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Cedar Buys Two Centers in $72M JV

PORT WASHINGTON, NY-A joint venture of Cedar Shopping Centers and Prime Commercial Properties has bought centers in Connecticut and Maryland.

By Paul Bubny | Updated on February 12, 2009

PORT WASHINGTON, NY-A joint venture of locally based Cedar Shopping Centers, and London-based Prime Commercial Properties has bought two supermarket-anchored shopping centers for a total of $72.5 million. The two centers are located in Connecticut and Maryland and total approximately 523,000 square feet of gross leasable area.

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.

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