Former Centex Executive Rick Rosenberg Joins Cole Companies as Vice President of Real Estate...

Leading Real Estate Firm Expanding Land Development Investments

PHOENIX -- Cole Companies Founder and Chief Executive Officer, Christopher H. Cole, announced today that Rick Rosenberg has joined the firm as Vice President of Real Estate Investments. Mr. Rosenberg is responsible for sourcing,

"Major demographic trends are driving the need for unprecedented real estate development over the next few decades," said Chris Cole. "We want to be active in the wealth-building phase of land development in the growing southwestern United States." "Rick is a veteran in the industry with extensive experience in property selection, financing, infrastructure improvements and development," said Blair Koblenz, President of Cole Companies. "He is a tremendous addition to our seasoned real estate team."

Prior to joining Cole Companies, Rick served as Chief Financial Officer for the Arizona Division of Centex Homes, one of the nation's largest publicly owned homebuilding companies. While with Centex, Rick focused most of his efforts on the acquisition and financing of land purchases, valued in excess of $300 million, utilizing creative financial structures including joint ventures, land banking and other off-balance sheet arrangements. Prior to joining Centex, Rick served as Chief Financial Officer and Senior Vice President - Land Acquisitions for the Houston, Texas Division of K. Hovnanian Homes and Chief Financial Officer for MAXXAM Property Company, the real estate operating subsidiary of MAXXAM Inc. While with MAXXAM and Hovnanian, Rick was responsible for the acquisition, management and disposition of commercial properties valued in excess of $400 million and the structuring and financing of land development projects valued in excess of $200 million.

Cole Companies is a leading real estate investment management firm that is focused on the acquisition of quality commercial real estate. Primarily Cole is focused on freestanding, single-tenant properties leased to high-quality tenants in a variety of retail businesses as well as multi-tenant, office and industrial properties that compliment its overall investment strategies. Since 1979, Cole has formed and managed over 100 investment programs, owning and/or managing real estate with a combined acquisition and development cost in excess of $2 billion.