MASSAPEQUA, N.Y.–(BUSINESS WIRE)–Cedar Realty Trust (NYSE: CDR) 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.
The completed transactions are the first step in the Company’s previously announced sale of the Company’s assets and subsequent merger in a series of related all-cash transactions. The final step of the process, expected to be completed within 4-6 weeks, is the merger of the Company with a subsidiary of Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) in an all-cash transaction that values the Company’s remaining assets at $291.3 million.
Total net proceeds from the transactions, after all expenses, will be distributed to common shareholders upon the completion of the Wheeler merger.
