You are here
PORT WASHINGTON, N.Y. -- Cedar Shopping Centers, Inc. said continues to build its portfolio of supermarket-anchored commercial properties, this time buying Shaw's Plaza, a 176,000 square foot supermarket-anchored shopping center in Raynham, Massachusetts; and Stonehedge Square, an 88,000 square foot supermarket-anchored center in Carlisle, Pennsylvania.
The purchase prices for the centers were approximately $29 million and $13.45 million, respectively, excluding closing costs and adjustments, the company, based here, said.
Shaw's Plaza is anchored by a 60,748-square-foot Shaw's supermarket, and a 25,752-square-foot Marshalls. Stonehedge Square is anchored by Nell's Market, a 51,687-square-foot supermarket affiliated with American Wholesale Grocers. It has recently expanded its store and extended its lease for 20 years, exclusive of options. The property is located near the Company's The Point at Carlisle Plaza, which it purchased in September 2005.
Of the acquisitions, Leo Ullman, Cedar's CEO, said, "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. The company owns and operates 88 primarily supermarket- and drug store-anchored centers with an aggregate of approximately 9.5 million square feet of gross leasable area, located in 9 states, predominantly in the Northeast and mid-Atlantic regions.