P.O'B Montgomery Acquires Retail Center in Anchorage

Seattle, WA: Seattle and Dallas-based P.O’B Montgomery & Company has announced that the firm has closed on a retail shopping center in Anchorage, Alaska, located at 601 E. Dimond Boulevard. The center anchored by CompUSA and situated across from Dimond Center Mall at the northwest corner of East Dimond Boulevard and Old Seward Highway, will be christened “Dimond Crossing”. Comprised of 85,163 square feet, Dimond Crossing currently houses several smaller merchants along with CompUSA, including Pizza Hut, Skippers and a number of well-known local businesses.

Bed Bath & Beyond has signed a lease to occupy the available anchor space opposite CompUSA. This will be Bed Bath & Beyond’s first location in Alaska, and the first of two locations in Anchorage. They are expected to be open this winter. Bed Bath & Beyond’s second location in Anchorage will be at P.O’B Montgomery’s Glenn Square on Mountain View Drive and Glenn Highway opening fall, 2007.

According to P.O’B Montgomery & Company President, David Irwin, “We are very pleased to acquire Diamond Crossing. This is a center in a proven retail location in South Anchorage, which historically has been the dominant retail area in the market. We believe that this is an underutilized property in an extremely good location. This has been borne out by the strong interest that we have been getting from retailers – even prior to closing on the project.”

Plans for redesign of the façade and remodel of the site have been approved by the Municipality of Anchorage. Work to remodel has begun.

Key individuals in the acquisition were Jason Maddox, Vice President of P.O’B Montgomery & Company and David Irwin, President of P. O'B. Montgomery & Company. Kimco Developers, Inc. (www.kimcorealty.com), Thackeray Partners (www.thackeraypartners.com) and P. O'B. Montgomery & Company (www.pobmontgomery.com) are the Partners in the project.

For further information, contact David Irwin at P. O'B. Montgomery & Company at 425-576-5208.