DONE DEALS: GEORGIAN PLACE SIGNS NEW LEASES

Somerset, Pennsylvania – January 11, 2012 – Georgian Place Shopping & Office Village is pleased to announce they have signed a wide variety of new deals to ring in the New Year on a positive note. “The fourth quarter had strong activity, involving over 30,000 SF of space, which so far generated over 15,000 square feet of leases and purchase agreements, said Tonya Spangler, Vice President of Leasing and Sales for the center. “We are pleased to be working on details to solidify the remaining deals.”

The new leases are a mix of office and specialty retail, which continues to follow the strategic direction set forth by the owners of Georgian Place. Among the signed deals are, Fastenal, opening in February in Suite 403, Penn Highlands College Somerset Center, opening this month in Suite 315, Insurance Services, now open in suite 405, The Sewing Box Quilt Shop, now open in suite 311, and So Let’s Sew, opening later this month in suite 307. The Sewing Box Quilt Shop carries high quality cotton fabric for quilting, craft, and sewing projects, among other related accessories and gifts. So Let’s Sew will be the area’s Viking sewing machine dealer and both stores will conduct a variety of classes and work together to offer the best in sewing expertise and supplies in the entire region. Insurance Services, under the management of Mary Seng, will offer Somerset additional insurance choices. Fastenal will move their retail store in February, expanding the inventory to accommodate their customer base, while Penn Highlands is very excited to be able to offer a brand new space and amenities for their students. “This move is precipitated by our growth in Somerset County, said Pennsylvania Highlands Community College President Dr. Walter Asonevich. “This move will increase our number of classrooms from 2 to 3 and will also provide improved parking for our students.” Penn Highlands will seek additional location approval from Middle States Commission on Higher Education which will allow the College to offer degree completion at its’ Somerset site.

While new businesses were moving in, two existing specialty retailers expanded at the center. Pages & Light Used Books expanded to suite 314 to provide room for greeting cards, jewelry and gifts, and It’s New To You quality consignments moved to suite 415 and will expand the business to include even more items, including women’s clothing and accessories. In addition, a purchase contract was executed for the sale of an additional business condominium space to Michael Boyer, for the expansion of Boyer Financial Planning; and another condominium purchase agreement for a 5,000 square feet unit is planned to close in the first quarter. Also, formal letters of intent have been issued to “lease up” an additional 10,000 SF. This new activity will bring the facility to over 85% occupied.

“The center brings together many of the best businesses in the area, all in one convenient place, said Spangler. “It has been really exciting to see it evolve in the way we had planned.”

About Georgian Place:

In 2005 SugarOak Properties converted the 182,000 square feet former Outlet Center at Georgian Place into a full-service business condominium -- providing office, retail, medical and service users with an opportunity to purchase or lease ready-to-use space at below market prices.

The new retail and office Tenants join Precision Fitness, Famous Footwear Outlet, blubaughsmusic.com, Cottage Pine Antiques, Broken Spoke Mercantile, Interim Healthcare, Vitamin World, Springleaf Financial, Laurel Arts Education and Dance Center, Pediatric Care Specialists, & Family Behavioral Resources, to name some of the over 35 shops and businesses at Georgian Place.

About SugarOak:

SugarOak is a full service real estate company offering investment, management, and construction services across multiple property types. Headquartered in Herndon, Virginia, SugarOak has ownership interests and management portfolios across the US and Canada.