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Cedar Spends $119M in 12-Center Deal

PORT WASHINGTON, NY-Eight of the properties in the deal are fully leased and four centers are redevelopment candidates.

By Ian Ritter | Updated on May 12, 2005

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.

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