Categorized | Business

Pottstown, Limerick Shopping Center Owner Gets Bigger

Posted on 17 August 2010. Tags: , , , , , , , , , , ,

The Target store at Upland Square in Pottstown.

POTTSTOWN PA – Cedar Shopping Centers Inc. – which has ownership interests the Upland Square Shopping Center on Upland Square Drive, Pottstown PA, and the Heritage Crossing Shopping Center on Ridge Pike in Limerick PA – on Monday (Aug. 16, 2010) said it would spend about $200 million to buy all or part of seven additional plazas across Pennsylvania, New Jersey and Virginia.

Five of the seven properties are reported to involve “power centers,” big, regional retail complexes much like Upland Square that annually attract millions of consumers looking to spend money for the latest fashions, accessories, electronics, household goods and services.

On the selling end is the Pennsylvania Real Estate Investment Trust (PREIT), which will use the proceeds to pay down mortgage debt and a line of credit. PREIT will continue to lease and manage the centers for Cedar. In this area, PREIT owns the Exton Square Mall.

Shopping centers involved in the deal are located in Sellinsgrove, Warrington, Allentown PA, two in Lancaster PA, and in Christiansburg VA and Forked River NJ.

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