Leo Ullman, president of Port Washington, NY-based Cedar Shopping Centers, tells GlobeSt.com that the firm will close on the acquisition within the next 30 days. Ullman declined to reveal both the name of the seller and the sales price, saying only that it was in the millions of dollars. Cedar intends to build an additional 36,500 sf of retail space on the Route 1 site which will bring the property's gross leasable space to 123,000 sf.
Ullman says the firm selected the shopping plaza because of its anchor tenant, which he described as "the strongest operators in their particular markets," adding that this is further evidence of the firm's commitment to "properties at outstanding locations, in mature areas, with strong demographics, anchored by the very best in supermarket operators."
Cedar Shopping Plazas entered the Massachusetts market about a year ago with the acquisition of the, Franklin Village Shopping Center, which is also anchored by a Stop & Shop. Ulman says the company is currently looking for more investment opportunities in the Bay State and is working to acquire at least one other grocery anchored plaza.
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