6/05/07

Pancake Partners to Purchase Kelsey’s Building at Quaker Crossing for new IHOP Location

Orchard Park, NY – June 5, 2007 – Ciminelli Real Estate Corporation today announced that its client, Pancake Partners LLC, will purchase the building that currently houses Kelsey’s restaurant at Quaker Crossing in Orchard Park, NY, and convert it to a new IHOP location by September of this year. The LLC will also assume the land lease from Quaker Crossing’s owner. Jim Geiger from Ciminelli Real Estate Corporation brokered the deal.

This will be the third location for Pancake Partners; they currently operate an IHOP on Walden Avenue in Cheektowaga, and are in final stages of construction of a new facility on Delaware Avenue in North Buffalo. The LLC has the IHOP development rights in 15 counties in the area: Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Wayne, Wyoming, Yates, and McKean and Potter Counties in Pennsylvania.

Brad Woodard, who runs Pancake Partners with his father, Joseph, says the Quaker Crossing area has the demographics they were looking for. "We couldn’t be more pleased with our entry into this market. Thus far, it has been a very positive experience for us."

Kelsey’s Restaurant, whose parent company, Cara Operations Ltd., operates other restaurants including Montana’s and Swiss Chalet, will close at the end of business on June 16. Woodard indicated that Kelsey’s employees will be offered positions at other Cara operations, but that employment at IHOP would also be an option for them.

Ciminelli Real Estate Corporation offers its core competencies, including leasing, marketing, and property management, to over 350 international, national, and local clients throughout the eastern United States and Canada. It is an affiliate of Ciminelli Development Company, Inc.