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CARLISLE, Pa. -- Five Giant supermarket-anchored properties in eastern Pennsylvania have been purchased by Port Washington, N.Y.-based self-managed real estate investment trust Cedar Shopping Centers, Inc for about $90.0 million, not including closing costs and adjustments.
The five properties are expected to be included at values equal to the respective purchase prices in the joint venture with Homburg Invest Inc., a Canadian corporation, which will acquire 80 percent of the properties, while Cedar will retain 20 percent. Cedar will additionally retain management, leasing, and construction responsibilities.
The five properties total about 353,000 square feet, and about 85 percent of total rental income for the properties is represented in each case by a long-term lease with Ahold-owned Giant Food Stores, LLC.