Cedar Shopping Centers Inc. added 246,000 square feet to its holdings with the recent purchase of three East Coast retail centers.
The total value of the transactions was approximately $22 million.
The first purchase, Long Reach Village Center in Columbia, Md., has 104,300 square feet of retail and office rental space on approximately 7.7 acres. This community shopping center, anchored by a 53,700-square-foot Safeway supermarket with a lease extending to 2018, was 94 percent occupied at closing.
The second property, Hannaford Plaza in Norwood, Mass., is a 98,905-square-foot community shopping center on approximately 8.2 acres, anchored by a 42,600-square-foot Hannaford Brothers supermarket with a lease extending to 2015. The property, which was 95 percent occupied at the time of sale, also includes a 19,000-square-foot Ace hardware store.
The final acquisition, Annie Land Plaza in Lovingston, Va., has 42,500 square feet of fully occupied retail space on approximately 7.3 acres. A 29,000-square-foot Food Lion supermarket, whose lease extends to 2019, anchors the center.
Cedar Shopping Centers Inc. is a self-managed real estate investment trust operating predominantly in the Northeast and Mid-Atlantic regions.