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Investors interested in former Friendly’s location

Date: 2/6/2012

Feb. 6, 2012

By Chris Maza

chrism@thereminder.com

LONGMEADOW — Steve Walker of Grove Property Fund, LLC, which runs the Longmeadow Shops, said he has received “a great deal of interest” in the space that was once occupied by Friendly’s, but indicated there is no timetable for a new tenant to move in.

“You always want to be patient and make sure that you get someone in there that will compliment the existing restaurants and shops,” Walker said. “I could lease that space tomorrow, but I want to make sure I get the right type of restaurant in there.”

Grove Property Fund manages retail, medical and industrial properties in Massachusetts, Connecticut, North Carolina, South Carolina and Montana. The Longmeadow Shops is its lone property in Western Massachusetts, according to a property listing on its website.

The Longmeadow Friendly’s location was shut down on Jan. 9 as part of further restructuring by the company as it emerged from Chapter 11 bankruptcy. A total of 37 stores nation-wide were closed in addition to the 63 “underperforming” locations shuttered when the chain submitted its papers in the United States Bankruptcy Court for the District of Delaware on Oct. 5, 2011.

The vacant space, which is zoned for a maximum occupancy of 174 people, is most likely to be leased by another restaurant, Walker said.

“Features like the hood system and the electrical service capable of supporting a restaurant make it attractive,” he said. “Whoever moved in would have to bring in some stoves and other equipment and they would have to do a major remodeling. ”

The Longmeadow Shops is a great strategic location for a restaurant, Walker added.

“The shopping center was developed by [Friendly’s Co-founder] S. Prestley Blake,” Walker said. “I think he carved out the best location possible for his Friendly’s. It’s a tremendous location.”

There is no chance of Max Burger, which announced to Reminder Publications in April 2011 that it would be moving into the Longmeadow Shops, would move into the larger location. The seating capacity of the space it is currently planning to occupy is 164 people.

“That’s not going to happen. They already have a lease signed for a space in the shops and they have already started construction,” Walker said.

Those interested in leasing the space should contact Walker at 567-0098 or swalker@grovepropertyfund.com.



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