-The Three Stores Aggregate 258,000 Square Feet- -Each With 20-Year Initial Lease Terms- PORT WASHINGTON, N.Y., Nov. 4 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced openings this past week of Giant Food Stores supermarkets at two ground-up development shopping centers and the execution, also this past week, of a lease for a new Giant-Eagle supermarket (the first of that Company's stores in Cedar's portfolio). The new 97,900 square foot Giant Food Stores supermarket at Cedar's Blue Mountain Commons development property on Linglestown Road in northeast Harrisburg, Pennsylvania, opened on October 28th. The store is part of a 125,000 square foot ground-up shopping center development on approximately 22 acres of a 34-acre parcel owned by the Company. Other tenants include a PNC Bank branch completed on a pad site, Sonic, on a pad to be delivered in the near future, Brothers Pizza, Supercuts and Subway. The property also includes a Giant fuel facility on a separate outparcel. The property is more than 90% leased. The Giant lease is for a period of 20 years, with six renewal options of five years each. The Giant store replaces a 62,320 square foot Giant store at the Company's nearby Oakhurst Plaza property where the Company arranged a lease termination payment and where it expects soon to backfill the former Giant premises. The property is included in the previously-reported RioCan (80%) and Cedar (20%) joint venture arrangements for seven properties presently owned by Cedar. The Company today opened a new 76,415 square foot Giant supermarket at its Crossroads II joint venture shopping center development in Stroudsburg, Pennsylvania, at the intersection of Routes 611, 33 and Interstate 80. Cedar's partner in the joint venture is Tristate Ventures, L.P., an affiliate of Fameco Realty Corporation. The Giant Food Stores supermarket is the anchor of a ground-up shopping center development of approximately 133,775 square feet. Lease negotiations with other in-line tenants are pending. A pad site for construction of a Red Lobster restaurant of approximately 7,000 square feet has been delivered and the restaurant is expected to open in or before the second quarter of 2010. The property also includes a Giant fuel facility on an outparcel. The supermarket lease is for a period of 20 years, with eight five-year renewal options. The Company also executed a ground lease with Giant Eagle stores for an 83,600 square foot supermarket at the Company's Townfair Center property in Indiana, Pennsylvania. Townfair Center is presently anchored by a 95,000 square foot Lowe's Home Center. The Giant Eagle store will replace a former Shop -N- Save store of approximately 50,000 square feet, the lease for which was acquired by the Company with a termination payment by the tenant, facilitating development of the new Giant Eagle supermarket. Cedar expects to deliver the site to Giant Eagle in the first quarter of 2010. Upon completion of the new supermarket premises, the center will measure approximately 211,440 square feet. The lease is for a period of twenty years, with eight five-year renewal options. Nancy Mozzachio, Cedar's Vice President of Leasing, stated, "The delivery and opening of these three new supermarkets reflect the strength of our development properties in terms of attracting dominant grocers building important prototypes, while also attracting additional credit tenancies to those properties. We continue to enjoy strong demand for new supermarket openings and to experience substantially increased leasing velocity for the ancillary retail premises. We are also pleased to note that the weighted average rents for the two Giant supermarket premises where we built the stores, as well as the ground lease for the Giant Eagle supermarket, are above the Company's average rents." About Cedar Shopping Centers Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 13.1 million square feet of GLA at 124 shopping center properties, of which more than 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 seven additional substantially pre-leased primarily supermarket- and drugstore-anchored development properties. For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at http://www.cedarshoppingcenters.com/. 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 (including an inability to pay rent, filing for bankruptcy protection, closing stores and vacating the premises); 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 incur applicable required replacement costs; 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: Cedar Shopping Centers, Inc., Leo S. Ullman, Chairman, CEO and President, +1-516-944-4525, Web Site: http://www.cedarshoppingcenters.com/

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