N3 real estate to put Capital to work in California through new venture

Southlake, Texas — January 27, 2011 - N3 Real Estate of Southlake is pointing part of its freshly raised capital from the Delton Fund and Net Lease Partners towards California's retail real estate market. N3 has announced a new venture with Los Angeles-based Cardiff Realty Holdings that is targeting retail development and acquisition deals in Southern California.

N3 will fund Cardiff as a co-developer to focus on the development of net lease retail transactions, thus offering national retailers a fast track expansion into a number of prime California markets. Triple net lease retail development has been the calling card of N3 since its inception in 2004. N3 has completed more than 200 projects for such powerhouse retailers as Starbucks, Chase, Family Dollar, and Logans Roadhouse. Cardiff Realty Holdings specializes in the development of neighborhood shopping centers and single tenant properties in premium markets throughout California. Cardiff Realty has also worked with Chase Bank, Rite Aid, Walgreens, Fresh & Easy, Whole Foods, and Super King Markets in developing single tenant properties in California.

"Cardiff Realty president Tom Davies is a seasoned real estate professional who has an intricate knowledge of the California markets," said Brenna Wadleigh, President, N3 Real Estate." Cardiff’s strong, established network combined with N3’s relationships offers these key retail players interested in California high confidence in their expansion plans. We will be working with them to bring these deals to fruition," Wadleigh added.

N3 Real Estate formed Net Lease Retail Partners, LP in 2010 with Rainier Capital in Dallas to raise $50 million of equity for retail real estate projects across the United States. N3 rolled out the $200 million Delton Fund at the first of the year to compliment the development capital from Net Lease Partners and increase N3's ability to execute larger transactions.

Wadleigh said they are especially interested in retail opportunities that fulfill the demand for daily consumer necessities such as groceries, convenience goods, pharmacy, auto service, banking and quick serve restaurants.

Direct contacts

Brenna Wadleigh, N3 President
(817) 552-6781
e-mail: bwadleigh@n3realestate.com

Tom Davies, Cardiff Realty Holdings
(805) 496-6449
e-mail: tdavies@cardiffrealtyholdings.com