Empire | In The News

PACIFIC COAST CAPITAL PARTNERS ANNOUNCES JOINT VENTURE
WITH THE EMPIRE GROUP TO ACQUIRE 34.1 ACRES OF LAND
FOR DEVELOPMENT OF RETAIL CENTER IN AVONDALE, ARIZONA

El Segundo, Calif., January 3, 2007 – Pacific Coast Capital Partners, LLC (PCCP), a full-service real estate investment firm and lender, today announced that it has formed a joint venture with Scottsdale, AZ-based Empire Commercial Development, a full-service real estate development group, for the acquisition of 34.1 acres of vacant land in the City of Avondale, AZ, a western suburb of Phoenix. The land was sold by Scottsdale, AZ-based Kitchell Development Company.

The joint venture plans to develop Avondale Town Center, a proposed neighborhood retail center with retail pad sites and a potential mixed-use component.

“This investment provides PCCP with the opportunity to partner with an experienced retail developer, Empire Commercial Development, who has been an active player in this high-growth West Valley submarket,” said Rob Cohen, vice president with Pacific Coast Capital Partners.

Upon finalizing the site plan, the joint venture’s plan is to develop a neighborhood retail center with major tenants, smaller in-line tenants and pad sites. The joint venture will begin pre-leasing efforts immediately and plans to complete construction in 2008.

“Avondale Town Center is situated in the heart of a community that has experienced explosive population growth over the last five years and is finally being back-filled with the retail and office uses that these residents need,” said Cohen. “Our location half mile south of Interstate 10 and opposite the Avondale City Hall will make our center the focal point of the city’s center. With the area’s planned hotel, retail and office projects, Avondale Town Center will be on one of the premier centers of Avondale serving its growing population.”

The property is situated on the northwest corner of Avondale Blvd and Van Buren St., the two major arterials in Avondale. The population within a three-mile radius of the property has increased to almost 70,000 people and is expected to reach 91,470 people by 2011 based on the large addition of housing stock in the area. Questions regarding leasing should be directed to Matthew Lyons of Empire Commercial & Residential Realty, Inc. at (480) 951-2207.

About Pacific Coast Capital Partners, LLC
Pacific Coast Capital Partners, LLC, (PCCP) is one of the premier providers of opportunistic debt and equity capital for real estate in the western United States. With offices in El Segundo, San Francisco and Sacramento, California as well as Portland, Oregon, PCCP is known for its ability to quote fast and close fast. From ground up development to high leverage senior secured financing for existing buildings, PCCP provides capital to the entire spectrum of real estate projects and capital structures. PCCP has purchased more than $500 million of value-added properties in Phoenix and has invested more than $4.2 billion in California and continues to seek value-added investment opportunities with proven operators seeking creative, fast and reliable capital. Visit Pacific Coast Capital Partners online at www.pccpllc.com.

About Empire Commercial Development
Empire Commercial Development, a Scottsdale-based full-service real estate development group that was founded in the 1998 by Richard Felker and Geoff Jacobs, has developed over a dozen retail projects since inception. Empire Commercial Development is currently in the process of developing three other retail projects within a five-mile radius of the proposed Avondale Town Center. The company has achieved strong pre-leasing on all projects and is underway with construction on two of them. Geoff Jacobs, principal, heads Empire Commercial Development and has overseen its projects in the area and will oversee the Avondale Town Center’s development as well. Empire Commercial Development is an affiliate of The Empire.