Centers in the pipeline are: the 700,000-sf Centerra in Loveland, CO; the 700,000-sf Central Valley in Manteca, CA; the 550,000-foot Dos Lagos in Corona, CA; a second, 90,000-sf phase to the 285,000-sf Evergreen Walk in South Windsor, CT; the 600,000-foot Saucon Valley in Allentown, PA; and the 850,000-sf Shadow Creek in Pearland, TX. Poag & McEwen is also looking at two other for future development opportunities sites it would not disclose.

The firm currently owns three centers. In the past, it has sold off its assets, including the sale of developments to Developers Diversified Realty in 2003. EVP and CFO Joshua Poag would not reveal to GSR how much the company made from that sale, but he says the proceeds have, in part, enabled his firm to hang on to its developments.

Another reason the company has decided to keep its assets is because of rent increases executives have seen after selling their projects. For example, rents have doubled at the Shops At Saddle Creek, in Memphis, since the firm sold it 10 years ago to LaSalle Partners, Poag says. "We've seen the long-term viability of the projects," he adds.