Excel Legacy Announces the Sale of Several Properties.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Sept. 21, 2000

Excel Legacy Corp. (AMEX:XLG), Excel Legacy Corp. (Legacy) Thursday announced the sale of 235 acres in its industrial park known as International Corporate Park located seven miles east of the Orlando International Airport in Orange County, Florida.

The sale price was approximately $3.3 million, which equates to approximately $14,000 per acre. The land is part of a 2,672 acre parcel purchased earlier this year for $18.6 million, or $6,961 per acre. The remaining property, bordering the high traffic Beeline Expressway, is currently zoned for industrial-office development and has much of the onsite improvements in place.

"This sale demonstrates that there is significant value in the remaining parcel, which contains substantial site improvements and better accessibility from the Beeline Expressway," said Susan Wilson, senior vice president of Excel Legacy.

Legacy also announced its REIT affiliate, Price Enterprises Inc., (Price), has completed the sale of two office buildings in Sacramento, Calif., totaling 138,575 square feet for $22.1 million, and the sale of a 120,615 square foot retail center in Azusa, Calif. for $4.2 million. Price is also in escrow to sell two additional shopping centers for approximately $22 million.

Gary B. Sabin, president & CEO, commented, "These sales are consistent with our strategy of enhancing Price Enterprises' cash flow and overall portfolio quality by selectively repositioning its properties."

In addition, Legacy announced that Price has purchased approximately 2.5 acres of land along Interstate 5 in San Diego, Calif. for a sale price of $4.2 million, for the purpose of constructing a 150,000 square foot self-storage facility. Price Self-Storage presently owns and operates four self-storage facilities in Southern California totaling approximately 700,000 square feet.

Excel Legacy Corp. is a real estate company which acquires, sells, develops, manages, invests, finances and operates real property and related businesses. The company performs within three business units: Commercial Property Unit, which manages company held properties. In this unit the company has Price Enterprises Inc., a REIT; Business Investment Unit through which the company pursues public and private operating real estate and real estate-related companies and/or their securities; and Development Unit where the company develops signature projects that have unique locations, original concepts and significant competitive entry barriers.

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates; financing risks; property management risks; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Certain Cautionary Statements" in the company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 1999, which discuss these and other factors that could adversely affect the company's results.