AMC Delancy Group, Inc.

The Cast Iron Building

Suite 400N

718 Arch Street

Philadelphia, PA   19106

3111 North University Drive

Suite 725 

Coral Springs, FL   33065

AMC Delancey Group, Inc. of Philadelphia, PA and Aquila Property Company, Inc. of Coral Springs, FL announced today that they formed a new joint venture and purchased Lakes Plaza a 45,000 square foot office building that enjoys a prominent location on Miami Lakes Drive in Miami Lakes, Florida.

The acquisition represents Aquila and AMC Delancey’s second joint venture acquisition in Miami Lakes over the last 12 months.  In December 2001 Aquila and AMC Delancey teamed up to purchase the Miami Lakes Corporate Center.  The Miami Lakes Corporate Center was approximately 80% occupied at the time of acquisition and has quickly been leased to over 90% by Grace Blanco and Donna Abood of Abood Wood Fay Real Estate Group.

Lakes Plaza is currently 55% occupied.  Existing tenants include Nenezian & Associates and World Savings Bank.  The property will be managed by Aquila Property Company and leased by Abood Wood Fay.  Jordan Paul, President of Aquila stated, “We are very excited to complete our second acquisition in Miami Lakes with AMC Delancey, they are a knowledgeable and creative partner and as a result it has been terrific working with them.  Lakes Plaza is an attractive building with an outstanding location.  Miami Lakes offers its residents a high quality of life.  This combined with its central South Florida location makes it an ideal base for a wide variety of businesses and that has enabled us to quickly lease up Miami Lakes Corporate Center.  We are excited about using the momentum that Abood Wood Fay has generated at Miami Lakes Corporate Center to lease up and create value at Lakes Plaza.”

Kenneth P. Balin, President, AMC Delancey Group, Inc., “This is our second investment with Aquila Property Company.  The success of our first investment in Miami Lakes has supported our belief that South Florida is a market, which has strong long term potential for us.  We will continue to look for strong value added opportunities in South Florida with high quality joint venture partners like Aquila.”  AMC Delancey is actively pursuing opportunities for real estate investment along the east coast of the United States with operating partners who are experts in their product type and submarket.  Michael C. Wachs, Vice President of Acquisitions for AMC Delancey said “Our creativity and flexibility along with our long term investment philosophy has made investing with us attractive for entrepreneurial real estate companies, who prefer not to deal with opportunity funds which require that investments be sold within three to five years.”  Balin continued, “The AMC Delancey philosophy is that the real estate should tell you when it wants to be sold and that external pressures from Wall Street should not be the motivation.  Capital events can occur from a refinance instead of a sale and our real estate partners can concentrate on building and operating a portfolio of properties knowing that they have a partner with strong real estate expertise and capital to assist them in achieving their goals”.

Aquila Property Company is a South Florida based real estate investment and management firm specializing in value-added commercial real estate projects.  Its principals include   Jordan Paul, Thomas Weber and Andrew Belew.  

AMC Delancey Group, Inc., a national real estate investment, development and management firm headquartered in Philadelphia, PA, creates long-term value from opportunities in real estate. Founded in 1992, the Company is an affiliate of King of Prussia-based AMC Group, LLC.   Directly and with operating partners, the company has a portfolio of real estate investments from New England to Florida in office, retail, hotel and multi-family.

For further information on Aquila Property Company, go to www.aquilaproperty.com.

For further information on AMC Delancey Group, go to www.amcdelancey.co

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