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CARLISLE, Pa. -- Giant Food Stores, LLC, based here, has entered into a 20-year lease agreement with Port Washington, N.Y.-based Cedar Shopping Centers, Inc. to build a new Giant Supermarket measuring about 60,000 square feet on an approximately eight-acre portion of a 26 acre-tract purchased by Cedar in 2005 next to its Lake Raystown Shopping Center in Huntingdon, Pa.
The lease stipulates an initial base rent of more than $1 million annually, with interim increases during the lease term after 10 years.
Cedar has already begun building the store and expects to deliver the premises for occupancy by Giant in October. When the new supermarket is completed, the existing 39,245-square-foot Giant store at the Lake Raystown center will close.
Cedar Shopping Centers owns and operates 85 of primarily supermarket- and drug store- anchored centers in nine states, mainly in the Northeast and mid-Atlantic regions.