CEDAR ACQUIRES 230,000-SQUARE-FOOT OFFICE BUILDING
PHILADELPHIA — Cedar Shopping Centers has acquired a a Philadelphia office building for $13.37 million. The property, which is located on 15.3 acres at 11501 Roosevelt Blvd., totals 230,000 square feet. It is currently occupied by the Internal Revenue Service. Cedar's acquisition included the assumption of a $13 million first mortgage secured by the property. Cedar already owns the adjacent 23.9-acre property, which contains a 430,000-square-foot office building also leased to the IRS. The agency's lease for both buildings terminates next October, and it is expected to vacate the buildings. Cedar has not released any long-term plans for the properties.