Cedar Shopping Centers acquires Colonial Commons for $49.1 million
Port Washington, N.Y. — Cedar Shopping Centers said Tuesday it has closed on the acquisition of Colonial Commons in Lower Paxton Township, Pa. The property was purchased for approximately $49.1 million from affiliates of Centro Properties Group.
The 487,000-sq.-ft. shopping center covers approximately 37 acres, is 93% leased and is anchored by Giant Food Stores. Other tenants include Dick’s Sporting Goods, L.A. Fitness, Ross Dress For Less, Marshalls, JoAnn Fabrics and David’s Furniture.
Apple chief out on medical leave
CUPERTINO, Calif. — Steve Jobs, CEO of Apple Inc., has taken a medical leave of absence, Apple announced Monday.
According to an SEC filing, Jobswill remain involved in major strategic decisions during this leave of absence, and COO Tim Cook will be responsible for Apple’s day-to-day operations.
In a letter to company employees, Jobs wrote, "I love Apple so much and hope to be back as soon as I can. In the meantime, my family and I would deeply appreciate respect for our privacy."
NRF urges repeal of healthcare reform law
WASHINGTON — The National Retail Federation announced that it has urged the House to support a vote to repeal last year’s health care reform law, saying the measure has already begun to discourage job creation and should be replaced with legislation that reduces healthcare costs while protecting jobs.
“The previous Congress’ health care reform debate was highly and, in our opinion, unnecessarily divisive,” NRF VP and employee benefits policy counsel Neil Trautwein said. “The retail industry proposed and strongly supported comprehensive healthcare reform that would reduce healthcare costs and extend coverage to the uninsured. Instead, Congress enacted – over the business community’s strong objections – a reform law that will fail to reduce healthcare costs and will impose penalty mandates on employers in 2014 that are already deterring job growth today at the expense of tomorrow’s economy.”
Trautwein’s comments came in a letter to Speaker John Boehner, R-Ohio, Minority Leader Nancy Pelosi, D-Calif., and all other members of the House. The House is beginning debate today on H.R. 2, the “Repealing the Job-Killing Health Care Law Act,” and is scheduled to vote Wednesday on that bill plus a resolution that would instruct committees to begin developing substitute legislation.
Trautwein noted that NRF has worked closely with the Obama Administration on steps to smooth implementation of the law, such as a November agreement that will allow limited benefit “mini-med” plans provided to employees by some retailers and restaurants to continue in operation at least through 2011. Without the agreement, the 1.4 million workers covered by such plans could have been left without coverage until insurance “exchanges” are established in 2014.
“Nonetheless, we are convinced that the health reform law is in the whole misplaced and will hazard future job and economic growth,” Trautwein said. “We strongly support this effort to repeal and replace the health reform law with more job-friendly health care reform that will concentrate first on reducing the cost of medical care.”