The seller is a Cedar affiliate. The transaction has been pending since Port Washington, NY-based Cedar became listed on the NYSE under the symbol CDR in late October and sold more than 15 million shares of common stock at $11.50 a share.
The community shopping center has an aggregate of 255,447 sf. Anchors are Burlington Coat Factory's 76,665-sf store and a 55,000-sf Giant Foods grocery store. Among the other tenants are Staples, AC Moore, Panera Bread and the Pennsylvania Liquor Control Board.
Even before jumping from the NASDAQ, when it was Cedar Income Fund, to the NYSE, Cedar was making heavy inroads into the Pennsylvania shopping center market. It owns Red Lion Shopping Center, Academy Plaza and Port Richmond Village in Philadelphia and six additional shopping centers in this state along with a 41,000-sf L.A. Fitness facility that is under development in Fort Washington, PA.
Cedar focuses on multi-tenant, grocery-anchored shopping centers. While its largest concentration of properties is in Pennsylvania, it also owns retail centers in New Jersey and Connecticut.
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