As part of its new strategy of selling off smaller retail properties in secondary markets, Port Washington-based Cedar Shopping Centers Inc. has sold 17 of its Ohio properties in a $45 million deal.
The real estate investment trust said it hopes its new focus on major properties will lead to growth in revenue.
"The disposition of these properties represents an integral part of the company's long-term business plan,” Leo S. Ullman, Cedar's chairman and chief executive, said.
“This strategy includes disposing of smaller properties in secondary markets as the company upgrades its portfolio … emphasizing ownership of larger properties in higher demographic areas…”
Fourteen of the 17 Ohio properties are anchored by a Discount Drug Mart store.
“As a result of these transactions, Cedar will have substantially withdrawn from Ohio,” Cedar said. The purchaser is Nickleplate Realty Trust Llc of Canton, Ohio.
Photo: Carmans Plaza, a Cedar Shopping Centers property at 900-944 Carmans Rd. in Massapequa.