Staples and Marshall's are the current anchors. Cedar will invest $5 million in redeveloping the property, an investment that includes revamping vacant Ames and Cost Less stores for releasing. The redevelopment is expected to reach completion during 2004. In addition, Cedar plans to lease a vacant pad site to a bank.

Today the REIT completed an initial $40-million bridge line of credit with Fleet Bank pending completion of a syndicated $75-million, three-year line of credit with Fleet as the lead bank. The expanded facility is expected to close during first-quarter 2004, and interest rates will range from 225 to 275 basis points over Libor.

The Golden Triangle purchase and redevelopment are being funded partly from proceeds of Cedar's recent public offering and partly from a drawdown on the bridge funding from Fleet. Meanwhile, Cedar also completed its previously announced purchase of Sunset Crossings Shopping Center in Dickson City, PA for $11.2 million. This property is among those in a collateral pool of properties used to secure the new credit facility.