New York-based real estate firm acquires Shoppes at Arts District
BY REBECCA BENNETT — On Feb. 25, New York-based Cedar Realty Trust, Inc. announced it closed on the acquisition of the Shoppes at Arts District for $20.5 million with a fixed rate debt of $8.5 million, according to a press release.
The 35,676 square foot development was previously owned by Streetsense, is anchored by Yes! Organic Market and Busboys and Poets, and opened in 2011.
“We are excited about the acquisition of Shoppes at Arts District, as it represents another acquisition into higher density markets within the Washington, D.C. Beltway. The asset fits perfectly into our Washington, D.C. to Boston footprint and is consistent with the objectives of our capital migration strategy to improve our average asset quality,” said Bruce Schanzer, president and CEO of Cedar Realty Trust, in a press release.