BentleyForbes

BENTLEYFORBES SELLS TWO NON-CORE INDUSTRIAL PROPERTY ASSETS IN CALIFORNIA AND OHIO WITH TRANSACTIONS TOTALING $20.3 MILLION; INITIATES $500 MILLION INVESMTMENT PROGRAM OVER 12 MONTHS

Los Angeles-Based Investment Firm Highlights New Criteria Focused On Trophy Assets Including Multi-Tenant Class A Office, Retail and Industrial Properties and Portfolios While Maintaining Firm’s Core Focus on Sale-Leaseback and Net Lease Properties

LOS ANGELES (June 23, 2003) – With the sale of two non-core property assets in transactions totaling approximately $20.3 million, BENTLEYFORBES is initiating a investment program focused on acquiring at minimum $500 million in commercial real estate properties over the next 12 months, announced Fred Wehba Jr., president of BENTLEYFORBES.

"BENTLEYFORBES is focused on acquiring a significant quantity of high-quality, income generating commercial real estate over the next 12 months in the national office, retail and industrial property sectors," notes Wehba. "Leveraging our in-house capital and established relationships with institutional lending sources, we have targeted the acquisition of $500 million in assets nationally, and we have the means to exceed that amount if compelling opportunities present themselves. This program includes an expansion of investment focus for our firm. BENTLEYFORBES has established new transaction criteria that now includes trophy Class A multi-tenant office properties valued in excess of $30 million and well-leased portfolios of property – office, industrial and retail. We will continue to pursue sale-leaseback and net lease properties, a type of commercial real estate asset we have built our portfolio around up to this phase in the growth of our company."

To prepare the firm for its anticipated transactional volume and expanded investment program, BENTLEYFORBES is focused on restructuring its existing portfolio through the strategic disposition of smaller assets. This process will free up capital for further acquisitions and allow the firm to focus on larger, higher quality assets including trophy Class A multi-tenant office buildings, a more recent target of the firm’s acquisition strategy. In accordance with development of this strategy, recently disposed properties include:

Sunrise Medical Facility – The Sunrise Medical facility is a 218,303-square-foot corporate facility that comprises two one- and two-story warehouse/manufacturing buildings located at 2842 Business Park Avenue in the city of Fresno, Calif. Improvements on the property were constructed in various phases between 1984 and 1999. Office space comprises approximately 36,450 square feet. The clear height in the warehouse area ranges from 19 to 24 feet. Sunrise Medical is one of the world’s largest manufacturers of homecare, extended care and assistive technology products. The acquiring entity, Forest Sunrise, llc., was represented by Martin Cohan of Grubb & Ellis. Bentleyforbes was represented by Michael Swanston of Swanston Properties.

Borders Group Facility – The Borders Group facility is a 173,244-square-foot warehouse facility on 15-acres of property, located at 3900 Gantz Road in Grove City, Ohio. The property was constructed in 1992 and includes 6,000 square feet of office space. Borders Group, Inc. is an operator of book and music superstores and mall-based bookstores throughout the world. The acquiring entity, an unidentified private investor, was represented in the transaction by Mike Garrido of Blue Ridge Properties and Ed Place of Windmill Harbour Real Estate Co. Bentleyforbes represented itself in the transaction.