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Cedar Pays $18M for 3 PA Shopping Centers

PHILADELPHIA-Harrisburg, PA-based Caldwell Development Corp. sells Giant Supermarket-anchored centers to Port Washington, NY-based Cedar Income Fund. Cedar expects to acquire another building for an additional $1.6 million.

By Marita Thomas | Updated on October 09, 2002

PHILADELPHIA-Port Washington, NY-based Cedar Income Fund has acquired three Giant Supermarket-anchored regional shopping centers in Pennsylvania, totaling 195,000 sf, for $18 million, or about $92.31 per sf. The seller is an affiliate of Harrisburg, PA-based Caldwell Development Corp.

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.

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