Cedar Shopping Centers, a real estate investment trust in Port Washington, N.Y., entered into agreements to purchase two supermarket-anchored shopping centers, Dubois Commons in DuBois, Pa., and Townfair Center in Indiana, Pa.
DuBois Commons totals approximately 190,000 square feet, is shadow-anchored by a 116,000-square-foot Lowe’s and is itself anchored by a 53,000-square-foot Supervalu Shop ‘n Save supermarket and a 54,500-square-foot Elder Beerman department store. Other tenants include Pier 1 Imports, Fashion Bug, Blockbuster, Dollar Tree and Radio Shack. The complex was built in 1999 and expanded in 2003.
Townfair Center totals approximately 256,000 square feet and is anchored by a Lowe’s home improvement center, a SuperValu Shop ‘n Save supermarket and a Michael’s craft store. Other tenants include CVS and Pier I Imports. The complex was built in 1997 and expanded in 2001-03.
The aggregate purchase price for the two properties, exclusive of closing costs is $34.5 million. Townfair Center has an existing first mortgage of $13.3 million. Dubois Commons is unencumbered.
The purchase is expected to be funded from proceeds of the company’s floating rate credit facility. The company expects to complete the closing within 30 days, subject to normal closing conditions.
Cedar Shopping Centers investments, including these properties if successfully acquired, will total 4 million square feet, primarily in multi-tenant supermarket-anchored shopping centers in Pennsylvania, southern New Jersey, Maryland and Connecticut.
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