April 28, 2009 (FinancialWire) — Cedar Shopping Centers, Inc. (NYSE: CDR) (Current Market Cap: US$139.50 Mil.) has closed the sale of an investment property in Medina, Ohio for $1.3 million.

The property, which consists of around three acres with two buildings, was acquired by the company in 2005 as part of a 25-property package of primarily drugstore-anchored properties in Ohio.

On April 2, Cedar said it had suspended its regular cash dividend in an effort to save around $16 million. The company will release financial results for the three months ended March 31 after the market closes on May 5.

Port Washington, New York-based Cedar Shopping Centers is a real estate investment trust that focuses primarily on ownership, operation, development and redevelopment of supermarket-anchored shopping centers in coastal mid-Atlantic and New England states.

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