BentleyForbes Acquires Budget Group Facility Near Dallas for Approximately $10 Million in Sale-Leaseback

    LOS ANGELES--March 12, 2001--BentleyForbes today announced that it has acquired a modern office and call center facility near Dallas from Budget Group Inc. , one of the world's leading vehicle rental companies, in a sale-leaseback transaction valued at approximately $10 million.
    The property consists of 69,300 square feet and is a two-story office building with 259 tenant parking spaces located at 3550 Boyington Drive in the prestigious Far North Dallas office area. Easy access to the Addison Airport and the North Dallas Tollway are provided via the Addison Toll Tunnel.
    Simultaneous with the sale closing, BentleyForbes leased back the property to Budget Group on a triple net, 15-year lease with renewal options. John Robinson and Mike Gosslee of Cushman & Wakefield in Addison, Texas brokered the transaction, while the Morgan Stanley Dean Witter office in Plano, Texas provided financing.
    Budget Group, with headquarters in Daytona Beach, Fla., is one of the world's leading vehicle rental companies with 2000 revenues of $2.6 billion, and with subsidiary companies that have some of the largest and most recognized brand names in the world, namely Budget Rent a Car, one of the top three car and truck rental systems with a global presence of more than 3,200 locations in more than 120 countries and territories; and Ryder TRS, the nation's second-largest consumer truck rental company with a network of more than 3,200 dealer locations.
    Budget Group, originally named Team Rental Group Inc. and traded on Nasdaq, was Budget Rent a Car Corp.'s largest U.S. licensee. It was renamed Budget Group Inc. in 1997 when it moved to the NYSE and acquired Budget Rent a Car Corp. from Ford Motor Co. In 1998, Budget Group acquired Ryder TRS Inc.
    Los Angeles-based BentleyForbes, one of the nation's fastest-growing commercial real estate investment firms, specializing in sale-leaseback of single-tenant, income-producing properties, has earned a reputation for helping companies convert real estate assets into cash for more productive use. Its current portfolio includes office buildings, industrial parks, warehouses and shopping centers valued at more than $700 million.
    Among BentleyForbes' acquisitions during 2000 were the corporate headquarters buildings of Medical Mutual of Ohio in Cleveland; Thomson Multimedia in Indianapolis; and G.H. Bass & Co., a wholly owned subsidiary of Phillips-Van Heusen Corp. in Maine.
    The firm's portfolio also includes the industrial office, warehouse and manufacturing properties of Sunrise Medical Inc. in California and Wisconsin, and Mitsuwa Plaza, a waterfront shopping center in New Jersey.

    Note to Editors: Photos in jpeg format are available upon request.