Cedar opens Upland Square
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.
J.C. Penney, Ulta ink deal for new stores
Pleasant Prairie, Wis. Mid-America Asset Management and Mid-America Real Estate-Wisconsin said Tuesday that J.C. Penney and Ulta have leased space at Shoppes at Prairie Ridge, a 365,000-sq.-ft. shopping center in Pleasant Prairie, Wis.
J.C. Penney’s grand opening will be July 31, and Ulta is currently slated to open Nov. 2 of this year.
Other national tenants that are part of the new development include Target, Dick’s Sporting Goods, PetSmart and Maurice’s.
Mid-America Asset Management is a member of the Oakbrook Terrace, Ill.-based Mid-America Real Estate Group and a ChainLinks affiliate.
Kite Realty announces team members
Indianapolis Kite Realty Group said Tuesday it has named W.V. “Bud” Moll, Jr. as executive VP leasing. Moll will lead the Kite leasing department and be responsible for all operating properties and projects in the development/redevelopment pipeline.
In total, these properties are comprised of more than 70 separate assets.
Kite has also appointed Jeff Wright to the position of assistant VP. Wright will serve as a member of the Indianapolis-based leasing team.