FOR IMMEDIATE RELEASE

Date: MARCH 2005

FOR MORE INFORMATION: William R. Thaxton, (619) 280-2600

STAPLES SIGNS LEASE AT LOKER BUSINESS CENTER

Carlsbad, CA 92008 – Franz-Loker, LLC has leased approximately 20,000 square feet in the Loker Business Center located at NWC Palomar Airport Rd. & W. Loker Ave., Carlsbad, CA 92008 to Staples for an office supply store.

The lease is for 15 years and a consideration of $5,580,000.00, according to Flocke & Avoyer Commercial Real Estate. The Tenant anticipates a February, 2006 opening.

Bill Thaxton and Steve Avoyer of Flocke & Avoyer Commercial Real Estate represented the Lessor in this transaction. The Lessee was represented by Ron Pepper of Retail Insite.