Cedar Shopping Centers’ joint venture with RioCan Real Estate Investment Trust has completed the purchase of Exeter Commons, a 361,000 square foot shopping centre in Pennsylvania, for USD53m, excluding closing costs and adjustments.

The property, completed in 2009, is anchored by a 171,000 square foot Lowe's Home Improvement Center and a 82,000 square foot Giant Food Stores supermarket, with leases extending to 2029 exclusive of renewal options.

The purchase price was funded by a USD30m loan from New York Life Insurance at 5.3 per cent for a term of ten years, with amortization on a 30-year schedule.

Cedar's portion of the balance, constituting approximately USD5m, was funded from its existing secured revolving credit facility for stabilised properties.