Cedar Shopping Centers buys in Pennsylvania

Property has substantial vacancy

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Cedar Shopping Centers recently purchased the 408,000-square-foot Columbia Mall in Bloomsburg, Pa. The value of the transaction was approximately $14 million. The Columbia Mall is anchored by a 64,000-square-foot Sears, a 45,000-square-foot Bon Ton and a 34,000-square-foot J.C. Penney. The property is a candidate for redevelopment and has a substantial vacancy (approximately 100,000 square feet) attributable primarily to a former Ames store. The sellers in the transaction were not disclosed. Cedar Shopping Centers Inc. is a self-managed real estate investment trust. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....