Onyx Equities LLC this week announced it acquired Red Lion Plaza, a 224,269-square-foot shopping center in Philadelphia.
The value of the transaction was not disclosed.
Cedar Management sold the property, which is located at the intersection of Roosevelt Avenue (Route 1 South) and Red Lion Road.
The power center, anchored at the time of sale by Best Buy, Staples and Pep Boys, features 74,000 square feet of contiguous space available, which can be subdivided to 24,000 square feet. The property also has three pad sites leased to Taco Bell, Sleepy’s, and McDonalds.
“This part of Northeast Philadelphia is ideal for retailers of all kinds, given the demographics of the population living and working in the area,” said Michael K. Nevins, Onyx’s vice president of asset management, in a statement.
Onyx plans several capital improvement projects at Red Lion Plaza, including renovating a portion of the center’s facade and enhancing the property’s landscaping.
Woodbridge, N.J.-based Onyx Equities LLC was formed in 2004 and currently owns a portfolio of office, retail and industrial properties in New Jersey, New York, Connecticut and Pennsylvania.