Dubois Commons consists of approximately 190,000 sf, including the 53,000-sf supermarket and a 54,500-sf Elder Beerman department store. Other tenants are Pier 1 Imports, Fashion Bug, Blockbuster, Dollar Tree and Radio Shack. The asset, built in 1999 and expanded in 2003, is shadow-anchored by a 116,000-sf Lowe's. The property is unencumbered.

Townfair Center totals approximately 256,000 sf and is anchored by a Lowe's Home Improvement Center and a Michael's Craft store in addition to the supermarket. CVS pharmacy and Pier 1 Imports are also tenants. This property has an existing first mortgage of approximately $13.5 million. It was built in 1997 and expanded between 2001 and 2003.

Cedar is funding the two-property acquisition from proceeds of its floating-rate credit facility and expects to complete the closing within 30 days. This acquisition will take the REIT's total tally to approximately four million sf, primarily in multi-tenant, supermarket-anchored shopping centers in Pennsylvania, southern New Jersey, Maryland and Connecticut.

During fourth-quarter 2003 alone, the REIT acquired Golden Triangle Shopping Center in Lancaster, PA, Columbus Crossing and River View Plaza I, II and III in Philadelphia, Sunset Crossings in Dickson City, PA, and the outstanding 50% share of Point Shopping Center in Harrisburg. These purchases were preceded by Cedar's acquisition of seven Pennsylvania shopping centers last in August.