Cedar buying up Phila shopping centers: $25MM for Lawndale Plaza

Cedar Realty Trust Inc., which under boss Bruce Schanzer has acquired shopping centers in Northeast and South Philadelphia and other city  neighborhoods, has agreed to pay $24.5 million for Lawndale Plaza, a 90,000 sf Lawncrest shopping center built in 1998 by Highland Development Ltd., owned by investors Peter Abrams and Fred Levin and equity partner Glenville Group.

Brad Nathanson with CBRE arranged the transaction for seller Highglen Lawndale Associates LP, says Jason Abrams, partner at Abrams Realty and Development LLC, an Elkins Park development and brokerage company he owns with Peter Abrams, his father.