Boston, MA, October 21, 2008

Intercontinental Acquires Lake Forest Village in Lake Forest, CA on Behalf of U.S. Real Estate Investment Fund, LLC

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Lake Forest Village in Lake Forest, CA.  The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Jessica Levin, Director, Acquisitions at Intercontinental. 

Lake Forest Village is a 119,549 square foot grocery anchored neighborhood shopping center located in Orange County in the affluent city of Lake Forest.  Constructed between 1972 and 1977 and renovated in 1996, the property is currently 97.1% leased to a strong balance of local, regional, and national credit tenants including: Albertsons, CVS, AutoZone, Starbucks, and Avon.  Lake Forest Village is situated on approximately 11 acres of land and benefits from superior visibility, access, monument signage, and 1,400 square feet of frontage along Muirlands Boulevard and Ridge Route Drive.  The shopping center offers 469 surface parking spaces and is located approximately 1 mile to the north of and easily accessible to the I-5 freeway.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental commented, “The combination of the property’s established location, captive market, and high barriers to entry for competitors make for a very attractive investment opportunity for this fund.”

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.