FOR IMMEDIATE RELEASE

Date: JUNE, 2004

For more information contact: Mike Seiber/Stewart Keith - (619) 280-2600

MULTIPLE LEASES SIGNED FOR OVER $4 MILLION;
EASTLAKE VILLAGE CENTER EAST NOW 100% LEASED

Chula Vista, CA 91915 - Village Center East c/o Gatlin Development Co. has leased a total of approximately 16,800 square feet in the proposed Eastlake Village Center East located at NEC Otay Lakes Road and Eastlake Parkway, Chula Vista, CA 91915. The Kohl’s anchored center will also include the following new tenants: Supercuts (leased ±1,100 square feet for 5 years); Krispy Kreme (leased ±1,200 square feet for 5 years;) T-Mobile (leased ±1,900 square feet for 5 years); 3 Day Blinds (leased ±1,375 square feet for 5 years); Noodles & Company (leased ±2,400 square feet for 5 years); Quizno’s (leased ±1,200 square feet for 10 years); McMillin Realty (leased ±4,900 square feet for 5 years); and Wanna Taco (leased ±2,725 square feet for 5 years).

The leases are for a combined consideration of $4,259,300, according to Flocke & Avoyer Commercial Real Estate, the exclusive leasing agent for the property.

Mike Seiber and Stewart Keith of Flocke & Avoyer Commercial Real Estate represented the Lessor in all the transactions. Supercuts was represented by Kevin Cassidy of Epsteen & Associates. T-Mobile, 3 Day Blinds and Quizno’s were represented by Jeff Drew of Retail Insite. Wanna Taco was represented by Dave Hagglund of CB Richard Ellis, Inc.