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Cedar Buys Remaining 50% of Point Shopping Center

HARRISBURG, PA-Within a month of its public offering on the NYSE, the Port Washington, NY-based REIT pays $2.4 million and assumes $19.6 million in financing for an outstanding 50% share of the 255,447-sf shopping center here.

By Marita Thomas | Updated on November 24, 2003

HARRISBURG, PA-Cedar Shopping Centers Inc. closes on its purchase of the remaining 50% interest in the Point Shopping Center on 25 acres at the intersection of Union Deposit Road and I-83. The purchase price is about $22 million, which includes approximately $2.4 million, plus existing financing of approximately $19.6 million on the property.

The seller is a Cedar affiliate. The transaction has been pending since Port Washington, NY-based Cedar became listed on the NYSE under the symbol CDR in late October and sold more than 15 million shares of common stock at $11.50 a share.

The community shopping center has an aggregate of 255,447 sf. Anchors are Burlington Coat Factory’s 76,665-sf store and a 55,000-sf Giant Foods grocery store. Among the other tenants are Staples, AC Moore, Panera Bread and the Pennsylvania Liquor Control Board.

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