09.04.04
AMC DELANCEY AND METRO COMMERCIAL ACQUIRE ROSEMORE SHOPPING CENTER
$5.85 MILLION ACQUISITION IS THREE YEARS IN THE MAKING

PHILADELPHIA, PA, SEPTEMBER 4, 2004— AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, along with its joint venture partner, Metro Commercial Real Estate, announced it has closed on the acquisition of Rosemore Shopping Center, an 87,000-square-foot neighborhood shopping center located in Hatboro, Pennsylvania.

Demonstrating a firm commitment to securing the property, AMC Delancey and Metro Commercial devoted three years to acquiring the shopping center in a win-win scenario for the seller, Davisville Properties Corp, as well as the local Hatboro community. AMC Delancey plans to reposition the shopping center through a substantial capital improvement program that will increase curb appeal and create a more shopper-friendly experience. Rosemore is currently 98% occupied by such tenants as Rite Aid, Sherwin Williams, Dollarland and Rent-A-Center, with additional tenants Citizen’s Bank and Dunkin’ Donuts joining soon.

“After having this property under agreement of sale for three years, we’re thrilled to close on this acquisition and begin our exciting plans for the center. Although it was a complex transaction, we pride ourselves on being creative dealmakers that stick to our objectives despite any obstacles that might come our way,” said Michael Wachs, Vice President of Acquisitions for AMC Delancey Group.

Kenneth P. Balin, president and CEO of AMC Delancey Group commented, “The culmination of this transaction reflects AMC Delancey’s ability to align our interests with those of our operating partner, the seller and the local community. In that sense, this was a win-win-win transaction.”

Dan Hughes of Metro Commercial stated, “AMC Delancey was a committed partner in this transaction and we value their persistence and professionalism in acquiring the Rosemore Shopping Center.”

Michael Wachs and Paul Rumley of Metro Commercial were in-house representatives on the transaction. With the acquisition of Rosemore Shopping Center, AMC Delancey now owns in excess of 4.3 million square feet of retail space.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that delivers superior risk-adjusted financial returns by aligning interests with leading local operating partners and investors throughout the east coast. Headquartered in Philadelphia, Pennsylvania, the Company targets long-term relationships with operating partners from New England to Florida. For more information on AMC Delancey Group, visit www.amcdelancey.com.