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Eastern Coast Management has closed on former Premier Cruise Lines, Inc.
office building at Port Canaveral
Innovation Centre will be developed for aerospace, high technology, and marine tenants
Milwaukee, Wisconsin
--August 9, 2004--
Frank Crivello, Managing Member, Eastern
Coast Management, LLC ("ECM"), www.ecmgt.net,
announced today that Port Offices, LLC,
("Port") acquired from Allied Capital
Corporation ("Allied"), Washington,
D.C., the office building that was the
headquarters of Premier Cruise Lines. Premier
Cruise Lines, Inc. filed for Chapter 11 under
the bankruptcy code and eventually was
liquidated. Allied became the owner of the
property after it foreclosed on the former
owner.
The property is approximately 68,000 square
feet and is one of the nicest office buildings
in Brevard County. Port has renamed the property
"Innovation Centre" and is pursuing a
vision that includes the addition of office
structures on adjacent land.
For the Innovation Centre building, Port
seeks tenants that are leaders in aerospace,
high technology, and marine commerce. ECM will
manage the project for Port. Port's members
include Frank Crivello and Lloyd Milliken.
"Lloyd and I are extremely excited by
this acquisition and the opportunity to develop
Innovation Centre in Port Canaveral," Port
Offices Managing Member Frank P. Crivello said.
"Port Canaveral is bursting with commercial
activity and we are pleased to be a part of it.
As well, Lloyd and I are excited to work
together on this and other projects in Port
Canaveral."
About Phoenix Investors, LLC, www.phoenixinv.com:
PI provides ECM with real estate and advisory services. Since 1994 PI has been offering professional
management and advisory solutions to public and
private companies, trusts, and individual
investors. Our management endeavors to
understand our clients' individual needs, work
with our client to assess specific goals, and
structure investments according to our clients'
specific risk/reward profile to meet both the
clients' short term and long term needs. Our
real estate management team professionally
manages our portfolio properties through a
combination of local and national representation
in order to effectively create a
"working-bridge" between owner and
tenant, building a cooperative mutually
beneficial working relationship. Our experts
assess and refine our client's portfolio's to
maximize our clients cash flow, equity
accumulation, and internal rate of return based
upon our clients' specific dynamic goals.
Safe Harbor Statement Under the Private
Securities Litigation Act of 1995 - With the
exception of historical information, the matters
discussed in this press release are
forward-looking statements that involve a number
of risks and uncertainties. The actual future
results of the PI could differ significantly
from those statements. Factors that could cause
or contribute to such differences include, but
are not limited to assumptions relating to the
marine market and that there will be no
unanticipated material adverse change in PI's
operations or business.
Contact:
New-School Communications, LLC
Blois Olson, 651-221-1999
www.new-school.com
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©
2004 Phoenix Investors, LLC