| Descriere |
Cedars may be evergreen, but Cedar Shopping Centers (formerly Cedar Income Fund) has turned over a new leaf. The real estate investment trust (REIT) has sold off its small, far-flung collection of office buildings to invest mainly in supermarket-anchored shopping centers. It owns about 30 retail properties totaling nearly 5 million sq. ft. (mainly in Pennsylvania, but also in Connecticut, Maryland, and New Jersey) and is buying some 30 more properties (Ohio, Pennsylvania, New York, and Connecticut) for $90 million. The REIT usually improves existing properties through redevelopment. Major tenants include Best Buy, Giant Food Stores, and Kmart.
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