Amterre Property Group and Donaldson & Company to Develop Village of Fox Run in Greeley, Colorado.

Business Editors

BOULDER & FORT COLLINS, Colo.--(BUSINESS WIRE)--Dec. 2, 2003

Amterre Property Group LLC of Boulder and Donaldson & Company of Fort Collins, today jointly announced the signing of an agreement to develop the mixed-use Village of Fox Run in Greeley, Colorado. The 33-acre site, at 20th Street and 59th Avenue, will encompass a 300,000 square foot shopping center and office space. The project is adjacent to a 130-acre site acquired by Donaldson for a master planned community, including single and multi-family housing and open space trails, now in development.

"The shopping center, which will be developed and managed by Amterre, will house large and small retail stores, offices and restaurants. Free-standing sites at the center have been pre-sold to Eckerd Drugs and Advantage Bank. The first phase of the center is expected to open in the Fall of 2004," Michael Kranzdorf, president of Amterre explained.

"Donaldson and Company has shown great vision and a dedication to building a quality community at this ideal location in Greeley's high growth western region, next to the new Weld County Public Library and 80-acre Greeley Youth Sports Center, and within a mile of Aims Community College and the Northern Colorado Surgery Center. We are proud to be partners with them in developing the commercial portion of this project," Norman Kranzdorf, Chairman of Amterre, added.

"The Fox Run housing development has gotten an enthusiastic reception and we look forward to working with Amterre in the development of a dynamic office and shopping complex that will attract consumers and companies from a broad geographic area," Michael Donaldson, president of Donaldson & Company, commented. "The management of Amterre has more than 40 years of experience operating community and neighborhood shopping centers," he added.

Greeley, 50 miles north of Denver, is the county seat of Weld County, one of the fastest growing counties in Colorado and home to such well-known employers as Swift, Eastman Kodak, RR Donnelley & Sons, State Farm Insurance, University of Northern Colorado and Northern Colorado Medical center.

Amterre Property Group LLC is a commercial property development and management company headquartered in Boulder, Colorado, recently founded by real estate veterans Michael and Norman Kranzdorf. The Kranzdorfs have extensive experience in real estate acquisition, development, redevelopment and management throughout the United States. Norman Kranzdorf was a co-founder, president and CEO of Kranzco Realty Trust, a New York Stock Exchange-listed real estate investment trust and predecessor to Kramont Realty Trust (NYSE:KRT), where he served as chairman of the board until 2003, when he left the company to form Amterre Property Group. Previously, Mr. Kranzdorf was president of Amterre Development Inc, a publicly traded property company that owned 150 properties throughout the United States, including 12 regional malls and 38 community shopping centers. Michael Kranzdorf was Vice President and Director of Research and Information Systems at Kranzco Realty Trust. Michael is a graduate of the University of Colorado and holds a Masters degree in Engineering.

Donaldson & Company is a diversified land holding and development company. Working throughout Colorado, the company provides real estate brokerage, analysis, consulting, and development services.