Cedar Shopping Centers to Purchase Shopping Center in New Jersey

Cedar Shopping Centers, Inc. CDR today announced that it has entered into a definitive purchase contract to purchase the Cross Keys Place shopping center in Sewell, New Jersey on behalf of the joint venture between Cedar (20%) and RioCan Real Estate Investment Trust of Toronto, Canada for approximately $26.5 million, exclusive of closing costs and adjustments. Cross Keys Place, completed in 2007, is a 148,000 square foot retail strip shopping center, 100% leased, and anchored by a 42,000 square foot Sports Authority, a 35,000 square foot Bed, Bath & Beyond, a 21,000 square foot AC Moore, a 19,000 square foot Old Navy and a 16,000 square foot Petco. Leases for the five anchor tenants extend from 2018 through 2023, exclusive of extension options. The property is shadow-anchored by a 118,000 square foot Home Depot store.