Fieldstone is a 194,000-sf community shopping center anchored bya 68,000-sf Shaw's supermarket. The purchase price was $26.2million and the acquisition was effected by assumption of a firstmortgage of approximately $19 million and payment of approximately$7.2 million in cash drawn from the company's revolving creditfacility.

The 82,000-sf Kent Plaza is anchored by a 56,600-sf GabrielBrothers store and an 18,700-sf North Coast medical facility. It isunencumbered and was purchased for $4.75 million in cash drawn fromthe revolving credit facility. Both deals were exclusive of closingcosts and adjustments.

Leo S. Ullman, CEO of Cedar, says Fieldstone is "an excellentaddition to our Massachusetts and Connecticut supermarket-anchoredproperty portfolio. The Kent property which is being purchased at acap rate of more than 10%, and which is near a couple of otherproperties purchased recently from Giltz & Associates, is at astone's-throw from the entrance to Kent State University and isexpected to feature some meaningful future expansion." Ullman addsthat since Cedar will be focusing on development and redevelopmentfor the next couple of years, the firm does not contemplateallocation of substantial additional resources to the Ohio (orMichigan) area "absent extraordinary opportunities."