R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — September 23 - October, 20, 2022 — 11A
www.marej.com
EW YORK CITY, NY — A partnership be- tween a real estate N Angelone of JLL represents Cedar Realty Trust in this transaction of 16 centers DRA Advisors and KPR Centers partnership acquires portfolio of 35 grocery-anchored centers
ly-located, institutional-quality portfolio of scale with leasing and operational upside.” This acquisition represents the continuation of a partner- ship between DRA Advisors and KPR Centers, with the two real estate companies now owning and managing 230 shopping centers, totaling more than 38 million s/f of space across the country. Highlights of properties acquired Among the assets acquired by the fund are: • Quartermaster Plaza, a 456,000 s/f center in Philadel- phia anchored by a 118,000 s/f BJ Wholesale Club • Franklin Village, a Frank - lin, Massachusetts shopping center totaling 306,000 s/f of space and anchored by a 75,000 s/f Stop & Shop • The Shops at Suffolk Downs, a 121,000 s/f retail center in Revere, Massachu- setts and anchored by a 75,000 s/f Stop & Shop
• New London, a New Lon - don, Connecticut shopping center comprised of 260,000 s/f of space and anchored by a 64,000 s/f ShopRite. The 16 shopping centers were sold to Baltimore-based Klein Enterprises, Kimco Realty , a real estate invest- ment trust headquartered in Jericho, NY and an affiliate of KPR Centers. “The existing KPR Centers geographic footprint overlaps perfectly with the Cedar assets, which will bring tremendous synergies to the marketing, leasing and operations of the combined portfolio,” said KPR Centers founder and managing partner Dan Katz. “We are very familiar with the nuances of the various submarkets which were key components of this transaction. It was a plea- sure to work with a great team of professionals at Cedar Realty Trust who helped make this transaction possible.” MAREJ
fund managed by New York City-based DRA Advisors, LLC and KPR Centers has completed the acquisition of a portfolio of 35 grocery-anchored shopping centers, comprising more than 4.9 million s/f of space, from Cedar Realty Trust for $879 million. The centers are situated in nine states throughout the Mid- Atlantic and Northeast regions of the country. The partnership disposed of 16 of those shopping centers, totaling more than 1.5 million s/f of space, to three separate entities simultane- ously at closing. The remaining 19 shopping centers, compris- ing more than 3.4 million s/f of space and cumulatively 93% leased, will be owned and man- aged by the two real estate com- panies focused on value-add investments. Chris Angelone of JLL represented the seller in this transaction. POTTSTOWN, PA — Unit- ed Hampshire US REIT Management Pte Ltd ( the Manager) announced that Unit- ed Hampshire US REIT (UH- REIT), a Singapore real estate investment trust sponsored by UOB Global Capital and The Hampshire Cos., has acquired Upland Square, a 400,674 s/f grocery-anchored shopping center located at 180 Upland Square Dr. in Pottstown. Situated in Montgomery County, Upland Square is one of the Philadelphia MSA’s largest and most successful grocery-anchored power cen- ters. Currently 95% leased, the property’s wide range of dominant anchors includes Giant by Ahold Delhaize, TJ Maxx and shadow-anchored by Target and AMC. The property’s unparalleled shop- ping and entertainment expe- rience are further enhanced by leases with well-known
Franklin Village
tion was a long time in the making and we are looking forward to expanding our joint venture partnership with KPR, leveraging their street corner knowledge and boots on the ground presence in the respec- tive markets to execute on our value-add strategy,” said Brett Gottlieb , managing director for DRA Advisors. “We are ex- cited about this unique oppor- tunity to acquire a strategical-
Cedar Realty Trust, a real estate investment trust head- quartered in Massapequa, NY, revealed its intentions earlier this year to dispose of its entire portfolio of 53 shopping center assets spanning eight states. This sale to DRA Advisors and KPR Centers represents the largest part of that transaction in terms of number of centers, square footage and sales price. “The genesis of this acquisi-
United Hampshire US REIT acquires 400,674 s/f grocery-anchored shopping center in Pottstown, PA
opportunity to capitalize on the strong underlying fundamen- tals of this market to further bolster our portfolio of stable income-producing grocery- anchored and necessity-based retail properties.” Derek Gardella , head of investments of the UHREIT added, “The eastern United States’ combination of popula- tion density and high household income have ensured it contin- ues to stand out among the na- tion’s retail markets. We expect this momentum to continue over the long-term and we are excited to continue to grow our portfolio through the addition of assets like Upland Square over the next several years.” The seller in the transac- tion was represented by Brad Nathanson , senior managing director of investments at In- stitutional Property Advisors (IPA), a division of Marcus & Millichap . MAREJ
Upland Square
national retailers such as Petco, Party City, Staples and Bed Bath & Beyond. Upland Square’s strong ten- ant lineup and historical high occupancy are driven by its modern construction and a superior location along Route 100 in Pottstown, a borough in the northwest section of Montgomery County, the third- most populous county in the state with a population of 836,948 and an average annual
household income of $153,498. Montgomery County is part of the Philadelphia-Camden- Wilmington metropolitan sta- tistical area, the sixth largest MSA in the country with over six million people and a strong labor market with an average unemployment rate of 3.92%. The addition of Upland Square brings the total num- ber of assets in the UHREIT to 23. Spanning over 3.8 mil- lion s/f, the UHREIT currently
contains 21 grocery-anchored and necessity-based properties and two modern self-storage facilities along the Interstate 95 corridor. “Despite economic head- winds, credit-grade retail pow- er centers in the eastern United States like Upland Square have showcased tremendous resiliency over the past several years,” said Robert Schmitt , CEO of the Manager. “Through this acquisition, we have a rare
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