New York & Tri-State + Long Island + Retail | July 10, 2022

Cedar Realty Trust has sold 33 grocery-anchored shopping centers and a redevelopment property for $879 million

Cedar Realty Trust Closes on $900M-Plus of Asset Sales Prior to Merger

Cedar Realty Trust has completed the previously announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a joint venture between a DRA Advisors-managed fund and KPR Centers for total gross proceeds of approximately $879 million, including assumed debt. The Massapequa, NY-based REIT previously sold its Riverview Plaza redevelopment property in Philadelphia for gross proceeds of approximately $34 million.

The completed transactions are the first step in Cedar’s sale of its assets and subsequent merger in a series of related all-cash transactions. The final step of the process is the merger with a subsidiary of Wheeler Real Estate Investment Trust, Inc. in an all-cash transaction that values Cedar’s remaining assets at $291.3 million.

Separately, another New York-based retail REIT, Seritage Growth Properties, said last week that its board recommends the adoption of a plan to sell all its assets and dissolve the company.

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https://cedarrealtytrust.com/

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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