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Local REIT Invests Big in Area Retail Center

Cedar Shopping Centers Inc. said on Tuesday it has entered a joint-venture agreement to purchase a shopping center in Berks County for $53 million.

The 361,000-square-foot Exeter Commons occupies 37 acres in Exeter Township. Construction was completed in 2009.

The agreement is a joint venture between Cedar and RioCan Real Estate Investment Trust, a Canadian firm. The deal, which is expected to close by Aug. 1, involves New York-based Cedar as the manager of the property.

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