N.Y. Real Estate Trust to Purchase Supermarket-Anchored Properties for $119 Million
PORT WASHINGTON, N.Y. -- Cedar Shopping Centers, Inc., a real estate investment trust here, said yesterday it has entered into agreements to purchase a portfolio of eight properties anchored by, or leased entirely to, supermarkets, for $95 million; and a portfolio of four redevelopment properties for approximately $24 million. The aggregate purchase price for the 12 properties, which are located in Pennsylvania, Virginia, and Michigan, is approximately $119 million, exclusive of closing costs and fees.
The Pennsylvania properties include:
-- Liberty Marketplace in Dubois, a Martins supermarket-anchored property of approximately 68,200 square feet of GLA;
-- The Mechanicsburg Shopping Center in Mechanicsburg, consisting of a free-standing Giant supermarket of approximately 51,000 square feet of GLA;
-- The Dunmore Shopping Center in Dunmore, a 101,000 square-foot center anchored by Consolidated Stores and Enyon Furniture. The property, which presently has a 34,000 square-foot vacancy, is a redevelopment candidate.
Both the Giant and Martins supermarket operations are subsidiaries of the Ahold group.
Cedar Shopping Centers presently owns another center in Dubois, anchored by Elder Beerman, Pier 1 Imports, Fashion Bug and a Shop 'n Save (Supervalu) supermarket. It also owns nine other properties anchored by Giant Foods in central Pennsylvania.
The six Virginia properties are anchored by, or leased entirely to, Farm Fresh (Supervalu-owned) Supermarkets. They include:
-- The General Booth Shopping Center in Virginia Beach, anchored by a Farm Fresh Supermarket of approximately 53,600 square feet of GLA, plus a dozen small shop tenant spaces;
-- The Suffolk Plaza Shopping Center in Suffolk, anchored by a Farm Fresh Supermarket of approximately 67,216 square feet of GLA (and shadow-anchored by a Belks Department Store and other tenants);
-- The Kempsville Shopping Center in Virginia Beach, anchored by a Farm Fresh Supermarket of approximately 74,000 square feet of GLA, including warehouse and office space, plus more than a dozen small stores;
-- The Little Creek Shopping Center in Norfolk, consisting of a free-standing Farm Fresh Supermarket of approximately 66,120 square feet of GLA;
-- The Smithfield Shopping Center in Smithfield, which includes a Farm Fresh Supermarket of approximately 45,544 square feet of GLA; and
-- Coliseum Marketplace in Hampton, anchored by a Farm Fresh Supermarket of approximately 57,662 square feet of GLA plus nearly a dozen smaller tenants.
Leases for the Pennsylvania and Virginia supermarkets in the above nine properties extend from 2014 to 2024, exclusive of renewal of options.
The Michigan redevelopment properties include the following:
-- The Clyde Park Shopping Center in Wyoming, a 117,000-square-foot potential redevelopment center anchored by an 85,000-square-foot Value City store, with 32,000 square feet of vacancy;
-- The Stadium Plaza Shopping Center in East Lansing, - an 80,000-square-foot shopping center with a 54,560-square-foot newly built, but presently "dark," Borman's (A&P) supermarket and a 10,000-square-foot vacancy; and
-- Bay City Stadium Plaza in Bay City, a 136,000-square-foot center anchored by a 64,560-square-foot Kroger supermarket, with a lease extending to 2014 exclusive of renewal options.
Closing of the purchase of the properties is subject in the case of each of the two portfolios to due diligence reviews and consent of Cedar's board of directors. Subject to such reviews and consents, closings are expected prior to June 30, except for at least one property where consent to assumption of existing conduit financing may require more time.
Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which presently owns and operates 54 primarily supermarket-anchored shopping centers and drug store-anchored convenience centers with approximately 5.6 million square feet of gross leasable area located in the Northeast.
The Pennsylvania properties include:
-- Liberty Marketplace in Dubois, a Martins supermarket-anchored property of approximately 68,200 square feet of GLA;
-- The Mechanicsburg Shopping Center in Mechanicsburg, consisting of a free-standing Giant supermarket of approximately 51,000 square feet of GLA;
-- The Dunmore Shopping Center in Dunmore, a 101,000 square-foot center anchored by Consolidated Stores and Enyon Furniture. The property, which presently has a 34,000 square-foot vacancy, is a redevelopment candidate.
Both the Giant and Martins supermarket operations are subsidiaries of the Ahold group.
Cedar Shopping Centers presently owns another center in Dubois, anchored by Elder Beerman, Pier 1 Imports, Fashion Bug and a Shop 'n Save (Supervalu) supermarket. It also owns nine other properties anchored by Giant Foods in central Pennsylvania.
The six Virginia properties are anchored by, or leased entirely to, Farm Fresh (Supervalu-owned) Supermarkets. They include:
-- The General Booth Shopping Center in Virginia Beach, anchored by a Farm Fresh Supermarket of approximately 53,600 square feet of GLA, plus a dozen small shop tenant spaces;
-- The Suffolk Plaza Shopping Center in Suffolk, anchored by a Farm Fresh Supermarket of approximately 67,216 square feet of GLA (and shadow-anchored by a Belks Department Store and other tenants);
-- The Kempsville Shopping Center in Virginia Beach, anchored by a Farm Fresh Supermarket of approximately 74,000 square feet of GLA, including warehouse and office space, plus more than a dozen small stores;
-- The Little Creek Shopping Center in Norfolk, consisting of a free-standing Farm Fresh Supermarket of approximately 66,120 square feet of GLA;
-- The Smithfield Shopping Center in Smithfield, which includes a Farm Fresh Supermarket of approximately 45,544 square feet of GLA; and
-- Coliseum Marketplace in Hampton, anchored by a Farm Fresh Supermarket of approximately 57,662 square feet of GLA plus nearly a dozen smaller tenants.
Leases for the Pennsylvania and Virginia supermarkets in the above nine properties extend from 2014 to 2024, exclusive of renewal of options.
The Michigan redevelopment properties include the following:
-- The Clyde Park Shopping Center in Wyoming, a 117,000-square-foot potential redevelopment center anchored by an 85,000-square-foot Value City store, with 32,000 square feet of vacancy;
-- The Stadium Plaza Shopping Center in East Lansing, - an 80,000-square-foot shopping center with a 54,560-square-foot newly built, but presently "dark," Borman's (A&P) supermarket and a 10,000-square-foot vacancy; and
-- Bay City Stadium Plaza in Bay City, a 136,000-square-foot center anchored by a 64,560-square-foot Kroger supermarket, with a lease extending to 2014 exclusive of renewal options.
Closing of the purchase of the properties is subject in the case of each of the two portfolios to due diligence reviews and consent of Cedar's board of directors. Subject to such reviews and consents, closings are expected prior to June 30, except for at least one property where consent to assumption of existing conduit financing may require more time.
Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which presently owns and operates 54 primarily supermarket-anchored shopping centers and drug store-anchored convenience centers with approximately 5.6 million square feet of gross leasable area located in the Northeast.