By John Jordan, a contributing writer for Real Estate Forum and
GlobeSt.com
The Fairview
Plaza shopping
center here has been sold by Cedar Realty Trust of Port Washington, NY to Cincinnati,
OH-headquartered Phillips Edison-ARC Shopping
Center REIT Inc. for $12.45 million.
This transaction that calculated out to $172.97 per square foot
for the 71,979-square-foot shopping center anchored by Giant Food Stores. The
grocer currently occupies 59,237 square feet and has been the anchor tenant at
Fairview Plaza since 1992.
The property at 120 Old York
Road, constructed in 1992, was 100% leased at the time of sale. Other retail
tenants at Fairview Plaza include PA Wine & Spirits, Fulton Bank, Holiday
Hair and Subway.
“This property attracted regional and national
buyers and was heavily bid because of its high historical occupancy with no
tenant turnover since 2005. Having a well-established tenant like Giant Food
Stores, who is performing well above their industry average, occupy over 82% of
the GLA made the property especially attractive, which allowed us to seek
premium pricing for the seller.”
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