PENNSYLVANIA AND MASSACHUSETTS — Cedar Shopping Centers has exercised the buy-sell provisions in its joint venture with Canadian firm Homburg Invest. Cedar owns a 20 percent interest in the nine-property retail portfolio and Homburg owns the other 80 percent. First, Cedar is purchasing Homburg's 80 percent interest in Meadows Marketplace, a 91,538-square-foot property located in Hershey, Pa., for $5.3 million. In addition, Cedar will be selling its 20 percent interest in the other eight shopping centers to Homburg for a total of $9.7 million. The properties include, Fieldstone Marketplace in New Bedford, Mass.; Aston Center in Aston, Pa.; Scott Town Center in Bloomsburg, Pa.; Stonehedge Square in Carlisle, Pa.; Pennsboro Commons in Enola, Pa.; Ayr Town Cener in McConnellsburg, Pa.; Parkway Plaza in Mechanicsburg, Pa.; and Spring Meadow Shopping Center in West Lawn, Pennsylvania. All nine properties are grocery anchored. The portfolio has been valued at approximately $55 million over existing property-specific financing of approximately $102.42 million.
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