Cedar Shopping Centers Inc. today announced it has acquired two supermarket-anchored properties located in Massachusetts and Pennsylvania totaling 264,000 square feet.
The total value of the transactions was approximately $42.5 million.
The first property, Shaw’s Plaza, is a 176,000-square-foot shopping center located in Raynham, Mass. Cedar paid approximately $29 million for the asset, which is anchored by a 60,748-square-foot Shaw’s supermarket and a 25,752-square-foot Marshalls.
The second property, Stonehedge Square, is an 88,000-square-foot center located in Carlisle, Pa. Nell’s Market, a 51,687-square-foot supermarket affiliated with American Wholesale Grocers, anchored Stonehedge Square at the time of sale. Cedar paid approximately $13.5 million.
Shaw’s Plaza is located near The Point at Carlisle Plaza, which Cedar purchased in September 2005.
Leo Ullman, Cedar’s CEO, stated, “…With the addition of the Raynham property to our portfolio, we are now the owner of more than 1.5 million square feet of supermarket-anchored properties in the high-growth and high-demographic Boston suburbs and Connecticut-Boston corridor, complementing our substantial presence in both Philadelphia and the greater Washington, D.C. area. The Carlisle property further enhances our core and development portfolio in central and eastern Pennsylvania.”
Cedar Shopping Centers Inc. is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers located predominantly in the Northeast and Mid-Atlantic regions.
