Cedar Puts Two More Centers in its Shopping Cart

HUNTINGDON, PA-Cedar Shopping Centers Inc., the Port Washington, NY-based REIT with an appetite for grocery-anchored shopping centers, buys two adjacent properties here from Wexford, PA-based HL Libby Corp. for a total of $12.7 million. They are Lake Raystown Plaza and Huntingdon Plaza.

Lake Raystown is an 84,300-sf community shopping center anchored by a 39,250-sf Giant Foods supermarket. Among the other existing tenants are Rite Aid, Fashion Bug, Payless Shoes, Monroe Muffler, and the Pennsylvania Liquor Control Board.

The price is approximately $7 million, plus closing costs. Cedar also buys an adjacent 26-acre parcel for possible future expansion. The parcel adds $700,000 to the price. Cedar expects to construct an expansion of approximately 55,000 sf to the center, which will incorporate a portion of the additional acreage.

Huntingdon Plaza is a 146,300 sf community shopping center anchored by a 22,000-sf Peebles department store. Other tenants are Goodwill Industries, Family Dollar and Wendy’s. This acquisition also includes a 44,200-sf building formerly leased to a Bi-Lo supermarket. A portion of that building is currently leased to First Commonwealth Bank.

Cedar plans to lease the balance of that building to one or more tenants. It also expects to lease the remaining 25,000-sf of the former Ames store, adjacent to the new Peebles space. The aggregate purchase price for Huntingdon Plaza is $5 million, plus closing costs.

Both acquisitions are expected to close on or before the end of this month. Mt. Laurel, NJ-based Metro Commercial Real Estate brokered the purchase/sale agreements on both properties.