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COLUMBIA, MD-Due diligence has been completed and a contract has taken on the status of non-cancelable regarding the acquisition of the 58,000-sf Oakland Mills Shopping Center. Port Washington, NY-based REIT Cedar Shopping Centers Inc. has committed to purchasing the grocery-anchored property for $8 million from New Hyde Park, NY's Kimco Realty Corp., operating as Oakland Mills Business Trust.

Oakland Mills sits on a six-acre parcel just a few miles off Rte. 175 in Howard County. "Oakland Mills is attractively situated in a strong demographic location featuring approximately 100,000 residents within a three mile radius," Cedar CEO Leo Ullman notes.

The site is also home to a 43,500-sf Food Lion that has anchored the center since November of 2004. The market is under a lease agreement that will not expire until 2018. The deal is on schedule to close in August.