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Cedar Enters Redevelopment Mode

PORT WASHINGTON, NY-Now that the firm's total assets top $1 billion, Cedar officials turn toward redevelopment. Total revenues for the first quarter total approximately $30 million, compared with $16.5 million this time last year.

By Barbara Jarvie | Updated on May 09, 2006

PORT WASHINGTON, NY-Cedar Shopping Centers Inc. has a potential pipeline of more than $300 million of development that could total between one and two million sf of GLA, company officials detailed during the firm’s first-quarter conference call. The majority of that space is in the Central Pennsylvania area.

“We’re doing exactly what we promised we’d do,” said Leo Ullman, Cedar’s CEO, during the call. “Most of our properties are quite new, have long anchor leases, and are in excellent geographic locations. We have purposely focused on mature markets with excellent existing roads and traffic patterns.”

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