The centers are Fairview Plaza, a 70,000-sf center in New Cumberland, PA; Halifax Plaza, a 55,000-sf center in Halifax, PA; and Newport Plaza, a 70,000-sf center in Newport, PA. Cedar also expects to exercise an option to buy a building at the Newport center that is owned by Giant Food Stores for an additional $1.6 million.
The Giant supermarkets represent approximately 70% of the gross leasable area of the properties. The properties are 99% leased, Brenda J. Walker, vice resident/treasurer of Cedar, tells GlobeSt.com.
Each of the Giant supermarket leases extends for at least 15 years. Other tenants at the centers include McDonald's, Rite Aid, the state Liquor Control Board and regional banks.
Due diligence has been completed and deposits are non-refundable. The Newport and Fairview properties are expected to close late this month or early in November. Under the agreement, the seller is permitted to defer closing of the Halifax, and its closing is expected to take place after year-end.
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