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Cedar Shopping Centers Still Big on Philly

PHILADELPHIA-The retail REIT makes a land buy in the northeast part of the city, and CEO Leo Ullman tells GlobeSt.com its looking for assets.

By Ian Ritter | Updated on October 20, 2010

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.

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