BREAKING NEWS
Cedar Realty Trust Completes GroceryAnchored Portfolio Sale Cedar Realty Trust has completed the pre-
The completed transactions are the first step
viously announced sale of a portfolio of 33
in the company’s previously announced sale
grocery-anchored shopping centers and a
of its assets and subsequent merger with
redevelopment property to a joint venture be-
Wheeler REIT in a series of related all-cash
tween a fund managed by DRA Advisors LLC
transactions. The final step of the process,
and KPR Centers for total gross proceeds
expected to be completed in the next few
of approximately $879 million, including as-
weeks, is the merger of the company with a
Total net proceeds from the transactions,
sumed debt. It previously sold its Riverview
Wheeler subsidiary in an all-cash transaction
a"er all expenses, will be distributed to com-
Plaza redevelopment property for gross pro-
that values the Cedar’s remaining assets
mon shareholders upon the completion of
ceeds of approximately $34 million.
at $291.3 million.
the Wheeler merger.
PREIT Sells Multifamily Land at Moorestown Mall Still in a divesting mode, PREIT has sold two
COLLEGES
Corners Property Trust for $2.4 million.
additional assets for $14.2 million. Multifamily land adjacent to Moorestown Mall in New
At press time, PREIT expected to close on
Jersey was sold for approximately $12 million
six additional outparcels for $22 million in the
and will be the site of 375 residential units.
coming weeks. The company continues to
Planned multifamily development
This transaction represents PREIT’s second
raise capital and sell assets with purchase
Photo courtesy of PREIT
multifamily land sale following an Exton
and sale agreements executed for another
Square Mall transaction that yielded approx-
$56 million and additional transactions in
asset sale proceeds and excess cash from
imately 350 units. Additionally, the company
the pipeline for execution. As part of its debt
operations to pay down debt by $82 million
has closed on the sale of an outparcel to Four
reduction plan, the company has applied
through June 30, 2022.
Berkley Insurance Company Renews at 757 Third Ave. In just the second deal over 60,000 square
the 10th and 11th floors under an eight-year
feet signed on Third Avenue this year,
lease in the building that it has called home
BentallGreenOak has renewed Berkley
since 2014. Berkley Insurance Company is a
Insurance Company’s lease at 757 Third,
member of W. R. Berkley Corporation.
a 504,953-square-foot office building in Midtown East owned by BentallGreenOak,
The landlord continues to add value to the
announced JLL.
asset with a dedicated amenity center designed to meet demand from tenants seek-
Berkley Insurance Company will continue to
ing facilities and services that help attract
occupy 60,000 square feet of space across
and retain employees.
46 MANN REPORT | AUGUST 2022
757 Third Ave. Photo courtesy of JLL