MT. LAUREL, NJ-Paramount Realty Services Inc. has closed on the acquisition of a seven-acre tract in front of the Lakewood, NJ-based company’s existing 115,000-sf Village at Cambridge Crossing shopping center. The sellers were the locally based Zagara Realty and the Philadelphia-based Lubert-Adler. The sale price was not released.

The site is fully approved for two retail pads totaling more than 20,000 sf, according to Paramount’s Maurice Zekaria, and both are already under construction. Already lined up for the pad sites are Panchero’s Mexican Grill, FedEx Kinko’s, Verizon Wireless, Cosi and Ruby Tuesday. A divisible 3,700-sf space remains available.

The existing Village at Cambridge Crossing is anchored by LA Fitness, Borders Books, Ann Taylor Loft and Talbots. The shopping center currently has two small inline spaces available, according to Zekaria.

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