Cedar may seek additional funding from third-party lenders or a joint venture partner as it contemplates redevelopment of an 89,000-sf former Montgomery Ward store and other general renovations on the property.
They are estimated to cost several million dollars over the next two years.
The mall is anchored by a Giant supermarket. Other principal tenants are Boscov's, Barnes and Noble, and Zany Brainy. Camp Hill Mall is at the intersection of Route 15 and Trindle Rd. at the Harrisburg "beltway" on the west bank of the Susquehanna River.
New York-based Newbridge Realty and Mt. Laurel, NJ-based Metro Commercial Real Estate Inc. represented the seller in the transaction.
Cedar's shopping center portfolio exceeds 1.75 million sf and consists primarily of grocery-anchored properties in eastern Pennsylvania and southern New Jersey.
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