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Cedar Realty Trust Expands D.C. Retail Portfolio

NE Shopping Center Trades in Off-Market Deal for $39 Million
January 6, 2016
Port Washington, NY-based Cedar Realty Trust (NYSE: CDR) closed on an off-market deal with fellow New York firm Katz NYC to acquire the East River Park Shopping Center in Northeast Washington, D.C. for $39 million, or approximately $246 per square foot.

The sale includes the 140,805-square-foot retail component anchored by Safeway and an additional office property measuring 18,000 square feet, bringing the total square footage traded to 158,805 square feet. In all, the center is 93% leased.

"This asset fits perfectly into our Washington, D.C. to Boston footprint and furthers our strategy of migrating capital into densely populated urban areas," said Bruce Schanzer, president and CEO. "Also consistent with this strategy, we plan to fund this acquisition with disposition proceeds from properties with lower population densities."

As part of the acquisition, Cedar Realty Trust assumed $20.5 million in fixed rate debt.

Please refer to CoStar COMPS #3476543 for more information on this transaction.
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