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CROCKER REALTY INVESTORS CLOSES ON PURCHASE OF ARVIDA FINANCIAL PLAZA; ANNOUNCES TWO LEASES, RENOVATION PLANS

 BOCA RATON, Fla., June 29 /PRNewswire/ -- Crocker Realty Investors, Inc. (NASDAQ: CRKR) today closed on its initial acquisition, purchasing Arvida Financial Plaza, the 80,000-square-foot office building on Glades Road just south of Town Center Mall, for $4.75 million. Along with the closing, the company announced two leases at the class A building, to be renamed Crocker Financial Plaza, and major renovation plans.
 The full-service brokerage Kidder Peabody & Co. has leased 2,740 square feet to enter the Boca Raton market, and Joseph Charles & Co., Inc., also a brokerage, has expanded to 8,300 square feet at Crocker Financial Plaza. The leases bring occupancy to more than 54 percent, with lead tenants including AmTrust Bank and Coral Gables Federal.
 Built in 1980 as the first Class A office building in western Boca Raton, the building will be "completely renovated to market standards and the quality associated with Crocker-developed properties," said Crocker Realty Investors President Richard S. Ackerman. The Washington, D.C.-based architecture firm Cooper Carry & Associates is planning the renovation.
 "Arvida Financial Plaza exemplifies the type of quality assets we're seeking for Crocker Realty Investors' portfolio," Ackerman said. "Our goal is to invest in underperforming properties well-positioned to appreciate and generate significant cash flow. We hope to announce another major acquisition in the near future."
 The common stock and warrants of Crocker Realty Investors, Inc. trade on NASDAQ, under the symbols CRKR and CRKRW, respectively.
 -0- 6/29/93
 /CONTACT: Suzy Turpel of Smith & Knibbs, Inc., 305-428-4477, for Crocker Realty Investors, Inc./
 (CRKR)


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

AW-RC -- FL006 -- 6652 06/29/93 11:18 EDT
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Date:Jun 29, 1993
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