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WP Realty Sells San Souci Plaza to Cedar

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the sale of San Souci Plaza to Cedar Shopping Centers, Inc.

Cedar and WP Realty have enjoyed a history of successful transactions together, including previous sales from WP to Cedar of Jordan Lane Shopping Center in Wethersfield, Connecticut, Fieldstone Marketplace in New Bedford, Massachusetts and a six-property portfolio, plus a current joint venture at Columbia Mall, Bloomsburg, Pennsylvania.

San Souci Plaza is a 264,199 square foot grocery-anchored shopping center strategically located at a signalized intersection of Route 235 and MacArthur Boulevard in California, Maryland. Route 235 is a heavily-traveled main north-south thoroughfare that connects St. Mary’s County with neighboring Charles County, and is a prime retail corridor with easy access to major highway, rail and water transportation.

The property was built in 1987 and was renovated in 1997 and 2000, with additional retail space constructed by WP Realty in 2007. It is anchored by Shoppers Food Warehouse in 61,466 square feet and a new Marshalls in 27,000 square feet. Shoppers Food Warehouse is one of the top three grocers in the area, and its warehouse-style store format and price point makes San Souci Plaza a dominant retail destination that draws consumers from beyond the immediate trade vicinity. Other notable tenants include Jo-Ann Fabrics, Maximum Health and Fitness, Dollar Tree and Fashion Bug.

St. Mary’s County is located about 60 miles southeast of Washington, DC, and is experiencing significant residential and commercial development due to the outward migration of residents in the Greater Washington Metropolitan region. The Patuxent River Naval Air Station is located less than three miles south of San Souci Plaza, and is the largest employer in St. Mary’s County.

WP Realty purchased the property on September 29, 2005, at an 82% occupancy rate, including 31,506 square feet of available small store space. San Souci Plaza is currently 96% occupied, including a newly constructed 27,000 square foot Marshalls. WP Realty specializes in taking underperforming centers and turning them around, drawing on its strong contacts and expertise in leasing, development and management.