TAUNTON, MASS., AND NEW MILFORD, CONN. — Cedar Shopping Center has entered into a definitive agreement to acquire Northwoods Crossing in Taunton for $23.5 million. The purchase will be made on behalf of a joint venture between Cedar and Toronto-based RioCan Real Estate Investment Trust, in which Cedar owns a minority interest. Northwoods Crossing totals 160,000 square feet and is anchored by a 115,000-square-foot BJ's Wholesale Club. It was fully occupied at the time of closing. The property is subject to an existing $14.5 million, non-recourse loan that matures in 2016. In addition, Cedar disposed of Fairfield Plaza, a 72,000-square-foot retail center in new Milford, for $10.84 million. The buyer was Urstadt Biddle Properties. The deal includes the assumption of a $5 million loan held by KeyBank National Association.
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