Cedar Realty Trust
Cedar Realty Trust is a United States real estate investment trust focused on grocery-anchored and other shopping-center properties.
Last updated August 26, 2026
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Overview
Cedar Realty Trust, Inc. is a United States real estate investment trust focused on the ownership and operation of shopping centers. The company began in 1984 under the name Cedar Shopping Centers and developed its business around retail properties, particularly centers serving everyday consumer needs. Its portfolio has been concentrated primarily in the Northeastern United States, with Pennsylvania representing a significant part of its property base. The company became publicly traded through an initial public offering in October 2003. During its period as an independent public company, Cedar expanded through portfolio acquisitions and joint-venture activity. In 2005, it acquired a 27-property portfolio for $90 million. In 2009, RioCan Real Estate Investment Trust obtained a 15% interest in the company as part of a joint venture arrangement. The following year, Cedar acquired seven shopping centers from PREIT for $168 million. In 2011, the company adopted the Cedar Realty Trust name, reflecting its broader real estate investment trust identity, and sold five Ohio properties anchored by Discount Drug Mart. Cedar's operating model centers on leasing retail space to national, regional, and local tenants. Its tenant roster has included businesses such as TJX Companies, Kohl's, Shaw's, Dollar Tree, and Walmart. These tenants indicate a portfolio weighted toward necessity-oriented retail and discount or value-focused shopping rather than discretionary destination retail. The company has also owned properties with grocery and mass-market anchors, which can help shopping centers attract recurring customer traffic. Bruce Schanzer became chief executive officer in 2011 and led the company during a period that included portfolio acquisitions, dispositions, and changes in ownership. In July 2022, Cedar sold a portfolio of 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $879 million. In August 2022, Wheeler Real Estate Investment Trust acquired Cedar Realty Trust. Following the acquisition, M. Andrew Franklin became president and chief executive officer, while Crystal Plum became chief financial officer. As of December 31, 2022, the company owned 19 properties totaling approximately 2.9 million square feet of leasable space, primarily in the Northeastern United States. The Shoppes at Trexler was identified as its notable property. After the 2022 acquisition, Cedar Realty Trust operated as a subsidiary of Wheeler Real Estate Investment Trust rather than as the same independently listed enterprise that had previously built and managed its portfolio. Available reference material does not establish a separate consumer-facing product brand, international operation, or current public-market ticker.
History
Cedar Realty Trust originated in 1984 as Cedar Shopping Centers, a company focused on shopping-center real estate. Its business developed around acquiring, owning, leasing, and managing retail properties, primarily in the Northeastern United States. The portfolio emphasized shopping centers serving regular consumer needs and included tenants from the grocery, discount, apparel, department-store, and general-merchandise sectors. A major corporate turning point came in October 2003, when Cedar became a public company through an initial public offering. Public-company status provided a broader capital and ownership structure for the company's expansion. In 2005, Cedar acquired a 27-property portfolio for $90 million, adding materially to its retail real estate holdings. In 2009, RioCan Real Estate Investment Trust acquired a 15% interest in Cedar under a joint venture agreement. The relationship connected Cedar with another major retail-property owner while preserving Cedar's operating identity. In 2010, Cedar continued its acquisition strategy by purchasing seven shopping centers from PREIT for $168 million. The company changed its name to Cedar Realty Trust in 2011. The rebranding accompanied a strategic period in which Cedar also sold five Ohio shopping-center sites anchored by Discount Drug Mart. That year, Bruce Schanzer became chief executive officer. Under his leadership, the company continued to manage and reshape a regional shopping-center portfolio. Cedar's properties were generally commercial retail assets rather than consumer packaged goods or standalone product lines. Major tenants identified in reference material included TJX Companies, Kohl's, Shaw's, Dollar Tree, and Walmart. The tenant mix reflected the company's emphasis on shopping centers with recognizable national or regional anchors and retailers tied to recurring household and value-oriented spending. In July 2022, Cedar sold a portfolio of 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers. The transaction represented a substantial portfolio disposition and preceded a change in the company's ownership. In August 2022, Wheeler Real Estate Investment Trust acquired Cedar Realty Trust. M. Andrew Franklin became president and chief executive officer, and Crystal Plum became chief financial officer. As of December 31, 2022, Cedar owned 19 properties with approximately 2.9 million square feet of leasable space, concentrated primarily in the Northeastern United States. Seven of those properties were in Pennsylvania. The Shoppes at Trexler was identified as the company's notable property. The same reference material identified TJX Companies, Kohl's, Shaw's, Dollar Tree, and Walmart as major tenants by revenue contribution. Following the 2022 acquisition, Cedar Realty Trust was described as a subsidiary of Wheeler Real Estate Investment Trust. Available material does not provide a confirmed current website, ticker, headquarters address, or evidence of operations outside the United States. It also does not document a separate consumer advertising platform or a broad product portfolio beyond the company's retail real estate assets and leasing activities.
- 2022
Portfolio sale
[1]Cedar sells 33 shopping centers to a joint venture involving DRA Advisors and KPR Centers.
- 2022
Acquisition by Wheeler Real Estate Investment Trust
[1]Wheeler acquires Cedar, which becomes a subsidiary under new executive leadership.
- 2011
Name change to Cedar Realty Trust
[1]Cedar Shopping Centers adopts the Cedar Realty Trust name and sells five Ohio sites anchored by Discount Drug Mart.
- 2010
PREIT shopping-center acquisition
[1]Cedar purchases seven shopping centers from PREIT.
- 2009
RioCan investment and joint venture
[1]RioCan Real Estate Investment Trust takes a 15% stake in Cedar as part of a joint venture agreement.
- 2005
27-property acquisition
[1]The company acquires a portfolio of 27 properties.
- 2003
Initial public offering
[1]Cedar becomes a public company through an initial public offering in October.
- 1984
Cedar Shopping Centers is founded
[1]The company is established as Cedar Shopping Centers, beginning its retail shopping-center real estate operations.
Products and positioning
A regional retail real estate investment trust focused on shopping centers, particularly properties serving everyday retail demand in the Northeastern United States.
Commercial real estate · 1984
Shopping-center portfolio
Cedar Realty Trust's principal business consists of owning and operating shopping centers. The properties are primarily located in the Northeastern United States and are leased to national, regional, and local retailers. The portfolio has included grocery, discount, apparel, department-store, and general-merchandise tenants, making the centers oriented toward recurring consumer visits rather than a single specialized retail category.
Shopping center
The Shoppes at Trexler
The Shoppes at Trexler is identified in the reference material as Cedar Realty Trust's notable property. It represents the company's core property type: a multi-tenant retail center designed to bring together recognized retailers and everyday shopping services within a regional commercial real estate asset.
Brand decisions
2022
Sell a 33-shopping-center portfolioStrategyBackground
Cedar undertook a major portfolio transaction before a change in corporate ownership.
Action taken
The company sold 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers.
Aftermath
The sale preceded Wheeler Real Estate Investment Trust's acquisition of Cedar later in 2022.
Portfolio sale price. $879 million (July 2022)
2022
Acquisition by Wheeler Real Estate Investment TrustM&ABackground
Cedar's ownership structure changed following the major portfolio sale.
Action taken
Wheeler Real Estate Investment Trust acquired Cedar Realty Trust.
Aftermath
Cedar became a Wheeler subsidiary, with M. Andrew Franklin serving as president and chief executive officer and Crystal Plum serving as chief financial officer.
2011
Rebrand and dispose of Ohio propertiesStrategyBackground
The company was repositioning its identity and regional portfolio after several years of expansion.
Action taken
Cedar changed its name from Cedar Shopping Centers to Cedar Realty Trust and sold five Ohio sites anchored by Discount Drug Mart.
Aftermath
The company continued under the Cedar Realty Trust name with a reshaped property portfolio.
2010
Purchase seven shopping centers from PREITM&ABackground
Cedar continued to build its regional shopping-center portfolio through acquisitions.
Action taken
The company acquired seven shopping centers from PREIT.
Aftermath
The acquisition expanded Cedar's retail property holdings.
Acquisition price. $168 million (2010)
2005
Acquire a 27-property retail portfolioM&ABackground
Cedar was expanding its shopping-center holdings after becoming a public company.
Action taken
The company acquired a portfolio of 27 properties.
Aftermath
The transaction increased the scale of Cedar's retail real estate portfolio.
Acquisition price. $90 million (2005)
Recent events
Cedar Realty Trust sells Camp Hill Shopping Center[2]
Reported:
Cedar Realty Trust closed the sale of Camp Hill Shopping Center in Pennsylvania for approximately $89.7 million.
Cedar Realty Trust, Asland Capital Partners and Goldman Sachs UIG form Northeast Heights joint venture[3]
Reported:
Asland Capital Partners, Cedar Realty Trust and the Goldman Sachs Urban Investment Group announced a joint venture to construct the first phase of Northeast Heights, a mixed-use office and retail development in Washington, D.C. The announcement also said the partnership had secured $105 million in construction financing from J.P. Morgan.
Sources3 sources
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