QUINCY, MA -- Stop & Shop Facility in North Haven, Connecticut and Giant Facility in Landover, Maryland Sold to Affiliates of Preferred Real Estate Investments The Stop & Shop Supermarket Company (Stop & Shop) and Giant Food (Giant) today announced that they have completed the sale of Giant Food's distribution and office facility in Landover, Maryland and Stop & Shop's distribution facility in North Haven, Connecticut. The two properties were sold to affiliates of Preferred Real Estate Investments of Pennsylvania in a combined real estate transaction for a total sale price of $89.95 million.
Although no immediate plans for either location were released, the two sites will become part of Preferred Real Estates Investments' future development program.
In connection with the sale, Stop & Shop and Giant both have executed leases of their respective facilities that will enable them to effectuate an orderly relocation and transition of their operations to other locations.
Giant announced in 2005 that it intended to sell the Landover facility and to relocate its office headquarters in the region. Shortly, Giant also expects to conclude negotiations for its new regional offices at a location that is in close proximity to its existing Landover site.
In a separate announcement today, Stop & Shop announced its plans to close the North Haven distribution facility and transfer the operations handled by this facility to Stop & Shop's distribution facility in Freetown, Massachusetts and to a third party supplier.
About Stop & Shop
The Stop & Shop Supermarket Company LLC, based in Quincy, Massachusetts, employs more than 58,000 associates and operates 376 stores throughout Massachusetts, Rhode Island, Connecticut, New Hampshire, New York and New Jersey.
About Giant Food
Giant Food LLC, headquartered in Landover, MD, operates 187 supermarkets in Virginia, Maryland, Delaware, and the District of Columbia, and employs more than 25,000 associates. Giant stores in Delaware operate under the Super G name.
About Preferred Real Estate Investments
Preferred Real Estate Investments, Inc. is one of the largest privately held commercial and industrial real estate developers in the United States, controlling more than 12 million square feet of commercial real estate valued at well over $1 billion. Headquartered in suburban Philadelphia, with offices in New Jersey, Maryland and Massachusetts, Preferred has operations in 10 states and is an industry leader in the redevelopment of large commercial sites.
Forward-looking statements notice:
Certain statements in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements regarding expectations that leases related to the sale will permit orderly relocation and transition of operations to other locations; the expected conclusion of negotiations for new Giant regional offices and the location thereof; the plans of Stop & Shop to close a distribution facility and to transfer the operations handled by the facility to another distribution facility and to a third party supplier. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from the information set forth in these forward-looking statements include, but are not limited to, the ability of Stop & Shop and Giant's management to implement and complete successfully its plans or delays or additional costs encountered in connection with their implementation, the effect of general economic conditions and competition, increases in or changes in competition in the markets in which Giant operates, the ability to reach an agreement acceptable to Giant, actions of courts, law enforcement agencies, government agencies, unions and other third-parties, and other factors some of which are discussed in the public filings of Stop & Shop's and Giant's parent company, Koninklijke Ahold N.V. Many of these factors are beyond Stop & Shop's and Giant's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this press release. Stop & Shop and Giant do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or circumstances, except as may be required under applicable securities laws.
CONTACT:
Faith Weiner: 617-770-6025
The Stop & Shop Supermarket Company
Barry F. Scher: 301-341-4712
Giant Food
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Source: The Stop & Shop Supermarket Company
CONTACT: Faith Weiner of The Stop & Shop Supermarket Company,
+1-617-770-6025; or Barry F. Scher of Giant Food, +1-301-341-4712
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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