Cedar Shopping Centers Completes Purchase of a B.J.'s-Anchored Center in Massachusetts For $23.5 Million and Sale of Non-Core Property For $10.8 Million

PORT WASHINGTON, N.Y., April 20, 2011 /PRNewswire/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) today reported that it has completed the previously-announced purchase of Northwoods Crossing in Taunton, Massachusetts, on behalf of the joint venture between Cedar (20%) and RioCan Real Estate Investment Trust of Toronto, Canada (TSX: REI.UN) ("RioCan") (80%).  

Cedar also completed the sale of Fairfield Plaza, a non-core property, in New Milford, Connecticut.

Northwoods Crossing

Northwoods Crossing is a 160,000 sq. ft. shopping center on approximately 42 acres off Route 495, less than 40 miles from Boston and across from the largest office park in New England.  It is anchored by a 115,000 sq. ft. B.J.'s Wholesale Club with a lease extending to 2023 and a 19,000 sq. ft. Tractor Supply with a lease extending to 2025.  The property is 100% leased.  Other tenants include Dollar Tree, Ruby Tuesday's and Wendy's.

The purchase price, exclusive of closing costs and adjustments, is approximately $23.5 million and is subject to existing financing of approximately $14.4 million.  Cedar's share of the equity investment is approximately $1.8 million above the existing debt, funded from its secured revolving credit facility.  RioCan's share of the equity investment above the existing debt is approximately $7.2 million.  

Non-Core Asset Sale

Cedar has completed the previously announced sale of Fairfield Plaza in New Milford, Connecticut, a 72,000 sq. ft. center anchored by T.J. Maxx and Staples to an affiliate of Urstadt Biddle Properties, Inc. for $10.84 million, subject to an existing first mortgage loan in the amount of approximately $5 million.  

Cedar received net cash proceeds of approximately $5.7 million, and expects to report a net gain of approximately $500,000 on the sale.  The proceeds were used to reduce amounts outstanding under the Company's credit facility.

About Cedar Shopping Centers, Inc.

Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread & butter"® supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns (both exclusively or in joint venture) and manages approximately 16.1 million square feet of GLA at 131 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarshoppingcenters.com.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $11.2 billion as at March 31, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 302 retail properties, including 10 under development, containing an aggregate of over 70 million square feet. RioCan owns an 80% interest in 31 grocery anchored and new format retail centres in the United States through various joint venture arrangements. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centers, Inc.  For further information, please refer to RioCan's website at www.riocan.com.

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SOURCE Cedar Shopping Centers, Inc.

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