Frank Crivello, Managing Member, Eastern Coast Management and Port Offices Agreed to Sale of Innovation Centre to Canaveral Port Authority

Canaveral Port Authority is preparing to buy Innovation Centre to house its headquarters and for a new maritime museum.

Cape Canaveral, Florida – January 18, 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 has reached an agreement with the Canaveral Port Authority (“CPA”) to sell it Innovation Centre in Port Canaveral, Florida. Port Commissioners voted unanimously to endorse the agreement and allow Port Authority staff to move forward with due diligence. The transaction is subject to customary commercial conditions including satisfactory due diligence by CPA.

Port Authority Chief Executive Officer Stan Payne said the authority's current office building at 200 George King Blvd. at Port Canaveral is outdated and too small.

"We're out of space here," Payne told the five Commissioners.

Payne told Commissioners the plan would involve selling or leasing the authority's current single-floor headquarters, which opened some time after the port opened in 1953 and has been expanded several times during the years. About 70 people work in the building, which also hosts the Commissioners' public meetings.

Payne said moving from the authority's current headquarters, which is about 16,500 square feet, to the former Premier building, which is about 68,000 square feet, also would be a good spot to eventually a maritime museum in Port Canaveral.

Commissioners and Port administrators have entertained the idea of having a maritime museum at the port for several years. Payne said the museum would focus on the port's history, perhaps with some memorabilia about NASA's space program.

Eastern Coast Managing Member Frank Crivello stated: "We were pleased to reach agreement with Canaveral Port Authority for the sale of Innovation Centre. The agreement is subject to CPA’s due diligence andwe expect CPA to complete its due diligence prior to its February meeting.”

Eastern Coast Executive Vice President Frank J Orlando stated: "We have had recent success in securing multi-tenant occupants for Innovation Centre. Our prospective tenants are a natural fit for the CPA if it chooses to lease to them.  Our vision for Innovation Centre is complimentary with CPA’s occupancy: a premiere 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 and invested in property improvements and cosmetic updates.

Frank Orlando, Executive Vice President of Eastern Coast stated: "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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