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FRANKLIN, MA- Cedar Shopping Centers Inc. based in Port Washington, NY, completed the $73 million acquisition of the Franklin Village Plaza here. Franklin Village is an approximately 255,000-sf shopping center plus an adjacent 36,000-sf office building. The purchase was funded by a $43.5 million, seven-year, 4.8%, interest-only first mortgage; and the balance was funded from Cedar's revolving credit facility. Cedar officials say they are actively pursuing a joint venture financing arrangement.

Stop & Shop is the principal anchor tenant and has signed an agreement to expand from its current 55,000 sf to 75,000 sf. Other tenants include Marshalls, Radio Shack, Payless, Bath & Body Works and Applebee's. Thomas R. Blakely, principal of TRB & Associates Inc. of Brookline represented the seller.

"This acquisition will permit us to utilize a considerable portion of the proceeds of our recent preferred stock issue on an accretive basis, and the proposed joint venture arrangements would in turn reduce our commitment to a single property while further enhancing the return on our investment," says Tom O'Keeffe, the company's CFO.Cedar CEO Leo Ullman adds that this purchase "puts the Company in an excellent position to create a cluster of quality properties in the lower New England states."