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Cedar Realty acquires Philadelphia shopping center
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.
"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.