Originally built in 1972, the property underwent "significant rehab in 1990, was expanded for Best Buy in 1998, and expanded again in 1999 and 2000 for Pets Plus and Staples, respectively," says Ullman. Current anchors are Best Buy, Staples, Sports Authority and Pep Boys. It is 80% occupied, Ullman tells GlobeSt.com.
The property has a first mortgage of $17 million, according to Ullman, who says, "the purchasing partners' respective interests are based on a (total) property valuation of approximately $23 million."
Port Washington, NY-based Brentway Management, an affiliate of Cedar Bay Realty Advisors, which is the administrator for the Cedar REIT and also based in Port Washington, NY will continue to manage the property, Ullman says.
Meanwhile, Cedar also says has completed the refinancing of The Point Shopping Center in Harrisburg, PA with a permanent loan from Birmingham, AL-based Protective Life Insurance Co. The Point is a 256,000-sf center, built in 1972 and anchored by Giant Supermarket, Burlington Coat Factory and Staples.
Cedar also has significant ownership in 154,836-sf Academy Plaza in the northeast section of Philadelphia. The shopping center underwent major renovation in 1998 and is anchored by an Acme supermarket and Rite Aid drug store. Cedar also owns 156,503-sf Port Richmond Village in Philadelphia, which was built in 1988 and is anchored by Thriftway and Pep Boys.
According to published reports, Cedar has sold numerous small, far-flung office buildings to invest mainly in grocery-anchored shopping centers. Among them are Washington Center in Sewel, NJ and Southpoint Parkway in Jacksonville, FL.
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