First Step in Previously Announced Sale of the Company's Assets and Subsequent Merger
MASSAPEQUA, N.Y., July 8, 2022 /PRNewswire/ -- Cedar Realty Trust (NYSE:CDR) (the "Company") today announced that it has completed the previously announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for total gross proceeds of approximately $879 million, including assumed debt. The Company previously sold its Riverview Plaza redevelopment property for gross proceeds of approximately $34 million.
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