January 20, 2004

WAYNE, NJ - The Mainardi Management Co. today announced the acquisition of a shopping center in Poughkeepsie, NY by an affiliate of that company.

The property is the Nine Mall Plaza, a 193,814 square foot shopping center located on Route 9 in the town of Poughkeepsie, New York. The shopping center is anchored by a 94,000 square foot Kohl's department store (separately owned), a 30,800 square foot Babies R Us store and a 21,000 square foot Borders Books, Music and Cafe. Other tenants include Bridgestone/Firestone, Mailboxes, etc., and H & R Block. The purchase price for the property was $12,000,000.

The property was previously owned by National RE/sources of Greenwich, Connecticut. AEW Capital Management, a pension advisory company headquartered in Boston, provided most of the funding for National RE/sources. The sale was brokered by Sharon Bands from New York's Marcus & Millichap office. The purchase was financed with a $9,250,000 loan from Prudential Mortgage Capital Corporation in a transaction brokered by Andrew Stewart of David Cronheim Mortgage Corporation.

Mainardi Management Co. is a family owned and operated real estate investment, management and leasing company located in Wayne, New Jersey. The company currently manages approximately 1.2 million square feet of commercial real estate in New Jersey and New York.

For further information on this transaction, please contact Andrew Mainardi, III, President at (973) 696-9265.