Cape Canaveral, FL (PRWEB) June 9, 2005
NNN Group, Inc., http://www.nnn.net, (ÂNNNÂ) and Frank Crivello, Managing Member, Eastern Coast Management, LLC (ÂECMÂ), 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: ÂWe 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 doesnÂt justify the time and effort the development of it will require.Â
ECM Executive Vice President Frank Orlando stated: ÂWe 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.Â
About NNN Group, Inc., http://www.nnn.net: NNN provides ECM with real estate management and advisory services.
About Eastern Coast Management, LLC,http://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, ECMÂs team has been involved in all faucets of real estate development, rehabilitation, and investments. In addition, ECMÂs 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, ECMÂs 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.
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