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BERLIN, CT-Cedar Shopping Centers, Inc., of Port Washington, NY has signed a definitive agreement to acquire the Brickyard Shopping Center here for $23.9 million. The deal with an unnamed pension fund is expected to close prior to year's end.
The 274,000-sf complex is anchored by a 110,000-sf Sam's Club and a 103,000-sf Home Depot. The purchase price includes closing costs and is expected to be fully funded from Cedar's secured floating-rate credit facility. Geoffrey Millard of Cushman & Wakefield of Massachusetts represented the seller in the transaction.
In November, the REIT raised approximately $38.3 million in a common stock offering, the proceeds of which were used to pay down its credit facility. The Brickyard Shopping Center is expected to become a borrowing-base collateral property in the company's credit facility, Cedar officials say.
The purchase of the center, when finalized, will be Cedar's second retail property in the Nutmeg State. In August 2003, the company purchased the Wal-Mart Center in Southington. On Nov. 1, Cedar acquired another property in New England--Franklin Village Plaza in Franklin, MA for approximately $73 million.
A company spokesman says Cedar has other acquisition deals in the pipeline that could be announced sometime in early 2005. The company owns and operates 30 primarily supermarket-anchored shopping centers totaling approximately 4.6 million sf of gross leasable area. Its portfolio is located in Pennsylvania, New Jersey, Massachusetts, Maryland and Connecticut.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
