Blank Rome Represents DRA Advisors in $880M Portfolio Acquisition of 34 Grocery-Anchored Shopping Centers from Cedar Realty Trust
A Blank Rome team represented DRA Advisors LLC (“DRA”), a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, in the acquisition of a portfolio consisting of 34 grocery-anchored shopping centers across various states from Cedar Realty Trust (“Cedar”) for an aggregate purchase price in excess of $880 million. The closing on all but one of the properties occurred on July 8, 2022, with the final closing occurring on August 5, 2022.
Blank Rome also represented DRA in multiple financings related to the acquisition, including new portfolio financing on nine properties and the assumption of existing debt on six other properties, as well as the negotiation of the joint venture agreement and property management arrangements with KPR Centers, DRA’s joint venture partner. This complex transaction involved many deals within one, as DRA and KPR Centers sold off several smaller portfolios within the overall acquisition portfolio to third-party purchasers, all of which closed simultaneously with DRA’s July closing with Cedar.
For more information, please read DRA Fund X-B LLC and KPR Centers Completed the Acquisition of Portfolio of Grocery-Anchored Shopping Centers from Cedar Realty Trust (NYSE: CDR) for Approximately $880 Million (press release, July 7, 2022).
The Blank Rome transaction team was led by Marty Luskin, Beth Connors, Dayna Finkelstein, Elaine Scivetti, Corey Tarzik, Manny Adler, and Avery Cummings, with significant assistance from Kaitlyn West, Kate Udo, Maria Rodriguez, Jaleh Najafali, Anne Kunz, and others on our Real Estate team who advised on due diligence and provided local counsel, as well as support from firm attorneys across numerous practice groups, including Tax, CMAS, Environmental, and FILARC.