Cedar Realty Trust Buys Glenwood Village for $19.5 Million

Cedar Realty Trust, Inc.

revealed that it closed the acquisition of Glenwood Village in Bloomfield, New Jersey for $19.5 million. According to the company, the 64,000 square foot, newly constructed, mixed-use property was acquired unencumbered. Cedar Realty said that Glenwood Village, anchored by a Foodtown Supermarket on the retail level, featured upper floor apartment units owned by Avalon Bay. The company added that the property was a prime retail site located adjacent to the Bloomfield Train Station that accommodated about 250,000 passengers annually. The company indicated that the center sits within a solid trade area with median three-mile household income of $59,000 and a three-mile population of 318,000. Cedar Realty Trust President and CEO, Bruce Schanzer, said that "We are excited about the acquisition of Glenwood Village, as it represents another acquisition into higher density markets, this time in the New York Metro region. The asset fits perfectly into our Washington D.C. to Boston footprint and is consistent with the objectives of our capital migration strategy to improve our average asset quality." The shares of the company traded 0.28% on Thursday.