Columbus Crossing is a 142,000-sf center here on Columbus Boulevard, anchored by a 61,500-sf Super Fresh supermarket. Cedar paid approximately $24 million, or $169 per sf, for the asset. Among the other tenants are Famous Footwear, Old Navy, Lane Bryant and Coconuts. According to Cedar, a portion of the purchase price was financed with a loan from Fleet Bank.
Tower completed the center in 2001. Columbus Crossing shares entrances and parking areas with a Home Depot and a non-grocery Wal-Mart.
This is Cedar's fourth local acquisition within the past year. It also owns Red Lion, Academy Plaza and Port Richmond Village here and is in the process of acquiring the three adjacent Riverview centers, with an aggregate 246,000 sf. In addition, last month it completed lease arrangements that give it operating control of the 283,000-sf South Philadelphia Shopping Center. It is also heavily invested in properties in the surrounding suburbs and in Harrisburg, PA.
The agreement to pay $11.2 million, or about $149.33 per sf, for Sunset Crossings takes the REIT north to the Wilkes-Barre/Scranton, PA market. The 75,000-sf Sunset Crossings is fully leased and anchored by a 55,000-sf Giant supermarket. It was completed in 2002 and is unencumbered. The acquisition is expected to close by year-end. Cedar focuses on grocery-anchored centers in eastern Pennsylvania, southern New Jersey and Connecticut.
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