Cedar Realty Trust Announces Sale Of Camp Hill Shopping Center For Approximately $89.7 Million

Cedar Realty Trust announced the sale of the Camp Hill Shopping Center in Camp Hill, Pennsylvania, for approximately $89.7 million at a cap rate of about 6.5%.

Rhea-AI Summary

Cedar Realty Trust announced the sale of the Camp Hill Shopping Center in Camp Hill, Pennsylvania, for approximately $89.7 million at a cap rate of about 6.5%. The center, which is 97% leased, is anchored by a Giant supermarket, Boscov's, LA Fitness, and Barnes & Noble. CEO Bruce Schanzer highlighted a discrepancy between private market valuations of grocery-anchored properties and public equity market valuations, indicating potential for future strategic actions if this dislocation continues.

Positive

• Successful sale of Camp Hill Shopping Center for approximately $89.7 million.
• The asset was sold at a favorable cap rate of 6.5%.
• The shopping center was 97% leased, indicating strong demand.

Negative

• None.

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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.

View original content:http://www.prnewswire.com/news-releases/cedar-realty-trust-announces-sale-of-camp-hill-shopping-center-for-approximately-89-7-million-301317733.html

SOURCE Cedar Realty Trust, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Cedar Realty Trust's recent sale announcement?

Cedar Realty Trust announced the sale of the Camp Hill Shopping Center for approximately $89.7 million.

What was the cap rate for the Camp Hill Shopping Center sale?

The cap rate for the sale was approximately 6.5%.

How much space does the Camp Hill Shopping Center have?

The Camp Hill Shopping Center has a total area of 423,671 square feet.

Who are the main tenants of the Camp Hill Shopping Center?

Main tenants include Giant supermarket, Boscov's, LA Fitness, and Barnes & Noble.

What does Cedar Realty Trust focus on?

Cedar Realty Trust primarily focuses on grocery-anchored shopping centers along the Washington D.C. to Boston corridor.