GlobeSt.com UPDATE: Cedar Closes on Suffolk Downs Plaza

REVERE, MA-Cedar Shopping Centers Inc. has completed its acquisition of the Shops at Suffolk Downs in a move that gives the Port Washington, NY-based firm its second holding in the Bay State.

“We like the Boston area very much,” Leo Ullman, CEO of Cedar Shopping Centers, tells GlobeSt.com, explaining the reason behind the group’s latest acquisition. The company likes the Bay State so much in fact, he says, that it is currently in negotiations for several other Massachusetts properties. Ullman declined to identify exactly which properties Cedar is eyeing but says he is hoping to close on at least one other deal within the next few months.

Ullman declined to reveal the price Cedar paid for the newly built shopping plaza but says the transaction was valued at several million dollars.

The newly developed shopping center, located on 25 acres adjacent to the Suffolk Downs racetrack, is anchored by a 75,000-sf Super Stop & Shop and shadow anchored by a 123,000-sf Target store situated on a separate parcel which was not part of the transaction. Also included in the deal was a Wendy’s restaurant. Cedar plans to build an additional 36,500 sf of retail space on the Route 1 site which will bring the property’s gross leasable space to 123,000 sf.

Cedar Shopping Plazas entered the Massachusetts market about a year ago with the acquisition of the Franklin Village Shopping Center in Franklin, which is also anchored by a Stop & Shop.