Cedar Shopping Centers Buys Pa. Property; Agrees to Buy Two Sites in Md. and Va.

PORT WASHINGTON, N.Y. -- Cedar Shopping Centers, Inc. a self-managed real estate investment trust here focused on supermarket-anchored shopping centers and drug store-anchored convenience centers, said late last week that it had completed the purchase of the Oakhurst Plaza shopping center in Harrisburg, Pa. for $22.4 million, excluding closing costs and adjustments.

Additionally, the company has agreed to buy the Annie Land Plaza shopping center in Lovingston, Va.; and the Long Reach Village shopping center in Columbia, Md. Each property is a supermarket-anchored center featuring long leases with the anchor tenants.

Oakhurst Plaza is a 100 percent leased 112,000-square-foot community center anchored by a 62,320-square-foot Giant supermarket, with a lease to 2019. Other tenants include an 11,300-square-foot CVS, a 3,528-square-foot Pennsylvania Liquor Control Board store, and two approximately 3,000-square-foot bank buildings. The purchase of the property, which is unencumbered, was funded entirely from Cedar's secured revolving credit facility.

Annie Land Plaza is a 42,500-square-foot community center anchored by a 29,000-square-foot Food Lion supermarket, with a lease extending to 2019. The purchase price is $4.0 million, not including closing costs and adjustments. The purchase price will be funded entirely from the company's secured revolving credit facility.

Long Reach Village, located in the same Washington, D.C. suburb where Cedar already owns the supermarket-anchored Oakland Mills Shopping Center, is a 104,300-square-foot community shopping center anchored by a Safeway measuring about 53,700 square feet. The lease to Safeway doesn't expire until 2018. The purchase price of the Long Reach Village property is $8.9 million, excluding closing costs and adjustments, but including the assumption of an existing 5.69 percent fixed-rate first mortgage of $4.9 million, due 2014. The balance of the purchase price will be funded from the company's secured revolving credit facility.

The purchases of Annie Land Plaza and Long Reach Village are anticipated to close during the third quarter of 2006.
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