The newest acquisition also includes 35 adjacent acres. Together, the centers give the Port Washington, NY-based shopping center REIT an aggregate of approximately 580,000-sf of existing retail space and nearly 100 acres of land in the Greater Allentown and Lehigh Valley market.
Trexlertown Plaza is 80% leased. A 48,000-sf Redner's supermarket anchors the center, which also includes a 22,500-sf Tractor Supply and 22,500-sf Sears. Cedar EVP Frank Ullman says the center was built in 1991 and has "undergone significant redevelopment and new construction in 2005."
Cedar plans to develop the land parcels, "primarily for additional retail use in coming years," according to Leo Ullman, president and CEO, but specific plans have not been finalized. The company now owns and operates 87 centers aggregating about 9.5 million sf in nine states, primarily in the Northeast and Mid-Atlantic regions. Ullman tells GlobeSt.com that Cedar is committed to "focus on development and redevelopment of properties in some of the most vibrant markets in Pennsylvania."
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