Cedar Realty Trust has agreed to sell a portfolio of 33 grocery-anchored shopping centers to a joint venture between a fund managed by DRA Advisors and KPR Centers for $840 million.
The sale is part of a series of related all-cash transactions, including the sale of Revelry redevelopment project for $34.0 million. Cedar is negotiating the sale of the Northeast Heights redevelopment project for $46.5 million. In the event the sale of the redevelopment projects is not completed prior to closing of the grocery-anchored shopping center portfolio sale, the DRA-KPR joint venture has agreed to acquire these two projects at the aggregate price of $80.5 million.
Cedar Realty Trust has agreed to sell the company and its remaining assets to Wheeler Real Estate Investment Trust, after completion of the above-described transactions, in an all-cash merger transaction that values the assets at $291.3 million. Upon completion of the transactions, Cedar will be wholly owned by Wheeler