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HUNTINGDON, PA-Cedar Shopping Centers has entered into a 20-year lease agreement with Giant Food Stores to build a 62,000-sf Giant supermarket on eight acres adjacent to Lake Raystown Shopping Center. The lease calls for a base rent of $1 million a year and interim increases after the 10th year.

The Port Washington, NY-based REIT acquired the 84,464-sf shopping center and 148,710-sf Huntingdon Plaza, across the street, along with 26 adjacent acres in June 2004 for an aggregate $12.7 million. It expects to deliver the supermarket on or about Oct. 1. At that time, Giant will vacate its existing 39,245-sf unit in the center, which will then have an aggregate of 144,464 sf.

Cedar plans to fill the Giant vacancy with one or more tenants yet to be identified. It also intends to develop part or all of the remaining 18 acres for retail and/or other use. Among the other tenants in the Lake Raystown center are a 10,000-sf Rite Aid and Fashion Bug. A 22,060-sf Peebles anchors Huntingdon Plaza. Among its other tenants are AutoZone and Family Dollar.

Leo Ullman, Cedar's president, chairman and CEO, is traveling and could not be reached by deadline. Of Cedar's 85 shopping centers, approximately 30 are in Pennsylvania, more than in any other one state, and they include 10 in the Harrisburg region and seven in the Philadelphia area.

Instant Insights /

Cedar Builds 62,000-SF Giant Supermarket Under 20-Year Lease

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