NEWS

Business Park Attracts Tenants

VIENNA - A business park in the city of Vienna recently received a facelift and is attracting tenants.

The business park at 23rd Street and Grand Central Avenue, formerly home to Nelson's Drug Store and Rite Aid, recently underwent remodeling, said Pat Minnite Sr., president of the PM Company, which owns the complex.

East of Chicago Pizza and Quiznos are expected to open stores in the facility by the end of the year along with Weight Watchers, Minnite said.

The complex was home to Nelson's Drug Store for 10 years, followed by a 15-year occupancy by Rite Aid, which recently built a new store nearby. Minnite has owned the facility since 1980.

"Rite Aid wanted a new store so they bought the property across the street and built a new store there. We decided to divide that project into little shops," Minnite said. "It was 25 years old, so we knew we needed to make it new again."

The 12,000-square-foot facility was divided into seven retail spaces, Minnite said. Only one space remains in the upper level.

"We have a downstairs too that's going to be broken up into offices," he said.

The business park is home to the offices of Dr. Stevan Milhoan, City Financial and Revolutions: Men's Total Fitness.

Minnite said local businesses don't seem to be feeling a major economic pinch. The PM Company is doing well, he said.

"We're not feeling any pinch at all. For us, the economy in this area is pretty solid. Really, everyone I talk to, most of our tenants are doing fine," he said.

The local Circuit City store is a good example. Although the parent company has filed for Chapter 11 protection, the local store is doing fine, Minnite said.

"This Circuit City is probably the best in their region. It's doing pretty well," he said.

Minnite said the area's economy does not experience the same "peaks and valleys" as other communities across the nation.

"I just think our area has a very stable economy. We're just kind of steady. We don't experience the highs and lows like other cities. I feel really good about 2009. We had a good year in 2008," he said.

The PM Company is a real-estate development and management firm. The company has more than 500,000 square feet of real estate in 17 locations.

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