Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that it has completed the purchase of 11501 Roosevelt Boulevard (U.S. Route 1) in Northeast Philadelphia, Pennsylvania for approximately $13.375 million, excluding closing costs and adjustments. The property consists of an existing 230,000 sq. ft. building on approximately 15.3 acres. It is immediately adjacent to another property, 11601 Roosevelt Boulevard, now owned by Cedar, consisting of a 430,000 sq. ft. building on approximately 23.9 acres. Both properties are presently leased to the U.S. General Services Administration for use by the Internal Revenue Service with leases extending to October 15, 2011. The IRS is expected to vacate the buildings on or before that date.
The purchase for the property was funded with approximately $2.5 million in cash, including, among other things, funds for replacement of reserves and payment of certain transfer taxes, above an existing first mortgage of approximately $13 million due March 2012 assumed by Cedar.
The property, together with the adjacent property, represents an assemblage of nearly 40 acres with an existing signalized entrance on U.S. Route 1, a 10-lane highway with a traffic count of more than 70,000 cars per day at this site.
Upon maturity of the mortgage loan on the property, it is expected that the property will be included in a Company development credit facility. The Company has announced no present plans for development of the two properties.
About Cedar Shopping Centers
Cedar Shopping Centers, Inc. is a fullyintegrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of “bread and butter”® supermarketanchored shopping centers in coastal midAtlantic and New England states. The Company presently owns (both exclusively or in joint venture) and manages approximately 15.2 million square feet of GLA at 131 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarshoppingcenters.com.
Filed under: Real Estate
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