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Cedar, ARC Buy Red Lion Center for $23M

PHILADELPHIA-Cedar Income Fund and ARC Properties buy a 90% stake in the grocery-anchored urban shopping center. It is Cedar's third such property in Philadelphia. Cedar also completes a $21-million refinancing of The Point in Harrisburg, PA.

By Marita Thomas | Updated on June 13, 2002

PHILADELPHIA-Affiliates of Port Washington, NY-based Cedar Income Fund and Clifton, NJ-based ARC Properties bought an approximate 90%-share of Philadelphia’s Red Lion Shopping Center from Delaware-based Silver Creek Management Corp. The ARC share is approximately 60%; the Cedar share, 30%, and Silver’s foreign owners retain an approximate 10%-share in the 212,000-sf property, Leo Ullman, president of Cedar Income Fund, tells GlobeSt.com.

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.”

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