GlobeSt.com UPDATE: East Cedarbrook Phase I Reaches 100% Lease-Up

WYNCOTE, PA-The newly completed 27,000-sf Phase I of East Cedarbrook Plaza shopping center is 100% leased with the signing of agreements by Cold Stone Creamery for 1,800 sf and LJ’s Total Man Designer Fashions for 2,600 sf. East Cedarbrook is an out-lot expansion of the 600,000-sf Cedarbrook Plaza on Cheltenham Ave.

Other tenants in Phase I are a 9,000-sf Joyce Leslie junior women’s apparel store, a 2,729-sf Payless ShoeSource unit, and a 2,009-sf Sprint store. Terms and rates of the leases are undisclosed. According to a mid-year 2005 report from the Philadelphia office of Marcus & Millichap, average asking rates in the Philadelphia MSA reached $17.87 per sf at the end of 2004 and are projected to increase as much as 3% to $18.84 per sf by the end of this year.

New York City-based Nassimi Realty Corp. acquired Cedarbrook Plaza in 1986 and began transforming it from the enclosed mall it opened as in 1963 into a series of attached power centers. In July 2004, Nassimi acquired a 3.5-acre parcel adjacent the existing 38 acres for development of East Cedarbrook.