Recently, Cedar Realty Trust, Inc. (CDR - Free Report) announced that it has acquired a 99-year leasehold interest, including an option to purchase, at the Senator Square Shopping Center. This transaction reflects the company’s efforts to significantly expand and redevelop its properties in the vibrant neighborhood of Ward 7, as well as Washington, D.C.
Notably, it forayed into the market in December 2015, with the acquisition of the East River Park Shopping Center. In fact, Senator Square, spanning 62,000 square feet of space, is located at Minnesota Avenue and Benning Road in Northeast Washington, D.C., in close proximity to this retail property.
Senator Square will improve Cedar's retail offering at the 150,000-square-foot East River — a center that is the mainstay retail destination in the downtown area. Hence, this acquisition is a strategic fit given its location. Further, a solid trade area location, with a median household income of $60,000 and population of 230,000 within a three-mile radius, is anticipated to drive mall traffic and sales at the centers.
Per Robin Zeigler, executive vice president and COO at the company, "We are committed to making a positive impact on Ward 7 and feel that the addition of Senator Square will expand the ongoing improvements at the East River Park Shopping Center and allow us to further unlock the potential of this wonderful community.”
Notably, the company remains focused to improve the surrounding community of the shopping centers. It intends to boost the neighborhood with various activities, events, art, and other outreach efforts that will complement its redevelopment efforts at East River.
These investments will enable the company to unlock embedded value at its properties and improve asset quality. Also, such moves mirror the company’s efforts to channelize capital in high population-density markets and enhance its portfolio.
Cedar Realty currently carries a Zacks Rank #3 (Hold). Over the past three months, the company’s shares have inched up 0.9%, while the industry gained 5.1%.
Better-ranked stocks from the REIT space include VICI Properties (VICI - Free Report) , Park Hotels and Resorts, Inc. (PK - Free Report) and PS Business Parks, Inc. (PSB - Free Report) . All three stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
VICI Properties’ Zacks Consensus Estimate for 2018 funds from operations (FFO) per share has been revised upward by a cent over the past 30 days. Its shares have gained 7.4% in the past six months.
Park Hotels and Resorts’ FFO per share estimates for 2018 witnessed 1.3% upward revision in 30 days’ time. Its shares have appreciated 26.7% over the past six months.
PS Business Parks’ FFO per share estimates for the current year moved up marginally in the past 30 days to $6.39. The stock has rallied 17.6% in six months’ time.
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