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LI realty company's shares rise after stock purchase

Carman's Plaza, a Cedar Shopping Centers property at

Carman's Plaza, a Cedar Shopping Centers property at 900-944 Carman's Rd. in Massapequa. Photo Credit: Handout

Shares of Cedar Realty Trust, a Port Washington-based property investment firm, rose more than 15 percent by early afternoon Tuesday after news that another Long Island company has bought more than $18.7 million of its shares.

The news was disclosed Tuesday morning in a Securities and Exchange Commission filing.

It said Winthrop Realty Trust, based in Jericho, since October had accumulated about 5.2 million shares, the equivalent of 7.6 percent of Cedar.

Still, Cedar's shares are down substantially for the year, about 27 percent despite Tuesday's improvement.

Cedar owns a network of shopping centers along the East Coast that are mostly anchored by grocery stores.

It has been a year of changes for the company. In addition to the new minority stockholder, Cedar brought in a new chief executive, Bruce Schanzer, and changed its name; it used to be Cedar Shopping Centers Inc.

Winthrop Realty Trust, in its SEC filing, said it bought the stock "with a view to making a profit on its investment. In light of its investment objectives, WRT intends to consider appropriate methods of maximizing the value of the common stock." Winthrop gave no further details in its SEC filing, and a spokeswoman said Tuesday it would not provide comment other than that contained in SEC documents; and an employee of Cedar Realty said Tuesday that no one was available to comment on the news.

Winthrop's shares, too, rose Tuesday, by more than 4 percent, to $10.35.

Photo shows a Cedar shopping center in Massapequa.

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