PHILADELPHIA-Cedar Shopping Centers is fond of the local market. Management of the Port Washington, NY-based firm likes it so much that it just bought a piece of land here for just under $13.4 million and isn't sure yet what the future holds for the tract.
The property, at 11501 Roosevelt Boulevard, is currently home to a 230,000-square-foot building occupied by the Internal Revenue Service. Additionally, Cedar owns land across the street that has a 400,000-square-foot building also occupied by the IRS, which intends to vacate both facilities by October next year.
Leo Ullman, Cedar's chairman, chief executive and president tells GlobeSt.com that his firm hasn't determined what will become of the site after the IRS leaves. "It's not extremely clear yet," he says, adding. "We have been approached by some retailers."
If Cedar doesn't end up building one of its trademark grocery-anchored shopping centers on the sites, he says, other possibilities include the development of a mixed-use property as part of a joint venture or the sale of the site to a big-box user or a firm that wants to continue to lease the properties as offices.
Besides this potential development, Ullman says his company would like to buy more assets nearby. "We like Philly," he says. "The northeast portion has a tremendous amount of traffic at this juncture."
Meanwhile, Cedar,which currently owns six assets in the Metro area, is up to other things in the state. It is about to close on a portfolio of five grocery-anchored centers for $92 million, three of which are in Pennsylvania cities, York, Gettysburg and State College.
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