12.20.05
AMC Delancey Announces the Disposition of Tally Ho Shopping Center
Center Is Among First-Generation Investments for Philadelphia-Based Real Estate Firm

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

WILMINGTON, DE, DECEMBER 20, 2005 – Following a more than 11-year hold period, AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, has announced the disposition of the 34,495-square-foot Tally Ho Shopping Center in Wilmington, Delaware. Mark Berk of Sperry Van Ness represented the seller and Tony Bariglio of Patterson Wood represented the buyer, Miller Realty, Inc., in the $10.45 million transaction.

“We are delighted to have exceeded our investment objectives for Tally Ho Shopping Center, which was a first-generation investment for AMC Delancey Group,” commented Kenneth P. Balin, President and Chief Executive Officer of AMC Delancey Group. “This property was acquired before we reengineered our company to focus on our current operating partner strategy, which is to form joint ventures with local operating partners throughout the East Coast and co-invest with them in the acquisition or development of value-add real estate. Consistent with our long-term hold strategy, we held Tally Ho Shopping Center for more than 11 years, and were able to reposition the center and bring it to 100 percent occupancy during that time. We decided to sell to take advantage of current market opportunity presented by both historically low interest rates and a sub-seven percent capitalization rate at the time of divestiture. Tally Ho is well-positioned to continue to realize phenomenal success in the marketplace.”

Tally Ho Shopping Center, which consists of two buildings—one in-line retail and the other, a two-story, mixed-use building, was purchased by AMC Delancey Group at an auction in 1994 from Tally Ho Realty Corporation. AMC Delancey has since invested significant capital to reposition the property as a first-class neighborhood retail center.

The building closest to Route 202, which was the original restaurant for the old Tally Ho Motor Lodge and former home to I Goldberg, has been completely rebuilt. Today with Wilmington Piano as its anchor tenant, the building stands as a two-floor multi-tenant, office/retail building featuring an elevator. To promote the center’s tenants, AMC Delancey worked with the local municipality to receive approvals for the new highly visible, 40-foot pylon sign that is there today in place of the old pylon operated by Wawa. With new raised visibility and quality management from the owner, the center has enjoyed 100 percent occupancy for the past several years.

Strategically located at the corner of U.S. Route 202 (Concord Pike) and Naamans Road (Delaware Route 92), Tally Ho Shopping Center is located at one of the busiest intersections in the state.

AMC DELANCEY GROUP, INC. Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a leading real estate investment and development firm that aligns interests and co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's programmatic approach focuses first on the quality of potential operating partners, next on their investment strategies, and then on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and future investment programs throughout the United States, with both existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com .