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Phoenix Investors, LLC Announces New Lease Agreement with Walgreen Company at East Town Plaza, Milwaukee, Wisconsin
East Town Plaza Announces Substantial Walgreen’s Expansion
Milwaukee, WI-- Frank Crivello, Executive Vice President of Phoenix Investors, LLC, announced that a new lease agreement was consummated with Walgreen Company (“Walgreen’s”), a tenant of East Town Plaza since its original construction in 1985.
Walgreen’s entered into a lease modification agreement whereby they extended their lease for an additional 25 years, and plan to expand their footprint by an additional 4,229 square feet. Walgreen’s has submitted plans to the City of Milwaukee for approval and anticipates the re-construction will commence within sixty days.
East Towne Plaza, located at 1400 East Brady Street, is a neighborhood shopping center on the "Gold Coast" of Milwaukee, Wisconsin.
“We are pleased to have consummated a new lease agreement with Walgreen’s after a long and successful relationship at East Town Plaza,” said Frank P Crivello, Executive Vice President of Phoenix Investors, LLC. “Their planned improvements will provide the surrounding community with more services and options to fulfill its shopping needs.”
About Phoenix Investors, LLC:
Phoenix Investors provides 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 client's portfolio's 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 Company. In what proved to be the first of many developments for the Walgreen Company, Frank Crivello forged a strong relationship. After the commitment of Walgreen Company, other local and national tenants followed. In 1984 Frank Crivello commenced efforts to re-zone the properties to local business. 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-two 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 Investor's operations or business.
Contact:
Blois Olson
New School Communications
(651) 221-1999
b.olson@new-school.com
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