PORT WASHINGTON, N.Y.
Retail property owner Cedar Shopping Centers Inc. said Monday its joint venture is buying seven shopping centers for $200 million from Pennsylvania Real Estate Investment Trust.
The joint venture with Canadian RioCan Real Estate Investment Trust will acquire five properties in Pennsylvania, New Jersey and Virginia for $134 million and RioCan will own an 80-percent interest in them and Cedar will hold the remaining 20 percent.
The sale of Red Rose Commons shopping center in Lancaster, Pa., is subject to terms from a third-party joint venture partner and PREIT.
Cedar and RioCan will equally share the Whitehall Mall in Allentown, Pa. The joint venture has plans to redevelop the shopping center.
The deals are expected to close by the end of the year, excepting Whitehall Mall.
Cedar's shares edged up 9 cents to $5.59 in midday trading.