Cedar Shopping Centers Inc. this week announced it has closed on the purchase of six shopping center properties located across the eastern United States.
Cedar, a real estate investment trust that focuses on properties located in mid-Atlantic and New England states, paid approximately $117 million for the portfolio, which includes nearly 870,000 square feet of gross leasable area.
Two of the properties are located in Massachusetts, with one in Connecticut, one on Long Island (New York), one in Maryland and one in Pennsylvania.
In addition, Cedar closed on the purchase of a development parcel of approximately 15.5 acres immediately adjacent to its existing supermarket-anchored property in DuBois, Pa., and an approximate two-acre development parcel immediately adjacent to its Sam’s Club and Home Depot-anchored Brickyard Shopping Center in Berlin, Conn. The aggregate purchase price for the two development parcels was approximately $2.6 million, funded from the company’s secured revolving credit facility.