Quartermaster Plaza in South Philadelphia sells to New York Joint Venture
The Quartermaster Plaza in South Philadelphia has been sold to a joint venture of two New York firms for $100.1 million as part of a larger portfolio acquisition.
Property records show DRA Advisors acquired the 456,000-square-foot shopping center from Massapequa, New York-based Cedar Realty Trust. The latter purchased the property in 2014 from Cleveland-based Forest City Ratner Cos. for $92.3 million.
The recent sale is part of 33 grocery-anchored shopping centers DRA Advisors and KPR Centers acquired from Cedar Realty Trust for $879 million.
Built in 2004, Quartermaster Plaza sits along West Oregon Avenue near Interstate 76. The 24-acre property is anchored by a BJ’s Wholesale Club and Home Depot. Other tenants include Staples, Planet Fitness and PetSmart. Sprouts Farmers Market has signed a lease for a 25,200-square-foot store, according to a marketing brochure from Metro Commercial Real Estate, a brokerage representing the property. Up to 90,000 square feet of additional retail space is also proposed, the brochure shows.
*Article courtesy of Philadelphia Business Journal
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