Visalia Auto Plaza Associates LLC, Sells Auto Mall to Valley Investor Group

VISALIA, Calif.--Aug. 1, 2006--Bob Dowds, project manager for Visalia Auto Plaza Associates LLC, announced today that the remaining acreage for Visalia Auto Plaza, located on the northwest corner of Plaza Drive and Highway 198, has been sold to Matt and Barbara Bruno and sons Tony and Mathew, from Modesto, California, effective July 24, 2006. The new owners using existing plans in place will complete development of the remaining 54 acres of Visalia Auto Plaza.

Visalia Auto Plaza, a state-of-the-art regional automotive and service center is the logical answer for local and out-of-market auto dealers looking for a more regional Central Valley location, closer to Highway 99. Earlier in July, Visalia Auto Plaza welcomed its first auto dealer, Surroz Dodge/Chrysler/Jeep.

"Visalia Auto Plaza will provide increased sales tax revenue to support the city's general fund. Additionally, Bruno's purchase of Visalia Auto Plaza will breathe new life into the development, as his investment intends to attract new dealers into the Visalia market," stated Bob Dowds, project manager for Visalia Auto Plaza LLC.

Real estate brokerage services were performed by Niniv Tamimi, Tamimi Real Estate, Modesto, California. "This is a strategic acquisition for the Bruno's in that they have already acquired approximately 31 acres immediately to the east of Visalia Auto Plaza, located on both sides of Plaza Drive, and are in the final planning stages for the ultimate development of their Plaza Business Park," according to Mr. Tamimi, broker for the property. "We will continue the marketing of Visalia Auto Plaza and will be announcing the future opening of new dealerships in the coming months." For further information regarding this transaction and the future marketing plans for the Visalia Auto Plaza, please contact Niniv Tamimi at 209-578-5650.