Cedar Shopping Centers Inc. purchased “The Shops at Suffolk Downs,” a newly developed retail property in Revere, Mass.
The purchase price was not disclosed.
The Shops at Suffolk Downs is located on 25 acres adjacent to the Suffolk Downs racetrack, which is approximately five miles from downtown Boston. The property is anchored by a recently completed 75,000-square-foot Super Stop & Shop and shadow-anchored by a 123,000-square-foot Target, located on a separate parcel. The property also includes a Wendy’s.
Cedar expects to build and lease an additional 36,500-54,000 square feet of retail space at the property. When completed, the property will have 123,000-140,000 square feet of gross leasable area.
With the closing of the transaction, Cedar Shopping Centers Inc., a self-managed real estate investment trust, has acquired its second shopping center property in the greater Boston and eastern Massachusetts area.
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