WASHINGTON, DC—Cedar Realty Trust, a REIT based in Port Washington, NY, has acquired the East River Park Shopping Center, a 150,000-square foot Safeway-anchor shopping center at the intersection of Benning Road and Minnesota Ave. It was an off-market acquisition, with the REIT paying $39 million, including the assumption of $20.5 million in fixed debt.
New York City-based Katz Properties was the seller, having acquired it in 2012 for $33.6 million.
Cedar Realty CEO Bruce Schanzer told listeners in the company's third quarter earnings call, held in November, that Cedar had two assets under contract in the Washington, DC area that aggregate approximately $60 million. One, he said, "had substantial redevelopment potential, which makes it especially compelling."
GlobeSt.com asked Schanzer for further details following news of the East River Park Shopping Center but did not hear back by deadline.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
