These are five of the nine shopping centers the locally basedREIT expects to include in its recently announced joint venturewith a subsidiary of Halifax, Nova Scotia-based Homburg Invest Inc.Under the JV agreement, previously announced by GSR,Homburg is taking an 80% stake in the properties, and Cedar isretaining a 20% stake. It also retains management, leasing andconstruction responsibilities, which, in the case of these five,will be handled by its New Cumberland, PA office.
These are included in the JV at values equal to their respectivepurchase prices, which are not delineated separately. The centersare fully leased. Carlisle, PA-based Giant Food Stores LLC, asubsidiary of the Ahold Group, holds long-term leases at all five,and it accounts for 85% of the portfolio's total rental income.
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.
