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Cedar Swallows Up Another 1.2-M SF of PA Retail Space

PHILADELPHIA-Seven of eight shopping centers being acquired by the Port Washington, NY-based REIT for $150 million are in this state, and three are in Philly. The eighth is in Connecticut. Cedar also has an option on land in Hershey, PA.

By Marita Thomas | Updated on August 21, 2003

PHILADELPHIA-Port Washington, NY-based Cedar Shopping Centers Inc. is rapidly expanding its presence in the eastern half of this state with announcement of an agreement to acquire ownership or controlling operating interests in eight properties, seven of which are in PA. The anticipated price for all eight, which have an aggregate total of approximately 1.3 million sf, is $150 million.

Three of the shopping centers are in Philadelphia. They are: South Philadelphia Shopping Center, a 283,000-sf property anchored by Shop Rite, Drug Emporium, Bally’s Total Fitness and Ross Stores; Columbus Crossing, a 142,200-sf center anchored by a Super Fresh supermarket, Old Navy, A.C. Moore and Famous Footwear, and River View Plaza I, II and III, a combination of three adjacent retail properties with an aggregate of approximately 246,800 sf. River View anchors are a United Artists theater, Sega Gameworks, Staples, West Marine, Pep Boys and Athlete’s Foot.

Two of the acquisitions are in Huntingdon, PA. They are: Huntingdon Plaza, a 92,000-sf community shopping center anchored by Peebles, Auto Zone and Family Dollar Stores, and Lake Raystown Plaza, an 84,300-sf community shopping center anchored by a Giant supermarket, Rite Aid and Fashion Bug.

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