SOURCE: Eastern Coast Management, LLC

July 08, 2005 15:49 ET

Frank Crivello, Managing Member, Eastern Coast Management, Announces Sale of Marina Complex in Little River, South Carolina

Highland Park Real Estate Development Corporation, Oak Brook, Illinois, Purchases Marina for $4.5 Million

CAPE CANAVERAL, FL -- (MARKET WIRE) -- July 8, 2005 -- Frank Crivello, managing member, Eastern Coast Management, LLC ("ECM") announced today that RE Palm Beach Partners, LLC, (REPB) a limited liability company it owns equally with Robert Weisberg, closed on the sale of BW Marina, Little River, South Carolina to Highland Park Real Estate Development Corporation for $4.5 million. BW Marina is a full-service marina. REPB purchased BW Marina and the surrounding properties in late 2003.

ECM Managing Member Frank P. Crivello stated: "In November 2003, I negotiated and acquired this marina and the surrounding properties from FEA, LLC on behalf of REPB. At the time, these properties were in foreclosure. During REPB's ownership it made upgrades to the properties and completed new lease agreements. Robert Weisberg procured, negotiated and completed the sale of the marina and the surrounding properties to Highland Park Real Estate Development Corporation."

About NNN Group, Inc., NNN provides ECM with real estate management and advisory services.

About Eastern Coast Management, LLC

Eastern Coast Management, LLC ("ECM") is focused on real estate and marine investments in the southeastern United States. For approximately twenty-five years, as principals, ECM's team has been involved in all faucets of real estate development, rehabilitation, and investments. In addition, ECM's team has offered professional management and advisory solutions to public and private companies, trusts, and individual investors. For approximately six years, as advisors or principals, ECM's team has been involved in marine investments of various types.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in ECM's operations or business.

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