Cedar Forecasts $1B in Assets

PORT WASHINGTON, NY-Executives at Cedar Shopping Centers said that they expect their total assets to climb near $1 billion in value by the end of the year, up from their current worth of $655 million. Reaching that goal hinges on the closing of some centers the REIT currently has under contract as well as future acquisitions.

Acquisitions pending announced last month are the $33 million purchase of Trexler Mall, in Trexlertown, PA, and the $8-million buy of Mills Shopping Center, in Columbia, MD. Acquisitions that have been have been in play since the company’s Q2, which ended June 30, are four redevelopment properties in Michigan and Pennsylvania, for $24 million and eight supermarket-anchored centers in Pennsylvania and Virginia for $95 million.

Besides the purchases it has in the works, Cedar is combing the market for buys, said Leo Ullman, CEO of Cedar, during the company’s quarterly conference call. “We’re comfortable that the assets are out there for us to acquire.”