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Cedar Takes Stake in IRS Processing Center

PHILADELPHIA-The shopping center REIT is poised to redevelop the 24-acre site at 11601 Roosevelt Blvd. when the IRS exits its current 430,000-sf paper processing operation.

By Marita Thomas | Updated on November 16, 2006

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

PHILADELPHIA-Cedar Shopping Centers Inc. has paid $3.5 million for a 49%-ownership in the 24-acre parcel at 11601 Roosevelt Blvd. The land contains a 430,000-sf building that is currently net leased to the Internal Revenue Service through 2010.

As GlobeSt.com previously reported, the success of electronic tax filing has prompted a restructuring of the IRS that calls for the closure of several paper processing operations nationwide. This is the largest of the properties the IRS utilizes for that function here.

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