FOR IMMEDIATE RELEASE                                                       

July 25, 2005                                                                                 

Contact: Shirley Melikian Armbruster

(559) 278-5292 or (559) 593-1815

--Backgrounder--

Campus Pointe at Fresno State Plans Progress

Plans for development of a university-owned 45-acre parcel at Chestnut and Shaw avenues are progressing. The property has been leased to Kashian Enterprises LP, which will develop “Campus Pointe by Fresno State.”

The project is under the oversight the California State University, Fresno Association, the Fresno State auxiliary organization that also developed the Save Mart Center. Ground rent from the project is a line item in the Save Mart Center financing plan. Revenues generated also will support the university’s College of Agricultural Sciences and Technology and the farm laboratory.

Campus Pointe will include 160,000 square feet of retail space, a full-service business hotel (approximately 300 rooms), 160,000 square feet of office space, and multi-family/senior housing.

The following news release was issued by Kashian Enterprises:

Click here for detailed site plan for the project in pdf format.

Click the thumbnail below for a jpeg photo of the site plan (lower resolution than pdf).

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Media Contact:

Julie Bosse

Panagraph

(559) 483-2040

jbosse@panagraph.com

Development Team Finalized for the Campus Pointe Center

Wallace Theaters executes lease agreement to become confirmed anchor tenant

Fresno, California, July 20, 2005 -- Kashian Enterprises LP, designated developer for Campus Pointe by Fresno State, announced its development team for the completion of the event center project located on Shaw Avenue on the northwest side of the intersection of Highway 168. The world-class team included American Capital Group, Wolff Urban development and Apartment Renovation Group (ARG). As part of the announcement, Wallace Theaters has executed a lease agreement to become the anchor tenant at the center.

Ed Kashian, general partner of Kashian Enterprises LP, has been involved in the development business for over 40 years. Mr. Kashian is excited and pleased that Lewis Wolff, Jim Taylor and Dave Fisher agreed to be partners in this venture.

Wolff Urban Development is led by Lewis Wolff, a nationally recognized expert in urban development and planning. His projects include the conversion of the 20^th Century Fox studios into a shopping center in Los Angeles and acquisition and management of top-tier luxury hotel properties, such as the Carlyle in New York and the Fairmont in San Francisco. He is currently involved in the development of a $1 billion Hilton Hotel and retail development located next to the Staples Center in Los Angeles.

 Mr. Wolff’s interests expand beyond real estate and into professional sports. Major League Baseball recently granted approval of the sale of the Oakland Athletics to a group headed by Mr. Wolff.

Dave Fisher, founder of ARG, began his career building custom homes in the Stockton area in 1975. Since then his business evolved into producing production homes and multi-family residential housing. Over a ten year period he built and developed over 20,000 apartments across the United States. ARG’s most recent development was a $70 million luxury apartment community in Milpitas California.

American Capital Group began, in partnership with Ed Kashian, developing power centers with Costco as its primary anchor tenant in the early 80’s. American Capital owns or partners in a portfolio of 21 properties in six states, worth in excess of $550 million. It provides asset management and leasing services for the properties it owns.

To add to the momentum of Campus Pointe, Wallace Theaters has executed a lease agreement and is committed to be the anchor tenant at the center. Wallace will build a 14-screen, Megaplex cinema that will be located in the center of the planned development. Wallace will make its facility available to Fresno State for large classes, seminars, and other educationally related events.

“The team that has been assembled for the Campus Pointe Center is superb. Working with such well-represented developers has attracted many top-notch tenants, including Wallace Theaters,” said Mark Dunn, partner American Capital Group.

The development team has finalized a site plan for the Campus Pointe Center that calls for mixed-use development including retail, a full service business hotel, market rate multi-family and senior housing. Construction for the center is expected to start at the end of this year. The theater is scheduled to break ground in the fall of 2005.

NOTE: An 11 x 17” Campus Pointe Site Plan is available via e-mail.

About Wallace Theaters Corporation

Wallace Theater Corporation currently operates 58 locations in 12 states and the Pacific Rim. Wallace Theaters boasts one of the highest concentrations of stadium-style auditoriums in the USA exhibition Industry and is a portfolio company of GTCR Golden Rauner LLC.

GTCR is one of the oldest and most successful private equity firms in the country. Founded in 1980, GTCR pioneered the strategy of identifying and partnering with outstanding executives to build companies. GTCR currently manages more than 6 billion in equity and mezzanine capital investment in more than 150 companies in a wide variety of industries over the last 20 years.

Wallace Theaters Contact:
Scott Hall

Sr. VP Real Estate

Wallace Theaters Corporation

303-761-9475