Berks investor buys Lehigh Valley shopping center

Vastavam web: A local businessman who owns two area shopping centers is incresing his portfolio. The Cherry Square Shopping Center in Northampton, Northampton County was purchased for $8.7 million by Berks County-based L.S. Property Investments, which is owned by Suresh Kagithapu, Exeter Township. The shopping center, built in 1991, also includes a Lehigh Valley Health Network outpatient rehabilitation facility, National Auto Stores, Holiday Hair and Potts hot dog restaurant, among other tenants. The center is 95 percent leased. Kagithapu said Redner’s recently extended its lease for an additional 10 years and has opened a beer and wine cafe. The Maidencreek Township-based supermarket chain was an original tenant when Cherry Square opened in 1991.

Suresh Kagithapu also owns the Redner’s-anchored Sinking Spring Shopping Center in Berks County and the Stowe Crossing Plaza and Dollar General near Pottstown, Montgomery County. In addition, he owns an Arby’s in Sinking Spring. Redner’s earned a license to sell alcohol at its Cherry Square store in August, and Kagithapu said the supermarket recently extended its lease to 2031. He plans on renovating the shopping center roofing “soon after our acquisition.”