Cedar Buys Franklin Plaza for $73M

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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.