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January 14, 2002                                 CONTACT: Randal L. Mercer, Managing Broker

                            Fred Kermani joins
                   CB Richard Ellis, Fort Myers - Naples, FL

        FORT MYERS, FL - Fred Kermani, CCIM, AIA, commercial real estate broker
and architect, has joined CB Richard Ellis, FT. MYERS - NAPLES, FL. as a partner.

Mr. Kermani is an expert in real estate investment analysis, as well as property
acquisition and marketing. CB Richard Ellis is an international commercial real estate
brokerage and management firm, with a portfolio that includes many of Southwest
Florida’s most prominent office, retail and industrial properties.

        The managing brokers of CB Richard Ellis, FT. MYERS - NAPLES, FL, jointly
announced the appointment. “Mr. Kermani is knowledgeable of both the Fort Myers and
Naples markets and has an impressive record of success that includes brokerage, leasing,
tenant representation, investor sales and development consulting,” explained Larry Foster,
CCIM. Stan Stouder, CCIM, added that “Mr. Kermani counsels a number of private and
institutional investors who will be well served by the market research available through
CB Richard Ellis.” Randal Mercer also noted that “Fred’s expertise in design and
planning makes him uniquely qualified to assist clients in analyzing income properties
and alternative investment opportunities.”

        Fred Kermani, CCIM, is a licensed real estate broker in Florida and California, a
licensed architect in both states, and a member of the International Council of Shopping
Centers (ICSC). He has been in the design and brokerage businesses in Southwest
Florida since 1991.

        “I am presently preparing marketing strategies for new and existing commercial
properties in Southwest Florida,” said Mr. Kermani, “and my association with CB

Richard Ellis, FT. MYERS - NAPLES, FL dramatically expands the scope of those
marketing efforts.”

       CB Richard Ellis is the world’s leading real estate services company.
Headquartered in Los Angeles, with over 10,000 employees worldwide, the company
serves real estate owners, investors and occupiers through nearly 250 principal offices in
44 countries. Services include property sales and leasing, property management,
corporate services, facilities management, commercial mortgage services, investment
management, appraisal/valuation, research and consulting. CB Richard Ellis had 2000
revenues of $1.3 billion.

       CB Richard Ellis, Ft. Myers - Naples, FL is an independently owned and operated
partner office of the international company, with the local owners maintaining equity
positions and directing operations in Southwest Florida. Offices are located in Fort
Myers in McGregor Lakes Center, 12651 McGregor Boulevard, Suite 1-101, Fort Myers,
Florida 33919 and in Naples at 1100 Fifth Avenue South, Suite 210, Naples 34102. The
telephone is (239) 481-3800 in Fort Myers and (239) 659-1447 in Naples and the web site


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