SEWELL, N.J. — A joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust has closed on the $26.3 million acquisition of the Cross Keys Place shopping center in Sewell. The 148,000-square-foot property is fully leased to tenants that include Bed Bath & Beyond, Sports Authority, AC Moore, Old Navy and Petco. The Home Depot shadow anchors the center. The joint venture expects to close shortly on financing for the purchase. It expects the loan to have a 10-year term, a fixed interest rate of less than 5 percent and a 55 percent loan-to-value ratio. Cedar will handle long-term management and leasing of the property. The joint venture has closed on more than $250 million in shopping center purchases so far this year.
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