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Cedar Realty Trust Buys Another Local Shopping Center

HYATTSVILLE, MD—It acquired the 36,000-square foot Shoppes at Arts District for $20.5 million following its off-market purchase of DC's East River Park Shopping Center.

By Erika Morphy | erikamorphy | | Updated on February 29, 2016
Shoppes at Arts District Shoppes at Arts District
HYATTSVILLE, MD—Cedar Realty Trust, a REIT based in Port Washington, NY, has acquired a 36,000-square foot shopping center in this part of Prince George’s County for $20.5 million, including the assumption of $8.5 million fixed rate debt. The newly-constructed center is called The Shoppes at Arts District and it is fully leased and anchored by Busboys & Poets. Other tenants include organic grocery story Yes!, Elevation Burger, Essential Day Spa and Big Bad Woof. Andy Stape and Vito Lupo represented the seller, ADH Retail, LLC and procured the buyer. This acquisition follows Cedar Realty’s purchase last month of the East River Park Shopping Center, a 150,000-square foot Safeway-anchor shopping center at the intersection of Benning Road and Minnesota Ave., in Washington DC. It was an off-market acquisition, with the REIT paying $39 million, including the assumption of $20.5 million in fixed debt . Cedar Realty plans to redevelop the East River Park Shopping Center within a few years and it is already considering various alternatives, CEO Bruce Schanzer told listeners in this month’s earnings call for the fourth quarter. He also said there is “at least” one other deal within the Beltway which the REIT is under contract – and in fact said the same thing in the Q3 earnings call. Presumably this could be The Shoppes at Arts District. “More generally, we continue executing on our plan of divesting centers in lower density markets and using the proceeds to acquire centers in higher density markets,” he said.

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