INSERTING and REPLACING Turnberry-Schiff Properties Announces Sale of $119 Million Portfolio Consisting of Six Shopping Centers

MIAMI--()--Nov. 16, 2004--Inserting specific purchase details on properties involved.

The corrected release reads:

TURNBERRY-SCHIFF PROPERTIES ANNOUNCES SALE OF $119 MILLION PORTFOLIO CONSISTING OF SIX SHOPPING CENTERS

Turnberry-Schiff Properties, a joint venture between Turnberry Associates and Schiff Properties announced the sale of the final two shopping centers in a six-property purchase, completing the disposition of an 835,000 square foot portfolio.

The portfolio consisted of six shopping centers, located in Miami-Dade County, Tampa, Jupiter and Stuart. The properties were purchased for $73 million in September 2002 and were sold in four separate transactions for a total in excess of $119 million.

The six neighborhood shopping centers included:

- South Dade Shopping Center in Miami, totaling 212,000 square feet purchased by Woolbright Development Inc for $23,900,000.

- Miller Square in Miami, totaling 182,000 square feet purchased by Principal Real Estate Investors for $35,000,000.

- Concourse Village in Jupiter, totaling 133,000 square feet and Wedgewood Commons in Stuart, totaling 153,500 square feet purchased by The Morris Companies for $40,250,000

- Shoppes at Carrollwood in Tampa, totaling 106,000 square feet and Colonial Square in Tampa, totaling 48,000 square feet purchased by Ideal Management for $20,250,000.

"My company has worked with Turnberry on a number of successful transactions over the years, and this one is no exception," said Steven Schiff. "The disposition of the portfolio happened much quicker than originally anticipated due to favorable market conditions and the fact that anchored shopping centers are the favored asset class today."

"The exponential growth of real estate values throughout Florida has certainly included commercial real estate," said Drew Barkett, Director of Development and Real Estate for Turnberry Associates. "These six centers have excellent tenants and are very well maintained, making them an excellent investment."

About Turnberry Associates

Founded more than 35 years ago by Donald Soffer, Turnberry Associates is one of the country's leading full-service real estate development and property management firms. The company has to its credit the development of more than $5 billion in commercial and residential property. For more information, visit their website at http://www.turnberry.com.

About Schiff Properties

Schiff Properties is a 40 year old Miami-Dade based real estate development and property management company that has built over 1,000 for-sale residential units and numerous multi-family and commercial developments.

Contacts

Kreps/DeMaria, Coral Gables, Fla.
Israel Kreps/Catie Woods, 305-663-3543
ikreps@krepspr.com
cwoods@krepspr.com

Contacts

Kreps/DeMaria, Coral Gables, Fla.
Israel Kreps/Catie Woods, 305-663-3543
ikreps@krepspr.com
cwoods@krepspr.com