DRA Advisors and KPR Centers Partnership Acquires Portfolio of 35 Grocery-anchored Centers from Cedar Realty Trust for $879M
A partnership between a real estate 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 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 remaining 19 shopping centers, comprising more than 3.4 million square feet of space and cumulatively 93% leased, will be owned and managed by the two real estate companies focused on value-add investments. Chris Angelone of JLL represented the seller in this transaction.