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Cedar Grabs $90M Portfolio

PORT WASHINGTON, NY-The acquisition of the drugstore-anchored centers is not a strategy change for the company, CEO Leo Ullman says.

By Ian Ritter | Updated on February 07, 2005

Ian Ritter is national online editor of GlobeSt.RETAIL.

PORT WASHINGTON, NY-Cedar Shopping Centers will spend about $90 million on a portfolio of 27, mostly drug store-anchored properties. The centers are in Connecticut, New York, Ohio–where the company currently doesn’t own any properties–and Pennsylvania. Cedar will also acquire six additional properties that are in various stages of development as part of the deal.

Cedar would not name the seller but says it is a collection of 33 partnerships affiliated with a “substantial Ohio-based developer.” The company might name the seller when the deal closes in March, Leo Ullman, Cedar’s CEO, tells GlobeSt.com.

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