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Cedar Closes on PA Mall

TREXLERTOWN, PA-The REIT completes its $34 million acquisition of the 338,692-sf Trexler Mall.

By Marita Thomas | Updated on December 20, 2005

TREXLERTOWN, PA-Cedar Shopping Centers turned an operating lease it held on the 338,692-sf Trexler Mall since July into an outright purchase of the asset for nearly $33.8 million, or $99.65 per sf. In an unrelated transaction, the Port Washington, NY-based retail REIT also buys four parcels aggregating nearly 6.4 acres adjacent to Columbia Mall in Bloomsburg for about $1 million, or $157,480 an acre.

The initial agreement for Trexler Mall included a purchase option after 10 years under a structure that Leo Ullman, Cedar’s president and CEO, told GlobeSt.com, accommodated the seller’s tax considerations. “We tried to accommodate the tax concerns of the seller,” he says now, “but couldn’t, so turned it into an outright purchase.”

Between July and now, the price rose from an anticipated $29 million. “The increase is a reflection of increased rates and tenancy,” Ullman says. The purchase included approximately $10.6 million in cash from Cedar’s revolving credit facility and assumption of $23.1 million of first-mortgage financing at 5.42% due in 2014.

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