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CDK Realty Advisors Joins RED Development in Joint-Venture 03/29/2006

CDK Realty Advisors, on behalf of one of its institutional clients, has entered into a joint venture with RED Development to develop a Destination Development in Sparks, Nevada – suburb of Reno-Lake Tahoe. Destination Developments combine retail, one-of-a-kind entertainment attractions, interactive activities, learning opportunities and exciting dining opportunities that target visitors from a wide geographic area. This is the second joint venture between CDK and RED on a Destination Development. The Legends at Village West in Kansas City, Kansas opened in 2006 and has a confirmed trade area in excess of 300 miles.

The Sparks project, Legends at Sparks Marina, will include a 1,000-room casino hotel, resort and spa. At full build-out, the 12 acre resort project will include restaurant venues, casino, high-end spa, private beach and swimming pool, convention and meeting facilities, and lakefront amphitheatre. The casino adds to the uniqueness of the 800,000 square foot outdoor shopping and entertainment destination development.

The retail portion of the project will feature a one of a kind tenant mix including a 235,000 sq. ft. Scheels All Sports, Saddle Ranch Chop House, T-Rex - A Prehistoric Family Dining Adventure, Dave & Busters, Brooks Brothers, Cantina Corona, Freedom Roads and Camping World, Off Broadway Shoe Warehouse, and Pin-up Bowl – all firsts to the market.

Construction is scheduled to begin in the Spring of 2007 with the first phases of opening mid-year 2008.