Doerken Properties, Inc. and its key officers and employees have extensive real estate acquisition, syndication, financing, development, rehabilitation and leasing expertise in shopping centers ranging in size from 60,000 to 450,000 square feet, as well as multi-family residential housing from 100 to 500 units. The company has also been successful in purchasing/entitling land and reselling completed pre-development projects for profit.

The following is a summary of a portion of the development history of DOERKEN PROPERTIES, INC. and its key officers:

2005-2007

A. Completed the acquisition of three new shopping centers in the Sacramento metro area, valued at over $65 Million. Totaling 343,170 square feet, these three shopping centers have strong national and regional anchor tenants including Raley's, K-Mart, and Big Lots.

B. Purchased 9th Street Marketplace in Murray Utah. With tenants such as Albertson's (reported to be the #1 store in Utah), Big Lots, 24 Hour Fitness, Washington Mutual, Subway, and Blockbuster, 9th Street Marketplace has a superior mix of national tenants.

C. Redeveloped Shamrock Village, including the construction of a new multi-tenant pad building. With the re-tenanting and expansion of World of Shoes, Shamrock Village is repositioned as a major retail center in downtown in Dublin, CA.

D. Doerken Real Estate Services continued its involvement in the Seattle and King County residential market by providing nearly $7.7 million in mezzanine/joint venture financing for six condominium conversion projects for both new and historic buildings.

E. Provided mezzanine financing to several projects in California, Utah, and Nevada, including retail, residential, and industrial projects.

F. Acquired the 65,325 square foot Upland Plaza shopping Center located at the SWC of Foothill Boulevard and Mountain Avenue in Upland, California. The center is currently anchored by Stater Brothers and Big Lots. Financing provided by Wells Fargo Bank.

G. Purchased approximately 14 acres of land located at the SEC of 5600 West and 3500 South, in West Valley City, Utah. A community shopping center is in pre-development. Construction to begin in 2007.

H. Provided $4,500,000 in mezzanine/joint venture financing for several condominium conversion projects in Seattle, Washington.

I. Provided $2,300,000 in mezzanine financing for Shea Retail Plaza in Phoenix, Arizona.

J. Provided $1,700,000 in mezzanine financing for a portfolio of for-profit educational facilities in Northern California.

K. Acquired the 140,187 square foot Hillside Plaza Shopping Center located at the SEC of Fort Union Boulevards and 2300 East in Cottonwood Heights, Utah, a suburb of Salt Lake City. The center is currently anchored by Reams Market and Rite Aid, and will be expanded/upgraded.

2003 - 2004

A. Acquired the 81,128 square foot Oakwood Village Center in Murray (Salt Lake City), Utah. Key tenants includes Gart Sports Castle, Rite Aid, and Copenhagen West Furniture. Future redevelopment in 2006 planned to re-merchandise and upgrade the center. Financing was provided by City National Bank.

B. Purchased approximately 25 acres of land in Roseville, California for master-planned industrial park. Project was entitled and sold in 2005.

C. Acquired the 153,000 square foot White Road Plaza Shopping Center in San Jose, California. Key tenants include Albertsons, Rite Aid, and Big Lots. Upgrades and re-tenanting has produced a major boost to the center. Conduit financing was provided by RBS Greenwich Capital.

D. Acquired the 148,000 square foot Expressway Marketplace in Rohnert Park, California. Key tenants include Food 4 Less, Factory 2-U, Sears, PetsMart, and Chuck E. Cheese. Upgrades and re-tenanting is ongoing, and a new building is being added. Conduit financing was provided by Column Financial/Credit Suisse First Boston.

E. Coordinated the acquisition of the 188,000 square foot Broadway Office Building in Salt Lake City, Utah for a closely held investment fund where the company provides advisory services. Upgrades and a new 475-car parking garage began construction in 2005. Financing was provided by Meridian Real Estate & Investment Fund I, LLC and City National Bank.

F. Purchased five acres of land in Sacramento, California in 2003 to develop 12 tilt-up industrial warehouses for sale to owner-users. Construction was completed in 2005, and sell-out will complete in early 2006.

G. Provided $2,600,000 in mezzanine financing to a 14-building industrial park in Baldwin Park, California.

H. Provided $1,050,000 in mezzanine financing in 2003 for a luxury custom home development in San Luis Obispo, California.

I. Provided $1,530,000 in mezzanine financing in 2003 for the purchase of a shopping center in Northridge, California.

J. Completed the sale of the recently renovated Courtyard of Encino, in Encino (Los Angeles), California in 2003.

K. Completed the sale of Porter Ranch Shopping Center and Porter Ranch Courtyard in Northridge, California.

L. Provided $600,000 in mezzanine financing in 2003 for a new residential development in Canoga Park, California.

2001-2002

A. Acquired The Meridian Building in Santa Monica, California in 2002 and relocated the Corporate Office of Doerken Properties, Inc. to the building. This 3-story office building consists of 20,289 s.f. and was built in 1981. Parking consists of one on-grade level and one underground level.

B. Acquired Ross Plaza in Rancho Cordova, California. This 91,000 square foot center is anchored by Ross Dress For Less and a new 99 Cents Only store. Upgrades and a new pad building were undertaken in 2005. Conduit financing was provided by Column Financial/ Credit Suisse First Boston.

C. Acquired El Dorado Shopping Center in Long Beach, California, an 80,000 square foot center anchored by a successful TJ Maxx store. A project remodel was completed in 2004. Project value is over $12,000,000 with acquisition financing provided by City National Bank.

D. Acquired Citrus Marketplace, a 101,000 square foot shopping center anchored by Nob Hills Foods in Walnut Creek, California. Operations upgrades have been undertaken at the center following acquisition, and a new Longs Pharmacy was added. Project value is over $35,000,000 with permanent financing from C.S. First Boston.

E. Completed redevelopment of the 97,000 square foot Encino Courtyard Shopping Center in Encino (Los Angeles,), California, adding Bed Bath & Beyond in a new two-level 30,000 square foot store. The redeveloped project opened in April, 2002, with other key tenants including Bally's Fitness and Skin Spa.

F. Provided $2,500,000 in bridge/mezzanine financing to acquire/develop an existing community shopping center in Simi Valley, California. The loan was secured by a recorded second trust deed and intercreditor agreement.

G. Provided $650,000 in bridge/mezzanine financing to a single-family home developer in Orange County to enable completion of land preparation on several projects. The loan was secured by a recorded second trust deed.

H. Provided $1,500,000 in mezzanine financing to refinance an existing office building in Salt Lake City, Utah leased to the United States General Service Administration and the State of Utah.

I. Provided $700,000 in mezzanine financing for the acquisition/entitlement of a new Lowe’s Shopping Center.

J. Sold thirty seven acres for residential development in Lancaster, California.

K. Sold 52,000 square feet for the construction of a 15,000 square foot Walgreens in Whittier, California.

L. Completed the sale of Mission Foothill Marketplace, in Mission Viejo, California, which was developed by Doerken Properties, Inc. and anchored by Vons and Savon.

1998-2000

A. Provided $1,600,000 in mezzanine financing to refinance an office building leased to the United States General Service Administration in Salt Lake City, Utah.

B. Purchased “value added” 71,000 square foot shopping center in Novato (Marin County), California. Project has been re-tenanted along with addition of new square footage. Project value is $8,500,000, with permanent financing from Lehman Brothers.

C. Purchased "value added" 65,000 square foot shopping center in Dublin, California. Project to be re-tenanted with new supermarket along with addition of approximately 20,000 square feet of leasable area bringing the project size to 75,000 square feet.

D. Completed development of a 76,000 square foot Sears Department Store and 9,100 square foot Sears TBA store in Hanford, California for a U.K.-based property company.

E. Purchased 113,000 square foot shopping center on Ventura Boulevard in Encino (Los Angeles), California. Project to be redeveloped to add new 2-level Bed Bath & Beyond store, Scandia Restaurant, and other tenants. Project value is over $24,000,000.

F. Provided $1,500,000 in mezzanine financing for the acquisition-redevelopment of a community shopping center in Northridge, California.

1996-97-98

A. Completed Phase I of Mission Foothill Marketplace, a 156,000 sq.ft. community shopping center in Mission Viejo, California. Phase I, which opened in February, 1997 with 88% of its in-line space pre-leased, is anchored by Vons Supermarket, Savon Drug, and Tutor Time Learning Center. Project value is over $21,500,000.

B. Completed development of Boston Market at Greenridge Plaza Shopping Center. Project value is $775,000.

C. Completed development of Phase IV of Highland Avenue Plaza, adding Chief Auto Parts in a freestanding building. Project value is $1,150,000.

D. Completed development of a freestanding Walgreen's RxPress in Whittier, California. Project value is $850,000.

E. Took over asset management and value-added development of three shopping centers containing approximately 605,000 square feet of retail space for a major Southern California real estate investment firm. Added approximately 38,000 square feet of new chain tenants to two of the centers.

1994-95

A. Acquired for retail development 70,000 square feet of land adjacent to Highland Avenue Plaza, to become Phase IV of the center, anchored by Chief Auto Parts and a fast food retailer.

B. Began pre-development for a neighborhood shopping center of 156,000 square feet in South Orange County, California.

C. Completed entitlements for a 510-unit manufactured housing project for sale in Tucson, Arizona to be developed in 1998.

D. Began pre-development for the addition of a Boston Market to Greenridge Plaza Shopping Center in Staten Island, New York.

E. Provided development and leasing consulting for a 200,000 sq.ft. shopping center project in Long Beach, California, negotiating major tenant lease transactions with Food-4-Less Supermarkets and HomeBase.

F. Took over asset management for two major retail shopping centers containing approximately 850,000 square feet for a U.K.-based property company.

G. Completed redevelopment of an existing shopping center in Hialeah, Florida to add a new 65,000 square foot Winn-Dixie supermarket for a U.K. - based property company.

1993

A. Completed construction of Phases II and III of Highland Avenue Plaza in San Bernardino, opening the center with 85% leased or occupied.

B. Completed development of Phase II of Fontana Square Shopping Center, adding 10,050 square feet leased to a major medical center and Dairy Queen.

C. Began development of a major residential subdivision in Marana, Arizona and a mobile home park.

D. Completed sale of 88 unit luxury apartment housing complex in Tempe, Arizona. The sale remains the highest price-per-unit sale recorded in Tempe, Arizona in the last five years.

1991-92

A. Began construction on Phase I of Highland Avenue Plaza in San Bernardino, California. This 300,000 s.f. shopping center is anchored by Mervyn's (fee), Wal-Mart (fee), Ross Stores and Ben Franklin Crafts. Project Value is $12,000,000.00.

B. Completed all pre-development on the Corona Promenade Center in Corona, California. The 300,000 s.f. shopping center is anchored by Wal-Mart, Vons, and PetsMart. The project was sold to another developer after completing pre-development.

C. Completed in May, 1992 Phase I of the Fontana Square Shopping Center, a 170,000 s.f. center in Fontana, California. The center opened 87% leased; Wal-Mart is the project's anchor tenant. Project Value is $7,000,000.00. Construction on Phase II commenced in November, 1992.

D. Obtained entitlements on 10.5 acres in Tottenville Section of Staten Island, NY, (purchased in 1981) for 145 Senior Housing units and 20,000 s.f. of professional offices and retail. Project value is $36,000,000.00.

1990

A. Completed development of an 83,000 square foot shopping center in Simi Valley, California anchored by a 50,000 sq.ft. Albertson's. Project value $12,500,000.00.

B. Developed a two-story office building in conjunction with the remodeling of a 98,000 square foot shopping center in Staten Island, New York. Major anchors are: Waldbaum's Supermarket, Sav-On Drugs, McDonald's, Northfield Savings Bank, Gateway State Bank.

C. Developed a 12,000 square foot multi-tenant professional building in Lancaster, California. Project value $2,500,000.00.

D. Developed a 6,000 square foot multi-tenant professional building in Canoga Park, California. Project value $1,500,000.00.

1989

A. Assembled thirty seven acres for future Commercial/Retail mixed-use development in Lancaster, California.

B. Acquired and developed a multi-tenant professional building in Palmdale, California. Project value $1,500,000.00.

1987-88

A. Developed a successful 88-unit high-end apartment complex in Tempe, Arizona. Project value $4,600,000.00. Project completed June, 1987.

B. Began development of 4 acres of land into 4 developed luxury home sites in Pacific Palisades. Project value $3,200,000.00. Completed sales in March, 1989.

C. Entered escrow to purchase 520 acres of raw land in the City of Saugus, California to be master planned, subdivided and developed into multi-family and single family residential and commercial projects. After designing the project, it was sold to another developer.

D. Began pre-development of a 105,000 square foot shopping center in Phoenix, Arizona for rehabilitation. After obtaining entitlements, the project was sold to another developer.

1986

A. Developed a 3-acre, 120-unit hotel site in Moreno Valley, California. Project value $1,500,000.00. Project sold in 1987.

B. Began pre-development of a 300,000 square foot, high rise, multi-family residential project in the redevelopment project area of downtown San Diego directly across the street from the currently being-developed Convention Center. After obtaining entitlements, the project was sold to another developer.

C. Arranged over $6,000,000.00 of construction and permanent take-out financing for the development of an 88-unit apartment complex located in Tempe, Arizona.

1985

A. Began pre-development of a 70-unit ocean front condominium project in San Clemente, California. After obtaining entitlements, the project was sold to another developer.

1984

A. Negotiated a lease and later developed and constructed the Ranch Station Post Office comprised of 17,000 square feet in the Porter Ranch Shopping Center. This was an addition to the $11,000,000.00 land assemblage and shopping center development/expansion commenced in 1983.

B. Arranged in excess of $15,000,000.00 in construction and permanent financing for various projects in both the primary and secondary markets.

1983

A. Developed the remainder of a twenty-four acre site located in Staten Island, New York. Thirty-seven homes were developed with an average value of $275,000.00. Project value $10,175,000.00.

B. Acquired, subdivided, and renovated a 43,000 square foot building into sixteen retail tenant bays as an expansion of the Porter Ranch Shopping
Center in Northridge California, purchased in 1975. A financing package in excess of $3,000,000.00 was arranged for this renovation. Project value $6,500,000.00.

1982

A. Designed, built, and sold in excess of $5,000,000.00 of single family homes in Salinas, Carmel, Carmel Valley and Monterey, California.

B. Completed and sold a major, twenty-six lot subdivision in Monterey, California. Average lots sales price was $140,000.00. Project value $3,640,000.00.

C. Arranged in excess of $12,000,000.00 in financing and refinancing for various projects.

D. Acquired 24 acres of property in Staten Island, New York. Subdivided and developed all off-site improvements including streets, sewers, water, and utilities. In Partnership, developed a portion of the acreage with 41 single-family homes sold at an average price of $275,000.00. Project value $11,275,000.00.

1981

A. Designed and built a 3,800 square foot turn-key professional building on Whittier Boulevard in East Los Angeles, California. Project value $740,000.00.

B. Purchased 10.5 acres of oceanfront land in the Tottenville Section of Staten Island, New York, for future development.

1980 and prior

A. Acquired a 100,000 square foot shopping center in Staten Island, New York on twelve acres of land. Scope of work included renovation and remodeling, changing tenant mix, construction of 13,000 square foot addition, and arranging for $7,500,000.00 in financing for this project. Project value $15,000,000.00.

B. Developed and later subdivided a 3,800 square foot professional building in Pico Rivera, California. Development included plot layout, building design and leasing. Project value $710,000.00.

C. Developed and sold luxury condominiums on which development began in 1976. The condominiums were located in Palos Verdes Estates, California. Project value $26,000,000.00. Sold out in 1980.

D. Acquired 242 acres of land in Tucson, Arizona for a master planned, mixed use commercial, industrial, single and multi-family development. Project value $3,500,000.00. After obtaining entitlements, the land was sold in 1985.

E. Acquired, subdivided, and rezoned a parcel of land on Garvey Avenue in Rosemead, California. Developed a 3,800 square foot professional building and a small retail neighborhood shopping center on the lots. Project value $1,750,000.00.

F. Acquired and began development of a six acre parcel of land in Pacoima, California. The development included a two-story 82-unit garden apartment building, which was financed under the H.U.D. Section 8 Program. The development also included a 4,000 square foot professional building. Scope of development included re-zoning, construction of all off-site improvements, and the successful completion of the project under the H.U.D. program. Project value $3,800,000.00. The apartments were completed and sold in 1979 and the Professional Building was held for investment.

G. Purchased 220 acres of raw land for future development in Casper, Wyoming.

H. Developed 46 luxury condominium units in Palos Verdes Estates. Sales prices ranged from $280,000.00 to $600,000.00. Project value $24,700,000.00. Sold out in 1978.

I. Purchased and renovated a luxury residence in Brentwood, California. Renovation costs exceeded $600,000. Project value $1,200,000.00. Sold in 1982.

J. Acquired the Porter Ranch Shopping Center in Northridge, California. Containing 60,000 square feet, this shopping center was the nucleus of a complete renovation and expansion, which included a restructuring of the tenant mix to better target the area's demographics. Project value $2,300,000.00.

K. Developed jointly with other partners a 126-unit garden apartment complex in Ventura, California. Project value $4,000,000.00

L. Located, acquired, developed and financed two professional buildings, totaling 5,500 square feet on Crenshaw Boulevard in Los Angeles, California. Project value $1,100,000.00.

M. Developed the Main Regional Postal Facility in Denver, Colorado. This facility is one of the National Distribution Facilities of the United States Postal Service and is comprised of more than 300,000 square feet. Project value $32,000,000.00. Sold in 1977.

N. Acquired a 90,000 square foot shopping center in Maywood, California at the Northwest Corner of Randolph and Atlantic Avenue. Re-developed this 15-year-old center which encompassed complete exterior structural and facade renovation, interior design reconfiguration, tenant mix selection, financing and the eventual sale of the property. Project value $4,500,000.00 Sold in 1978.

O. Developed a luxury home development on Via Pacheco in Palos Verdes Estates. Work included plot and building design, the development of CC&R's, construction, the placement of short term and permanent financing, and the marketing of five homes. Prices ranged from $270,000.00 to $330,000.00. Project value $1,500,000.00. Sold in 1974.

P. Developed the Sunnyslope Post Office in Phoenix, Arizona. Arranged inancing, completed construction, later built a 20,000 square foot addition, financed, and sold the property. Project value $4,100,000.00. Sold in 1978.

Q. Jointly developed a 56-unit apartment complex of one, two, and three bedroom apartments on Foothill Blvd., in Glendora, California. Project value $2,500,000.00.

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