Paul Ray Investments, LLC dba Papa John's Pizza renews occupancy at Woodland Court Shopping Center.

Milwaukee, Wisconsin --August 1, 2002--  David M. Marks, Managing Director, Phoenix Investors, LLC ("PI"), www.phoenixinv.com, announced that Papa John's, www.papajohns.com, became a tenant of Woodland Court Shopping Center, Milwaukee, Wisconsin. Woodland Court Shopping Center is a neighborhood shopping center located in southwest Milwaukee, Wisconsin.

PI Vice President Paul Schwabe stated: "We are pleased to keep Paul Ray Investments, LLC in our family of tenants. Area residents are excited to have Papa John's nearby."

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

PI provides 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.