SHENANDOAH, PA-No money traded hands in Cedar Shopping Center's acquisition of Gold Star Plaza Shopping Center here. In a transaction valued at $7.9 million, the Port Washington, NY-based retail REIT has assumed approximately $3.9 million of existing debt on the asset and issued 270,000 Operating Partnership Units in Cedar Shopping Centers Partnership LP to the seller, the Kingston-based Mark Development Co.

The OP units "are like stock," Leo Ullman, Cedar's president, chairman and CEO, tells GlobeSt.com. "Except they don't include voting rights."

The 72,000-sf center was built in 1998 and is currently 100% leased. The anchor is a 47,000-sf Redner's supermarket, which has just completed a renovation plus construction of a Redner's Quick Shoppe on an outparcel. Other tenants are Family Dollar, Advance Auto and the Pennsylvania Liquor Control Board.

The 20-acre site allows for expansion of up to 24,000 sf and also has two additional pad sites for future development. "We don't have definitive plans for expansion," Ullman says. "We don't yet have tenants, but we surely will expand." He says a national fast food chain is a likely candidate for the outparcels, and typically, the retailer would build the unit and operate under a ground lease to Cedar.