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Real Estate Investment Trust Cedar Shopping Centers
PORT WASHINGTON, N.Y., May 11 — Cedar Shopping Centers, Inc. and RioCan Real Estate Investment Trust today announced that their joint venture (20% Cedar and 80% RioCan) has entered into a definitive contract to purchase Exeter Commons, a 361,000 square foot shopping center located on 37 acres in Exeter Township (greater-Reading), Pennsylvania, approximately 40 miles west of Philadelphia, for $53 million, excluding closing costs and adjustments. Due diligence has been completed; deposits are non-refundable; closing is expected on or before August 1, 2010.
The property was completed in 2009 and is anchored by a 171,000 square foot Lowe’s Home Improvement Center and an 82,000 square foot Giant Food Stores supermarket, both with leases extending to 2029, exclusive of renewal options. Mid-size anchors include an 18,000 foot Staples and a 14,000 square foot Petco, each with leases extending to 2019, exclusive of renewal options. The property is 98% leased and is shadow-anchored by a 133,000 sq. ft. Target store, also completed in 2009. Other in-line tenants include Famous Footwear, Five Below, Sleepy’s, Five Guys Hamburgers and Hallmark. Pad sites include Red Robin, Affinity Bank, Sonic and a Giant fuel service facility.
The property will be delivered “free and clear” at the closing. It is expected that property-specific financing will be placed on the property at an estimated level of approximately 60% of the purchase price. Cedar will manage the property and will be entitled to certain acquisition, financing, property management, leasing, joint venture reporting and construction management fees.
Mike Winters, Cedar’s Vice President of Acquisitions, stated, “We are delighted to have been given the opportunity to acquire this newly-developed property in our primary geographic area. The strong credit tenancies with long leases in stable markets represent the high-quality core properties with which we hope to grow our portfolio with RioCan in coming months and years.”
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 “bread and butter”® supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates (both wholly-owned and in joint venture) approximately 13 million square feet of GLA at 119 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarshoppingcenters.com.
About RioCan
RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $8.4 billion as at March 31, 2010. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 261 retail properties, including 12 under development, containing an aggregate of over 60 million square feet. RioCan owns an 80% interest in seven grocery anchored shopping centres in the United States through its joint venture arrangement with Cedar. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan’s website at www.riocan.com
SOURCE: Cedar Shopping Centers, Inc.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Cedar Shopping Centers Announces Contract for Its Joint Venture With RioCan to Purchase Shopping Center for $53 Million is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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