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BREAKING NEWS THE EVENTS Cedar Realty Trust Completes Grocery-20

Anchored Portfolio Sale The Jewish Museum 26th Annual Most Amazing New York Art & Design Tour

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Corenet Women’s Golf Outing Partners with Bees Trees Water

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UJA-Federation of New York’s Hospitality Division Honors Ian Schrager

Cedar Realty Trust has completed the previously announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for total gross proceeds of approximately $879 million, including assumed debt. It previously sold its Riverview Plaza redevelopment property for gross proceeds of approximately $34 million. The completed transactions are the first step in the company’s previously announced sale of its assets and subsequent merger with Wheeler REIT in a series of related all-cash transactions. The final step of the process, expected to be completed in the next few weeks, is the merger of the company with a Wheeler subsidiary in an all-cash transaction that values the Cedar’s remaining assets at $291.3 million.

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REBNY Hosts Annual Golf & Tennis Outing

Total net proceeds from the transactions, 30 after all expenses, will be distributed to common shareholders upon the completion of the Wheeler merger.

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CHIP’s 21st Annual Golf & Tennis Outing

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15th Annual Hamptons Happening Supports SWCRF

PREIT Sells Multifamily Land Crohn’s & Colitis Foundation

at Moorestown Mall COLLEGES

Still in a divesting mode, PREIT has sold two additional assets for $14.2 million. Multifamily land adjacent to Moorestown Mall in New Jersey was sold for approximately $12 million and will be the site of 375 residential units. This transaction represents PREIT’s second multifamily land sale following an Exton Square Mall transaction that yielded approximately 350 units. Additionally, the company has closed on the sale of an outparcel to Four Corners Property Trust for $2.4 million. At press time, PREIT expected to close on six additional outparcels for $22 million in the coming weeks. The company continues to raise capital and sell assets with purchase and sale agreements executed for another $56 million and additional transactions in the pipeline for execution. As part of its debt reduction plan, the company has applied

DEPARTMENTS 8

asset sale proceeds and excess cash from One Mann’s Opinion operations to pay down debt by $82 million through June 30, 2022.

10 Editor’s Letter

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Planned multifamily development Photo courtesy of PREIT Having a Voice: Student Input Aids Design of Pratt Residence

Berkley Insurance Company Renews at 757 Third Ave.8680 102

Tech Talk The Articles Executive Changes

In just the second deal over 60,000 square feet signed on Third Avenue this year, BentallGreenOak has renewed Berkley Insurance Company’s lease at 757 Third, a 504,953-square-foot office building in Midtown East owned by BentallGreenOak, announced JLL.

Berkley Insurance Company will continue to occupy 60,000 square feet of space across the 10th and 11th floors under an eight-year lease in the building that it has called home since 2014. Berkley Insurance Company is a member of W. R. Berkley Corporation.

The landlord continues to add value to the asset with a dedicated amenity center designed to meet demand from tenants seeking facilities and services that help attract and retain employees.

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Commercial Corner: Bruce Schanzer, president and CEO of Cedar Realty Trust

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By The Numbers:

More than Warehouses

757 Third Ave.

Photo courtesy of JLL

Mark Kaplan Promoted to President of Ripco Real Estate

Independent brokerage firm Ripco Real Estate LLC has promoted Mark Kaplan to president. Kaplan will also continue to serve as the company’s chief operating officer.

Kaplan joined Ripco in 2017. Since then, he has increased its market presence from three offices to eight, with locations in Manhattan, Queens, Brooklyn, New Jersey, Long Island and Connecticut, as well as the company’s 2021 launch in Florida, with offices in Miami and Tampa; expanded the brokerage team from 33 to more than 100 brokers; launched investment sales, property management and debt/equity and structured finance divisions and led the company through its first merger and acquisition deal with the recent acquisition of BCD, a restaurant real estate brokerage specializing in the development and expansion of food and beverage brands. Kaplan is a licensed real estate broker and member of the New York State Bar Association. He graduated with honors from Columbia Law School.

Thor Equities Group Acquires Los Angeles Industrial Asset for $85M

Thor Equities Group and Danish pension fund PFA announced the acquisition of 12065 Pike St. in Santa Fe Springs near Los Angeles, a premier cold storage warehouse fully leased to the world’s largest brewing company, Anheuser Busch.

Thor Equities and PFA have been partnering since 2016 to acquire, develop and operate best-in-class assets and have established the Thor PFA USA Industrial Fund and Thor PFA European Mixed-Use Fund.

Situated on 8.7 acres, the asset includes two buildings totaling 158,800 square feet and features 16 exterior docks, 25-foot clear heights, a 110-foot truck court, and excess land for fleet and trailer parking, a rarity in the Los Angeles market. Located in the Mid-Counties submarket of Los Angeles with access to Interstates 5 and 605, the property is 17 miles from Downtown Los Angeles and 24 miles from the Port of Los Angeles.

Nemo Tile + Stone Acquires Tile Market of Delaware

Nemo Tile + Stone, a provider of highperformance, design-driven surface materials, has acquired Tile Market of Delaware.

Family founded in 1996, Tile Market of Delaware distinguished themselves as tile distributors and stone fabricators in the midAtlantic region and now dominates the state’s tile and stone market. Based in Wilmington, Delaware, it boasts a 73,000-squarefoot warehouse that supports the region’s retail, builder, designer, and contractor industries and serves as a 10,000-square-foot design showcase and delivery center.

Tile Market of Delaware sells goods around the country thanks to the recent introduction of its national brand, Urban Coast Tile, a specialized brand that targets upscale coastal regions.

Mark Kaplan

Photo courtesy of Ripco

12065 Pike St.

Photo courtesy of Thor