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SHENANDOAH, PA-No money traded hands in Cedar Shopping Center's acquisition of Gold Star Plaza Shopping Center here. In a transaction valued at $7.9 million, the Port Washington, NY-based retail REIT has assumed approximately $3.9 million of existing debt on the asset and issued 270,000 Operating Partnership Units in Cedar Shopping Centers Partnership LP to the seller, the Kingston-based Mark Development Co.

The OP units "are like stock," Leo Ullman, Cedar's president, chairman and CEO, tells GlobeSt.com. "Except they don't include voting rights."

The 72,000-sf center was built in 1998 and is currently 100% leased. The anchor is a 47,000-sf Redner's supermarket, which has just completed a renovation plus construction of a Redner's Quick Shoppe on an outparcel. Other tenants are Family Dollar, Advance Auto and the Pennsylvania Liquor Control Board.