FRANKLIN, MA- Cedar Shopping Centers Inc. based in Port Washington, NY, completed the $73 million acquisition of the Franklin Village Plaza here. Franklin Village is an approximately 255,000-sf shopping center plus an adjacent 36,000-sf office building. The purchase was funded by a $43.5 million, seven-year, 4.8%, interest-only first mortgage; and the balance was funded from Cedar’s revolving credit facility. Cedar officials say they are actively pursuing a joint venture financing arrangement.

Stop & Shop is the principal anchor tenant and has signed an agreement to expand from its current 55,000 sf to 75,000 sf. Other tenants include Marshalls, Radio Shack, Payless, Bath & Body Works and Applebee’s. Thomas R. Blakely, principal of TRB & Associates Inc. of Brookline represented the seller.

“This acquisition will permit us to utilize a considerable portion of the proceeds of our recent preferred stock issue on an accretive basis, and the proposed joint venture arrangements would in turn reduce our commitment to a single property while further enhancing the return on our investment,” says Tom O’Keeffe, the company‘s CFO.

Cedar CEO Leo Ullman adds that this purchase “puts the Company in an excellent position to create a cluster of quality properties in the lower New England states.”

This purchase marks another of the company’s recent acquisitions, which in this year have been focused in Pennsylvania. The company recently changed courses and purchased a 16-acre development site in Hanover Township for $10 million shopping center. Prior to that the company picked up two adjacent nearly 100,000-sf centers for $5.5 million in July. In May, the REIT took Lake Raystown Plaza and Huntingdon Plaza, with an aggregate 230,600 sf, while in March it acquired Dubois Commons and Townfair Center for an aggregate price of $35.2 million, or about $86.70 per sf.

And a year ago, the company made a similar purchase by spending $75 million for Columbus Crossing and River View Plaza I, II and III in South Philadelphia. Those transactions, including closing costs and debt repayment penalties, were funded with proceeds from Cedar’s Oct. 24, 2003 public offering of more than 13.5 million shares of stock at $11.50 per share.

Cedar is a self-managed REIT which owns and operates 29 primarily supermarket-anchored shopping centers with approximately 4.5 million sf of gross leasable area located in Pennsylvania, New Jersey, Massachusetts, Maryland, and Connecticut.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.