Cedar Shopping Centers purchased two supermarket-anchored shopping centers totaling approximately 406,000 square feet in Pennsylvania: Dubois Commons in Dubois and Townfair Center in the city of Indiana.
The aggregate purchase price for the two properties was approximately $35.2 million.
Dubois Commons, totaling approximately 190,000 square feet, is shadow-anchored by a 116,000-square-foot Lowe’s home improvement center and is itself anchored by a 53,000-square-foot Supervalu Shop ‘n Save supermarket and a 54,500-square-foot Elder Beerman department store. Other tenants include Pier 1 Imports, Fashion Bug, Blockbuster, Dollar Tree and Radio Shack. It was built in 1999 and expanded in 2003.
Townfair Center, totaling approximately 216,000 square feet, is anchored by a Lowe’s home improvement center, a SuperValu Shop ‘n Save supermarket and a Michael’s craft store. Other tenants include CVS and Pier I Imports. It was built in 1997 and expanded in 2001-2003.
The sellers are affiliates of Michael Joseph Development Corp. The transaction was facilitated through the brokerage of Holliday Fenoglio Fowler LP through its Pittsburgh office.
Port Washington, N.Y.-based Cedar Shopping Centers Inc. is a fully integrated, self-administered real estate investment trust.
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