PORT WASHINGTON, N.Y., Feb. 25, 2016 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced today that it closed on the acquisition of Shoppes at Arts District in Hyattsville, MD. The 35,676 square foot, 100% leased, grocery-anchored shopping center was acquired for $20.5 million including the assumption of $8.5 million fixed rate debt.
Shoppes at Arts District, anchored by a Yes! Organic Market, is the focal point of the Arts District Hyattsville, an award-winning, master-planned, mixed-use revitalization effort along the US Route 1 Corridor in Hyattsville, MD. The shopping center is two miles from the border of Washington, D.C., and 1.5 miles from the University of Maryland. The center sits within a solid trade area with median three-mile household incomes of $62,000 and a three-mile population of 176,000.
"We are excited about the acquisition of Shoppes at Arts District, as it represents another acquisition into higher density markets within the Washington, D.C. Beltway. The asset fits perfectly into our Washington, D.C. to Boston footprint and is consistent with the objectives of our capital migration strategy to improve our average asset quality," said Bruce Schanzer, President and CEO.
Additional information about this exciting new asset in Cedar's portfolio is available at http://cedarrealtytrust.propertycapsule.com/property/output/center/detail/id:1680/#overview.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington D.C. to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") comprised 61 properties, with approximately 9.5 million square feet of gross leasable area. For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.
SOURCE Cedar Realty Trust, Inc.