According to Cedar vice president Brenda Walker, the$34.5-million deal includes the Port Richmond Village and AcademyPlaza shopping centers in Philadelphia and Washington Center,located in Washington Twp., NJ. FameCo Real Estate, Conshohocken,PA represented the undisclosed seller.

The three properties represent a significant step toward thecompany's stated goal of compiling a portfolio of retailproperties, preferably located in the Northeast. "We have beenselling old properties to create a focus upon shopping centers inthe Mid Atlantic states," Walker tells GlobeSt.com. Walker says theREIT "is in discussions on several acquisitions," but she would notreveal details.

All three centers are supermarket-anchored and each is roughly150,000 sf. The lead tenant at Academy Plaza and Washington Centeris Acme Markets, an Albertson's subsidiary. Port Richmond Village'sanchor tenant is Academy supermarket, a Fleming Cos.subsidiary.