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Cedar Realty Trust Sells Grocery-Anchored Shopping Center Portfolio for $879M

Northeast-Heights-Washington-D.C

Pictured is Cedar Realty Trust’s Northeast Heights redevelopment project in Washington, D.C. The property was recently acquired by an undisclosed buyer for $46.5 million. The New York-based REIT has now also closed the previously announced sale of 33 shopping centers to a partnership between DRA Advisors and KPR Centers.

PORT WASHINGTON, N.Y. ­— Cedar Realty Trust (NYSE: CDR) has sold a portfolio of 33 grocery-anchored shopping centers for $879 million, inclusive of existing debt. The names and addresses of the centers were not disclosed, but the properties are primarily located in high-density markets throughout the Northeast and Mid-Atlantic regions. The buyer was a joint venture between two New York City-based firms, DRA Advisors and KPR Centers. The sale, which was first announced in March, comes as part of the New York-based REIT’s plan to divest of its assets prior to being acquired by Virginia-based Wheeler REIT (NASDAQ: WHLR).

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