JCF Real Estate Affiliate Completes Six-Year Hold of Ridge Plaza Shopping Center; Retail Property Sold to Private Investor

CHICAGO, IL (June 22, 2007) - An Affiliate of JCF Real Estate has completed the sale of Ridge Plaza Shopping Center in Arlington Heights following a six-year holding period. During that time, JCF added considerable value to the 240,000-square-foot retail center by orchestrating a significant property improvement and re-tenanting campaign, bringing the center from 40 percent to 95 percent leased.

Ridge Plaza is located at Dundee Road and Route 53 in Arlington Heights. JCF Real Estate purchased Ridge Plaza in Arlington Heights in 2000. The Center is a 240,000 square foot property, including 90,000 square feet of shadow space owned and occupied by Kohl’s. At acquisition, Ridge Plaza was approximately 40 percent occupied with the recent departure of a Loew’s movie theater. Further, Kohl’s was evaluating its position in the marketplace.

JCF’s intent was to orchestrate an extensive center modernization program, demonstrating its commitment to the center as well as current and prospective tenants. During the holding period, JCF leveraged its financial commitment and its ability to be both creative and flexible to bring new life to the center.

"Ridge Plaza represented a great opportunity to own, manage and create value for a center in a great marketplace," John Fitzmaurice, founder, JCF Real Estate, said. "It also showed that the combination of creativity and opportunity can create great dividends."

Simultaneous to the retail center modernization program, JCF embarked on an aggressive marketing and negotiations program resulting in:
• Kohl’s expanding its operations to 90,000 square feet by adding approximately 30,000 square feet (including 10,000 square feet owned by JCF);

Ridge Plaza Center Sale—Add One

• The approximately 40,000 square feet previously occupied by Loew’s was specifically targeted to health clubs, which would require only minimal redevelopment dollars. A lease was signed with XSport Fitness Center, the second-largest Chicagoland fitness center chain;
• An out lot building, not conducive to traditional retail users, was marketed as potential office space and ultimately was leased to Bang & Olufsen’s as its North American Headquarters.

The program culminated with the expansion of Kohl’s space and addition of two new tenants—Xsport Fitness Center and Bang & Olufsen’s—totaling approximately 72,400 square feet of space.

JCF Real Estate is a diversified commercial real estate investment and management firm located in Chicago, Ill. Management of the firm recognize the importance of buying an asset right, and also believes value can be created at each junction in a property’s life cycle, with expert management, brokerage, construction and specialized oversight, all services the firm provides.