Cedar Realty (NYSE:CDR) Trust, Inc., a real estate investment trust (REIT) listed on the New York Stock Exchange, has announced the sale of Kings Plaza, a retail center in New Bedford, Massachusetts. The transaction, which took place on Thursday, September 12, 2024, resulted in a sale price of $14.2 million.
The company reported that the sale of the 168,243 square foot shopping center led to net proceeds of $12.1 million. This financial move comes as part of Cedar Realty Trust 's ongoing portfolio management and capital recycling strategy.
Kings Plaza has been a part of Cedar Realty Trust's property assets for an unspecified period. The retail center's sale is a straightforward asset disposition that aligns with the company's business strategy.
The New York Stock Exchange, where Cedar Realty Trust's preferred stocks are traded under the tickers NYSE:CDRpB and NYSE:CDRpC, is where investors typically look for updates on the company's financial moves and market performance.
Cedar Realty Trust has not disclosed any specific plans for the use of the proceeds from this sale. The sale is part of the company's operational events and does not necessarily indicate a broader shift in the company's strategic direction or financial health.
The information about this transaction is based on a press release statement filed with the United States Securities and Exchange Commission (SEC) on Monday, September 16, 2024. The company's Chief Financial Officer, Crystal Plum, signed off on the filing, fulfilling the company's regulatory requirements to keep the public and investors informed about significant corporate events.
Cedar Realty Trust, headquartered in Virginia Beach, Virginia, operates within the real estate sector, focusing on the ownership, operation, and redevelopment of retail properties. Its portfolio includes various properties across the Northeast and Mid-Atlantic regions. The company is incorporated in Maryland and has a fiscal year-end on December 31.
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