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WP Realty acquires 2001 Walden Avenue

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the acquisition of 2001 Walden Avenue located in Cheektowaga, New York, on August 16, 2007.

2001 Walden Avenue is a 209,200 square foot retail shopping center located in the town of Cheektowaga, a well-established community in a suburb of Buffalo in western New York. The center is situated on heavily traveled Walden Avenue and is bordered by the eastbound exit ramp of Interstate 90 (New York State Thruway) which has high traffic counts of nearly 125,000 vehicles a day. The property is in a central retail location in close proximity to the affluent communities of Amherst, Clarence and Lancaster.

The shopping center is anchored by Burlington Coat Factory in 71,740 square feet and has four freestanding out parcel tenants that include Olive Garden, Fuddruckers, Smokey Bones and Jaredís Jewelers. Across from the center is a super regional mall, The Walden Galleria, which is comprised of nearly 2 million square feet.

2001 Walden Avenue was formerly anchored by a Wegmanís Food Market in 104,245 square feet. The vacant anchor space now represents a tremendous upside opportunity in a dense retail hub. The principals of WP Realty have extensive expertise in leasing and entrepreneurial management and turning underperforming centers around.