SOURCE: Crivello Group, LLC

November 23, 2005 19:37 ET

Phoenix Investors, LLC Announces CD MAX Lease Renewal at East Towne Plaza, Milwaukee, Wisconsin

CD MAX Renews Lease at East Towne Plaza

MILWAUKEE, WI -- (MARKET WIRE) -- November 23, 2005 -- Frank Crivello, Executive Vice President, Phoenix Investors, LLC ("Phoenix Investors"), announced that Robert Settecase d/b/a CD MAX renewed its tenancy of East Towne Plaza, Milwaukee, Wisconsin. East Towne Plaza is a neighborhood shopping center located in the "Gold Coast" on the east side of Milwaukee, Wisconsin. CD Max has been a tenant at East Towne Plaza since 1995.

Phoenix Investors Vice President Paul Schwabe stated: "We are pleased to renew the CD Max lease. The Brady Street neighborhood and surrounding local residents are excited to keep CD Max in the Brady Street retail district."

About NNN Group, Inc. -- NNN provides Phoenix Investors with real estate management and advisory services.

About Phoenix Investors, LLC:

Phoenix Investors provides Phoenix Investors with real estate management and advisory services. Since 1994 Phoenix Investors has been offering professional management and advisory solutions to public and private companies, trusts, and individual investors. Our management endeavors to understand our clients' individual needs, work with our client to assess specific goals, and structure investments according to our clients' specific risk/reward profile to meet both the clients' short-term and long-term needs. Our real estate management team professionally manages our portfolio properties through a combination of local and national representation in order to effectively create a "working-bridge" between owner and tenant, building a cooperative mutually beneficial working relationship. Our experts assess and refine our clients' portfolios to maximize our clients' cash flow, equity accumulation, and internal rate of return based upon our clients' specific dynamic goals.

About East Towne Plaza:

East Towne Plaza is a neighborhood shopping center located on the "Gold Coast" of Milwaukee, Wisconsin. East Towne Plaza has a rich and storied history. During the 1960s and early 1970s, Brady Street was the center of Milwaukee's counterculture. By the late 1970s, Brady Street declined and became the home to many transients and drug houses. By 1982, Brady Street had a number of vacant or burnt out buildings. In 1982, Frank Crivello and Joseph Crivello saw much promise for the Lower East Side and became its pioneers. In 1983, Frank Crivello and Joseph Crivello quietly began to acquire buildings at the eastern most end of Brady Street. Frank Crivello and Joseph Crivello acquired a vacant rooming house, auto garage, dry cleaning plant, residential properties, and vacant land. When combined, by 1984, Frank Crivello and Joseph Crivello acquired a city block made up of six parcels. Despite the then history of Brady Street, Frank Crivello and Joseph Crivello believed in Brady Street and convinced local and national retailers of its potential. The first and most visible tenant was the Walgreen's Company. In what proved to be the first of many developments for the Walgreen's company, Frank Crivello forged a strong relationship. After the commitment of Walgreen's company, other local and national tenants followed. In 1984 Frank Crivello commenced efforts to re-zone the properties to local business. In one of the many special stories involving East Towne Plaza, neighbors to the north conditioned their support upon the preservation of the northerly most wall of the former dry cleaning plant so that they could sunbath without interruption. Frank Crivello negotiated the anchor lease with Walgreen's around preservation of the wall. It still stands today. Frank Crivello and Joseph Crivello open East Towne Plaza in the summer of 1985. It was an instant success. It has remained fully occupied for its entire twenty-year existence. The Crivello family continues to own East Towne Plaza. Brady Street has flourished since the opening of East Towne Plaza. It is the home to many new commercial enterprises. It and is residents have enjoyed a renaissance. Frank Crivello and Joseph Crivello are proud of what Brady Street has become and their contribution to its renaissance.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the Phoenix Investors could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in Phoenix Investors' operations or business.

Contact Information

  • Contact:

    New-School Communications, Inc.
    Blois Olson
    651-221-1999

    Phoenix Investors, LLC
    Frank Crivello
    414-283-2600