NNN Group, Inc. and Eastern Coast Management, LLC Announce Disposition of Land in Riviera Beach, Florida
Properties located at center of massive re-development project.
Cape Canaveral, FL (PRWEB) June 9, 2005 -- NNN Group, Inc., www.nnn.net, (“NNN”) and Frank
Crivello, Managing Member, Eastern Coast Management, LLC (“ECM”), announced that
ECM has decided to divest of its three multi-family properties located on the
new Boulevard entering Riviera Beach Marina, Riviera Beach, Florida. ECM will
solicit bids from local investors and developers.
ECM Managing Member
Frank P. Crivello stated: “We acquired this land near the center of the massive
redevelopment project for the City of Riviera Beach, Florida a little over a
year ago. Our attempts to acquire abutting land were unsuccessful. Given the
relative lack of scale to this prospective development, we have concluded the
project doesn’t justify the time and effort the development of it will
require.”
ECM Executive Vice President Frank Orlando stated: “We already
have received unsolicited proposals for the land. Now that we have made the
decision to sell the properties, we expect to place it under contract by July
15, 2005.”
About NNN Group, Inc., www.nnn.net: NNN provides ECM with real estate management and
advisory services.
About Eastern Coast Management, LLC,www.ecmgt.net:
Eastern Coast Management, LLC ("ECM") is focused on real estate and marine
investments in southeastern United States. For approximately twenty five years,
as principals, ECM’s team has been involved in all faucets of real estate
development, rehabilitation, and investments. In addition, ECM’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, ECM’s team has been involved in marine investments of
various types.
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
Company 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 ECM's operations or business.
Contact:
New-School Communications, LLC
Blois Olson,
651-221-1999
# # #
Source : http://www.prweb.com/releases/2005/6/prweb249545.htm