Stop & Shop is the principal anchor tenant and has signed anagreement to expand from its current 55,000 sf to 75,000 sf. Othertenants include Marshalls, Radio Shack, Payless, Bath & BodyWorks and Applebee's. Thomas R. Blakely, principal of TRB &Associates Inc. of Brookline represented the seller.
"This acquisition will permit us to utilize a considerableportion of the proceeds of our recent preferred stock issue on anaccretive basis, and the proposed joint venture arrangements wouldin turn reduce our commitment to a single property while furtherenhancing the return on our investment," says Tom O'Keeffe, thecompany's CFO.
Cedar CEO Leo Ullman adds that this purchase "puts the Companyin an excellent position to create a cluster of quality propertiesin the lower New England states."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
