PORT WASHINGTON, N.Y.,
Aug. 28, 2018 /PRNewswire/
-- Cedar Realty Trust, Inc. (NYSE : CDR )
announced today its acquisition of a 99-year
leasehold with purchase option for Senator Square
Shopping Center, a 62,000-square-foot shopping plaza at Minnesota
Avenue and Benning Road in Northeast
Washington, D.C. The transaction continues the
Company's investment efforts in the D.C. market and Ward 7, in
particular, which began with the acquisition of the East River
Park Shopping Center in December 2015. With this
acquisition Cedar believes it will be able to meaningfully expand
and improve its redevelopment efforts in this important urban
neighborhood.
"With this transaction, Cedar affirms its
commitment to Washington, D.C.
and particularly Ward 7," said Bruce J. Schanzer, Cedar Realty
President and CEO. "Situated directly across the street
from our East River Park Shopping Center at
the intersection of Minnesota Avenue and Benning Road,
Senator Square is the perfect complement to our existing
investment in this exciting part of the District."
Senator Square will enhance Cedar's retail offering at
East River, a 150,000-square-foot-center that anchors the
downtown retail hub of this area, and the acquisition of Senator
Square will enable Cedar to extend its
vision of neighborhood place-making over its total 210,000
square feet. The adjacent properties are situated at the
heart of a solid trade area with a median household
income of $60,000 and population of 230,000 within
a three-mile radius.
"We are committed to making a
positive impact on Ward 7 and feel that the
addition of Senator Square will expand the ongoing
improvements at the East River Park
Shopping Center and allow us to
further unlock the potential of this wonderful
community," said Cedar Realty Trust's Robin Zeigler, Executive Vice President
and COO. "In and around both properties, we plan to add to the
neighborhood's vitality with activities, events, art, and
other outreach to complement our redevelopment efforts. We look
forward to partnering with the residents through our
investing activities. "
Cedar is committed to the long-term growth and
improvement of both Senator Square and East River Park
Shopping Center, as well as the surrounding community. Since
acquiring the East River Park Shopping Center in 2015, the
company has been and continues to be active in new community
engagement efforts through its sponsorship of
and support for numerous cultural and educational
activities. Below are a few examples of new initiatives hosted
at East River Park:
- Mobile Art Gallery - In
conjunction with CulturalDC, Cedar is hosting this interactive art
display, which is free to the public at the East River Park
Shopping Center. This unique program has been running since
August 11th and will continue until
September 29, 2018. Local youth have
transformed a 40-foot renovated shipping container into an
exhibition showcasing photography taken in and inspired by their
community.
- Art All Night – A program to
celebrate DC's artistic traditions through displays,
demonstrations, and hand-on activities for kids.
- Uber Greenlight Hub Community Open House – an event for the
community to get to know the center's newest employer and tour the
facility. The new Greenlight Hub is a state-of-the-art support and
resource center for local UBER drivers.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a
fully-integrated real estate investment trust which focuses on the
ownership, operation and redevelopment of grocery-anchored shopping
centers in high-density urban markets from Washington, D.C. to Boston. The
Company's portfolio (excluding properties treated as "held for
sale") comprises 59 properties, with approximately 8.7 million
square feet of gross leasable area. For additional financial and
descriptive information on the Company, its operations and its
portfolio, please refer to the Company's website
at www.cedarrealtytrust.com.
PRESS CONTACT:
Julie
Chase
202-997-8677
jchase@chasepr.com
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SOURCE Cedar Realty Trust, Inc.