Released on: January 16, 2008, 7:12 pm

Press Release Author: Anne Monaghan / Monaghan Communications

Industry: Real Estate

Press Release Summary: Highland Development Company sold two newly built,
single-tenant leased buildings currently occupied by Carl's Jr. and soon to be
occupied by AutoZone at its new 84,500-square-foot mixed-use retail/office project
located at the southwest corner of Panama Lane and Wible Road in Bakersfield, Calif.
The purchase price for both assets was approximately $3.46 million, representing a
5.34% cap rate.

Press Release Body: PASADENA, CA - Highland Development Company, a dynamic retail
and retail-driven mixed-use development company, announced that Bolthouse
Properties, LLC has purchased two newly built, single-tenant leased buildings
currently occupied by Carl's Jr. and soon to be occupied by AutoZone at its new
84,500-square-foot mixed-use retail/office project located at the southwest corner
of Panama Lane and Wible Road in Bakersfield, Calif. The purchase price for both
assets was approximately $3.46 million, representing a 5.34 percent cap rate.

The Carl's Jr. leased investment is a 2,593-square-foot single-tenant NNN Carl's Jr.
with a drive-thru located at 3501 Panama Lane. Situated on 0.80 acres, Carl's Jr.
has a new 20-year lease with five-year increases tied to Consumer Price Index (CPI)
but not to exceed 10 percent. The lessee, Carl Karcher Enterprise, Inc., opened on
December 28, 2007.

The AutoZone leased investment is a 7,386-square-foot single-tenant NNN AutoZone
located at 3325 Panama Lane. Situated on 0.725 acres, AutoZone has a new 15-year
lease with 10 percent increases every five years. AutoZone will open in February
2008.

According to Vincent M. Roche, senior vice president with CB Richard Ellis of
Bakersfield, the agent that represented Highland Development in the sale
transaction, the acquisition offers the buyer stable income with improving future
cash-on-cash returns with fixed rental increases over the long-term NNN leases. The
buyer, Bolthouse Properties, LLC, was represented by Grubb & Ellis/ASU & Associates
of Bakersfield in the sale transaction.

"Highland Developments' new retail/office center, which is anchored by an existing
Walgreens, will consist of a total of five new retail buildings upon completion at
the end of February including nearly 40,000 square feet of proposed restaurant and
shop space," added Roche. "We currently have 1,200-3,000 square feet of inline and
pad space available for lease and a 9,980-square-foot pad building anchored by Wells
Fargo and T-Mobile available for sale."

Located in what is known as the Panama Lane Retail Corridor in the southwest part of
Bakersfield, Highland Development's new retail/office center is situated one block
west of Highway 99 and less than one mile from the 75-acre Bakersfield Auto Mall.
Neighboring tenants include Costco, Lowe's, Rite Aid, Albertsons, fast-food
restaurants and a proposed Wal-mart Supercenter and Office Depot.

"This is a great location in an underserved market for both retail and office," says
Highland's Director of Development Michael J. Singelyn. "It offers convenient
access, great demographics and impressive traffic counts, high profile visibility
and retail synergy along the Panama Lane Corridor, with more residents continuing to
move into the trade area. We are very excited about this project and have received a
great response from the retail and office communities."

More than 118,417 people live within three miles of the project, with a median
household income of $44,109. Over 217,670 people reside within a five-mile trade
area, with a median household income of $42,991. An average of nearly 45,000 cars
pass by on a daily basis and more than 7,000 new homes are in development within the
trade area of the project.

CBRE in Bakersfield is handling the marketing, leasing and sales of both the retail
and office components. Vincent M. Roche is handling the sale of retail property.
Office leasing and sales will be handled by Patrick Thompson. CBRE's Alex Bendlin
and Amanda Wolff are the leasing agents for the retail component. KKE Architects of
Pasadena, Calif. is the project's designer.

About Highland Development Company
Highland Development Company is a developer of retail and retail-driven mixed-use
projects throughout the Western United States. The company's development strategy
includes both ground-up shopping center development and acquisition of existing
properties with value-add and/or parcelization opportunities. As a subsidiary of The
Marcus & Millichap Company (TMMC), Highland can expand its project types by
partnering with TMMC subsidiaries SummerHill Homes and Urban Housing Group for the
development of mixed-use projects incorporating single-family residents and
apartment homes. Currently, Highland has more than one million square feet in
various stages of development or redevelopment in California and Arizona. For more
information, visit www.highlanddevco.com or call Michael Singelyn, Senior Director
of Development at (626) 696-2004.

# # #


For leasing/sales information, please contact:

Vincent M. Roche
Senior Vice President
CB Richard Ellis
5060 California Avenue, Suite 1000
Bakersfield, CA 93309
T 661.633.3817
F 661.633.3801
vincent.roche@cbre.com




Web Site: http://www.highlanddevco.com

Contact Details: Michael J. Singelyn
Senior Director of Development
Highland Development Company
80 South Lake Avenue, Suite 615
Pasadena, Ca 91101
T 626.696.2004
F 626.696.2001
msingelyn@highlanddevco.com
www.highlanddevco.com