Shopping center

Cedar Realty Trust sells grocery store-anchored mall portfolio for $879 million

Port Washington, New York – Cedar Realty Trust sold a portfolio of 33 grocery-anchored shopping centers for $879 million, including existing debt. The names and addresses of the centers were not disclosed, but the properties are primarily located in high-density markets in the Northeast and Mid-Atlantic regions. The buyer was a joint venture between two New York-based companies, DRA Advisors and KPR Centers. The sale, which was first announced in March, is part of the New York-based REIT’s plan to divest its assets before being acquired by Virginia-based Wheeler REIT.

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