Cedar Realty Trust Acquires Big Y Shopping Center In Bethel, CT
PORT WASHINGTON, N.Y., Nov. 21, 2013 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced today that it closed on the acquisition of Big Y Shopping Center in Bethel, Connecticut, an affluent suburb in Fairfield County. The 101,000 square foot, fully-occupied, grocery-anchored shopping center was acquired for $34.5 million, unencumbered. The center is anchored by a high-volume Big Y World Class Market.
Big Y Shopping Center is strategically located on Route 6, a main artery in northern Fairfield County. The shopping center is part of a solid trade area with average five-mile household income of $92,000 and a population of 103,000.
"We are excited about the acquisition of Big Y Shopping Center as it represents a strategic shift at Cedar from defense to offense. The acquisition is consistent with all aspects of our strategic plan to acquire grocery-anchored centers, in the Washington, DC to Boston corridor, that improve our average asset quality," said Bruce Schanzer, President and CEO. "The acquisition was initially acquired using our line of credit, but we ultimately intend to fund it with proceeds from our capital recycling activities."
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 68 properties, with approximately 10 million square feet of GLA.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.
SOURCE Cedar Realty Trust, Inc.
Released November 21, 2013