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EAST NORRITON, PA-Port Washington, NY-based Cedar Income Fund buys Swede Square Shopping Center, a 101,000-sf community mall at the intersection of Germantown Pike and Swede Road for about $79.20 per sf. Among the tenants is a new, 37,200-sf L.A. Fitness facility. A First Union Bank branch and a Pennsylvania Liquor Control Board store are also tenants.

Cedar paid approximately $8 million, including closing costs.

Philadelphia-based RAIT Investment Trust provided acquisition and redevelopment first mortgage financing. Terms and rates were not disclosed.

Homburg Invest (USA) Inc., which is a principal shareholder of Cedar, provided additional financing.

The U.S. arm of Homburg Invest Inc., which is based in Halifax, Nova Scotia, Canada, acquired shares representing an approximate 30%-stake in Cedar this January. The Cedar trust is administered by Cedar Bar Realty Advisors and invests primarily in multi-tenant, grocery-anchored shopping centers in eastern PA and southern NJ.

Conshohocken, PA-based Fameco Real Estate Corp. helped arrange the Swede Square transaction.

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