Cedar Positions Itself for up to 1M SF of Development

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PORT WASHINGTON, NY-Cedars Shopping Centers, based here, has purchased or entered into contracts to acquire a number of land tracts aggregating approximately 194 acres primarily in Central Pennsylvania, as well as Egg Harbor Township, NJ and Kingston and Kinderhook, NY. The sites could be potentially be developed into as much as one million sf of retail properties. The Pennsylvania properties are in Carlisle, Ephrata, Halifax, Harrisburg, Honesdale, Newport and Williamsport.

“We’re happy with our footprint,” said Cedar’s CEO Leo Ullman, during a company conference call. “Central Pennsylvania has been quite a sweet spot for us.” He added that the REIT plans to do much of its redevelopment “in-house. We’ll have to replace debt at some point, but that’s pretty far out.”