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:
- Property Type: Retail
- Transaction Amount: $55,000,000
- Market: Philadelphia
- Acres: 44
- Lender: Webster Bank
- Landlord: David Luski - DRA Advisors; Dan Katz - KPR Centers
- Brokers: Blaine Fleming, James Galbally, Michael Gigliotti & Michael Pagniucci - JLL
- Loan Type: Refinance
- Loan Terms: Five-year
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
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