REIT Snaps Up Shopping Center in Gateway Arts District in Hyattsville
- Feb 29, 2016
Hyattsville, Md.—Cedar Realty Trust Inc. recently announced the acquisition of The Shoppes at Arts District in Hyattsville, for $20.5 million, which includes the assumption of $8.5 million in fixed-rate debt. KNLB Retail arranged the sale.
The two adjacent buildings, sitting at 5501 and 5331 Baltimore Ave., form a 100-percent leased shopping center in the heart of the Gateway Arts District in Hyattsville. The 35,676-square-foot retail location was completed in 2011 and is part of a $213 million master-planned, mixed-use project aiming to revitalize, along the US Route 1 Corridor, Hyattsville’s historic downtown.
Located within the D.C. Beltway, just 2 miles from the Capital’s border and 1.5 miles from the University of Maryland, the Arts District’s core reaches more than one million people within a 7-mile radius, with a median household income of $72,780. The 3-mile population is dense as well, in excess of 170,000 residents, turning the Shoppes at Arts District into a solid trade area.
The center is anchored by a YES! Organic Market, which occupies more than 7,000 square feet. Other significant retailers include Busboys and Poets, Chipotle, Elevation Burger, Big Bad Woof, Yogi Castle, Spice 6 and Tara Thai.
“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 & CEO of Cedar Realty Trust, in prepared remarks.
Port Washington, N.Y.-based Cedar Realty Trust is a fully integrated REIT mainly focusing on owning and operating grocery-anchored shopping centers along the Boston-Washington, D.C. corridor. Cedar Realty’s current portfolio includes 61 properties totaling approximately 9.5 million square feet of gross leasable space.
Image courtesy of Cedar Realty Trust Inc.