Cedar Realty Trust announced that they closed on a 456,000 square foot grocery-anchored shopping center in Philadelphia, PA for $92.3m. The shopping center is 98% leased and anchored by BJs and Home Depot. See Press Release below.
PORT WASHINGTON, N.Y., March 24, 2014 — Cedar Realty Trust, Inc. (NYSE: CDR) announced today that it closed on the acquisition of Quartermaster Plaza in Philadelphia, Pennsylvania, a 456,000 square foot grocery-anchored shopping center. The shopping center is 98% occupied and anchored by a BJ’s Wholesale Club. The asset was acquired for $92.3 million, including the assumption of $53.4 million of fixed rate debt. The acquisition is expected to be funded with anticipated proceeds from asset sales. Pending such proceeds, the acquisition will be initially funded using the Company’s credit facility.