A Virginia Beach real estate investment trust completed the acquisition of a New York-based competitor.
Wheeler Real Estate Investment Trust, a Virginia Beach firm with a portfolio of strip malls and grocery centers, finished the acquisition of Cedar Realty Trust on Aug. 22.
Cedar announced the transaction on March 2 as part of a series of sales agreements for the company and its assets. The Wheeler transaction, an all-cash merger, was valued then at $291.3 million and included 19 shopping centers, according to Wheeler’s website.
Cedar also sold 33 grocery-anchored shopping centers valued at $840 million to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers. Cedar also sold several redevelopment projects as part of the agreements.
Cedar is now wholly owned by Wheeler, and its common stock is no longer publicly traded.
Wheeler had more than $467 million in assets as of June 30, according to a financial statement. The group owns and manages properties across the South and mid-Atlantic, from New Jersey to Florida.
Trevor Metcalfe, 757-222-5345, tr*************@pi*********.com
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