Fieldstone is a 194,000-sf community shopping center anchored by a 68,000-sf Shaw's supermarket. The purchase price was $26.2 million and the acquisition was effected by assumption of a first mortgage of approximately $19 million and payment of approximately $7.2 million in cash drawn from the company's revolving credit facility.

The 82,000-sf Kent Plaza is anchored by a 56,600-sf Gabriel Brothers store and an 18,700-sf North Coast medical facility. It is unencumbered and was purchased for $4.75 million in cash drawn from the revolving credit facility. Both deals were exclusive of closing costs and adjustments.

Leo S. Ullman, CEO of Cedar, says Fieldstone is "an excellent addition to our Massachusetts and Connecticut supermarket-anchored property portfolio. The Kent property which is being purchased at a cap rate of more than 10%, and which is near a couple of other properties purchased recently from Giltz & Associates, is at a stone's-throw from the entrance to Kent State University and is expected to feature some meaningful future expansion." Ullman adds that since Cedar will be focusing on development and redevelopment for the next couple of years, the firm does not contemplate allocation of substantial additional resources to the Ohio (or Michigan) area "absent extraordinary opportunities."