Blatstein buys back Riverview Plaza, a retail center in Philadelphia the developer built and then sold

Bart Blatstein’s Tower Investments has paid $34 million to repurchase Riverview Plaza, a 236,217-square-foot retail center along the Delaware River in Philadelphia that the company developed in the late 1980s and later sold to Cedar Realty Trust Inc. in 2003. The property is 50% occupied. 

“I bought it back for less than I sold it for,” Blatstein said. 

Tower Investments sold Columbus Crossing, which totals 142,200 square feet, and Riverview Plaza at 1100-1400 Christopher Columbus Blvd. to Cedar for a combined $75 million. 

Across from Riverview Plaza, Blatstein has developed a grocer-anchored center that has a 46,000-square-foot Giant grocery store and room for an additional 42,000 square feet of retail space. With Riverview Plaza back in the fold, Blatstein controls nearly 350,000 square feet of retail space along the waterfront.

*Article courtesy of Philadelphia Business Journal

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