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CROCKER REALTY INVESTORS, INC. ACQUIRES ARVIDA FINANCIAL PLAZA

 BOCA RATON, Fla., April 19 /PRNewswire/ -- Crocker Realty Investors, Inc. (NASDAQ: CRKR) has entered into an agreement to acquire Arvida Financial Plaza, an 80,000-square-foot office building in Boca Raton, for $4.75 million. Built in 1980 as the first Class A office building in west Boca Raton, Arvida Financial Plaza is currently 41 percent leased. The building tenant roster includes AmTrust Bank and Coral Gables Federal.
 The purchase represents the first acquisition of Crocker Realty Investors, Inc., a recently organized real estate investment trust. "We believe Arvida Financial Plaza is a greatly undervalued property with significant upside potential and an excellent opportunity for our company," said Thomas J. Crocker, president of Crocker Realty. "Knowing the market as we do, we're confident we can make the building competitive, bring it to full occupancy and significantly improve its cash flow."
 Crocker Realty plans to acquire equity interests in office buildings, retail facilities or mixed-use facilities, primarily in South Florida, and will also consider investments in joint ventures, partnerships, other REITS or real estate companies. The goal is to invest in underperforming properties which will generate current cash flow and have the potential for long-term capital appreciation.
 The common stock and warrants of Crocker Realty Investors, Inc. trade on NASDAQ, under the symbols CRKR and CRKRW, respectively. Copies of the prospectus are available from GKN Securities Corp. in New York and Boca Raton.
 -0- 4/19/93
 /CONTACT: Suzy Turpel of Smith & Knibbs, Inc., 305-428-4477, for Crocker Realty Investors/
 (CRKR)


CO: Crocker Realty Investors, Inc. ST: Florida IN: SU: TNM

CM -- FL006 -- 7274 04/19/93 10:23 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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