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Cedar JV Buys Rights for 700,000-SF Center

POTTSGROVE, PA-A week after closing on five centers in PA, Cedar joins a Fameco subsidiary to develop Upland Square.

By Marita Thomas | Updated on April 13, 2007

POTTSGROVE, PA-Cedar Shopping Centers Inc. has entered into a joint venture with Tristate Ventures LP to construct Upland Square, a 700,000-sf shopping center on 108 acres here. Tristate is a subsidiary of Plymouth Meeting-based Fameco Real Estate LP, the Delaware Valley’s principal full-service retail broker.

The total project cost, including the land, is estimated at $105 million. Tristate acquired the rights to develop the center from King of Prussia-based Sapphire Development Cos., which assembled the land, developed the plan and obtained approvals.

Under the Cedar/Tristate partnership, the Port Washington, NY-based shopping center REIT will provide up to $17.5 million as invested capital with a preferred return. Through its affiliates, including Fameco, Tristate will obtain some development fees and be responsible for construction, leasing and property management.

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