(For more retail coverage, click GlobeSt.com/RETAIL.)
WYNCOTE, PA-Nassimi Realty Corp. has signed a lease for a 20,000-sf K&G Fashion Superstore at East Cedarbrook Plaza. This represents the second phase of an approximately 50,000-sf expansion of the existing 600,000-sf Cedarbrook Plaza on Cheltenham Avenue.
A Nassimi spokesman tells GlobeSt.com, "this is a build-to-suit for the retailer. Construction will begin by year-end and occupancy is expected in summer 2007." K&G is the men's and women's apparel affiliate of K&G Men's Co. Inc., which is a division of Men's Wearhouse.
The spokesman declined to disclose the rental rate. A first-quarter report from the Philadelphia office of Marcus & Millichap projected an average retail rent rate of $19.50 per sf for the entire Philadelphia MSA this year. That is a 3% increase compared with average asking rates at the end of 2005.
An affiliate of New York City-based Nassimi acquired Cedarbrook Plaza in 1986 and, in phases, turned the mall into three attached power strips. The center was built in 1963 as an enclosed mall. In mid-2004, Nassimi acquired 3.5 acres for the East Cedarbrook expansion. A year later, the initial 27,000-sf phase of the expansion was completed and fully leased. Among its tenants are Old Country Buffet, Coldstone Creamery, Joyce Leslie and Payless ShoeSource.
A 114,075-sf Wal-Mart, which opened in a former Kmart in January 2005, anchors the larger center. Additional tenants there are Pathmark, Modell's Sporting Goods, A. J. Wright and Bally's Total Fitness. New York City-based Winbrook Management LLC represents Nassimi in the leasing and management of the Cedarbrook properties.
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