PORT WASHINGTON, N.Y., Oct. 8 /PRNewswire-FirstCall/ — Cedar Shopping Centers, Inc. (NYSE: CDR), today announced that it has completed closings on the previously reported agreements for the purchase of six shopping center properties aggregating approximately 870,000 sq. ft. of GLA at a purchase price of approximately $117 million, exclusive of closing costs and adjustments. Two of the properties are located in Massachusetts, one in Connecticut, one on Long Island (New York), one in Maryland and one in Pennsylvania.
The Company assumed a total of approximately $86 million of existing first mortgage financing on the properties, with a weighted average interest rate of less than 6%. The balance of the purchase price was funded from the Company’s secured revolving credit facility.
In addition, the Company closed on the purchase of a development parcel of approximately 15.5 acres immediately adjacent to its existing supermarket-anchored property in DuBois, Pennsylvania, and an approximate two acre development parcel immediately adjacent to its Sam’s Club and Home Depot-anchored Brickyard Shopping Center in Berlin, Connecticut. The aggregate purchase price for the two development parcels was approximately $2.6 million, funded from the Company’s secured revolving credit facility.
About Cedar Shopping Centers, Inc.
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of supermarket-anchored shopping centers in nine mid-Atlantic and New England states. The Company has realized significant growth in assets and has completed a number of developments and redevelopments of retail properties since its public offering in October 2003. The Company presently owns and operates 113 properties aggregating approximately 11.5 million square feet of gross leasable area. The Company also has a substantial and growing pipeline of development properties as well as approximately 210 acres in development parcels.
SOURCE Cedar Shopping Centers, Inc.
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