KZ DevCo Reaches Midpoint of 2010 with Completion of Seven New Construction Projects in California and Hawaii

    COSTA MESA, CA, June 17, 2010 /24-7PressRelease/ -- Amid a challenging retail market, KZ DevCo, LP has completed construction on seven new CVS/pharmacy and Long's Drug Stores in 2010, with six additional stores under development. The total value of KZ DevCo's construction projects completed and under development for the drug store chain now exceeds $120 million.

"Despite continued challenges within the retail market, we are experiencing a high level of activity throughout Southern California and Hawaii," said Mark Zimmerman, KZ DevCo's General Partner. "We are actively looking to acquire and develop properties throughout these markets."

KZ DevCo has completed seven new CVS/Long's Drugs retail locations in Haleiwa, Hawaii, Pearl City, Hawaii, Pahoa, Hawaii, Ramona, Calif., Los Alamitos, Calif., Huntington Beach, Calif., and San Marcos, Calif. These California and Hawaii construction projects encompass more than 131,000 square feet.

"We are very fortunate to be affiliated with one of the few retail tenants that continue to pursue new developments in today's uncertain market," said Zimmerman. "Our company has been able to narrow the gap between landlord/seller expectations and current market conditions."

Zimmerman credits this accomplishment to more realistic valuation expectations and a nearly 30 percent reduction in construction costs over the past two years.

In addition to its seven completed projects, KZ DevCo has seven CVS/pharmacy and Long's Drug Stores currently under construction or scheduled to begin construction in Honolulu, Hawaii, Ewa Beach, Hawaii, Murrieta, Calif., Lakewood, Calif., Huntington Beach, Calif., Riverside, Calif. and Anaheim, Calif. When complete, KZ DevCo will have opened 20 new stores since initiating its relationship with CVS/pharmacy and Long's Drug Stores.

About KZ DevCo, LP

KZ DevCo is a full-service commercial real estate development firm, specializing in shopping center development, single tenant representation, property management, and construction management. It acquires and develops retail facilities on behalf of major credit tenants including CVS/pharmacy, in Orange County, Los Angeles County, Riverside County, San Diego County, and Imperial County in California as well as the state of Hawaii. KZ DevCo has been successful in the acquisition, development, and construction of more than 200 real estate projects in 25 different states across the country. For additional information, please visit: www.kzdevco.com.

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