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TREXLERTOWN, PA-Port Washington, NY-based Cedar Shopping Centers pays $34.5 million for Trexlertown Plaza, a 241,625-sf community shopping center on 31 acres. The property is adjacent to Trexlertown Mall, a 338,692-sf property, which Cedar acquired along with 29 surrounding acres, for $33.8 million in December 2005. Together, the Plaza and Mall acquisitions, including their surrounding development parcels, represent nearly 100 acres for retail use.

The Plaza’s anchors are a 48,000-sf Redner’s supermarket, 34,000-sf Big Lots, 22,500-sf Sears, and 22,500-sf Tractor Supply store. It is currently 84% leased. Frank Ullman, Cedar’s EVP, tells GlobeSt.com the center was built in 1991, “and has undergone substantial redevelopment and new construction in 2005 related to the Big Lots and Tractor Supply tenancies.”

Cedar acquired the Plaza property directly from the sellers, a joint-venture partnership between K&S Realty Ventures and Polimeni International LLC, which is headquartered in New York City. The asset is unencumbered, and is being funded by net proceeds of the 3.25 million shares that remain from a forward sale of Cedar stock that was completed in August 2005. The remaining proceeds aggregate approximately $44.5 million. The acquisition agreement is expected to close in early third quarter.

Specific plans for redevelopment and additions at the two properties have not been finalized. The purchases are “evidence of our commitment and focus on development and redevelopment properties in some of the most vibrant markets in the state of Pennsylvania,” Leo Ullman, president, chairman and CEO, says in a statement.

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