Cedar Shopping Centers buys Massachusetts property
In a move that analysts say is designed to secure the future of current executives should the company be taken over, BJ's Wholesale has announced it will close five stores and cut about 500 jobs. (Undated) Credit: AP
Port Washington-based real estate investment trust Cedar Shopping Centers Inc., acting with a Canadian partner, has completed the $23.5 million purchase of a Massachusetts shopping center.
Cedar bought Northwoods Crossing in Taunton, Mass., on behalf of the joint venture. Cedar owns 20 percent of the property, and RioCan Real Estate Investment Trust of Toronto, owns the rest.
Northwoods Crossing is a 160,000 square foot shopping center on about 42 acres off Route 495 in Massachusetts, less than 40 miles from Boston and across from the largest office park in New England, Cedar said. The property is 100% leased.
It is anchored by a 115,000 square foot B.J.'s Wholesale Club with a lease extending to 2023 and a 19,000 square foot Tractor Supply with a lease extending to 2025.
Other tenants include Dollar Tree, Ruby Tuesday's and Wendy's.
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