In line with its strategy of capital migration, which is aimed at improving the average asset quality, Cedar Realty Trust, Inc. CDR has announced the closing of the acquisition of Shoppes, located at Arts District in Hyattsville, MD. The Port Washington, NY-based retail real estate investment trust (“REIT”) has acquired the 35,676-square-foot, full-leased grocery-anchored shopping center for $20.5 million. The acquisition in the high-density Washington, D.C. Beltway market is consistent with the company’s focus on expanding its footprint in the Washington, D.C. to Boston area.
Cedar Realty Trust focuses primarily on the ownership, operation, development and redevelopment of grocery-anchored shopping centers located mainly in the stretch between Washington D.C. to Boston. The company’s portfolio currently consists of 6Array properties, with around 9.5 million square feet of gross leasable area. We note that Shoppes is the main attraction of the Arts District in Hyattsville, situated along the US Route Array Corridor. The shopping center is ideally located within Array.5 miles from the University of Maryland and around 2 miles from the Washington, D.C. border. Further, the three-mile median population of Array76,000 and three-mile median household income of $62,000 of Hyattsville, underscore the locational advantage of the shopping center.
Cedar Realty Trust currently has a Zacks Rank #4 (Sell). Investors interested in the retail REIT may consider stocks like National Retail Properties, Inc. NNN, Realty Income Corporation O and Regency Centers Corporation REG. All these stocks hold a Zacks Rank #2 (Buy).
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