Cedar Realty Trust Completes Strategic Retail Center Sale
Cedar Realty Trust's Recent Real Estate Transaction
Cedar Realty Trust, Inc., a reputable real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker CDR, has successfully completed the sale of Kings Plaza. This retail center, located in New Bedford, has been officially sold for an impressive $14.2 million.
Details of the Sale
The sale of the retail space, spanning 168,243 square feet, resulted in net proceeds amounting to $12.1 million for Cedar Realty Trust. This strategic financial decision marks a significant step in the company's ongoing portfolio management and capital recycling efforts.
Significance of Kings Plaza in Cedar Realty's Portfolio
Kings Plaza has played a key part in Cedar Realty Trust's property portfolio for some time. The decision to sell this shopping center signals a clear alignment with the company's broader business strategy focused on optimizing their asset holdings.
Market Implications and Future Moves
For investors keeping an eye on Cedar Realty Trust, the New York Stock Exchange remains the primary platform for updates regarding the company’s financial activities and market positioning. The company also has preferred stocks traded under the tickers CDRpB and CDRpC, providing further investment opportunities.
Plans for Sale Proceeds
Currently, Cedar Realty Trust has not provided insight into how the proceeds from this transaction will be utilized. Nonetheless, the transaction falls within its regular operations and management strategy, reflecting stability in its operational framework without signaling any drastic changes in corporate direction.
Regulatory Filings and Corporate Transparency
Details regarding this sale were disclosed following a filing made with the U.S. Securities and Exchange Commission, as confirmed by the company's CFO, Crystal Plum. Such actions uphold Cedar Realty Trust's commitment to keeping stakeholders informed about significant corporate developments.
Cedar Realty Trust's Operational Focus
Headquartered in Virginia Beach, Cedar Realty Trust is focused primarily on the ownership, operation, and redevelopment of retail properties. With a diverse portfolio spanning the Northeast and Mid-Atlantic regions, their emphasis on strategic asset management continues to guide their operational objectives. The company is incorporated in Maryland and operates on a fiscal year that concludes on December 31.
Frequently Asked Questions
What is Cedar Realty Trust?
Cedar Realty Trust is a real estate investment trust (REIT) focused on retail properties primarily in the Northeast and Mid-Atlantic regions of the United States.
What was the sale price of Kings Plaza?
The retail center Kings Plaza was sold for $14.2 million.
How does this sale align with Cedar Realty's strategy?
The sale aligns with Cedar Realty's ongoing portfolio management and capital recycling strategy, reflecting their intent to optimize asset holdings.
What are the preferred stock tickers for Cedar Realty Trust?
Cedar Realty Trust’s preferred stocks are traded under the tickers CDRpB and CDRpC.
What is the headquarters location of Cedar Realty Trust?
Cedar Realty Trust is headquartered in Virginia Beach, Virginia, reinforcing its active presence in the real estate market.
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