The 212,000-sf property is anchored by Best Buy, Staples, Sports Authority and Pep Boys stores. Cedar officials would not release details of the transaction.
The REIT also revealed that it has completed the $21-million refi of the Point Shopping Center in Harrisburg, PA. The permanent loan was provided by Protective Life Insurance Co. of Birmingham, AL. The Point is a 256,000-sf grocery-anchored property that includes a Giant supermarket, Burlington Coat Factory, Staples and other stores.
Cedar expects to close by the end of this year on its acquisition of Loyal Plaza Shopping Center in Williamsport, PA, which the REIT has agreed to purchase in an $18.3-million deal. The deal was to have closed in Q2 of 2002. The transaction is subject to the lender's approval of the assumption of $13.9 million in existing first mortgage debt on the property.
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