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Chuck E. Cheese Signs Lease for New Store in Valley Fair

Chuck E. Cheese Signs Lease for New Store in Valley Fair

Business Editors

CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–March 16, 2000

Kranzco Realty Trust (NYSE:KRT), a real estate investment trust, today announced it has signed a lease with Chuck E. Cheese for a 15,000 square foot store in its Valley Fair Shopping Center at 260 West Swedesford Road in Devon, Pennsylvania.

Chuck E. Cheese’s Pizza originated in San Jose, California, opening its first location in May of 1977. Owned by CEC Entertainment, Inc., the company presently operates a total of 355 locations in 44 states, including 55 franchised locations. The company opened 24 new locations in 1999 and plans to open between 27 and 32 restaurants in 2000.

Where “a kid can be a kid,” Chuck E. Cheese’s Pizza is also a special place for families. The menu features homemade pizza made with fresh, high-quality ingredients, sandwiches, bread sticks and a salad bar. Chuck E. Cheese offers games and rides for kids of all ages.

Their new units feature an interactive stage show called “Studio C” starring Chuck E. Cheese, the company’s famous mouse mascot. Specializing in birthday parties, they offer packages for groups and organizations.

Valley Fair, a 113,000 square foot shopping center, is located in one of the most affluent areas of Chester County. The center is connected to a 56,000 square foot SuperFresh, a Circuit City Superstore and a 30,000 square foot Barnes and Noble. Chuck E. Cheese is expected to open this summer.

“The area’s population mix and the need for this kind of a facility make this store a great addition to our center,” said Norman M. Kranzdorf, president and chief executive officer of Kranzco Realty Trust.

Kranzco Realty Trust is a self-administered, self-managed real estate investment trust that owns and operates 62 neighborhood and community shopping centers with approximately 9 million square feet of leasable area in 16 states. Detailed information regarding Kranzco and its properties can be found on its World Wide Web site: http://www.krt.com.

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