X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRYN MAWR, PA-Locally based WP Realty has completed its sale of a six-property shopping center portfolio to Cedar Shopping Centers Inc. Port Washington, NY-based Cedar paid $117 million for the centers, which are located in four states and have an aggregate of approximately 870,000 sf.

The price includes the assumption of approximately $86 million of existing first-mortgage financing on the properties with a weighted average interest rate of less than 6%. The remainder of the purchase price is funded from Cedar’s secured revolving credit facility.

Two of the properties are in Massachusetts. The 138,000-sf West Bridgewater Plaza in West Bridgewater is anchored by a Shaw’s supermarket and Big Lots. The 168,000-sf Kings Plaza in New Bedford is adjacent to Fieldstone Marketplace, which Cedar acquired earlier from WP. The Kings Plaza anchors are AJ Wright, Ocean State Job Lot and Work Out World.

Groton Shopping Center in Groton, CT is a 118,000-sf center anchored by TJ Maxx. Yorktowne Plaza is a 159,000-sf center in Cockeysville, MD with a Food Lion supermarket and Rite Aid drug store as anchors. Circle Plaza is a 92,000-sf property leased to K-Mart. It is located in Shamokin Dam, PA, 33 miles from Cedar’s Loyal Plaza in Williamsport and 55 miles from Cedar’s Pennsylvania office and shopping center in Camp Hill.

Carman’s Plaza in Massapequa, NY, represents Cedar’s first foray into Long Island, which has high barriers to entry. A Pathmark supermarket, AJ Wright, Best Fitness, Duane Reade and a New York State department of motor vehicles facility are the major tenants in the 195,000-sf center.

In addition to this portfolio and Fieldstone Marketplace, WP previously sold Jordan Lane in Wethersfield, CT to Cedar. “We value our relationship with WP, the opportunity they have offered to us to purchase these properties and the prospect of continuing to work with them in coming years,” says Leo Ullman, Cedar’s CEO, in a statement.

At the time of the closing on the WP portfolio, Cedar also acquired a 15.5-acre development parcel next to its supermarket-anchored center in DuBois, PA, and a two-acre parcel adjacent to its 274,553-sf Brickyard Shopping Center in Berlin, CT. The aggregate price of both parcels is $2.6 million, funded from the Cedar credit facility.

The land acquisitions were separate transactions, “which we acquired for strategic reasons,” Frank Ullman, VP, tells GlobeSt.com. “We don’t have specific leasing commitments, but, as a policy, we try to tie up real estate adjacent to our properties to provide flexibility for possible future expansion.” Of the WP portfolio, he says, “occupancy is greater than 95%. Each of the centers was developed in excess of 20 years ago, but all have been renovated recently.”

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

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.