PORT WASHINGTON, N.Y. — Port Washington-based retail REIT Cedar Shopping Centers has entered into an agreement to sell substantially all of its Ohio assets for $45 million. The buyer is Canton, Ohio-based Nickleplate Realty Trust.
Cedar entered into the sale as a way to divest itself of smaller properties in secondary markets. Seventeen properties ranging in size from 3,200 square feet to 57,689 square feet were included in the sale. Fourteen of the centers are anchored by Discount Drug Market. Two properties are anchored by First Merit Bank, and the remaining property is anchored by Levin Furniture. The portfolio totals 690,715 square feet.
According to a press release, two of the properties have already closed. However, their names were not disclosed. The remaining properties will close by the third quarter of this year. Once the transaction is complete, Cedar will only own three properties in the state: two CVS/pharmacy locations in Akron and Celina, and a Rite Aid located in Massillon.
Cedar plans to use the proceeds from the sale to pay down the approximately $30 million in debt remaining on the properties. In a statement, Cedar Chairman and CEO Leo Ullman said that the REIT's acquisition strategy moving forward will focus on larger properties in higher demographic areas.
— Coleman Wood