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DRA Advisors, KPR Centers secure $55m for open-air shopping center in Philadelphia
Transactions - FEBRUARY 23, 2024

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DRA Advisors, KPR Centers secure $55m for open-air shopping center in Philadelphia

by RELEASED

A partnership between DRA Advisors and KPR Centers announced that it secured $55 million in financing for Quartermaster Plaza, a 456,208-square-foot, open-air shopping center in South Philadelphia.

JLL worked on behalf of the owner to secure the five-year bank loan. DRA and KPR originally purchased the property in July 2022 from Cedar Realty Trust as part of a portfolio of 33 grocery-anchored shopping centers .

Built in 2004, the 99-percent-leased Quartermaster Plaza is anchored by BJ’s, The Home Depot and Sprouts Farmers Market, with 96 percent of its gross income derived from a tenant lineup that includes Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. The property has a weighted average lease term of eight years and weighted average tenure of 15.7 years. In addition, the property has enjoyed significant leasing momentum over the past 36 months, with more than 53,000 square feet of new leases signed and 191,000 square feet of renewals executed.

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