Port Washington, N.Y.-based Cedar Shopping Centers Inc. has agreed to purchase Northwoods Crossing in Taunton, a 42-acre shopping center for $23.5 million.

The property was purchased on behalf of the joint venture between Cedar and RioCan Real Estate Investment Trust of Toronto, Canada, according to a statement.

Northwoods Crossing, a 160,000-square-foot shopping center, sits on 42 acres. It is anchored by a 115,000-square-foot BJ’s Wholesale Club, according to a statement. Other tenants include Tractor Supply, Dollar Tree, Ruby Tuesday’s and Wendy’s.

"The acquisition and disposition announced today reflect continued execution of our business plan: purchase at accretive prices of core properties with food-based market leaders as our anchor tenants, featuring long leases, excellent credit, high occupancy, and stable cash flows in Atlantic coastal markets with substantial barriers to entry," said Cedar CEO Leo Ullman. "Further, we benefit from fee-structured income in our joint ventures to drive strong returns. At the same time, we will continue to upgrade the portfolio by disposing of non-core properties in secondary markets."

The closing is expected to be completed in the second quarter of 2011.