A 60,748-sf Shaw's supermarket and a 25,752-sf Marshall's anchor 176,000-sf Shaw's Plaza. The price was $29 million, including the assumption of a first mortgage of about $14.2 million at 5.58%, which is due in 2014. An initial portion of the property was built in 1967 and expanded in 1986-1987. The Shaw's unit expanded in 2004, according to Ullman.
He tells GlobeSt.com the seller was a private individual. With this buy, he says, "we are now the owner of more than 1.5 million sf of supermarket-anchored properties in the high growth and high demographic Boston suburbs and Connecticut-Boston corridor, complementing our substantial presence in both Philadelphia and the Greater Washington, DC area." Also with the two additions, Cedar has added a leasing associate to its office in Franklin, MA and an asset manager in the DC area.
The 88,000-sf Stonehedge Square was built in 1990. The price was nearly $13.5 million, and the seller is a JV fund affiliated with New Hyde Park, NY-based Kimco. A Nell's Market, which is an affiliate of American Wholesale Grocers, anchors the center and recently expanded to 51,687 sf and extended its lease for 20 years, exclusive of options.
This center was unencumbered. It is located near the 183,000-sf Point at Carlisle Plaza, which Cedar acquired for $11 million in September 2005. At the time, Ullman said that center would eventually be a candidate for substantial redevelopment and possible "de-malling." Stonehedge Square "further enhances our core and development portfolio in central and eastern Pennsylvania," Ullman says.
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