Photo courtesy of Newmark

Newton-based Crosspoint Associates acquired the Porter Square Galleria for $20.1 million for its second retail property purchase in Cambridge.

The 55,610-square-foot plaza is currently 96 percent leased to six tenants, including a 28,893-square-foot Target store.

Newton-based Crosspoint Associates partnered with Long Wharf Capital of Boston on the acquisition, the firms’ fourth partnership. Crosspoint’s retail portfolio in Cambridge also includes 1 Bow St. in Harvard Square.

Newmark’s capital markets team represented the seller and arranged financing.

“Local retail fundamentals continue to be stronger than ever, driven by the lack of available quality space as well as the strong performance of retailers themselves,” Newmark Managing Director Paul Penman said in a statement. ”Furthermore, the area’s high cost of new construction continues to drive investor demand to existing assets that can be acquired at an attractive discount to replacement cost.”

Additional tenants include One Medical, Anna’s Taqueria and Citizens Bank.