Cedar Buys 293,270-SF Shopping Center

NEW YORK CITY-Port Washington, NY-based Cedar Income Fund Ltd. has agreed to purchase the grocery-anchored 293,270-sf Loyal Plaza Shopping Center in Williamsport, PA for roughly $18.3 million. The deal is expected to close in Q2 2002 and is subject to the lender’s approval of the assumption of $13.9 million in existing first mortgage debt on the property.

While the seller has not been disclosed, Loyal Plaza is listed on Columbus-based Glimcher Realty Trust’s Web site as one of its assets. Loyal Plaza is anchored by a 67,000-sf Giant supermarket, which is also building an additional 3,000-sf gas station and convenience store. The shopping center also houses an 11,000-sf freestanding Eckerd drug store and a 102,000-sf Kmart. The Kmart is not currently earmarked for closing under the chain’s reorganization plan.