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Cedar Shopping Centers Agrees to Purchase Five Giant Supermarket-Anchored Properties and One Development Site in Pennsylvania.
PORT WASHINGTON, N.Y., Dec. 11 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. today announced that it had entered into an agreement to purchase five Giant supermarket-anchored properties in Eastern Pennsylvania from Caldwell Development Company, a private development company, which has developed and built a number of supermarket anchored and other major tenant-anchored properties in Pennsylvania. In addition, the Company has entered into an agreement to purchase an existing strip shopping center adjacent to an existing Giant supermarket-anchored center in New Cumberland, Pennsylvania. The five Giant supermarket-anchored properties represent an aggregate of approximately 353,000 sq. ft. on approximately 52 acres of property. Approximately 85% of total rental income for the properties is represented by long-term leases with Giant Food Stores, LLC of Carlisle, PA, a subsidiary of the Ahold Group. Of the five properties, the oldest was built in 1999; the other four were built in the years 2003-2005. Each of the Giant supermarkets has a lease extending for a minimum of 20 years plus a number of 5-year renewal options with the earliest termination date being 2019.
The aggregate purchase price is estimated to be approximately $90.0 million, exclusive of closing costs and adjustments. Each of the properties is encumbered by an existing first mortgage; all but one of such mortgage loans are expected to be assumed by the Company as part of the purchase price. The aggregate of existing first mortgage balances is approximately $51.0 million. The Company expects to assume approximately $43.1 million of existing financing and to defease an existing $7.9 million loan, replacing it with new first mortgage financing in an amount not less than the existing first mortgage. The balance above the mortgages to be assumed will be funded from the Company's secured revolving credit facility.
The properties are as follows:
Aston Town Center, Aston, Pennsylvania - a single-tenant property of 6.2 acres located in suburban-Philadelphia, built in 2005, with a 55,000 sq. ft. supermarket leased to Giant Food Stores.
Spring Meadow Shopping Center, Wyomissing, Pennsylvania - a 67,850 sq. ft. shopping center on 10.6 acres located near Reading, Pennsylvania, built in 2004, with a 65,000 sq. ft. supermarket leased to Giant Food Stores. The property also has a Giant fuel facility.
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