Quartermaster Plaza in South Philadelphia is now off the market eight months after its owners originally had it listed, writes Paul Schwedelson for the Philadelphia Business Journal. 

The reasoning is due to the owners failing to find a buyer for the property.

DRA Advisors and KRP Centers, two New York-based firms acquired the 456,208-square-foot shopping center in a joint venture in 2022 for $100.1 million.

The initial strategy with the property was to add value through leasing and then sell the property. 

The 20-year-old shopping center at 2200 Oregon Avenue is 99 percent leased. It’s anchored by BJ’s Wholesale Club and Home Depot, with a Sprouts Farmers Market slated to open later this year.

With a deal to sell Quartermaster Plaza not materializing, the owners have pivoted their strategy, recently securing $55 million of financing on the property through a five-year bank loan.

“We were able to attract very competitive lender interest for this property from multiple capital sources to the benefit of the owners DRA and KPR,” said Michael Pagniucci of JLL, who represented the owners in securing the financing. 

“Lenders appreciate the in-fill location, high-performing anchor tenant lineup and institutional ownership that continues to create value since their 2022 acquisition,” he added.

Read more about the new fate of Quartermaster Plaza at the Philadelphia Business Journal.