January 24, 2003

Michael Morse, CCIM, a member of CIGroup has leased 1,500 sf in Pepperwood Place Shopping Center in Iowa City,  IA to a carry out barbeque restaurant, The Rack.  Morse represented the Southgate Development, owner of Pepperwood Place, in the transaction.  Pepperwood Place will undergo an extensive facelift and plans a new access direct from Highway 6 during 2003.  New tenant announcements for more than 15,000 square feet of retail are expected in the near future.  Additional information is available about the shopping center renovation at Pepperwood Place Remodel Link.

For more information contact:
Michael Morse, CCIM
at mmorse@cigroup.com, or at 800-397-1218
www.cigroup.com