Prime Income Asset Management Purchases Two Prime North Dallas Properties

Stanford Corporate Centre and Telos Fitness Center Purchased

Prime Income Asset Management (Prime), a Dallas-based advisory and management company to real estate and energy sector companies worldwide, officially announced that it closed on the Stanford Corporate Centre, a 13-story, 274,684-square-foot office building and land and the adjoining 63,000-square-foot Telos Fitness Center building and land, located in the Far North Dallas office corridor. The acquisition of the Stanford Corporate Centre and Telos Fitness Center buildings and land, finalized in July 2008, gives Prime control of 20-acres of prime real estate on which it plans to build office towers, hotels and condominiums. Dallas-based NexBank syndicated a $26 million loan to fund the acquisition. Morgan Stanley Real Estate was the seller.

Among Stanford Corporate Centre’s largest tenants is AMFM Operating, Inc. (Clear Channel) and EnCana Oil & Gas, Inc., who encompass over half of the property’s rentable square feet. CRC Insurance Services, Inc. and Premier Business Centers are among the tenant mix. Prime affiliate, Regis Property Management, LLC will manage the day to day operation of the building.

Also known as the Clear Channel building, Stanford Corporate Centre is located in Farmers Branch in the heart of the Dallas/Forth Worth Metroplex. It is located along the southern edge of the North Dallas Tollway, across from the Galleria shopping center and the Westin hotel, just north of the LBJ Freeway (I-635). Its neighbor to the north is the 15-story, 412,000-square-foot Centura Tower, which Prime also owns. The area where the buildings are located offers access to the City’s premier commercial, residential, shopping, dining and entertainment centers. Stanford Corporate Centre, which includes a four-level parking structure with 1,005 parking spaces that are free to tenants, is currently 98% leased.

The Dallas/Fort Worth area, which ranked second nationally in job growth by the end of 2007, is continuing this pattern and is projected to lead the nation in both population and employment growth through 2011. According to recent studies, the area is projected to add 631,400 new residents and create 361,000 jobs, making it one of the strongest, high-demand areas in the Dallas/Fort Worth Metroplex.

According to Daniel J. Moos, chief operating officer of Prime Income Asset Management, “The Stanford Corporate Centre and the Telos Fitness Center buildings, with their excellent location and huge growth potential, will undoubtedly continue to be one of Dallas’ most valuable and viable commercial properties for years to come.”

Prime Income Asset Management, LLC (www.primeasset.com) is a Dallas-based real estate management company and energy sector advisor, which owns, develops and manages over $2.5 billion of commercial real estate for public and private real estate entities and advises energy companies with both domestic and international gas, oil and electricity operations. Affiliated companies also under management or advisement by Prime include American Realty Investors, Inc. (NYSE: ARL), Realty Advisors Korea, Transcontinental Realty Investors, Inc. (NYSE: TCI) and New Concept Energy (AMEX:GBR). Gene E. Phillips serves as an advisor.