Contact:
Judith Brower/James MacGregor
Brower, Miller & Cole
(949) 509-6551
jbrower@browermillercole.com

TURNER DEVELOPMENT CORPORATION ANNOUNCES THE CLOSE OF TURNER OPPORTUNITY FUND I, L.P.

• Turner Opportunity Fund I, L.P. will focus on acquiring distressed commercial real estate assets in the Western Region

NEWPORT BEACH, Calif. (June 22, 2009) — Turner Development Corporation is pleased to announce the final closing of its Turner Opportunity Fund I, L.P. The fund will acquire distressed commercial real estate assets and pools of performing and non-performing loans, according to Rusty Turner, President of Turner Development Corporation, the fund’s manager. The targeted asset size is between $3 million and $30 million for properties located in California, Arizona and Nevada.

“The severe recession and the current liquidity crisis have put a great deal of stress on commercial real estate owners and lenders, creating an opportunity for well-capitalized, experienced real estate professionals to acquire assets at significant discounts,” said Turner. “Our firm will leverage its 30 year track record of liquidity, speed and assurance of close to acquire these distressed properties from financial institutions and private owners in the Western Region, since we have been through many cycles and have extensive experience in navigating this current real estate climate.”

“Despite the current economic conditions, our ability to raise capital is a direct result of our firm’s solid relationships and our successful track record of identifying opportunities, executing with precision and creating significant value for our investors,” added Turner.

For the past three decades, Newport Beach-based Turner Development Corporation has been known for staying ahead of the curve and finding strong development and acquisition opportunities for commercial and industrial product. The firm has acquired or developed more than 5.5 million square feet of buildings and completed more than 270 acres of land development throughout the Southern California area. The firm most recently completed Turner Riverwalk, a one million square-foot mixed-use master planned business park located in Riverside, Calif.