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WP Sells Six-Center Portfolio for $117M

BRYN MAWR, PA-With this acquisition, Cedar Shopping Centers gains an aggregate of 870,000 sf of stabilized retail in five Northeast and mid-Atlantic states.

By Marita Thomas | Updated on June 05, 2007

BRYN MAWR, PA-Locally based WP Realty Inc. has agreed to sell six shopping center properties to Cedar Shopping Centers Inc. for an aggregate price of approximately $117 million, which includes first-mortgage loans totaling $86 million on five of the six centers. The portfolio contains an aggregate of 870,000 sf at locations in five states.

Frank Ullman, VP of Port Washington, NY-based Cedar, says the portfolio’s occupancy is above 95%. A spokeswoman for WP tells GlobeSt.com the company is selling them “because they’re stabilized properties in an earlier fund that we are winding down.”

The centers are: West Bridgewater Plaza, a 138,000-sf center in West Bridgewater, MA, about 30 miles south of Boston, which is anchored by Shaw’s supermarket and Big Lots; Kings Plaza, a 168,000-sf asset in New Bedford, MA, which is anchored by AJ Wright, Ocean State Job Lot and Work Out World; Groton Shopping Center, a 118,000-sf property in Groton, CT, anchored by TJ Maxx; Carman’s Plaza, a 195,000-sf asset in Massapequa, Long Island, NY, anchored by Pathmark, AJ Wright, Best Fitness, Duane Reade and a New York State motor vehicles location; Yorktowne Plaza, a 159,000-sf center in Cockeysville, MD, 15 miles north of Baltimore, which is anchored by Food Lion and Rite Aid, and Circle Plaza, a 92,000-sf center in Shamokin Dam, PA that is leased to Kmart.

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