JTL Capital sells Bassett Center in El Paso to Cypress Equities

October 31, 2003
FOR IMMEDIATE RELEASE

Dallas-based JTL Capital announced today that it has sold Bassett Center mall located in El Paso, TX to Cypress Equities, the retail investment and development arm of Dallas' Staubach Company.

JTL purchased the 725,000 square foot mall in 1999, in partnership with the Lone Star Fund.  After negotiating a deal with CostCo Wholesale to develop a new wholesale club adjoining the mall in a vacant Dillard's location, JTL was able to excite interest from Cypress, whose retail investment fund has shown a growing interest in enclosed malls in recent months.

"Bassett Center was a solid 4-year investment for us," said JTL Capital's managing partner, David Lane.  "With the addition of CostCo, the future looks very bright at Bassett Center.  Although we hate to move on, we feel the timing was right to sell.  I'm sure Cypress will continue to do good things with the mall."

Founded in 1999, JTL Capital, L.L.C. is a closely held, private real estate investment and development concern based in Dallas, Texas.  JTL invests directly in buildings, land, leaseholds, mortgages and other real estate interests and employs a value-enhancement strategy to generate attractive risk-adjusted returns for the company and its investors. 

Cypress Equities was formed as a retail development and acquisition affiliate of Staubach Retail in 1995. Both Cypress Equities and Staubach Retail are headquartered in Dallas, Texas.  With offices in Atlanta, San Francisco and New York City, Cypress Equities is an independent company with a dedicated staff that focuses on retail development, portfolio acquisitions, build-to-suits, sub-investment grade sale-leasebacks and other development services for retail and automotive property.

For more information visit www.jtlcapital.com and www.staubach.com