CEDAR SHOPPING CENTERS, INC.
                          44 SOUTH BAYLES AVENUE, #304
                         PORT WASHINGTON, NEW YORK 11050

                                              CONTACT: LEO S. ULLMAN
                                                       PRESIDENT
                                                       (516) 767-6492

FOR IMMEDIATE RELEASE:

     CEDAR SHOPPING CENTERS, INC.- ANNOUNCES AGREEMENT TO PURCHASE CENTER IN
           BERLIN, CONNECTICUT, ANCHORED BY HOME DEPOT AND SAM'S CLUB

Port Washington, New York - December 21, 2004 - Cedar Shopping Centers, Inc., a
real estate investment trust listed on the New York Stock Exchange (symbol:
"CDR") (the "Company"), today announced that it has entered into a definitive
agreement to purchase The Brickyard Shopping Center, a 274,000 sq. ft. shopping
center in Berlin, Connecticut, anchored by a 110,000 sq. ft. Sam's Club and a
103,000 sq. ft. Home Depot.

The purchase price will be approximately $29.3 million including closing costs
and is expected to be fully funded from the Company's secured floating-rate
credit facility. The property is presently unencumbered. Closing is expected to
be completed prior to year-end.

Geoffrey Millard of Cushman & Wakefield of Massachusetts represented the seller
with respect to this transaction.

The Company within the last month raised approximately $38.3 million in a common
stock offering, the proceeds of which were used to pay down the above-mentioned
credit facility. The Brickyard Shopping Center, in turn, is expected to become a
borrowing-base collateral property in the Company's credit facility.

This purchase, when completed, would constitute the Company's second Connecticut
property; the Company purchased the Wal-Mart center in Southington, Connecticut
in August 2003. On November 1, the Company purchased another New England
property, Franklin Village Plaza in Franklin, Massachusetts, for approximately
$73 million, as previously reported.

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust
which owns and operates 30 primarily supermarket-anchored shopping centers with
approximately 4.6 million square feet of gross leasable area, located in
Pennsylvania, New Jersey, Massachusetts, Maryland, and Connecticut.

Forward-Looking Statements

Certain statements contained in this Press Release may constitute
forward-looking statements within the meaning of the securities laws. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general and specific economic and
business conditions, which will, among other things, affect demand for rental
space, the availability and creditworthiness of prospective tenants, lease rents
and the availability of financing; adverse changes in the Company's real estate
markets, including, among other things, competition with other companies; risks
of real estate development and acquisition; risks of adverse operating results
and creditworthiness of current tenants; governmental actions and initiatives;
and environmental/safety requirements. Such forward-looking statements speak
only as of the date hereof. The Company does not intend, and disclaims any duty
or obligation, to update or revise any forward-looking statements set forth in
this release to reflect any change in expectations, change in information, new
information, future events or circumstances on which such information was based.