PORT WASHINGTON, N.Y.,, July 21 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced 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, L.P. an affiliate of Fameco Real Estate, L.P. ("Fameco"), was held on July 21st. 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 (30,000 sq. ft.), Bed Bath & Beyond (25,000 sq. ft.), TJ Maxx (25,000 sq. ft.), Staples (18,000 sq. ft.), Petco (13,500 sq. ft.), Sleepy's (7,500 sq. ft.), Five Below (7,500 sq. ft.), Books 4 Less (7,200 sq. ft.), Famous Footwear (7,000 sq. ft.) and others. Most of the stores are expected to open during the next two months (Bed Bath & Beyond opened last month). 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%. Site work on the project commenced March 2008. Building deliveries commenced in May of this year. Cedar contributed approximately $22 million to the venture (net of payments received from Target) on which it will receive a preferred return. In addition to its preferred interest, Cedar also owns a 60% profits interest in the venture. The $77.7 million construction credit facility on the project is with a syndicated group of lenders led by M&T Bank. Fameco will continue to be responsible for the leasing and physical property management of the project. Tom Richey, Cedar's Vice President for Development stated at the opening, "We are delighted to have reached this milestone with respect to this outstanding development property. It has been an excellent collaboration with the Tristate/Fameco team. Among other things, their efforts in leasing and developing the property, supported by our own Cedar teams in those areas, represent extraordinary achievements in these challenged times. Our lenders, led by M&T Bank, have been remarkably helpful and supportive in this process. We believe that this fine property will indeed perform extremely well during coming years and we look forward to its contribution to shareholder value of our Company." 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, ATT Wireless and a Red Lobster restaurant), which the Company expects to deliver in October 2009. The Company has also previously announced two additional ground-up supermarket-anchored development properties in Pennsylvania to be completed during the current quarter. Blue Mountain Commons in Harrisburg (anchored by a 98,000 sq. ft. Giant supermarket, Regis Hair Salon, Subway, Sonic, a pizza parlor and PNC Bank on an outparcel) and Northside Commons in Campbelltown (anchored by a 48,000 sq. ft. Redner's Market plus a fuel facility, Dollar Tree, Subway and Jonestown Bank). The Company expects the anchor supermarkets at both of those projects to be delivered next month. About Cedar Shopping Centers, Inc. Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of so-called "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 12.7 million square feet of gross leasable area at 121 shopping center properties, of which approximately 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years. The Company's stabilized properties have an occupancy rate of approximately 95%. The Company has also announced a pipeline of approximately 12 substantially pre-leased primarily supermarket- and drugstore-anchored development properties and development parcels. About Tristate Ventures, L.P. Tristate Ventures, L.P. ("Tristate") is a privately owned real estate development company which focuses on the development and redevelopment of supermarket-anchored shopping centers and power centers in the mid-Atlantic region. Tristate presently owns and operates retail projects aggregating approximately two million square feet with an additional one million square feet in its development pipeline. Forward-Looking Statements Statements made or incorporated by reference in this press release include certain "forward-looking statements". Forward-looking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express the Company's beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company's control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company's market areas in particular; the financial viability of the Company's tenants; the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company's properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, Chairman, CEO and President, Cedar Shopping Centers, Inc., +1-516-944-4525,

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