HAMBURG, PA-Port Washington, NY-based Cedar Shopping Centers has begun to fill its redevelopment pipeline by leasing up space vacated by Ames Department Stores at two Pennsylvania centers it acquired last year: Hamburg Commons, which has an aggregate of 97,633 sf, and the 130,000-sf community shopping center in Carbondale.
Redner's Market is leasing 56,780 sf, replacing the vacant Ames unit at Hamburg Commons. Construction of the Redner's unit has begun and it is expected to open on July 1. Cedar also arranged a lease termination agreement with Food Lion, which previously occupied a 29,000-sf unit in this center and, according to a statement, will announce lease agreements for that space "in the near future."
Meanwhile, Peebles and Dollar Tree have inked leases for an aggregate of 30,000 sf in the 50,000-sf space formerly occupied by Ames at Carbondale Shopping Center. Cedar says a letter of intent is pending for a portion of the remaining space. Construction of the new Peebles and Dollar Tree units has begun and they will open the March and April, respectively.
Cedar paid $4.5 million, or $34.62 per sf, for the Carbondale Center last April. At that time the cost of rebuilding the Ames unit was estimated at $2 million. The lease for a 52,720-sf Weis supermarket there runs through 2016 and has extension options. Other tenants are CVS, Blockbuster, Pennstar Bank and Burger King. Last June, Cedar acquired Hamburg Commons for a little under $5.5 million, or about $55.81 per sf.
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