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Cedar pays $135M for shopping centers

Cedar map

Cedar map

Port Washington-based Cedar Shopping Centers Inc.  has completed a $135-million deal to buy five out-of-state shopping centers in a joint purchase plan with a Canadian partner.
 
The shopping centers, mostly anchored by large grocery stores, are in Pennsylvania, New Jersey and Virginia.
 
In most of the shopping centers purchased, Cedar will own 20 percent. RioCan Real Estate Investment Trust, of Ontario, will own 80 percent.
 
The initial five shopping centers, to be bought from Pennsylvania Real Estate Investment Trust, are in Sellingsgrove, Warrington and Lancaster, Penn.; Forked River, N.J.; and Christiansburg, Va.
 
The other shopping centers are in Lancaster and Whitehall Township.
 
Tenants include Giant Supermarket, Kohl's Department Store, Target, Best Buy, Dick's Sporting Goods, Bed Bath & Beyond, Michael's, PetSmart, Lowe's Home Improvement, LA Fitness, Home Depot, Old Navy, Ross Dress for Less, Staples, Sports Authority, Office Max, Barnes & Noble and Gold's Gym.

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