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2200 Oregon Avenue

DRA Advisors & KPR Centers Secure $55M Financing For Quartermaster Plaza, Philadelphia
FINANCEDRetail

DRA Advisors & KPR Centers Secure $55M Financing For Quartermaster Plaza, Philadelphia

2200 Oregon Avenue

$55,000,000

$120/SF

Building Size

456,208 SF

Asset Type

Retail

Closing

Feb 22, 2024

AI

The Quartermaster Plaza, a 456,208-square-foot retail property located at 2200 West Oregon Avenue in Philadelphia, was acquired in 2022 for $100.1 million. The shopping center features a diverse tenant mix that includes BJ’s, The Home Depot, and Sprouts Farmers Market, and has been experiencing strong performance in the bustling retail market of Greater Philadelphia.

Summary of transation details:

The financing deal for Quartermaster Plaza was secured from Webster Bank by DRA Advisors and KPR Centers, with JLL Capital Markets facilitating the arrangement. The property's success in the retail market is attributed to its prime location and the positive leasing activity driven by popular anchor tenants.

Players

Michael Gigliotti

JLL

Broker

$3.7B

vol

19 deals

Broker
Webster Bank
Webster BankLender

Philadelphia Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.29%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93