CB Richard Ellis Inc. said today it arranged the sale of a $90-million shopping center portfolio totaling 336,801 square feet and five Pennsylvania shopping centers.
The shopping centers are: Aston Center, Aston; Spring Meadow Shopping Center, Wyomissing; Ayr Town Center, McConnellsburg; Scott Town Center located, Bloomsburg; and Parkway Plaza, Mechanicsburg.
CB Richard Ellis' Philadelphia office represented the seller, Caldwell Development Co.
The buyer of the properties, Cedar Shopping Centers Inc., is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers.
About 85 percent of the rental income for the properties is represented by long-term leases with Giant Food Stores LLC of Carlisle, Pa., a subsidiary of the Royal Ahold NV.