Cedar Shopping Centers, Inc. (NYSE: CDR) announced that it completed the sale of a 10,125-square-foot retail property in Westfield, N.Y. leased to CVS for $1.6 million. Cedar had acquired the site in 2005 as part of a 25-property portfolio from affiliates of Giltz & Associates, Inc.
Cedar also arranged property-specific permanent financing on CVS stores in Kinderhook and Kingston, N.Y., and a Taco Bell store adjacent to the CVS in Kingston, all of which are ground-up developments by the Company. The aggregate amount of the financing, placed with the Hudson Valley Federal Credit Union, is approximately $6.3 million for five-year loans at an interest rate of 5.25 percent per annum with amortization on a 25-year schedule.
Cedar also announced that Boscov's has exercised a 10-year renewal option effective as of September 2010 and continuing through 2020 for its 167,000-square-foot department store at the Cedar's Camp Hill, Pennsylvania Shopping Center. The lease represents aggregate base rent of more than $7.4 million during the extension period.
"This sale, and others contemplated at the periphery of our portfolio, and the property-specific permanent financing on some of our development properties as well as some of our stabilized properties, represent part of an integral, multi-faceted approach intended to maintain our balance sheet strength during the next several years," Cedar CFO Larry Kreider said in a statement. "The company's core strategy of owning 'bread and butter' shopping centers in the Northeast and coastal mid-Atlantic states anchored by supermarkets with long-term leases will remain our key focus as we look to build shareholder value."
Other Notable Deals
Ft. Lauderdale, Fla.-based Stiles Realty is expanding its third-party retail leasing services in Floida by adding staff in key markets and securing contracts to lease over 400,000 square feet of space, including five retail centers throughout Florida owned by investors advised by Prudential Real Estate Investors. The firm hired Tampa-based Heather Lannon to spearhead Stiles’ leasing activities in Florida’s southwest markets including Tampa and Orlando. Meanwhile, Denise Leyendecke will focus on Palm Beach County and the Treasure Coast…. Third Street Plaza LLC bought the fee-simple ownership in the land leased to a single-tenant NNN Fresh & Easy Neighborhood Market in Riverside, Calif., for $2.5 million from HEC - Orangecrest LLC. Hanley Investment Group Real Estate Advisors represented the seller and Maverick Investments represented the buyer. … In separate deals, Hanley negotiated the sale another Fresh & Easy Neighborhood Market in Loma Linda, Calif., a bank-owned street-front retail building in Long Beach and a multi-tenant retail strip center for a combined $10.1 million….United Commercial Realty announced the addition of UCR Investment Sales to the company’s roster of services. The new division will be led by David Disney and Adam Howells.