Cedar Shopping Centers has entered a definitive agreement to purchase four retail properties in Virginia for approximately $32.2 million, the company announced this week.
The properties consist of two Ukrops supermarkets and two ancillary retail strip center properties in suburban Richmond and Fredericksburg, Va.
The properties are being purchased from the owner/developer, the Silver Companies of Fredericksburg, and were fully leased at the time of the announcement.
The properties include:
–A free-standing Ukrops supermarket of approximately 43,000 sq. ft in Glen Allen (Richmond), Va., on an unsubordinated ground lease;
–A Ukrops 63,000-square-foot supermarket on Rte 3 off Rte 95 in Fredericksburg, Virginia;
–Virginia Center Commons, a 10,000-square-foot strip center in Glen Allen (Richmond) Va.;
–Shoppes at Salem Run, a 15,000-square-foot strip center in Fredericksburg, Va.
Closing of the purchase is expected to take place in November of this year.
The four properties were originally part of a portfolio of 15 properties for which the company had entered into a purchase contract in August 2005 for an aggregate purchase price of $111.7 million. That contract has now been terminated.
Cedar Shopping Centers is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers.
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