Cedar Shopping Centers has bought two new England shopping centers for $47.3 million, one in Massachusetts and one in Connecticut.
Cedar purchased Fieldstone Marketplace in New Bedford, Mass. and Jordan Lane Shopping Center in Wethersfield, Conn.
“In both cases, Cedar Shopping Centers acquired quality grocery-anchored shopping centers that will provide a stable cash flow for years to come from a quality tenant roster,” said Chris Angelone of CB Richard Ellis/New England, who worked with Bill Moylan and Leslie Faraci on the transaction.
WP Realty, the buyer, was also represented by CB Richard Ellis. The two centers are nearly 100 percent leased, according to Angelone.
Fieldstone Marketplace is a 194,351-square-foot shopping center just off Route 140 in New Bedford, Mass. Major tenants include Shaw’s Supermarket, which occupies 68,000 square feet, and Flagship Cinemas, which occupies 41,975 square feet.
Jordan Lane is a 181,735-square-foot regional shopping center in Wethersfield, Conn. The center is grocery-anchored by Super Stop & Shop, which occupies 60,632 square feet of space. Other large national credit tenants include A.J. Wright and Dollar Tree.
Cedar Shopping Centers is a Port Washington, N.Y.-based self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers. The company presently owns and operates 85 centers in nine states, predominantly in the Northeast and mid-Atlantic regions.
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