Prime Location on ‘Landmark’ Corner in Cherry Hill Sells for $4M to Make Way for CVS

Four prime pieces of real estate on Route 70 in Cherry Hill sold for a combined $4 million with the buyer planning to tear down the existing structures on the sites to build a CVS.

Bala Cynwyd-based Moreland Development purchased the two acres of property at the corner of Route 70 and Springdale Road after securing approvals for the 13,000-square-foot CVS over the past year.

The parcels include 1900-1904 Rt. 70 East and 1803 and 1807 Springdale Road.

To move forward with the project, Moreland — known for developing at least five of the new Royal Farms convenience stores that have opened in the Philadelphia area in recent years — will demolish the existing structures on the properties. One is the Morton and Rudolph Jewelers store on Route 70, a prominent building with a gray-blue exterior and circular windows. After more than 25 years in the location, the store is moving about a mile east to 2085 Rt. 70 in the township.

The CVS development is a good answer to the three main questions when evaluating a project: What will fit on the site? Will the market support it? And what will local government approve?

The Cherry Hill location is ideal for a pharmacy and the traffic it would draw since it’s a corner lot next to a traffic light. Despite the many health care offices and outpatient centers surrounding the area, there are also no large pharmacy stores like CVS on Route 70 in the eastern side of the township. That means a CVS also brings an added value to the people who live, work and have medical appointments in the area, and is likely why there were no major public objections to the project.

Demolition is expected to take place before the end of the year, and construction on the CVS will likely begin next year for an expected summer 2021 opening.

*Article courtesy of Philadelphia Business Journal

For more information about this Cherry Hill retail space or about any other Cherry Hill commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Cherry Hill commercial real estate broker at 856-857-6300.

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