Ian Ritter is national online editor of GlobeSt.RETAIL.
PORT WASHINGTON, NY-Cedar Shopping Centers is in a deal to acquire two grocery-anchored center portfolios, together containing 12 properties, for $119 million. The deal includes the purchase of eight completed centers for $95 million and four redevelopment properties for $24 million.
cedar's president Leo Ullman would not reveal the names of the sellers to GlobeSt.com, but his company is acquiring the eight centers from a private developer in central Pennsylvania and the four from a Long Island-based private owner of various real estate types.
Of the eight properties, six are located in various Virginia cities, all anchored by the regional Supervalu grocery chain Farm Fresh. Two are in the Pennsylvania cities of Dubois and Mechanicsburg and anchored, respectively, by the Ahold concepts Martins and Giant.
Three of the redevelopment centers are located in Michigan and one is in Pennsylvania. Vacancies in those properties range from 10,000 sf to 34,000 sf.
This is the second large deal for Cedar this year. Company executives have closed on 21 of 25, mostly drugstore-anchored centers, for $90 million. That deal was originally announced in February.
The company is eyeing other acquisitions this year as well. "We are definitely looking, and we will be opportunistic buyers," Ullman says. The firm currently owns 54 centers totaling 5.4 million sf.
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