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Columbia Mall Joint Venture - Bloomsburg, PA

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the formation of a joint venture with Cedar Shopping Centers, Inc to purchase Columbia Mall, located in Bloomsburg, Pennsylvania on January 3, 2008. Cedar and WP Realty have enjoyed a history of successful transactions together, including a recent sale to Cedar of a six-property portfolio. The planned redevelopment of Columbia Mall will be spearheaded by WP Realty, which has a 25% ownership interest in the property, and will also serve as manager and leasing agent.

The city of Bloomsburg is the county seat of Columbia County, and is home to Bloomsburg University, an important economic factor in the area. It is within a one hour drive of cities such as Hazleton, Williamsport, Wilkes-Barre and Scranton and about 75 miles northeast of Harrisburg.

Columbia Mall is a 351,866 square foot one level enclosed regional mall strategically located at the intersection of Interstate 80 and Route 42, the most important retail intersection in Bloomsburg. The retail corridor along Route 80 is a shopper’s destination for such well-known retailers as Lowe’s, Home Depot and Wal-Mart.

The mall, which sits on almost 50 acres, was built in 1988 and underwent an extensive renovation and expansion in 1998. It is anchored by Sears, Bon-Ton and JCPenney. Other notable national tenants include Victoria’s Secret, Payless ShoeSource, Gap and Radio Shack. There is a 76,000 square foot anchor box previously occupied by Ames that is available for lease. The four anchor spaces comprise 63% of the entire mall.

WP Realty specializes in taking underperforming centers and turning them around, drawing on its strong contacts and expertise in leasing, development and management. The company has successfully completed major redevelopments of centers such as Delco Plaza in York, Pennsylvania and Lincoln Mall in Lincoln, Rhode Island, transforming them into stabilized dominant retail centers with leading destination anchors.

Please contact WP Realty at 940 Haverford Road, Bryn Mawr, PA 19010 (610) 552-6000, fax (610) 552-6001 or for additional information visit our website at www.wprealty.com.