South Philly shopping center sells for $92.3 million

A shopping center in South Philadelphia sold for $92.3 million.

Quartermaster Plaza, which is 456,000 square feet anchored by Home Depot and BJ’s Wholesale Club, was sold to Port Washington, N.Y.-based Cedar Realty Trust Inc. (NYSE: CDR).

The seller is Forest City Ratner Cos., which is based in Cleveland. 

The deal was negotiated by Paul Rumley and Steve Gartner, principals at Metro Commercial.

Quartermaster Plaza, which took over a former military installation on Oregon Avenue, is on 43 acres. It opened in 2004 and is 98 percent occupied.

It has approvals for 98,000 square feet of future development.

Quartermaster is adjacent to another Cedar Realty property, the South Philadelphia Shopping Center, with 283,000 square feet of retail anchored by a ShopRite supermarket. Cedar Realty has five shopping centers in Philadelphia.

“We are excited about the acquisition of Quartermaster Plaza. The acquisition fits perfectly into our Washington, D.C.-to-Boston footprint and is consistent with our evolving view of the grocery business,” Bruce Schanzer, president and CEO of Cedar Realty, said in a release. “Our now dominant presence in the South Philadelphia submarket allows us to leverage our operating and leasing expertise to continue to serve the needs of this large and growing urban population.”

Source: Philadelphia Business Journal