Broe Real Estate Forms Joint Venture with GMAC Institutional Advisors to Acquire Irvine Corporate Center, Orange County, CA; 10 Minutes from John Wayne Airport; Major Capital Improvements Now Completed; More Are Underway.

DENVER -- Broe Real Estate:

--Building Ideal for Users with Space Requirements of 15,000 to 30,000 Square Feet

--New Ownership Committed to Providing the Fastest Response Time in the Market to Tenant Lease Proposals

--Immediate Broker Payment Upon New Lease Signing

Broe Real Estate has announced the purchase of the 127,000-square-foot Irvine Corporate Center, located at 1821 East Dyer Road, Santa Ana, Orange County, CA 92705. The property was acquired in joint venture with a GMAC Institutional Advisors affiliate.

Just 10 minutes from John Wayne Airport, this two-story suburban office building houses several anchor tenants, including: the corporate headquarters of Westcliff Medical Laboratories, Fidelity National Title, and Newport Corporation. Arden Realty (NYSE:ARI) was the seller. The broker was Jon Nesbitt of Grubb & Ellis.

Broe Real Estate's Southern California team of John Packer and Jason Sisk led the effort. According to the Broe/GMAC Institutional Advisors joint venture team, significant capital improvements to the building will begin in the very near future. The building features outstanding leasing flexibility and is ideal for businesses requiring 15,000 to 30,000 square feet of space. In addition, the building's proximity to Tustin Legacy, a 1,600-acre redevelopment of the Marine Corps Air Station, is predicted to result in many diverse industries and businesses locating to the area, combined with a host of new amenities.

Broe Real Estate immediately embarked on a highly aggressive leasing program, instituting Broe's trademark leasing broker payment program whereby brokers are paid immediately upon a lease execution. In addition, Broe Real Estate has committed to providing very quick responses to all prospective tenant proposals.

Presently active in real estate markets nationwide, the purchase of Irvine Corporate Center signals that Broe's aggressive acquisition program is already underway in Orange County and the greater Southern California region as a whole. "Over the next 12 months, Broe Real Estate is seeking to close approximately $100 million in acquisitions throughout Southern California," stated Mr. Packer. "Broe is currently under contract on another Southern California office property and is actively evaluating several others." John Packer is the Broe Real Estate Regional Partner for California and can be reached at [e-mail]; [phone].

About Broe Real Estate: Broe Real Estate, an affiliate of the Denver, Colorado-based The Broe Companies, is an international real estate firm that owns and operates commercial, industrial, and residential properties, including retirement communities. Broe Real Estate often integrates its efforts with Broe affiliate companies involved in land, energy, and transportation -- including railroads and ports.

About The Broe Companies: Founded in 1972, The Broe Companies is an international investment, acquisition, and operational enterprise headquartered in Denver, Colorado. The company is involved in an expanding and diverse array of businesses and industries, including: Transportation, featuring OmniTRAX, the largest private rail and rail-related operation in North America; Strategic Capital, including McKinley Medical, a global supplier of innovative drug-infusion systems; Real Estate, incorporating the ownership and operation of premier office, industrial, and multi-family properties throughout North America; Aspen Retirement Communities, which owns and operates independent and assisted-living communities across the United States, with eight communities and nearly 1,400 units; and Energy, including Century Coal and Great Western Oil and Gas Company.

Broe seeks to engage with qualified business people to discuss possible acquisition of, investment in, or operational affiliation with a company or other assets. Visit us on the web at www.broe.com.

GMAC Institutional Advisors has approximately $14.8 billion (as of June 2005) in real estate and mortgage-related investments under management and supervision for pension funds, financial companies, endowments, foundations, offshore investors and high-net-worth clients. A subsidiary of GMAC Commercial Mortgage, the firm invests in equity real estate, commercial mortgages, CMBS, mezzanine debt, B-notes, residential ABS and non-performing loans. Visit us on the web at www.gmacadvisors.com.