Port Washington, N.Y. — Cedar Realty Trust has completed the acquisition of Quartermaster Plaza in Philadelphia. The 456,000-sq.-ft. grocery-anchored shopping center is 98% occupied and anchored by a BJ’s Wholesale Club.
Cedar acquired the center for $92.3 million, including the assumption of $53.4 million of fixed rate debt. The company expects ultimately to fund deal with proceeds anticipated from asset sales. Pending those sales, Cedar will use it existing credit facility.
Quartermaster Plaza is located in the South Philadelphia retail submarket. Built in 2004, the property has received approvals to expand by 98.000 sq. ft.
The property is adjacent to Cedar’s South Philadelphia Shopping Center, a 283,000-sq.-ft. center anchored by a market-dominant ShopRite supermarket. Taken together, the two centers span 739,000 sq. ft., representing 22% of the South Philadelphia retail submarket.
Further, Cedar now owns five shopping centers in Philadelphia, with an aggregate 1.3 million sq. ft.