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Cedar Buys 34 Acres for Giant-Anchored Center

HARRISBURG, PA-The shopping center owner pays $13.5 million for the Clock Tower Grove property. It will become Blue Mountain Commons, anchored by a 98,000-sf Giant Foods superstore prototype.

By Marita Thomas | Updated on October 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

HARRISBURG, PA-Cedar Shopping Centers Inc. continues to grow its Harrisburg portfolio with the acquisition of the 34-acre Clock Tower Property on Linglestown Road. It paid $13.5 million, or about $397,059 an acre, for the parcel and will demolish an existing manufacturing plant in order to build a shopping center aggregating approximately 115,000 sf, named Blue Mountain Commons.

Cedar has received an executed lease from Giant Food Stores LLC for a 98,000-sf supermarket, the grocer’s new superstore prototype, at the center. The lease is for 20 years with six five-year renewal options. Leo Ullman, Cedar’s president and CEO, declined to disclose the value of the lease, but says, “it’s an excellent lease for us and reflects the success of the Giant store in our Camp Hill center.” Groundbreaking for the Giant unit is expected to take place by the end of third quarter 2007 and reach completion by the end of 2008.

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