Tuesday, March 3, 2015

Lawndale Plaza Sold for $24.5M

Highland Development Group Ltd. sold the Lawndale Plaza shopping center at 6301-6395 Oxford Ave. in Philadelphia, PA to Cedar Realty Trust, Inc. for $24.5 million, or about $263 per square foot.

The 93,282-square-foot neighborhood center was built in 1996 on 7.2 acres in the Northeast Philadelphia submarket, within the Lawndale neighborhood, a solid trade area with a median household income of $43,000 and a population of 377,000 in a three-mile radius.

The grocery-anchored asset was fully leased at the time of sale, and traded unencumbered by existing debt. A well-performing Shop-Rite occupies 63,000 square feet, with inline space filled by regional and national tenants including Advance Auto Parts, T-Mobile, Subway, Dunkin Donuts, LaundroWorld, and Sun Federal.

"We are excited about the acquisition of Lawndale Plaza, as it complements and grows our presence in the Philadelphia market," said Bruce Schanzer, president and CEO of Cedar. "The acquisition fits perfectly into our Washington DC to Boston footprint and is consistent with the objectives of our capital migration strategy to improve our average asset quality."

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