Frank Crivello, Managing Member, Eastern Coast Management and Canaveral Port Authority Agree Definitively to Sell Innovation Centre for $2.9M

Canaveral Port Authority will make Innovation Centre its headquarters and eventually a new maritime museum.

Cape Canaveral, Florida – February 16, 2006: NNN Group, Inc., ("NNN") and Frank Crivello, Managing Member, Eastern Coast Management, LLC ("Eastern Coast"), announced that Eastern Coast's affiliate, Port Offices, LLC and Canaveral Port Authority (“CPA”) reached a definitive agreement to sell Innovation Centre in Port Canaveral Florida. Yesterday the authority's Board of Commissioners voted 4-1 to buy Innovation Centre for $2.9 million. Port Commissioner Ray Sharkey cast the dissenting vote, expressing concerns about the condition of Innovation Centre and the estimated $1.2 million in renovation costs the authority expects to spend, in addition to the purchase price. Commissioner Ralph Kennedy also expressed reservations, but voted to buy Innovation Centre.

http://www.floridatoday.com/apps/pbcs.dll/article?AID=/20060216/BUSINESS/602160345/1003

After decades in the same old building, the Canaveral Port Authority is moving fast to get into Innovation Centre. The Port Authority hopes to have Innovation Centre ready for occupancy by January, 2007.

"It's a nicer office. It's a showcase,” said Commissioner and Board Chairman Tom Goodson.

Innovation Centre is located about a quarter-mile from the Port Authority's current headquarters on George King Boulevard.

Eastern Coast's affiliate, Port Offices, LLC, purchased the 68,000 square foot former Premier Cruise Lines corporate headquarters in August 2004 from Allied Capital Corporation. The building has gone through rehab and cosmetic updates. Premier Cruise Lines moved out of the building shortly after the financially troubled company abruptly went out of business in September 2000. Creditors seized control of Premier's six cruise ships during voyages, stranding about 2,800 passengers in the Bahamas and other locations, and about 2,700 employees lost their jobs.

Eastern Coast Managing Member Frank Crivello stated: "We were pleased to reach a definitive agreement with Canaveral Port Authority for the sale of Innovation Centre. This transaction represents a good value for Canaveral Port Authority. We expect to close the sale in the next week or two.”

Port Authority Chief Executive Officer Stan Payne told commissioners that moving from the authority's current headquarters, which is about 16,500 square feet, to the former Premier building, which about 68,000 square feet, will give the authority the extra space it needs.

The authority also will have room to lease office space to tenants, and eventually open a maritime center or museum on the site, Payne said.

According to the Port Authority, the Brevard County Tax Assessor's Office appraised the value of the building in 2004 at $3.1 million, but a private appraiser recently appraised the building at $2.6 million.

The authority plans to sell or lease its current single-floor headquarters, which opened some time after the port opened in 1953. The building has been expanded several times.

About 70 people work in the building, which includes administrative offices and a public meeting room.

Eastern Coast Executive Vice President Frank J Orlando stated: "We have had recent success by multi-tenant occupants for Innovation Centre. There has been a tremendous amount of interest for space at Innovation Centre."

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

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