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Cedar Completes $117M Buy From WP Realty

BRYN MAWR, PA-The acquisition of six centers aggregating about 870,000 sf in four states also gives Cedar its first foray into Long Island.

By Marita Thomas | Updated on October 08, 2007

BRYN MAWR, PA-Locally based WP Realty has completed its sale of a six-property shopping center portfolio to Cedar Shopping Centers Inc. Port Washington, NY-based Cedar paid $117 million for the centers, which are located in four states and have an aggregate of approximately 870,000 sf.

The price includes the assumption of approximately $86 million of existing first-mortgage financing on the properties with a weighted average interest rate of less than 6%. The remainder of the purchase price is funded from Cedar’s secured revolving credit facility.

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