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LINCOLN N.C. REALTY FUND: WRIGLEY CREEK ENVIRONMENTAL REPORT

 PALO ALTO, Calif., Feb. 3 /PRNewswire/ -- Lincoln N.C. Realty Fund Inc. (AMEX: LRF) announced that the company's independent environmental consultant PES Environmental Inc. had completed its soil and groundwater investigation at the company's Wrigley Creek Industrial Park Property and had issued its final report dated Feb. 1, 1993, summarizing the results in which PES concluded that, based on the results of the soil and groundwater investigations performed by both PES and the environmental consultant retained by the prospective buyer of the Wrigley Creek Industrial Park Property, "it appears that there are no significant environmental impacts on the Wrigley Creek Industrial Park Property at this time." PES reported that two rounds of monitoring well tests performed by PES did not detect any contaminants in the groundwater. PES also reported that its trenching found only construction debris in the soil, including small pieces of asphalt. PES' soil sampling revealed scattered low levels of heavy-fraction petroleum in the soil, similar to the results obtained during environmental investigations performed for the prospective buyer of the Wrigley Creek Industrial Park Property, although at lower levels. PES attributed the heavy-fraction petroleum in the soil to the presence of the asphalt and stated that the presence of such asphalt "is not considered significant."
 The environmental condition of the Wrigley Creek Industrial Park Property had been one of the outstanding issues that prevented the company and the prospective buyer of that property from closing on the sale thereof pursuant to the purchase and sale agreement dated July 14, 1992, as amended by Dec. 31, 1992, and as a result, the company and the prospective buyer now are out of contract. The company believes that the results of the environmental investigation and the approval by the company's stockholders of the proposals voted on at the special meeting of stockholders held on Dec. 30, 1992, may improve the company's ability to negotiate the necessary amendment to the agreement pursuant to which the company would complete the sale of the Wrigley Creek Industrial Park Property. However, there can be no assurance that the company will be successful in negotiating any such amendment or that the closing of the sale of the Wrigley Creek Industrial Park Property will occur.
 The company is a real estate investment trust. Its securities are listed on the American and Pacific Stock Exchanges. The company's principal executive offices are located at 645 High St., Palo Alto, CA 94301, and its telephone number is 415-329-8867.
 -0- 2/3/93
 /CONTACT: William F. Garlock of Lincoln N.C. Realty Fund, 415-329-8867/
 (LRF)


CO: Lincoln N.C. Realty Fund Inc.; PES Environmental Inc. ST: California IN: SU:

GT-SG -- SJ001 -- 2212 02/03/93 08:02 EST
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Date:Feb 3, 1993
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