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Cedar Realty Will Sell in 3 Parts for $1.2 Billion, Plus News from Seritage, Brookfield and CBL

March 3, 2022

The sum of Cedar Realty Trust’s parts was worth quite a lot. After exploring strategic alternatives since September, the REIT has decided to divide its 53 properties into three lots and sell them to different cash buyers to achieve maximum return.

The company, which focused on supermarket-anchored properties in dense urban markets, will sell itself to Wheeler Real Estate Investment Trust for $291.3 million. But that comes after it unloads 33 grocery-anchored properties to a joint venture between DRA Advisors and KPR Centers for $840 million and sells its two ongoing redevelopment projects — in Philadelphia and Washington, D.C. — to undisclosed buyers for about $80.5 million.

Upon the expected completion of the transactions in the second quarter, Cedar Realty will be wholly owned by Wheeler, and Cedar's common stock no longer will be publicly traded. Before the deal, Wheeler owned about 5 million square feet of retail space, mostly in the Southeast, tenanted mostly by the likes of Kroger and Food Lion.

Seritage Also Is Reviewing Strategic Alternatives

Another REIT is also considering cashing in on investor demand for retail. Seritage Growth Properties has announced a strategic review of its own. The company owns 170 retail properties totaling 10 million square feet.

Klarna Lands Another Big Marketplaces Landlord

Brookfield Properties has joined Simon in offering Klarna’s services to shoppers at its 150 retail properties. Simon signed on with the buy-now-pay-later provider in 2021. Klarna is accepted at 80,000 physical stores worldwide, and Brookfield tenants Abercrombie & Fitch, H&M, Ralph Lauren and Sephora already are clients. In addition to BNPL capabilities, Klarna also will develop livestream shopping events, augmented reality and outdoor advertising.

RELATED: Why Landlords Are Embracing Buy-Now-Pay-Later

2 CBL Centers Add Black-Owned Markets as Long-Term Tenants

CBL has institutionalized a strategy to work with local entrepreneurs to incubate small businesses, and those efforts have turned into tenants at two of the REIT’s centers. Texas’ Pearland Town Center welcomed BLCK Market and its 25 Black-owned businesses to a permanent inline space in September. The brand previously had operated pop-ups around the Houston area. And The Colab opened in Pennsylvania’s Monroeville Mall after testing a pop-up there in 2019. In its permanent location, The Colab hosts around 20 Black-owned businesses selling such goods as candles, essential oils and CBD products.

BLCK Market in Pearland Town Center

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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