Cedar Realty Trust

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Cedar Realty Trust, Inc.
Wheeler Real Estate Investment Trust
Websitecedarrealtytrust.com Edit this on Wikidata
Footnotes / references
[1]

Cedar Realty Trust, Inc. is a

Shaw's (3.8% of revenues), Dollar Tree (3.5% of revenues), and Walmart (3.5% of revenues). The only notable property owned by the company is The Shoppes at Trexler.[1]

History

The company was founded in 1984 as Cedar Shopping Centers. In October 2003, the company became a public company via an initial public offering.[2]

In 2005, the company acquired a 27-property portfolio for $90 million.[3]

In 2009, RioCan Real Estate Investment Trust acquired a 15% stake in the company as part of a joint venture agreement.[4]

In 2010, the company acquired 7 shopping centers from Pennsylvania Real Estate Investment Trust for $168 million.[5]

In 2011, the company changed its name to Cedar Realty Trust. It also sold 5 sites in Ohio anchored by Discount Drug Mart.[6]

In 2011, Bruce Schanzer became chief executive officer.[2]

In July 2022, the company sold a portfolio of 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $879 million.[7][8][9]

In August 2022, Wheeler Real Estate Investment Trust acquired the company.[10][11] M. Andrew Franklin became president and chief executive officer of the company and Crystal Plum became chief financial officer.[1]

References

  1. ^ a b c "Cedar Realty Trust, Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b Loria, Keith (November 2013). "New Focus at Cedar Realty Trust". National Association of Real Estate Investment Trusts.
  3. ^ "Cedar Shopping Centers buying Pa., Ohio properties". American City Business Journals. February 7, 2005.
  4. ^ VALORZI, JOHN (October 26, 2009). "RioCan makes $181-million U.S. foray". The Globe and Mail.
  5. ^ Kostelni, Natalie (August 16, 2010). "Cedar Shopping buying 7 PREIT centers". American City Business Journals.
  6. ^ Ball, Brian R. (May 3, 2011). "Cedar Shopping Centers selling 5 area sites anchored by Discount Drug Marts". American City Business Journals.
  7. ^ "CEDAR REALTY TRUST ANNOUNCES COMPLETION OF SALE OF GROCERY-ANCHORED PORTFOLIO AND REDEVELOPMENT PROPERTY TO DRA ADVISORS AND KPR CENTERS" (Press release). PR Newswire. July 8, 2022.
  8. ^ Jones, Sasha (March 4, 2022). "Shopping-center REIT Cedar Realty Trust sells entire portfolio for $1.2B". The Real Deal.
  9. ^ Heschmeyer, Mark (July 11, 2022). "Cedar Realty Trust Sells 33 Shopping Centers for $879 Million". CoStar Group.
  10. ^ "Wheeler Real Estate Investment Trust, Inc. and Cedar Realty Trust, Inc. Announce Completion of Merger" (Press release). Accesswire. August 22, 2022.
  11. ^ "Virginia Beach real estate investment trust acquires competing New York firm". The Virginian-Pilot. August 31, 2022.
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