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Frank Crivello, Eastern Coast Management, LLC and Frank Crivello Announces Land Disposition, Riviera Beach, Florida
Properties located at center of massive re-development project.
Milwaukee, Wisconsin --June 9, 2005-- NNN Group, Inc., www.nnn.net, ("NNN") and Frank Crivello, Managing Member, Eastern Coast Management, LLC ("Eastern Coast"), www.ecmgt.net, announced that Eastern Coast has decided to divest of its three multi-family properties located on the new Boulevard entering Riviera Beach Marina, Riviera Beach, Florida. Eastern Coast will solicit bids from local investors and developers.
Eastern Coast Managing Member Frank P. Crivello stated: "We acquired this land near the center of the massive redevelopment project for the City of Riviera Beach, Florida a little over a year ago. Our attempts to acquire abutting land were unsuccessful. Given the relative lack of scale to this prospective development, we have concluded the project doesn't justify the time and effort the development of it will require."
Eastern Coast Executive Vice President Frank Orlando stated: "We already have received unsolicited proposals for the land. Now that we have made the decision to sell the properties, we expect to place it under contract by July 15, 2005."
About NNN Group, Inc., www.nnn.net:
NNN provides Phoenix Investors with real estate management and advisory services.
About Phoenix Investors, LLC, www.phoenixinv.com:
Since 1994 Phoenix Investors 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 Phoenix Investors 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 Phoenix Investor's operations or business.
Contact:
New-School Communications, LLC
Blois Olson, 651-221-1999
www.new-school.com
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