Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that Giant Eagle, Inc. today opened an 83,600 sq. ft. supermarket at Cedar’s Townfair Center in Indiana, Pennsylvania. The Giant Eagle tenancy is for a period of twenty years with eight additional five-year options.
The construction of the store was a “reverse build-to-suit” where Cedar funded construction costs and provided engineering reviews while Giant Eagle built its store on a pad with utilities to the site, provided by Cedar. The store replaces a former 50,000 sq. ft. Shop ‘n Save supermarket.
About Cedar Shopping Centers
Cedar Shopping Centers, Inc. is a fullyintegrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of “bread and butter®” supermarketanchored shopping centers in coastal midAtlantic and New England states. The Company presently owns (both exclusively or in joint venture) and manages approximately 15.4 million square feet of GLA at 132 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarshoppingcenters.com.
SOURCE Cedar Shopping Centers, Inc.
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Filed under: Real Estate