was a unique opportunity for the buyer in a frenzied market, as it was a very stable deal with substantial upside," Putterman says. "The buyer was looking for a substantial acquisition on the East Coast with no underlying debt, adding that the owner has received "serious interest from a number of national tenants for the outparcel."
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