Cedar would not name the seller but said 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 GSR.

Eleven of the properties are anchored by Medina, OH-based Discount Drug Mart, which average 25,000 sf. The acquisition would not be a strategy shift for Cedar, which mainly owns grocery-anchored centers, because the Drug Marts sell a substantial amount of food, Ullman says. "The properties are like our grocery-anchored centers in the sense that they're convenience shopping for people who live in the area," he said. "The idea is that it's sort of a mini Wal-Mart without the soft goods."

Other tenants in the centers include Dollar General, Staples, and TJ Maxx. The properties are 95% leased, and 10 of them are single-tenant properties. The portfolio totals 736,000 sf.