Cedar Shopping Centers Inc. recently purchased five Giant supermarket-anchored properties in eastern Pennsylvania for approximately $90 million.
The five properties represent an aggregate of approximately 353,000 square feet. Approximately 85 percent of total rental income for the properties is represented in each case by a long-term lease with Giant Food Stores LLC of Carlisle, Pa., a subsidiary of the Ahold Group.
The properties are expected to be included at values equal to the respective purchase prices, in the recently announced joint venture with Homburg Invest Inc., a Canadian corporation, which will acquire 80 percent of the properties while the company will retain 20 percent.
Cedar Shopping Centers Inc. is a self-managed real estate investment trust operating primarily in the Northeast and Mid-Atlantic regions that currently owns and operates 104 supermarket- and drug store-anchored centers with an aggregate of approximately 10.6 million square feet of gross leasable area.