Submitted by Coldwell Banker Commercial® - Almar Real Estate Group, Inc.

As published in the San Diego Business Journal, December 27, 2004

Coldwell Banker Commercial - Almar Real Estate Group's unique broker-owned business structure has afforded continuing success in 2004. We have exceeded 2003 total revenues as of the end of the third quarter, experienced a six-time revenue increase since our franchise opening in 1999 and seen an average 20% year-over-year increase in each of the last 3 years. ALl these accomplishments have catapulted Coldwell Banker Commercial - Almar Real Estate Group to the number one single market franchise in the National Coldwell Banker Commercial system.

Founded by Alan Scott, CCIM, R. Marty Smith, SIOR and Allen Nunez, the company has developed its unique business model over time, and it is based upon the collective experience of the company's broker-owners, many who have been marketing dominant sales professionals and leaders within the industry for over a decade. This model aligns the interest of each broker-owner, sales associate and staff member through a financial incentive structure that rewards the recruiting of top candidates, training and mentoring of younger associates, and exceptional financial achievement.

Broker-owned real estate service companies are not unique, but creating an ownership structure that meets the diverse needs of the broker-owners internally while ensuring that the financial interest of the client always comes first is difficult to achieve. And that's where Coldwell Banker Commercial - Almar Real Estate Group has been successful, especially in the last year.

The company does not answer to Wall Street, or any other third-party ownership interest, so it has the ability to distribute revenues in such a way as to award employees financially, while encouraging teamwork and the consistent delivery of superior services to clients. No matter what level of sharholder interest our employees may have, we make sure that each person is financially rewarded for superior performance and contributions to the success of our company.

As a start-up entity just five years ago, the progress has been tremendous in positioning our company in the San Diego and Southwest Riverside commercial real estate markets. Our success is largely due to the career opportunity we provide and the opportunity to participate in multiple levels of income, retaining more of the revenues earned and building value as a shareholder and partner. Our central focus is not just about earning commission dollars, but about building a unique company to excel. It is about building wealth for our clients, and ourselves, through superior knowledge and execution.

The results, to date, speak for themselves. We have established ourselves as one of the most successful member companies of the Coldwell Banker Commercial platform and one of the fastest growing commercial real estate companies in San Diego.

GROWING THE COLDWELL BANKER COMMERCIAL OWNERSHIP FAMILY

In the last few months of 2004, Jim Benson and Adam Molnar, in the North County office, and Jeff Givens, in the Southwest Riverside/Temecula office, have been promoted to partner status within the company. Their years of dedicated hard work, integrity and sales successes have made them the perfect candidates for advancement within our broker-owned system. In addition, Thomas A. Worth was hired as a new managing parter for the North County and Towne Centre locations, bringing 26 years of extensive experience and knowledge to his new position, and reuniting a successful management team. Between 1985 and 1990, Tom Worth and Alan Scott teamed to manage the turnaround and repositioning of the San Diego North County office of CB Commercial and the results were dramatic. By 1990, the office was recognized as the number one office in the country in increased revenue and number seven in overall national standings.

NEW BUILDINGS PURCHASED IN TEMECULA AND SOUTH BAY

Both the Temecula and South Bay offices relocated this year to buildings that the partners of Coldwell Banker Commercial - Almar Real Estate Group have purchased. Our goal is to eventually own all the buildings our sales offices occupy.

Coldwell Banker Commercial's owned facility in Temecula is a 27,153 sq. ft., two-story office building with I-15 freeway frontage, recently completed in March 2004. Presently 100% leased, the project is occupied by Temecula Valley Bank, Fidelity National Title Company, Southern California Investors, Inc. and the Bureau of Reclamation. The project was designed by Smith Consulting architects of San Diego and constructed by Keeton Construction of Temecula.

Brokers just relocated this month to the new South Bay Los Angeles office, a 7,535 sq. ft. building located at 2401 Palm Drive in Signal Hill. The Coldwell Banker Commercial partners purchased the building for $1.05 million.

NORTH COUNTY STILL BOOMING

In September, David Onosko and Ron King, SIOR of the North County office facilitated the sale of Lots 10 and 11 within the Ocean Ranch Corporate Center to Cruzan | Monroe Investments, LLC for $10.57 million. The San Diego-based real estate acquisition and development company plans to build a 520,000 sq. ft. business park called La Pacifica on the 30.34-acre site, with construction of the first phase scheduled to begin in early 2005. Onosko and King have exclusively represented Stirling Enterprises, the master developer of the 400-acre Ocean Ranch Corporate Centre, since its opening in 2000 when they sold IDEC Pharmaceuticals property to begin building their $1.25 billion manufacturing and research center.

At the same time, Onosko and King were also completing an additional sale of Lot 14 at Ocean Ranch to Venture Development Corporation, LLC for $3.7 million. The property is 7.08 acres and Venture Development Corporation intends to build 95,000 sq. ft. of office/industrial condos on the land. Venture Development Corporation is a privately owned real estate building and development firm based in Mill Valley, California that has been very successful in developing office/industrial condos throughout Northern California.

In April, King, Crotty, Onosko and Molnar sold out 72,760 sq. ft. Phase I of the Oceanic Business Park within the Ocean Ranch Corporate Center for a total consideration of $6.95 million.

Also in that month, King, Crotty, and Chuck McNary, SIOR sold out the 146,915 sq. ft. 14.5-acre North Pointe West Business Park in Carlsbad for a total consideration of $12.4 million. King, McNary and Crotty exclusively represent the seller, Carltas Company, and also represented numberous buyers. The two-story 22 ft. clearance buildings are designed for use as office, R&D manufacturing or warehouse space.

A HAND IN MID-CITY REDEVELOPMENT

John Pedroarena, a broker with the Towne Center office, has recently become more of a fixture in San Diego's Mid-City area and even obtained a satellite office to be close to the action. Pedroarena has been an active participant in the redevelopment of San Diego's City Heights area over the last five years and, in September, represented the San Diego Revitalization Corporation (SDRC) in their sale of the Metro Career Center building at 3910 University Avenue to BR Workforce, LLC for a total consideration of $22 million.

The master tenant of the Metro building, San Diego Workforce Partnership, signed a 30-year lease for the 82,236 sq. ft. building and relocated to City Heights from Downtown. The Metro Career Center offers the Mid-City community training services in six different languages, including: career planning, resume writing, interview skills, job location and specialty workshops.

Pedroarena's relationship with the SDRC extends well beyond representation for this commercial property sale, as the two both feel strongly about providing the area with new and affordable housing and mixed-use commercial office and retail space. The demand for such development product is starting to rise, due in large part to the 10 years of financial and community support provided to the Mid-City area by the Price Charities-backed SDRC. In addition to the desirability of this real estate, crime rates have dropped, public school test scores have risen and mroe programs to help community members have been implemented.

The philosophy behind the revitalization is removing the risk. Private development saw a major risk with investing in Mid-City until SDRC stepped in and removed that by investing in early-stage redevelopment. Public and private groups in City Heights have now invested an estimated $300 million dollars. The projects scheduled for completion in the next five years will bring an additional $500 million of investments from both public and private sectors. Over the next five years, 2,248 housing units, 357,000 sq. ft. of commercial space and four new elementary schools are anticipated in the Mid-City area.

SDRC is also involved in the upcoming City Heights Square, a $70 million project on University Avenue consisting of a mixed-use, 90,000 sq. ft. office and retail building to be developed by SDRC, a 151 affordable senior housing project, and a 30,000 sq. ft. medical clinic to be developed by other non-profit investment groups. Pedroarena has branched out to the development side of the industry as well by being part of a team developing two mixed-use retail/office and residential projects on El Cajon Boulevard (one is at a City designated Pilot Village site) as well as a light industrial "for sale" project along University Avenue.

RETAIL IS THE NAME OF THE GAME

Glenn Karp and Tom Olson from the Towne Centre office completed the sale of Alpine Creek Shopping Center in October for $8.6 million. Westcore Properties purchased the center and a nearby office building, located at 1347 and 1392 Tavern Road in Alpine, from Alpine Creek Center Company. The shopping center and office building combined offer 73,474 sq. ft. The buyer assumed the current loan with Stewart Title handling all pertinent title and escrow services. Karp represented the buyer while Olson represented the seller.

BROKER-OWNERS OWN PROPERTY AS WELL

The sale of 2777 Loker Avenue in Carlsbad to Loker Investment Partners, LP from McMorgan + Company for $9 million was facilitated by McNary, King and Crotty of the North County Office during October. In a step toward brokers becoming owners within their company and also on their own, the managing general partner of Loker Investment Partners, LP - Southern California Investors, Inc. - is headed by Coldwell Banker Commercial co-founder R. Marty Smith. The buyer plans to demise the 123,454 sq. ft. property and rehabilitate to include four separate properties available for lease by January 2005. The marketing of the building will be handled exclusively by McNary, Crotty and Molnar at the Coldwell Banker Commercial North County office.

CLOSEUP: Coldwell Banker Commercial Almar Real Estate Group, Inc.

Offices:

North County
5800 Armada Drive, Suite 101
Carlsbad, CA 92008
(760) 602-4800

La Jolla/Towne Centre
3655 Nobel Drive, Suite 200
San Diego, CA 92122
(858) 200-8888

Southwest Riverside/Temecula
27708 Jefferson Avenue, Suite 200
Temecula, CA 92590
(951) 296-9800

L.A. South County
2401 Palm Drive
Signal Hill, CA 90755
(562) 493-8200

Website
www.almargroup.com

Founders:
Alan Scott, CCIM
R. Marty Smith, SIOR
Allen Nunez

Services:
Office, Industrial, Multi-family, Investment, Retail