Cedar Ponies Up $92.3M For 5th Philly Shopping Mall

Law360, New York (March 26, 2014, 6:01 PM EDT) -- Cedar Realty Trust Inc. has purchased Philadelphia's Quartermaster Plaza for $92.3 million in a deal that gives the real estate investment trust ownership of its fifth shopping center in the city, it said Monday.

Port Washington, N.Y.-headquartered Cedar Realty's $92.3 million purchase price also includes the assumption of $53.4 million of fixed rate debt. The seller was not disclosed. It sees Cedar Realty adding to its portfolio a 456,000-square-foot shopping center that is 98 percent occupied and is anchored by a BJ's Wholesale Club.

Bruce Schanzer,...
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