Cedar Signs $27M Acquisition Agreement for Raynham Shopping Plaza

The 176,000-sf shopping plaza, located at 270 New State Highway/Route 44, is anchored by a 60,000-sf Shaw's Supermarket with a lease that extends to 2023 and a 25,750-sf Marshall's department store. It also contains 15,775 sf leased to JoAnn Fabrics along with a 10,125-sf CVS and a 10,000-sf Fashion Bug. The name of the plaza's current owner was not disclosed.

The acquisition agreement was the third signed by Cedar since October when the Port Washington, NY-based shopping center REIT purchased the Shops at Suffolk Downs, a newly developed plaza located on 25 acres adjacent to the Suffolk Downs Racetrack in Revere, for an undisclosed price. That property, which is anchored b a 75,000-sf Super Stop & Shop and shadow anchored by a 123,000-sf Target store situated on a separate parcel that was not part of the deal. Cedar plans to build an additional 36,000 sf of retail space on the Route 1 site.

Earlier this month, the company purchased Fieldstone Marketplace in New Bedford for $26.2 million. That 194,000-sf community shopping center is anchored by a 68,000-sf Shaw's. Cedar entered the Massachusetts market about a year ago with the acquisition of the Franklin Village Shopping Center in Franklin, which is also anchored by a Stop & Shop.