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Cedar Realty acquires Philadelphia shopping center

A Google street view image of the Quartermaster

A Google street view image of the Quartermaster Plaza shopping center in Philadelphia. (Credit: Google)

Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, has acquired a shopping center in south Philadelphia — adding to its presence in the city of brotherly love.

The shopping center-focused REIT acquired Quartermaster Plaza for $92.3 million, including the assumption of $53.4 million of debt. The 10-year old,  456,000-square-foot shopping center is anchored by a BJ's Wholesale Club and is currently 98 percent occupied.

With the purchase, Cedar will have five Philadelphia shopping centers — altogether more than 1.3 million square foot — in its portfolio. Cedar will finance the purchase with a line of credit.


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"The acquisition fits perfectly into our Washington D.C. to Boston footprint and is consistent with our evolving view of the grocery business," said Cedar chief executive Bruce Schanzer in a news release.

Cedar recently completed a two-year strategic plan for a more streamlined and focused portfolio. The company primarily owns shopping centers in the Northeast.

Tags: cedar realty , Philadelphia , shopping centers , acquisition

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