Blue Bell, Pa. Developer partners The Goldenberg Group and Ironwood Property Group said Friday that they have sold Exeter Commons -- a 500,000-sq.-ft. shopping center in Exeter Township, Pa. -- to a joint venture of Cedar Shopping Centers of Port Washington, N.Y., and RioCan Real Estate Investment Trust of Toronto for $53 million, with the potential for additional proceeds upon lease-up of the remaining vacancy.
Exeter Commons is anchored by Target, Giants Foods/Gas and Lowe’s. Construction on the $75 million project commenced in April 2008 and was completed in July 2009.
The center is currently 97% leased and several tenants are negotiating for the remaining space.