Retail Development in Iowa's Largest New Urban Community

Capital Growth Madison Marquette and DRA Properties Announce Partnership to Develop Retail in Iowa's Largest New Urban Community

MINNEAPOLIS-- May 15, 2008 --Capital Growth Madison Marquette (CGMM), a national, fully-integrated commercial real estate company based in Minneapolis, and DRA Properties (DRA), an Ankeny-Iowa-based real estate company owned by Dennis Albaugh, founder and chief executive of Albaugh, Inc., today announced a new partnership to develop the retail portion of Prairie Trail, a 1,031-acre master-planned community being developed by DRA on the former site of the Iowa State University research farm in the center of Ankeny. Prairie Trail is Iowa's largest New Urban development, reflecting the New Urbanism principals of smart, managed growth; sustainable green development and reduced traffic.

The master plan for Prairie Trail calls for two retail components covering approximately a half million square feet of the development. Town Center at Prairie Trail, a lifestyle center, will serve as the community's commercial core. It will feature fashion anchors, a wide variety of restaurants and a mix of regional and national merchants. It will be surrounded by a central park, amphitheatre and abundant parking. There will also be a retail area at the southern entrance to the community-Plaza Shoppes at Prairie Trail. Plaza Shoppes at Prairie Trail will be anchored by a Hy-Vee grocery store.

The rest of the community features approximately 2,500 homes in a mix of styles; a civic and educational component, including the city library, a school and the City of Ankeny police headquarters; and a vast network of trails, parks, and bike paths. Prairie Trails' architecture and design will reflect the best of Iowa's small towns.

Located just north of Des Moines at the intersection of Interstate Highways 35 and 80, Ankeny currently has a population of about 40,000. It is home to the Ankeny Campus of the Des Moines Area Community College, which enrolls nearly 27,000 college credit students and 32,000 continuing education or business training students. It's location at the intersection of two major corridors, within minutes of the State Capitol and only a half hour drive from Ames, home of Iowa State University, attracts travelers from throughout the region and offers excellent growth potential.

"In addition to being an excellent business opportunity, our partnership with DRA Properties on the Prairie Trail retail development marks a return to our roots," said Dick Ward, CGMM's Senior Vice President of Acquisitions and Investments. "Almost every member of the Capital Growth Madison Marquette management team has a strong connection with Iowa and understands its people and communities. Several of us built our careers in this industry while working at General Growth Properties, which was founded in Des Moines and has become one of the nation's largest developers of regional shopping centers," he said. Ward is a native of Council Bluffs. CGMM President and Chief Operating Officer John Nagle is a native of Cedar Rapids.

"We believe Capital Growth Madison Marquette is an excellent match for this project," said DRA, owner, Dennis Albaugh. "It has everything we were looking for-outstanding expertise and a strong track record in the industry, an entrepreneurial spirit, and an understanding and appreciation for Iowans and their way of life. We're going to make a great team."

Groundbreaking on the retail portion of the development is expected to begin in 2009. The full project is slated for completion in 2012. Information on the community can be found at www.prairietrailankeny.com

For retail leasing information, call Dick Ward at 515-333-1180.

DRA Properties, L.C. is an Ankeny based real estate development company that was founded in 1992 by Dennis Albaugh. Albaugh, owner and Chief Executive Officer of Albaugh, Inc., a global agricultural chemical company, decided to venture into real estate to have a positive impact on his hometown of Ankeny, Iowa. "Ankeny has always been my home town-I grew up here, I raised my family here, and now my daughters are raising their families in Ankeny. My goal in real estate development has always been to create a lifestyle that all of Ankeny can enjoy and be proud of," said Albaugh.

Minnesota-based Capital Growth Madison Marquette specializes in a strategic array of value-enhancing third party services, including brokerage, construction, development, leasing, management, marketing and tenant representation. CGMM also aggressively pursues acquisitions and joint venture opportunities. Capital Growth Madison Marquette is part of Capital Growth Properties, Inc. (CGP), a private real estate investment company with offices in Cedar Rapids, Iowa, Fort Lauderdale, Florida and Birmingham, Alabama. Further information on both companies can be found online at www.capitalgrowthproperties.com

Contacts

Capital Growth Madison Marquette
Martha Capps, 952-852-5190
Cell: 612-581-0797
or
DRA Properties
Ashley Johnson, 515-965-5249
Cell: 515-491-1389