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Two Assets Join Cedar's Grocery-Anchored Cart

PORT WASHINGTON, NY-For an aggregate of approximately $42.5 million, Cedar acquires the 176,000-sf Shaw's Plaza in Raynham, MA and 88,000-sf Stonehedge Square in Carlisle, PA.

By Marita Thomas | Updated on July 24, 2006

PORT WASHINGTON, NY-Two more grocery-anchored shopping centers, with an aggregate of 264,000 sf, have joined Cedar Shopping Center’s portfolio. The locally based REIT paid approximately $42.5 million to acquire Shaw’s Plaza in Raynham, MA, and Stonehedge Square in Carlisle, PA. Both are 100% leased, according to Leo Ullman, Cedar’s CEO.

A 60,748-sf Shaw’s supermarket and a 25,752-sf Marshall’s anchor 176,000-sf Shaw’s Plaza. The price was $29 million, including the assumption of a first mortgage of about $14.2 million at 5.58%, which is due in 2014. An initial portion of the property was built in 1967 and expanded in 1986-1987. The Shaw’s unit expanded in 2004, according to Ullman.

He tells GlobeSt.com the seller was a private individual. With this buy, he says, “we are now the owner of more than 1.5 million sf of supermarket-anchored properties in the high growth and high demographic Boston suburbs and Connecticut-Boston corridor, complementing our substantial presence in both Philadelphia and the Greater Washington, DC area.” Also with the two additions, Cedar has added a leasing associate to its office in Franklin, MA and an asset manager in the DC area.

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