Port Washington, N.Y. Cedar Shopping Centers said Wednesday that the formal grand opening of Upland Square in Pottstown, Pa., a 686,000-sq.-ft. power center being developed by a partnership of Cedar Shopping Centers and Tristate Ventures, an affiliate of Fameco Real Estate, was held on July 21.
Principal tenants at Upland Square include Target (which purchased approximately 11 acres for its store; its store opening was also on July 21), Giant Food Stores (with a 76,500-sq.-ft. supermarket), Best Buy, Bed Bath & Beyond, TJ Maxx, Staples and Petco.
Upland Square represents a total project cost of approximately $106.4 million for 686,000 sq. ft. At this time, 485,000 sq. ft. have been built, with committed leases at approximately 85%, according to Cedar.
Fameco will continue to be responsible for the leasing and physical property management of the project.
The Upland project represents one of two substantial joint-venture development projects with the Tristate/Fameco group. The other is The Shoppes at Crossroads in Stroudsburg, Pa., a 131,000-sq.-ft. center anchored by a 76,400-sq.-ft. Giant supermarket plus a fuel facility.