Port Washington, N.y., dec. 11 /prnewswire-firstcall/ -- Cedar Shopping centers, Inc. (nyse: Cdr) Today Announced That It Had Entered Into An agreement To Purchase Five Giant Supermarket-anchored Properties In Eastern pennsylvania From Caldwell Development Company, A Private Development Company, which Has Developed And Built A Number Of Supermarket Anchored And Other Major tenant-anchored Properties In Pennsylvania. In Addition, The Company Has entered Into An Agreement To Purchase An Existing Strip Shopping Center adjacent To An Existing Giant Supermarket-anchored Center In New Cumberland, pennsylvania. The Five Giant Supermarket-anchored Properties Represent An aggregate Of Approximately 353,000 Sq. Ft. On Approximately 52 Acres Of property. Approximately 85% Of Total Rental Income For The Properties Is represented By Long-term Leases With Giant Food Stores, Llc Of Carlisle, Pa, A subsidiary Of The Ahold Group. Of The Five Properties, The Oldest Was Built in 1999; The Other Four Were Built In The Years 2003-2005. Each Of The Giant supermarkets Has A Lease Extending For A Minimum Of 20 Years Plus A Number Of 5-year Renewal Options With The Earliest Termination Date Being 2019.

The Aggregate Purchase Price Is Estimated To Be Approximately $90.0 million, Exclusive Of Closing Costs And Adjustments. Each Of The Properties is Encumbered By An Existing First Mortgage; All But One Of Such Mortgage loans Are Expected To Be Assumed By The Company As Part Of The Purchase Price. the Aggregate Of Existing First Mortgage Balances Is Approximately $51.0 million. The Company Expects To Assume Approximately $43.1 Million Of Existing financing And To Defease An Existing $7.9 Million Loan, Replacing It With New first Mortgage Financing In An Amount Not Less Than The Existing First mortgage. The Balance Above The Mortgages To Be Assumed Will Be Funded From the Companys Secured Revolving Credit Facility.

The Properties Are As Follows:

Aston Town Center, Aston, Pennsylvania - A Single-tenant Property Of 6.2 acres Located In Suburban-philadelphia, Built In 2005, With A 55,000 Sq. Ft. supermarket Leased To Giant Food Stores.

spring Meadow Shopping Center, Wyomissing, Pennsylvania - A 67,850 Sq. Ft. shopping Center On 10.6 Acres Located Near Reading, Pennsylvania, Built In 2004, With A 65,000 Sq. Ft. Supermarket Leased To Giant Food Stores. The property Also Has A Giant Fuel Facility.

Ayr Town Center, Mcconnellsburg, Pennsylvania - A 55,600 Sq. Ft. Shopping center On 10.8 Acres Located Southwest Of harrisburg, Pennsylvania, Built In 2005, Anchored By A 50,000 Sq. Ft. Supermarket Leased To Giant Food Stores. the Property Also Has A Giant Fuel Facility.

scott Town Center, Bloomsburg, Pennsylvania - A 68,000 Sq. Ft. Shopping center On 11.4 Acres Located In Bloomsburg, Pennsylvania, Built In 2004, anchored By A 54,333 Sq. Ft. Supermarket Leased To Giant Food Stores. The property Also Has A Motor Gasoline Station Owned By Giant.

Parkway Plaza Shopping Center, Mechanicsburg, Pennsylvania - A 106,550 Sq. ft. Shopping Center On 12.8 Acres, Located Near harrisburg, Pennsylvania, built In 1998, With A 67,000 Supermarket Leased To Giant Food Stores. Other tenants Include A Free-standing Rite Aid Drug Store, Wendys, A Kinder Care learning Center, And Fulton Bank (all On Pad Sites), Holiday Hair, Blockbuster video, Gnc And A Ups Store. The Property Also Has A Giant Fuel Facility.

The Other Property Being Acquired By The Company Is Fairview Commons, A 60,000 Sq. Ft. Existing Strip Shopping Center Immediately Adjacent To The companys Fairview Plaza Shopping Center, A 72,000 Sq. Ft. Center Anchored By a 60,000 Sq. Ft. Giant Food Stores Supermarket.

Giant Food Stores Already Leases Slightly More Than 17,000 Sq. Ft. At fairview Commons For Storage. The Properties Also Share Existing Ingress And egress Across Their Respective Parking Lots. Other Tenants At Fairview commons Include A Family Dollar Store Of Approximately 10,800 Sq. Ft., A Movie gallery Of 4,000 Sq. Ft. And A Dairy Queen.

The Purchase Price For The Fairview Commons Property Is Approximately $4.2 million, Exclusive Of Closing Costs And Adjustments. The Property Is presently Unencumbered, And The Purchase Will Be Funded From The Companys secured Revolving Credit Facility.

Closings Of The Purchase Of All Six Properties Are Expected To Be completed During The First Quarter Of 2007.

Leo S. Ullman, Ceo Of Cedar, Stated, "we Are Delighted To Have Had The opportunity To Acquire These Strategic Properties Which Are Located In The heart Of Our Companys Portfolio Concentration. This Represents An Excellent addition To Our Portfolio Of Fine Supermarket-anchored Properties With One Of the Strongest Operators In The Industry. This Acquisition Further Enhances our Presence In Pennsylvania And Strengthens The Cash-flow Of Cedar. The fairview Commons Acquisition Represents A Potential Development Opportunity for The Company To Accommodate The Need For Giant To Expand Its Existing supermarket At Our Fairview Plaza Property Where The Giant Stores Sales Are truly Extraordinary."

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. Is A Self-managed Real Estate Investment trust Focused On Supermarket-anchored Shopping Centers And Drug Store-anchored convenience Centers, Which Has Realized Significant Growth In Assets And shareholder Value Since Its Public Offering In october 2003. The Company presently Owns And Operates 96 Of Such Primarily Supermarket- And Drug Store- anchored Centers With An Aggregate Of Approximately 10 Million Square Feet Of gross Leasable Area, Located In Nine States, Predominantly In The Northeast and Mid-atlantic Regions. The Company Also Owns 12 Development Parcels aggregating Approximately 195 Acres And Has Entered Into Purchase Agreements for An Additional 143 Acres Within The Same Geographic Area.

Forward-looking Statements

Certain Statements Contained In This Press Release Constitute Forward- looking Statements Within The Meaning Of The Securities Laws. Forward-looking statements Include, Without Limitation, Statements Containing The Words "anticipates", "believes", "expects", "intends", "future", And Words Of similar Import Which Express The Companys Belief, Expectations Or Intentions regarding Future Performance Or Future Events Or Trends. While Forward-looking statements Reflect Good Faith Beliefs, They Are Not Guarantees Of Future performance And Involve Known And Unknown Risks, Uncertainties And Other factors, Which May Cause Actual Results, Performance Or Achievements To Differ materially From Anticipated Future Results, Performance Or Achievements expressed Or Implied By Such Forward-looking Statements As A Result Of Factors outside Of The Companys Control. Certain Factors That Might Cause Such A difference Include, But Are Not Limited To, The Following: Real Estate investment Considerations, Such As The Effect Of Economic And Other Conditions in General And In The Companys Market Areas In Particular; The Financial viability Of The Companys Tenants; The Continuing Availability Of Shopping center Acquisitions, And Development And Redevelopment Opportunities, On favorable Terms; The Availability Of Equity And Debt Capital In The Public And private Markets; Changes In Interest Rates; The Fact That Returns From development, Redevelopment And Acquisition Activities May Not Be At Expected levels; The Companys Potential Inability To Realize The Level Of Proceeds from Property Sales As Initially Expected; Inherent Risks In Ongoing development And Redevelopment Projects Including, But Not Limited To, Cost overruns Resulting From Weather Delays, Changes In The Nature And Scope Of development And Redevelopment Efforts, And Market Factors Involved In The pricing Of Material And Labor; The Need To Renew Leases Or Re-let Space Upon the Expiration Of Current Leases; And The Financial Flexibility To Refinance debt Obligations When Due. Such Forward-looking Statements Speak Only As Of the Date Hereof. The Company Does Not Intend, And Disclaims Any Duty Or obligation, To Update Or Revise Any Forward-looking Statements Set Forth In this Release To Reflect Any Change In Expectations, Change In Information, New information, Future Events Or Circumstances On Which Such Information Was based.

source Cedar Shopping Centers, Inc.