FOR IMMEDIATE RELEASE

CONTACT:
Sheryl L. Cautero
Office Administrator
Reichel Realty & Investments, Inc.
4524 Gun Club Road, Suite 212
West Palm Beach, Florida 33415
(561) 478-4440, Fax (561) 478-4442
scautero@reichelrealty.com
www.reichelrealty.com

Reichel Realty successfully completes Sale of 8.795 Acres Riviera Beach, Florida

WEST PALM BEACH, FL - June 16, 2003 - Reichel Realty is pleased to announce the sale of 8,795 Acres on Congress Avenue, just north of Blue Heron Boulevard in Riviera Beach, Florida. The project was purchased by Cornerstone Group for $985,144 The project is being assembled with an additional 25 Acres, and is approved for 490 Rental Units.

Richard S. Kaufman, CCIM, Sr. Vice President successfully handled the transaction. Reichel Realty & Investments, Inc., represented the Seller, P-4 Partners, Ltd., of Palm Beach Gardens, Florida.

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