Boston, MA, January 16, 2008

Intercontinental Announces the Acquisition of Parker Ranch Center in Waimea, Hawaii 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 today that it has acquired the Parker Ranch Center in Waimea, Hawaii.  The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”). 

Parker Ranch Center is a 143,051 square foot grocery anchored retail center located in the prestigious town of Waimea on the big Island of Hawaii.  The property is situated at a “Main and Main” location at the intersection of Highway 190 and Highway 19 and serves as the primary retail center for the surrounding community.  The asset consists of a main shopping center and inline shops; a financial plaza which is comprised of four buildings; three pad sites; and two undeveloped pad sites.  The asset totals approximately 15 acres with parking for 667 vehicles.  Currently 91% leased, Parker Ranch Center boasts a diverse group of quality tenants including: Starbucks, Foodland, and Blockbuster.  The property was purchased as a joint venture with M&J Wilkow based in Chicago, IL.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental stated, “This acquisition was driven by our confidence in Hawaii’s economy and our belief that the Parker Ranch Center is a well-located, stable retail center with limited current or future competition.”

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 $1.8 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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