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Falcon Enters into Joint Venture with Developer for Office/Retail Project

Falcon Real Estate has entered into a joint venture agreement with Transcan Development, LLC for the development of the Winchester Commercial Center. Located in Temecula, California, the 74,166 square foot center will consist of six, free-standing office buildings totaling 45,750 square feet and two multi-tenant retail buildings totaling 28,416 square feet. Falcon’s partner, Transcan Development, LLC, is an experienced real estate developer with several retail/office projects totaling more than 3.7 million square feet currently underway.

Temecula is a rapidly growing community that is located approximately 40 minutes north of San Diego. Retail and office development in Temecula is required to meet the needs of the community’s rapidly expanding residential base.
Falcon provided $7.7 million of equity to fund the development of the Winchester Commercial Center. All six office buildings in the center have been pre-sold and the two retail buildings are about 30% pre-leased. Construction on the project will commence during the first quarter 2007 with a projected completion date of December 2008. United Commercial Bank has provided a $17.6 million construction loan to finance the development. The total development costs of Winchester Commercial Center are expected to reach about $25.3 million.

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Announcements
March 2007