DUBOIS, PA-Port Washington, NY-based Cedar Shopping Centers acquires two grocery-anchored, Pennsylvania shopping centers from affiliates of Michael Joseph Development Corp. They are Dubois Commons here and Townfair Center in Indiana, PA. The aggregate price is $35.2 million, or about $86.70 per sf.

Dubois Commons is a 190,000-sf center with a 53,000-sf Supervalu Shop ‘n Save supermarket and a 54,500-sf Elder Beerman department store. Other tenants include Pier 1 Imports, Fashion Bug, Blockbuster, Dollar Tree and Radio Shack. The property is unencumbered. It was built in 1999 and expanded in 2003 and is shadow-anchored by a 116,000-sf Lowe’s home improvement center, which was not a part of the sale.

Townfair Center totals 216,000 sf. It is anchored by Lowe’s home improvement center, Supervalu Shop ‘n Stop, and Michael’s craft store. Among the other tenants are CVS and Pier 1. The purchase was subject to an existing first mortgage of approximately $10 million. Townfair was built in 1997 and expanded between 2001 and 2003.

Brokers in the Pittsburgh office of Holliday Fenoglio Fowler LP facilitated the transaction. The purchase price and closing costs were funded from proceeds of Cedar’s floating rate credit facility.

On the last day of December 2003, Cedar acquired Columbus Crossing in Philadelphia and Sunset Crossing in Dickson City, PA. Earlier last year, the REIT also acquired four additional shopping centers in Philly: Red Lion, Academy Plaza, Port Richmond Village, and three contiguous Riverview Center. It also gained operating control of South Philadelphia Shopping Center.

Cedar’s current investments total more than 4 million sf. The overwhelming majority are multi-tenant, supermarket-anchored shopping centers, primarily in Eastern Pennsylvania, Southern New Jersey, Maryland and Connecticut.

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