Port Washington, N.Y. Cedar Shopping Centers said Monday that, in a joint venture with RioCan Real Estate Investment Trust of Toronto, Canada, it has agreed to acquire five shopping centers from Pennsylvania Real Estate Investment Trust for approximately $134 million.
A sixth property is under consideration, pending certain conditions and terms of an existing partnership between a third party joint-venture partner and PREIT.
The properties will be purchased by the existing Cedar (20%) and RioCan (80%) joint venture which has acquired a number of properties to date.
Cedar has also agreed to purchase from PREIT a seventh property, which will be owned by Cedar and RioCan on a 50-50 basis. Closing is subject to reaching agreement with a third-party joint venture partner of PREIT.
The aggregate purchase price for all seven properties would be approximately $200 million.
Three of the initial five properties to be acquired by the Cedar/RioCan joint venture are located in Pennsylvania, one in New Jersey, and one in Virginia.
The remaining two properties potentially to be acquired are also in Pennsylvania.
Four of the properties are anchored or shadow-anchored by supermarkets or a "club" store. The aggregate owned-GLA of the initial five properties is approximately 936,000 sq. ft.; for the seven properties the total owned-GLA is approximately 1.8 million sq. ft.
The initial five properties are Monroe Marketplace in Selinsgrove, Pa.; Creekview Shopping Center in Warrington, Pa.; Pitney Road Plaza in Lancaster, Pa.; Sunrise Plaza in Forked River, N.J.; and New River Valley Center in Christiansburg, Va.
The remaining two properties under consideration are Red Rose Commons in Lancaster, Pa., and The Whitehall Mall in Allentown, Pa.