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Two Grocery-Anchored Centers Fill Cedar's Appetite

PHILADELPHIA-As the $24-million acquisition of 142,000-sf Columbus Crossing, its fourth local property, reaches completion, the REIT inks an deal to buy Sunset Crossings, a 75,000-sf shopping Center, for $11.2 million.

By Marita Thomas | Updated on December 11, 2003

PHILADELPHIA-Port Washington, NY-based Cedar Shopping Centers Inc. continues its buying spree throughout the state with completion of its purchase of Columbus Crossing here from locally based Tower Investments Inc. and an agreement to buy Sunset Crossings in Dickson City, PA. The total tab is approximately $35.2 million.

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.

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