October 30, 2002

WAYNE, NJ - The Mainardi Management Co. today announced an important lease signing at a shopping center currently being redeveloped by an affiliate.

Perlmart, Inc. of Toms River, New Jersey has signed a long term lease to operate a 60,800 square foot Shop Rite Supermarket at the Berkeley Plaza located on Route 9 in Bayville, Berkeley Township, Ocean County, New Jersey. The parties hope to commence construction of the store in the spring of 2003, with the opening of the new store set for late next year or early 2004.

Perlmart currently operates five Shop Rite Supermarkets in central coastal New Jersey. The stores are located in Toms River, Jackson, Lacey, Manahawkin and Manchester. Perlmart is a privately owned company, whose principal stockholders are Joel and Michael Perlmutter and Jim Haslett. Brian Lenker, Esq. of Brach, Eichler, Rosenberg, Silver, Bernstein, Hammer & Gladstone in Roseland, New Jersey represented Perlmart during the negotiations.

The Berkeley Plaza currently consists of 88,600 square feet of building on 30 acres located on Route 9 north, approximately four miles south of Exit 80 on the Garden State Parkway. The shopping center had been anchored by an A & P Supermarket which recently closed. In order to make room for the new Shop Rite, the building previously occupied by A & P, along with other stores in the shopping center will be demolished. Besides the construction of the new supermarket, the Berkeley Plaza will undergo a renovation to its existing faŤade, including the replacement of all store fronts and pouring of new sidewalks in front of all stores. The parking lot will be repaved, with new landscaping and lighting throughout. A new pylon sign will be erected. Kenderian-Zilinski of Wall Township is the engineer for this project and the Ives Group of Fair Lawn is the owner's architect. Total cost of the work is estimated at $8 Million. When complete, the gross leasable area of the property will be 106,850 SF.

Financing for the project will be provided by the Trust Company of New Jersey whose executive offices are in Jersey City, New Jersey. President Allan Wilzig was personally involved in the loan negotiations.

The Owner of the shopping center is Quaker Malls, L.P., an entity comprised of the various members of the Mainardi family of Wayne, New Jersey. During lease negotiations, Quaker Malls was represented by Stephen Mainardi, Esq., of the Law Firm of Mainardi & Mainardi, P.C. also in Wayne.

The reconfiguration of the Berkeley Plaza is subject to site plan approval by the Berkeley Township Planning Board. Quaker Malls will be appearing before the Planning Board in November and December of this year. Stephan Leone, Esq., of the Firm of Carluccio, Leone, Dimon, Doyle & Sacks, L.L.C. of Toms River, will be representing Quaker Malls in its appearance before the Planning Board.

The Mainardi Management Co. is a family owned and operated real estate investment and management company located in Wayne, New Jersey. The firm currently manages 11 commercial properties totaling almost 1 Million square feet in size.

For further information about this project, please contact Christopher L. Mainardi at 973-696-9265.