Cedar Shopping Centers Acquires Shopping Center in Pennsylvania for $49.1M

Cedar Shopping Centers, Inc. CDR today announced that it has closed on the acquisition of Colonial Commons in Lower Paxton Township, Pennsylvania. The 487,000 square foot shopping center, located approximately half-way between Harrisburg and Hershey, Pennsylvania, covers approximately 37 acres on Route 22, the principal retail corridor of the greater-Harrisburg-Hershey area. The purchase price, at approximately $49.1 million, excluding closing costs and adjustments, and excluding additional potential "earn-out" payments for certain tenancies presently pending, represents a cost of approximately $101 per sq. ft.; the property was purchased from affiliates of Centro Properties Group.