X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.