Retail landlord Cedar Realty Trust has acquired an Oregon Avenue strip-mall-and-office property about a half block from its South Philadelphia Shopping Center, which is slated for redevelopment.
Port Washington, N.Y.-based Cedar paid $3.3 million for the 52,700-square-foot parcel at 2113-29 Oregon Ave. in the Girard Estate neighborhood in July, according to records filed with the city. The purchase was disclosed this week as part of the investment trust's quarterly financial release.
The parcel — home to shops including a pretzel store and a pizzeria, as well as a medical office building — is to the east of Cedar's ShopRite-anchored South Philadelphia center, with a non-Cedar-owned retail property between them.
Cedar operations chief Robin Zeigler did not immediately respond to a phone message asking about plans for the newly acquired parcel.
The company, which owns shopping centers across Pennsylvania and other eastern states, earlier this year disclosed plans to combine the South Philadelphia center with its adjacent Quartermaster Plaza into a renovated enclave of shops, homes and offices to be called South Quarter Crossing.
Cedar is also planning to redevelop its Port Richmond Village shopping center at Aramingo Avenue and York Street, Zeigler said Thursday during a conference call with analysts.
Starbucks Corp. has signed a letter of intent to lease space at the redeveloped Port Richmond center, Zeigler said.