REIT Snaps Up Shopping Center in Hyattsville Arts DistrictBy
Cedar Realty Trust recently acquired the 100-percent leased shopping center for $20.5 million, as part of a major master-planned mixed-use project to revitalize Hyattsville, Md.
The Shoppes at Arts District in Hyattsville, Md.
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 Hyattsville’s Arts District. 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…
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