WYNCOTE, PA - The newly completed 27,000-sf Phase I of East Cedarbrook Plaza shopping center is 100% leased with the signing of agreements by Cold Stone Creamery for 1,800 sf and LJ’s Total Man Designer Fashions for 2,600 sf. East Cedarbrook is an out-lot expansion of the 600,000-sf Cedarbrook Plaza on Cheltenham Ave.
Other tenants in Phase I are a 9,000-sf Joyce Leslie junior women’s apparel store, a 2,729-sf Payless ShoeSource unit, and a 2,009-sf Sprint store. Terms and rates of the leases are undisclosed. According to a mid-year 2005 report from the Philadelphia office of Marcus & Millichap, average asking rates in the Philadelphia MSA reached $17.87 per sf at the end of 2004 and are projected to increase as much as 3% to $18.84 per sf by the end of this year.
New York City-based Nassimi Realty Corp. acquired Cedarbrook Plaza in 1986 and began transforming it from the enclosed mall it opened as in 1963 into a series of attached power centers. In July 2004, Nassimi acquired a 3.5-acre parcel adjacent the existing 38 acres for development of East Cedarbrook.
With full lease-up of East Cedarbrook’s Phase I, Mike Nassimi, president, says, “we can now turn our attention to Phase II development, which will add an additional 40,000 sf to 50,000 sf to our center.” He also says construction of a freestanding Old Country Buffet restaurant is under way for an opening in early 2006.
Cedarbrook is anchored by a 114,075-sf Wal-Mart, which opened this January in a former Kmart location. Other tenants include a 64,500-sf Pathmark, a 51,516-sf Toys ‘R Us, Modells’ Sporting Goods, AJ Wright, Hollywood Video, Dots and Bally’s Total Fitness. New York City-based Winbrook Management Inc. is the leasing agent.