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Sign in Sign up for a FREE subscriptionDRA Advisors, KPR Centers partnership acquires $879m grocery-anchored portfolio
A partnership between a real estate fund managed by New York City-based DRA Advisors and KPR Centers has completed the acquisition of a portfolio of 35 grocery-anchored shopping centers, comprising more than 4.9 million square feet 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 square feet of space, to three separate entities simultaneously at closing. The 16 shopping centers were sold to Baltimore-based Klein Enterprises, Kimco Realty, a real estate investment trust headquartered in Jericho, New York, and an affiliate of KPR Centers.
The remaining 19 shopping centers, comprising more than 3.4 million square feet of space and cumulatively 93 percent leased, will be owned and managed by the two real estate companies focused on value-add investments.
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