Pamida Store anchors shopping center in Gladwin, Michigan.

Milwaukee, Wisconsin --October 13, 1999--  Frank Crivello, Executive Vice President, Phoenix Investors, LLC ("PI"), www.phoenixinv.com announced that Pamida Seven, LLC, ("PSLLC") its affiliate, purchased the Pamida store, www.pamida.com, (a division of ShopKo, www.shopko.com), anchored shopping center property from DeVere and Carole Dennings, a successor in interest to Gladwin Partners, LLC.

PI Executive Vice President Frank P. Crivello stated: "This acquisition continues to round out our portfolio of Pamida stores. We intend to seek additional acquisition opportunities of this type. Our management team is pleased to be able to extend our relationship with Pamida."

PI Managing Director David Marks stated: "The acquisition represented a great value for our portfolio. Given Pamida's recent acquisition by ShopKo, we were able to acquire a credit tenant lease at a value consistent with Pamida's former credit rating. We are pleased to add to our substantial existing portfolio of Pamida Stores."

About Phoenix Investors, LLC, www.phoenixinv.com:

PI provides PI with real estate management 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.