Boston, MA, November 24, 2008

Intercontinental Acquires Tucson Technology & Industrial Portfolio in Tucson, AZ 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 Tucson Technology & Industrial Portfolio in Tucson, AZ.  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’s Los Angeles Office.

Tucson Technology & Industrial Portfolio is a six-building, multi-tenant industrial portfolio totaling 606,027 rentable square feet including 1,829 surface parking spaces.  The portfolio is comprised of 2 adjacent industrial parks: Medina Business Park I & II and Tucson Commerce Center I – IV.  Medina Business Park consists of two high quality industrial/flex buildings totaling 199,709 rentable square feet.  The 14 acre site offers ample parking, mature landscape, concrete truck courts and staging areas providing adequate trailer storage.  Tucson Commerce Center is a 406,318 square foot park consisting of four single-tenant and multi-tenant buildings.  Each building features 22’ clearance and ground- and dock-high loading facilities.  The 40 acre site also includes 4 acres of land for future development opportunities.

Tucson Technology & Industrial Portfolio is adjacent to Tucson International Airport and in close proximity to the Interstate 10 and Interstate 19 Freeways, offering efficient transportation and accessibility for companies seeking to distribute, service, or travel to Tucson, Southern Arizona, Sonora, Mexico and the Southwest Region of the United States.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental commented, “The portfolio represents a stable, well leased asset with great accessibility to major highways, amenities, and an International airport.  It is an attractive investment opportunity for US REIF and further expands our presence on the West Coast.”

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 $2.3 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.

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