Bay Area Smart Growth Fund and Marin City Community Land Corporation Purchase Gateway Retail Center in the Heart of Marin City

Business Wire, August 8, 2003

Business Editors

MARIN CITY, Calif.--(BUSINESS WIRE)--Aug. 8, 2003

Today, the Bay Area Smart Growth Fund, in partnership with the Marin City Community Land Corporation, a nonprofit organization, announced the purchase of the Gateway Retail Center in the heart of Marin City. The partnering organizations bought the retail center from the Burnham Pacific Liquidating Trust.

The Gateway Retail Center is currently a home for Best Buy, Ross 'Dress For Less,' Longs and Linen n' Things, among others. The partnership will manage the Retail Center in line with the principals of Smart Growth and is currently working on plans.

The Bay Area Smart Growth Fund is sponsored by the Bay Area Council and managed by Pacific Coast Capital Partners. The Smart Growth Fund's goal is to finance development that will produce "double" bottom line results -- to promote economic prosperity, social equity, and environmental quality while generating market rates of financial return for the Fund investors. The Smart Growth Fund invests in retail, office, commercial, industrial, multi-family and select single-family housing opportunities that may make a measurable impact on the economic and social revitalization of neighborhoods in the 46 targeted communities in the San Francisco Bay Area.

The Bay Area Smart Growth Fund is part of the Bay Area Family of Funds, which has currently raised more than $150 million for investments. The Family of Funds includes the California Environmental Redevelopment Fund, and the Community Equity Fund, and is a regional effort to attract private investment into low and moderate-income neighborhoods to promote smart growth, address poverty, support local businesses, and clean up contaminated sites with market-based solutions.

About the Bay Area Council:

Founded in 1945, the Bay Area Council develops and drives regional public policy initiatives and researches critical infrastructure issues. Led by CEOs, the Bay Area Council presents a strong, united voice for more than 275 major employers throughout the Bay Area promoting economic prosperity and quality of life. The Bay Area Council serves as a sponsor of the Bay Area Smart Growth Fund, the California Environmental Redevelopment Fund, and the Community Equity Fund.

About Pacific Coast Capital Partners, LLC:

Pacific Coast Capital Partners, LLC provides investment capital for value-added real estate. Pacific Coast Capital Partners offers equity, mezzanine and senior debt through offices in San Francisco and Los Angeles.