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CROCKER REALTY INVESTORS ANNOUNCES AGREEMENT TO ACQUIRE FOUNTAIN SQUARE

 BOCA RATON, Fla., July 16 /PRNewswire/ -- Crocker Realty Investors, Inc. (NASDAQ: CRKR) has entered into an agreement to acquire Fountain Square, a 150,000-square-foot, two-building class A office complex in western Boca Raton. The owner is Chicago-based Boca Raton Partners Ltd. The purchase price was $10.8 million and the acquisition is subject to certain contingencies.
 Approximately 50 percent leased, Fountain Square, at 2600 N. Military Trail just north of the Glades Road interchange of I-95, hosts tenants including IDS/American Express, Hiram Walker and The Gap.
 The proposed acquisition will be the second for Crocker Realty Investors, a recently organized real estate investment trust. The company closed June 25, 1993 on the acquisition of Arvida Financial Plaza, an 80,000-square-foot office building also in western Boca Raton.
 "We're bullish on the opportunities available in this market and actively interested in several properties," said Richard S. Ackerman, president of Crocker Realty Investors. "Our targets are top-quality, undervalued properties we can reposition to appreciate and generate significant cash flow."
 Crocker Realty also will consider investments in joint ventures, partnerships, other REITS or real estate companies.
 -0- 7/16/93
 /CONTACT: Suzy Turpel of Smith & Knibbs, 407-833-2723, for Crocker Realty Investors, Inc./
 (CRKR)


CO: Crocker Realty Investors, Inc.; Boca Raton Partners Ltd. ST: Florida, Illinois IN: SU: TNM

RC-AW -- FL010 -- 2603 07/16/93 15:57 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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