Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

WYNCOTE, PA-Nassimi Realty Corp. has signed a lease for a 20,000-sf K&G Fashion Superstore at East Cedarbrook Plaza. This represents the second phase of an approximately 50,000-sf expansion of the existing 600,000-sf Cedarbrook Plaza on Cheltenham Avenue.

A Nassimi spokesman tells GlobeSt.com, “this is a build-to-suit for the retailer. Construction will begin by year-end and occupancy is expected in summer 2007.” K&G is the men’s and women’s apparel affiliate of K&G Men’s Co. Inc., which is a division of Men’s Wearhouse.

The spokesman declined to disclose the rental rate. A first-quarter report from the Philadelphia office of Marcus & Millichap projected an average retail rent rate of $19.50 per sf for the entire Philadelphia MSA this year. That is a 3% increase compared with average asking rates at the end of 2005.

An affiliate of New York City-based Nassimi acquired Cedarbrook Plaza in 1986 and, in phases, turned the mall into three attached power strips. The center was built in 1963 as an enclosed mall. In mid-2004, Nassimi acquired 3.5 acres for the East Cedarbrook expansion. A year later, the initial 27,000-sf phase of the expansion was completed and fully leased. Among its tenants are Old Country Buffet, Coldstone Creamery, Joyce Leslie and Payless ShoeSource.

A 114,075-sf Wal-Mart, which opened in a former Kmart in January 2005, anchors the larger center. Additional tenants there are Pathmark, Modell’s Sporting Goods, A. J. Wright and Bally’s Total Fitness. New York City-based Winbrook Management LLC represents Nassimi in the leasing and management of the Cedarbrook properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.