Cedar buys Quartermaster Plaza in Philadelphia
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.
Ballpark Village in St. Louis signs three new tenants
Baltimore — Jamba Juice, The Fudgery and Majestic Athletic have signed with Ballpark Village in St. Louis.
Ballpark Village is a mixed-use retail, entertainment, office, and residential district being developed in partnership by the St. Louis Cardinals and The Cordish Companies.
The three new tenants join a long list of tenants and brand partners including Cardinals Nation, FOX Sports Midwest Live!, Budweiser Brew House, PBR St. Louis, The Barn, Howl at the Moon, Drunken Fish, Tengo Sed, Tengo Hambre and Ted Drewes. The addition of these three tenants leaves approximately 3,500 sq. ft. of the 120,000-sq.-ft. first phase.
The $100 million first phase of Ballpark Village will open its doors for the first time on Thursday, March 27.
Jamba Juice, The Fudgery and Majestic Athletic plan to open this summer.
Jamba Juice will occupy approximately 1,000 sq. ft. on the first level of Ballpark Village.
The Fudgery, with 27 stores in more than a dozen states, will occupy approximately 1,500 sq. ft. adjacent to Jamba Juice.
Majestic Athletic, a subsidiary of VF Licensed Sports Group, designs, markets and manufactures athletic team uniforms, performance apparel, outerwear and licensed athletic wear. Majestic has leased approximately 750 sq. ft. in Ballpark Village.
Dick’s Sporting Goods to open two new stores
Pittsburgh — Dick’s Sporting Goods has announced the opening of two new stores, one in Wauwatosa, Wis., and the other in Daly City, Calif.
The Wauwatosa location will be Dick’s 8th store in Wisconsin and its 562nd nationwide. The Daly City location will be the 33rd California store and its 563rd in the U.S.