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Cedar, RioCan Forge Alliance

PORT WASHINGTON, NY-The locally based retail REIT will JV on existing and future properties with RioCan as the Canadian company makes US inroads.

By Paul Bubny | Updated on October 27, 2009

PORT WASHINGTON, NY-Cedar Shopping Centers and Toronto-based RioCan have struck an alliance whereby RioCan will acquire up to 15% ownership of locally based Cedar’s common stock. The two REITs are also establishing joint ventures both on ownership of seven of Cedar’s existing portfolio of supermarket-anchored retail properties and on acquiring new assets. In both JVs, Rio will take an 80% stake and Cedar a 20% stake, according to releases from both companies.

RioCan will pay Cedar $141 million for the seven existing retail properties, which total 1.1 million square feet, and will assume $75 million of property-level debt. Two of the assets–the 123,354-square-foot Blue Mountain Commons in Harrisburg, PA and the 74,142-square-foot Sunset Crossing Shopping Center in Scranton, PA–are unencumbered by debt, and the JV plans to seek term financing on both.

Other properties in the existing-portfolio JV include: the 306,213-square-foot Franklin Village Plaza in Franklin, MA; the 293,825-square-foot Loyal Plaza in Williamsport, PA; the 176,610-square-foot Shaw’s Plaza in Raynham, MA; the 142,167-square-foot Columbus Crossing Shopping Center in Philadelphia; and a freestanding 54,511-square-foot Stop & Shop supermarket in Bridgeport, CT.

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