Cedar Shopping Centers Closes Purchase of a Supermarket-Anchored Center for $19.6 Million

Cedar Shopping Centers, Inc. CDR today announced that it, on behalf of the joint venture between Cedar (20%) and RioCan Real Estate Investment Trust of Toronto, Canada, (80%) has completed the purchase of Montville Commons in Uncasville, Connecticut for approximately $19.6 million. Montville Commons is an 118,000 sq. ft. center completed in 2006. It is anchored by a 63,000 sq. ft. Stop & Shop with a lease extending to March 2027; other tenants include Sleepy's and Chili's; it is shadow-anchored by a Home Depot store. The property also contains two approved, but undeveloped, "pad" sites which could accommodate approximately 8,200 additional rentable square feet.