Real Estate Firm Buys Eight Supermarket-Anchored Shopping Centers for $93.8M

PORT WASHINGTON, N.Y. -- Cedar Shopping Centers, Inc., based here, yesterday said that it had acquired a portfolio of eight properties in Virginia and Pennsylvania anchored by, or leased entirely to, supermarkets, for $93.8 million, exclusive of closing costs and fees.

Six of the properties are in Virginia Beach, Suffolk, Norfolk, Smithfield, and Hampton in the Chesapeake region of Virginia, and two are in Dubois and Mechanicsburg in central Pennsylvania. The Virginia properties are anchored by Supervalu division Farm Fresh, while the Pennsylvania properties are anchored by Ahold subsidiary Giant Food Stores of Carlisle, Pa. and its banner Martin Food Stores. The supermarket anchors have remaining lease terms, excluding options, of nine to 19 years.

The properties have a total gross leasable area of about 575,000 square feet. The company also owns another shopping center in Dubois, Pa., anchored by a Shop 'n Save supermarket, also a Supervalu subsidiary. In addition, Cedar owns nine other central Pennsylvania properties anchored by Giant Foods.

A self-managed real estate investment trust, Cedar owns and operates 66 supermarket-anchored shopping centers and drug store-anchored convenience centers, with about 6.2 million square feet of gross leasable area in eight states mainly in the Northeastern United States.