It is the sixth shopping center Cedar has acquired in eastern Pennsylvania and southern New Jersey since May 2001. All but one are supermarket-anchored.
The seller is an affiliate of Columbus, OH-based Glimcher Realty Trust, which has completed sales of six shopping centers and a single-tenant asset for a total of $65.5 million during 2002.
The buyer of Loyal Plaza assumed a $13.9-million mortgage, which carried a fixed rate of 7.18%. Glimcher used the balance to pay down a floating bridge loan facility. Net proceeds of $4.6 million, obtained in Glimcher's June 28 sale of Arnold Plaza, a 155,240-sf, Kmart-anchored center in Arnold, MO were also used for that purpose.
Kmart is operating under Chapter 11 bankruptcy protection.
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