March 27, 2002

WAYNE, NJ - The Mainardi Management Co. today announced three significant transactions reflecting the continuing growth of the Company.

At the Runnemede Plaza, a 56,100 square foot shopping center located on Clemens Bridge Road in Runnemede, Camden County, New Jersey, the Company signed a lease with Moran Foods, Inc. of St. Louis, Missouri for a 14,850 square foot store which will be operated as a Save-A-Lot Supermarket. Save-A-Lot is a division of Supervalu (NYSE-SVU) and operates approximately 1000 stores throughout the United States. The store in Runnemede is expected to open in May of 2002. Jeff Winn of Market Development Corp. represent Save-A-Lot and Bart Delfiner of Equity Properties represented the Owner.

At the Shops at Windsor Green, a 157,500 square foot shopping center located on Route 1 in West Windsor (Princeton), New Jersey, the Company signed a lease with Blockbuster Video to occupy 4,500 square feet of space there. Blockbuster Video (NYSE-BBI) operates over 5000 stores worldwide. The store in West Windsor will open in June of this year. Richard Soloff of Colliers Lanard & Axilbund represented Blockbuster and Richard Mainardi, Jr. of Mainardi Management Co. represented the Owner.

Lastly, the Company refinanced its existing mortgage on the Greentree Square Shopping Center, a 109,000 square foot shopping center located on Route 73 in Marlton, New Jersey. The new loan, which was made with John Hancock Life Insurance Company, of Boston, Massachusetts, was for $9.5 Million, and carried a fixed interest rate for ten years. Proceeds for the loan were used to payoff existing debt and to fund the acquisition of new properties. Tom Didio of Holliday, Fenoglio, Fowler acted as the Mortgage Broker in the transaction, which closed in March of 2002.

The Mainardi Management Co. is a family owned and operated commercial real estate firm located in Wayne, New Jersey. the company currently manages eleven properties, all in New Jersey, totaling 944,700 square feet.

For more information, please contact the Company at (973) 696-9265.

 

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