Shopping center company buys 5

Port Washington-based Cedar Shopping Centers Inc. has agreed to buy five — and possibly two more — out-of-state shopping centers as part of a joint purchase plan with a Canadian partner. The deal is worth at least $134 million. 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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