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Frank Crivello, Managing Member, Eastern Coast Management Announced Port Offices, LLC Has Retained DNA Architects, Inc. and Construction Engineering Group for Innovation Centre Building
DNA & CEG Will Serve as the Lead Architectural and Mechanical Engineering Firms on Redevelopment of the Former Premier Cruise Lines Building
Cape Canaveral, Florida – November 18, 2005: NNN Group, Inc., ("NNN") and Frank Crivello, Managing Member, Eastern Coast Management, LLC ("Eastern Coast"), announced that Eastern Coast's affiliate, Port Offices, LLC has retained the architectural firm of DNA Architects, Inc. ("DNA") for its Innovation Centre development in Port Canaveral Florida. Construction Engineering Group ("CEG") will provide structural, mechanical and electrical engineering services.
Eastern Coast Managing Member Frank Crivello stated: "We are excited to lease up Innovation Centre, and look forward to working with DNA Architects, Inc and CEG on this development."
Eastern Coast Executive Vice President Frank J Orlando stated: "We are pleased to work with David Nagrodsky & Associates. David shares our vision of developing Innovation Centre into a premier Class A office building catering to leaders in aerospace, high technology, and marine commerce."
Eastern Coast's affiliate, Port Offices, LLC, purchased the 68,000 square foot former Premier Cruise Lines corporate headquarters in August 2004. The building has gone through rehab and cosmetic updates; and Port Offices expects to have tenants moved in by the first of quarter of 2006.
Frank Orlando, Executive Vice President of Eastern Coast stated: "There has been a tremendous amount of interest for space at Innovation Centre. With the help of David Nagrodsky and Associates and CEG, we expect to begin moving tenants into the building by the first quarter of 2006."
David Nagrodsky, President of DNA, stated: "The Innovation Centre building is structurally sound and in great shape. We will work very hard to make it the signature office building in Port Canaveral."
About NNN Group, Inc.:
NNN provides ECM with real estate management and advisory services.
About Eastern Coast Management, LLC:
Eastern Coast Management, LLC ("Eastern Coast") is focused on real estate and marine investments in southeastern United States. For approximately twenty five years, as principals, Eastern Coast's team has been involved in all faucets of real estate development, rehabilitation, and investments. In addition, Eastern Coast'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, Eastern Coast's team has been involved in marine investments of various types.
About Frank Crivello:
Frank Crivello is the founder of Eastern Coast Management, LLC. After graduating from Brown University in 1982, Frank Crivello began his career by investing in REO multifamily projects located in the Midwest. Almost immediately, Frank Crivello began acquiring commercial office, warehouse, and retail properties. By 1985, Frank Crivello identified and refined a successful formula for rapid equity accumulation through the consensual modification of anchor tenant leases. This lead to coast to coast acquisitions and/or the ground up development of neighborhood retail shopping centers. By 1990, Frank Crivello owned millions of square feet of commercial real estate in nearly every US state including Alaska, becoming one of Kmart's largest landlords, with aggregate investments in the hundreds of millions of dollars. His operating businesses employed over 1,000 employees.
In the early 1990s the nation was in a recession and traditional real estate lenders were closing or collapsing. As traditional sources of financing evaporated, Frank Crivello sought creative financing and solutions from Wall Street investment banking firms. Indeed, necessity is has often been the mother of invention. Working with talented bankers at Daiwa Securities, in 1991, Frank Crivello structured a transaction that created a synthetic bond obligation thru Kmart Corporation's net lease. This resulted in the sale and finance of a portion of his portfolio of Kmart anchored properties through a collateralized mortgage obligation in the approximate amount of $170 million. This was the first securitized commercial transaction of this type and a precursor to the common Wall Street securitized financings.
During the 1990s, Frank Crivello structured or participated in financial engineering of similar real estate sale and finance transactions with leading investment banking firms. The tenants included Aurora Health Care, BlueCross-BlueShield, Pamida (Shopko), Home Depot, Kmart, Builders Square, and Furr's Supermarkets.
In the late 1990s, retailers continued to fail, consolidate, and vacate traditional shopping centers. Anticipating the opportunity this widespread dislocation created, Frank Crivello focused on the redevelopment of large vacant shopping centers. Frank Crivello and his team developed a formula for the redevelopment of these assets into non-retail uses that included call centers, corporate back room operations, and health care operations. These opportunities continued until the late 1990s.
In 2000, Frank Crivello and his team generally shifted their focus to investments in operating companies with promising business and management. From the marine perspective, in 2000, Frank became an Executive Vice President of Sea Diamond Gaming, LLC and Sea Diamond Investors, LLC. During that period, Frank's projects included overseeing the purchase and rehabilitation of M\V Monte Carlo. In 2001, Frank negotiated the sale of the M\V Monte Carlo to a casino operator in Port Richey, Florida. In March, 2003, Frank, on behalf of Sea Diamond Investors, LLC, and its assignee W-C Vessels, LLC, negotiated the bankruptcy purchase of M\V Surfside Princess from President Casino Company and the eventual charter of the vessel to SunCruz Casinos, LLC. In May 2004, Frank completed a definitive agreement to sell his interest in the M\V Surfside Princess to Surfside Princess, LLC. From the real estate perspective, Frank structured or participated in the financial engineering of real estate transactions involving start up or distressed operating businesses in such diverse space as oil & gas development, manufacturing, marine enterprises, gaming, and technology.
Frank Crivello graduated with a Bachelor of Arts from Brown University and the London School of Economics. Frank Crivello completed a double major in Economics and Political Science. Frank Crivello earned Brown's highest awarded honors of Magna Cum Laude. Frank Crivello is a member of Phi Beta Kappa.
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 Eastern Coast 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 Eastern Coast's operations or business.
Contact:
Eastern Coast Management, LLC
Frank Crivello
954-532-0240
Media:
New-School Communications, LLC
Blois Olson
651-221-1999
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