PORT WASHINGTON, N.Y., July 8 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced that it has completed the sale for approximately $1.6 million of a 10,125 sq. ft. retail property in Westfield, New York net leased to CVS. The property was acquired in 2005 as part of a 25-property portfolio from affiliates of Giltz & Associates, Inc. Cedar also arranged property-specific permanent financing on CVS stores in Kinderhook and Kingston, New York, and a Taco Bell store adjacent to the CVS in Kingston, all of which are ground-up developments by the Company. The aggregate amount of the financing, placed with the Hudson Valley Federal Credit Union, is approximately $6.3 million for five-year loans at an interest rate of 5.25% per annum with amortization on a 25-year schedule. The Company additionally announced that Boscov's had exercised a 10-year renewal option effective as of September 2010 and continuing through 2020 for its 167,000 sq. ft. department store at the Company's Camp Hill, Pennsylvania Shopping Center. The lease represents aggregate base rent of more than $7.4 million during the extension period. Larry Kreider, the Company's CFO stated "This sale, and others contemplated at the periphery of our portfolio, and the property-specific permanent financing on some of our development properties as well as some of our stabilized properties, represent part of an integral, multi-faceted approach intended to maintain our balance sheet strength during the next several years. The Company's core strategy of owning "bread and butter" shopping centers in the Northeast and coastal mid-Atlantic states anchored by supermarkets with long-term leases will remain our key focus as we look to build shareholder value." About Cedar Shopping Centers Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread and butter" supermarket-anchored shopping centers predominantly in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 12.7 million square feet of GLA at 121 shopping center properties, of which approximately 75% are anchored by supermarkets and drugstores with average remaining lease terms of approximately 11 years. The Company's stabilized properties have an occupancy rate of approximately 95%. The Company has also announced a pipeline of approximately 12 substantially pre-leased primarily supermarket- and drugstore-anchored development properties and development parcels. Forward-Looking Statements Statements made or incorporated by reference in this press release include certain "forward-looking statements". Forward-looking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express the Company's beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company's control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company's market areas in particular; the financial viability of the Company's tenants; the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company's properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, Chairman, CEO and President, Cedar Shopping Centers, Inc., +1-516-944-4525,

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