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					Issue No. 1                                                                  1st Quarter 2007

  Recent Changes                        Crismon Road will be the main access point from the
                                        development to the I 60.
  DMB Developments, one of
  Phoenix largest high end              As a result, our property gains tremendous exposure,
  developers, announced a $240          leading our team to change the name from Crismon
  million purchase of 3,200 acres       Commons to …
  approximately 2 miles south of
  our project.                          “CRISMON GATEWAY”

  General Update                        completion schedule with
                                        any degree of accuracy
  Planning and Approvals                as we move through the
                                        approval process, due to
  DPA Architects have been              response times from the
  selected to provide the master        city. We anticipate
  site plan. After several revisions,   approvals will coincide
  the plan, including approximately     with completion of off-site
  85,000 SF of retail space and         servicing.
  114,000 SF of professional
  offices, was submitted to the City    Development and
  of Mesa.                              Construction
  Landscape vegetation lined spine      As mentioned in the
  connector roads will project a                                            INVESTOR
                                        recent e-mail update, the
  village feel, while providing         off-site services contract            FIRST
  smooth access and egress to
  Crismon Road and Baseline
                                        has been approved.                   REALTY
                                        Road widening has been
  Avenue.                               staked and the site           Marketing update
                                        grubbed and cleared.
  The overview conference, the
                                        Excavation for deep
  next step for the plan, is                                          The Phil Worth team at
                                        metal and shallow
  scheduled for March 14th,                                           Logan Commercial
                                        services is underway.
  whereby the construction                                            Advisers has been
  department will provide               It is anticipated that off-   selected as marketing
  comments and guidelines for the       site servicing of the site    agents for the office
  architectural team.                   will be completed by          component.
                                        summer 2007.
  It is difficult to predict the                                      Red Real Estate has been
selected to market the Retail          In the Area                   forward”.
space after an interview process
that included Staubach and             Phoenix city council has      Arizona is the second
Phoenix Land Advisers.                 recently authorized a         destination for domestic
                                       $2.9 billion expansion of     migration next to Florida
At present, escrow has been            Phoenix Sky Harbour           and eighth internationally.
opened for 6,000 SF of office          International Airport.        It is expected that Arizona
space to be used as an urgent                                        will topple the projected
care clinic.                           The expansion program         U.S. growth rate of 3% in
                                       is to include construction    2007.
We have also agreed to terms           of a new 33 gate terminal
with Philaberto’s Mexican              to replace the aging          Katie Pushor, president of
restaurant for 2,500 SF. A letter of   Terminal 2, as well as a      the Greater Phoenix
intent has been accepted and the       $1.1 billion automated        Chamber of Commerce
purchase contract is being             train system.                 went on to say that people
prepared.                                                            are drawn to the state due
                                       Critical to ensuring that     to “an overwhelming
In addition, we are negotiating        Sky Harbour Airport has       perception of opportunity
terms of two LOIs, one with            the ability to handle         here”. Sectors such as
Purrfect Auto having 147 sites in      growth in future              healthcare, construction,
the Western U.S. Circle K, has         passenger volume,             retail and consumer
made an offer for 68,000 SF,           Phoenix Mayor Phil            services will focus on
planning for a state of the art gas    Gordon is quoted as           serving the growing
station.                               saying, “This is an           population.
                                       exciting opportunity to
We are pleasantly surprised at         help this state and
the early interest in our project.     community move

        s for Mesa, the DMB purchase and development of 3,200 acres, along with 1,800 acres
        GM sold to Phoenix developer William Levine, are expected to provide the foundation
        for growth in the vicinity of the Williams Gateway Airport, generating 100,000 jobs over
the next 30 years.

The Arizona Commercial Market continues strong, particularly the rapid growth in the East
Valley. All indicators bode well for the Crismon Gateway project.

Developed by
IFR Arizona
IFR Arizona is a leading developer of Commercial properties in the Southwestern United States.
Visit our web site at to view our properties. Contact us at if you
have questions or ideas.

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