Cedar Realty Trust Announces Sale Of Camp Hill Shopping Center For Approximately $89.7 Million
MASSAPEQUA, N.Y., June 22, 2021 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced that yesterday it closed on the sale of the Camp Hill Shopping Center in Camp Hill, Pennsylvania, a 97% leased, 423,671 square foot grocery-anchored shopping center, anchored by a Giant supermarket, Boscov's, LA Fitness and Barnes & Noble. The asset was sold for approximately $89.7 million at a cap rate of approximately 6.5%.
"We are pleased to close this divestiture. We continue to note the disconnect between private market valuations for our core grocery anchored shopping center portfolio and the public equity market valuation for this portfolio and will take further appropriate measures to exploit this dislocation if it persists," said Bruce Schanzer, President and CEO of Cedar.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership and operation of grocery-anchored shopping centers straddling the Washington D.C. to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") comprises 53 properties, with approximately 7.6 million square feet of gross leasable area.
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 June 22, 2021