"Vastgood Properties LLC, in a joint venture with an affiliate fund managed by Prudential Real Estate Investors, has acquired seven grocery-anchored shopping centers located across southern Pennsylvania for approximately $104 million, or about $173 per square foot, from affiliates of Cedar Realty Trust Partnership, LP and Homburg Holdings (US), Inc.
The retail portfolio represents an aggregate of nearly 600,000 square feet of retail space in central and eastern Pennsylvania. Six of the properties are anchored by Giant Food Stores LLC, with the seventh anchored by a Nell's Supermarket. The properties reflect a more than 95-percent occupancy at time of sale, with the supermarkets representing roughly 80 percent of total GLA with average remaining lease terms of more than 10 years.
The portfolio includes:
Vastgood, through wholly-owned affiliates, will provide management services to the joint venture. The private real estate company is owned by Leo Ullman, founder and former chairman and CEO of Cedar Shopping Centers (now Cedar Realty Trust). PREI is a global real estate investment and management business headquartered in Madison, NJ. Its portfolio of managed investments totals approximately $50 billion in gross real estate assets on behalf of 490 clients worldwide."
