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Cedar Realty Trust sells Webster Commons for $14.5 million

Published 19/02/2025, 14:54
Cedar Realty Trust sells Webster Commons for $14.5 million

Cedar Realty (NYSE:CDR) Trust, Inc., a Maryland-based real estate investment trust, has finalized the sale of Webster Commons, a retail center in Webster, Massachusetts. The transaction, which took place on February 11, 2025, resulted in a sale price of $14.5 million.

The retail center, which encompasses 98,984 square feet, was sold with net proceeds amounting to $13.9 million. This figure includes the payment of $9.1 million toward the company’s term loan agreement with Guggenheim Real Estate, LLC, which was necessary to release the property from being held as collateral.

Cedar Realty Trust , which is listed on the New York Stock Exchange under the tickers NYSE:CDRpB for its 7.25% Series B Cumulative Redeemable Preferred Stock and NYSE:CDRpC for its 6.50% Series C Cumulative Redeemable Preferred Stock, has not disclosed the buyer of the property.

The sale of Webster Commons is part of the company’s ongoing asset management strategy. The details of the transaction were made public through a Form 8-K filing with the United States Securities and Exchange Commission on Wednesday, February 19, 2025.

The company’s Chief Financial Officer, Crystal Plum, signed off on the filing, confirming the completion of the sale and the financial details associated with the transaction.

This sale is a straightforward real estate transaction without any additional complexities as per the information provided in the SEC filing. Cedar Realty Trust’s decision to divest this asset and the subsequent paydown of its term loan indicate a move to streamline its portfolio and manage its financial obligations.

Investors and market watchers will note this transaction as part of Cedar Realty Trust’s broader financial activities, as the company continues to navigate the real estate investment market. The information regarding this sale is based on the press release statement filed with the SEC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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