June 6, 2005 -- Centres-Siegel tackles challenging shopping center project: Safeway-anchored property in Boulder nearly 75% leased.

A shopping center site at 28th Street and Iris Avenue in Boulder, Colorado will soon see the active redevelopment and leasing that has eluded the property for the last four years. Anchored by a successful Safeway store which will undergo an expansion of its own, the 28,000 square-foot Safeway Marketplace has begun redevelopment to accommodate new tenants for the first time since its initial construction in 2001.

“This property is in a terrific location for retail in Boulder,” said Dick Siegel of Centres-Siegel, the company that is redeveloping, leasing and managing the property. “It took just the right combination of resources and people to succeed at this site. We are excited to have been chosen for this project and excited about the businesses we have already been able to attract.”

Leases have already been completed with Washington Mutual, Cost Cutters, Papa Murphy’s, Boulder Liquor and John’s Cleaners. Spaces for these businesses, which constitute 75% of the leasable space, are already under construction with scheduled completion of September 1. Negotiations are on-going with several other well known companies in the quick service restaurant category. Siegel expects the remaining available space to be fully leased by the end of 2005.

According to Howard Garelick, director of real estate for Safeway, “getting Dick Siegel and Ken Karl from Centres-Siegel involved was exactly what we needed to get this project moving forward. Their experience and skills in both developing and leasing shopping centers has made a real difference.”

Centres, Inc. is a full service real estate development and construction management organization, specializing in retail, food and drug facility development. The company, established in 1982 by Ken Karl, develops projects throughout the United States and counts 200 retail projects, in 20 states, totaling more than 9 million square feet among its achievements.

Richard (Dick) Siegel brings more than 40 years of diverse experience identifying, negotiating and closing retail real estate transactions totaling more than $400,000,000 to his position as partner with Centres-Siegel.

Contact:
Saul Rosenthal
SFR Public Relations
303-763-6916