Thursday, May 13, 2010

Cedar Shopping Centers, RioCan buying Pa. shopping center

"Exeter JV Associates, a partnership of Ironwood Property Group Inc. of West Conshohocken and the Goldenberg Group of Blue Bell, is selling Exeter Commons for $53 million.

The buyer is a joint venture between Cedar Shopping Centers Inc. (NYSE:CDR) of Port Washington, N.Y., and RioCan Real Estate Investment Trust of Toronto, which entered into an agreement to purchase the center. (Cedar is ponying up 20 percent and RioCan 80 percent.)

The acquisition shows the continued appetite by real estate firms to buy grocery-anchored shopping centers, which are considered safe investments. Cedar and RioCan focus on buying these type of properties. Last year, Cedar and Rio Can formed a joint venture to buy $500 million worth of neighborhood centers over the next two years. Cedar currently owns 10 centers in the region, mostly in Philadelphia. Among the local properties the company controls are Riverview Plaza in Philadelphia, Swede Square in East Norriton and Academy Plaza in Philadelphia.

Exeter Commons is a 361,000-square-foot center on 37 acres outside Reading. Goldenberg and Ironwood finished constructing the center last year. It is anchored by a 171,000-square-foot Lowe's and an 82,000-square-foot Giant supermarket, both with leases extending to 2029. The property is 98 percent leased up.

The property will be delivered "free and clear" at the closing, the companies said. It is expected financing will be placed on the property at an estimated level of approximately 60 percent of the purchase price. Cedar will manage the property. Closing is expected on or before Aug. 1."

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