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Phoenix Investors, LLC Announces Lease assumption by ShopKo Stores, Inc.
ShopKo Stores, Inc. completes its acquisition of Pamida, Inc. and assumes PI's leases.
Milwaukee, Wisconsin --July 6, 1999--
Frank Crivello, Executive Vice President,
Phoenix Investors, LLC ("PI"),
www.phoenixinv.com , announced that ShopKo
Stores, Inc., www.shopko.com, ("ShopKo")
completed its acquisition of Pamida, Inc.,
www.pamida.com, ("Pamida") and assumed
PI's referenced NNN leases.
PI Executive Vice President
Frank P. Crivello stated: "ShopKo's
acquisition of Pamida creates many potential
synergies for the combined company. We believe
the acquisition improves the combined company's
competitive position. We continue to explore
options to expand these properties in the
markets we serve."
PI's affiliates own the individual shopping
centers. The new ShopKo shopping centers are as
follows:
Pamida One, LLC (1600 US Highway 2, West
Libby, MT)
Pamida Two, LLC (205 Boyd Avenue, Newcastle,
WY)
Pamida Three, LLC (100 Texas Trail Drive,
Ogallala, NE)
Pamida Four, LLC (Hwy 8 & Noren Street,
Superior, NE)
Pamida Five, LLC (821 West Crawford, Clay
Center, KS)
Pamida Six, LLC (251 South 4th Street,
Savanna, IL)
PI Managing Director David
Marks stated: "Our management team supports
this acquisition and believes it strengthens the
competitive position of ShopKo as Pamida's
successor. Pamida Inc. enjoyed a strong market
share in the niche markets it served; we are
hopeful ShopKo can improve upon this strong
market share. Many of these niche markets are
too small for competitors such as Wal-Mart,
www.walmart.com. We are pleased to work with
ShopKo."
About Phoenix Investors, LLC, www.phoenixinv.com:
PI provides PI with real estate management and advisory services. Since 1994 PI 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 client's portfolio's to maximize our clients cash flow, equity accumulation, and internal rate of return based upon our clients' specific dynamic goals.
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 PI 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 PI's
operations or business.
Contact:
New-School Communications, LLC
Blois Olson, 651-221-1999
www.new-school.com
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©
2004 Phoenix Investors, LLC