Search
 

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.