PORT WASHINGTON, NY-Locally based retail REIT CedarRealty Trust said Thursday afternoon that it’s exiting itsthree-year-old joint venture with RioCan Real EstateInvestment Trust. Under terms of the agreement between thetwo REITs, Cedar will acquire RioCan’s ownership in a Massachusettsshopping center and sell its 20% ownership in the JV’s remainingproperties.

Cedar (formerly known as Cedar Shopping Centers) is now taking100% ownership of Franklin Village Plaza, a grocery-anchored304,347-square-foot shopping center in Franklin, MA for about $60.1million including the assumption of $34.7 million of in-placemortgage financing. Its sale to Toronto-based RioCan of a 20%interest in 21 other properties across six states entails RioCanpaying $119.5 million, including the assumption of $54.4 million indebt. When the debt assumptions and Cedar’s acquisition of FranklinVillage are factored in, the deal comes out to $39 million in cashpaid by RioCan to Cedar.

Following the sale, Cedar will continue to manage the propertiesit’s selling to RioCan, subject to a one-year management agreementthat RioCan can terminate on 90 days’ notice. A 6.5% capitalizationrate is the basis for valuing all of the properties, the twocompanies said in separate statements.