CB Richard Ellis Investors LLC Unveils $500 Million Investment Program for Net-Leased Properties and ``Disownership'' Transactions.

LOS ANGELES--(BUSINESS WIRE)--Oct. 14, 1999--

CB Richard Ellis Investors LLC, the $8 billion investment management arm of CB Richard Ellis (NYSE:CBG), Thursday announced an investment program that plans to acquire $500 million in property over the next 12 months.

In the fund's first transaction, Corporate Partners acquired five stores and a distribution center of Galyan's Trading Co., a fast- growing sporting goods and recreation retailing subsidiary of Columbus, Ohio-based The Limited Inc. (NYSE:LTD), according to Corporate Partners' Executive Managing Director Scott Tracy. Terms were undisclosed.

The transaction involving The Limited was related to its sale of a majority ownership interest in Galyan's Trading Co. to investment firm Freeman Spogli & Co.

"Retailers and other corporations are seeking strategic alternatives that let them maintain control of their real estate while freeing up capital that's better utilized in the core business," said Tracy. "Corporate Partners structures and provides capital for these 'disownership' strategies, including net-leased/sale-leasebacks and other off-balance sheet tools."

To accommodate the Freeman Spogli/Limited transaction, Corporate Partners closed the sale-leaseback portion in 18 days, according to Tracy. The properties are located in the Atlanta; Chicago; Indianapolis; Kansas City; Minneapolis; and Washington, D.C., metropolitan areas.

CB Richard Ellis Corporate Partners was formed in January 1999 to provide corporations with strategic and financial "disownership" solutions, said Tracy. Corporate Partners acts as principal in the acquisition and re-sale of "credit" and "noncredit" net-leased properties and portfolios.

CB Richard Ellis Investors, through its Corporate Partners and other investment programs, has closed more than $300 million in single-tenant, net-leased investment transactions in the past 60 days alone, according to Robert H. Zerbst, president of the firm.

Gene Wright and Skip Martin of CB Richard Ellis' Retail Strategic Services in Chicago introduced the Limited to Corporate Partners. Other CB Richard Ellis professionals involved in the transaction included Howard Sands, who led the transaction negotiations that included a long-term bondable lease from Galyan's and financing from a GMAC affiliate; Juan Duenas, providing analytical support; and several teams that provided market information for underwriting, Tracy added.

CB Richard Ellis Investors LLC is a wholly owned subsidiary of CB Richard Ellis, the world's leading real estate services company. CB Richard Ellis Investors is based in Los Angeles, and provides real estate investment services to a broad range of institutional clients representing more than $8 billion in assets.

CB Richard Ellis is the world's leading real estate services company. With headquarters in Los Angeles and 10,000 employees worldwide, the company serves real estate owners, investors and occupiers through nearly 250 principal offices in 35 countries.

Services include property sales and leasing, property management, corporate services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research, and consulting. CB Richard Ellis had 1998 revenues of more than $1 billion. For more information about CB Richard Ellis, visit the company's Web site at www.cbrichardellis.com.