News

RPC Real Estate, LLC Announces Acquisition of a 127,000 Square Foot Shopping Center in Mount Laurel Township, Burlington County, New Jersey.

Cherry Hill, N.J.—July 31, 2008—RPC Real Estate, LLC has partnered with CMS Companies of Wynnewood Pa., to acquire Larchmont Commons, 3103-3115 Route 38 West, a 127,000 square foot shopping center in Mount Laurel NJ. Beneficial Bank of Pa. provided financing and FAMECO Real Estate represented buyer and seller in the transaction.

Larchmont Commons is currently 85% leased including both ALDI and a health club under construction in the vacant anchor space. The balance of the tenancy consists of 24 national, regional and local tenants, including Tuesday Morning, NovaCare, AAA of Central NJ, and Tot Time. The two new anchors will create more traffic which will help to lease the vacant spaces at market rents.

Originally developed in 1989 the property will undergo significant upgrades including parking lot, landscaping and façade work. Larchmont Commons has a population of 37,349 people with an average household income of $106,752, within three miles as of 2007. Annual average population growth from 1990-2007 was 2.9%.

RPC Real Estate, LLC is a private real estate investment firm specializing in the ownership, management and redevelopment of shopping centers that are in the range of 20,000-100,000 square feet. This is the 12th acquisition since April, 2005, for a total of 614,000 square feet.