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PORT WASHINGTON, N.Y. -- Cedar Shopping Centers, Inc. said yesterday that it agreed to buy two supermarket-anchored shopping centers comprising about 314,000 square feet of gross leasable area (GLA) in Gardner, Mass. and Bridgeton, N.J. from affiliates of Westport, Conn.-based Paragon Realty Group, LLC.
The Massachusetts property, Timpany Plaza, is a 183,775-square-foot shopping center anchored by a 60,000-square-foot Stop & Shop, while New Jersey property, Carll's Corner in Bridgeton, New Jersey, consists of a 129,582-square-foot shopping center anchored by a 55,000-square-foot Acme supermarket.
The total purchase price for the two properties, excluding closing costs and adjustments, is estimated to be about $31.5 million. The properties are now encumbered by first-mortgage financings of about $14.8 million in the aggregate, at a weighted average interest rate of 5.88 percent.
Cedar is a fully integrated real estate investment trust focusing primarily on ownership, operation, development, and redevelopment of supermarket-anchored shopping centers and drug store-anchored convenience centers.