Cedar Realty Trust Sells Kings Plaza for $14.2 Million | NYSE: CDRpB, CDRpC
Cedar Realty Trust, a leading real estate investment trust (REIT) listed on the New York Stock Exchange, recently announced the sale of Kings Plaza, a retail center in New Bedford, Massachusetts. The sale, which occurred on September 12, 2024, resulted in a sale price of $14.2 million, with net proceeds of $12.1 million.
This strategic move is part of Cedar Realty Trust's ongoing portfolio management and capital recycling strategy. The sale of Kings Plaza aligns with the company's business objectives and demonstrates its commitment to optimizing its property assets.
Investors can find updates on Cedar Realty Trust's financial activities and market performance on the New York Stock Exchange, where the company's preferred stocks are traded under the tickers NYSE: CDRpB and NYSE: CDRpC.
While Cedar Realty Trust has not disclosed specific plans for the proceeds from this sale, the transaction reflects the company's operational events and does not signify a significant shift in its strategic direction or financial health.
The details of this transaction were disclosed in a press release statement filed with the SEC on September 16, 2024. Crystal Plum, the company's Chief Financial Officer, signed off on the filing, ensuring transparency and compliance with regulatory requirements.
Headquartered in Virginia Beach, Virginia, Cedar Realty Trust specializes in the ownership, operation, and redevelopment of retail properties in the Northeast and Mid-Atlantic regions. As a Maryland-incorporated company with a fiscal year-end of December 31, Cedar Realty Trust remains a key player in the real estate sector.
In conclusion, Cedar Realty Trust's sale of Kings Plaza highlights its strategic approach to portfolio management and capital optimization. Investors should stay informed about the company's financial moves and market performance to make informed decisions about their investments in the real estate sector.