The Connecticut property, New London Mall in New London, CT, was owned by Centro Properties since 2005. Published reports say the $40.7 million selling price on the 259,000-square-foot property was $1.3 million less than Centro--also headquartered in Port Washington--had paid. Cedar also owns the nearby Groton Shopping Center.

Cedar and PCP purchased the 264,000-square-foot Maryland property, San Souci Plaza in California, MD--from WP Realty Co.--according to a release from WP. Cedar and WP, based in Bryn Mawr, PA, have a history of successful transactions together, including previous sales from WP to Cedar of Jordan Lane Shopping Center in Wethersfield, CT; Fieldstone Marketplace in New Bedford, MA; and a six-property portfolio, plus a current joint venture at Columbia Mall in Bloomsburg, PA.

According to a release from Cedar, the JV entails a 60% profits interest on PCP's part and a 40% profits interest by Cedar. The JV assumed existing first mortgage loans of approximately $54.6 million at a weighted average interest rate of 5.53%, due in 2015 and 2016, respectively. Cedar's portion of the balance of the respective purchase prices, representing approximately $7 million, was funded from the company's secured revolving credit facility.