Granite Peak Partners, Inc. Opens Santa Barbara Headquarters, Marine Del Rey Office

Granite Peak Partners, Inc., which provides structured real estate investments and 1031 exchanges to qualified individual, agricultural and institutional investors, has opened its headquarters in Santa Barbara and an office in Marina del Rey.

SANTA BARBARA, CA June 23, 2004 -- Granite Peak Partners, Inc., which provides structured real estate investments and 1031 exchanges to qualified individual, agricultural and institutional investors, has opened its headquarters in Santa Barbara and an office in Marina del Rey. The company was formed by Bruce D. Savett, former president of IEC Real Estate Corporation, and his two partners, Pierre Y. Tada and Gregory G. Yost.

Granite Peak Partners is a full service company offering pools of properties and 1031 tenant in common interests of properties in the $5 million to $20 million price range, primarily in California and surrounding states.

Savett has extensive experience in the Los Angeles multi-family residential and commercial investment markets, having created and managed real estate syndications worth more than $300 million in assets in Southern California. Home and apartment buildings are near their peak, says Savett, who is the primary partner responsible for acquiring investment properties. Thats why were currently targeting multi-tenant industrial buildings and self-storage units in the sub-institutional-sized real estate market (under $20 million), particularly in areas where supply is constrained.

Granite Peak Partners Marina del Rey office is headed by Yost. Baby boomers, family trusts, small pension plans and foundations with sizable real estate holdings find the investing approach used by Granite Peak Partners particularly attractive, says Yost. Many investors who have been accumulating real estate for years may realize their real estate holdings are no longer serving their needs but dont want to pay the tremendous tax on their gain if they sell. By rolling over the gains into a properly structured real estate investment, they take advantage of the 1031 exchange tax benefit and better position their property holdings to improve appreciation and income potential--all without worrying about property management issues.

Granite Peak Partners focuses its efforts on tax-efficient investing. We believe investors are looking for diversified tax-advantaged real estate investments, especially when 1031 exchanges are involved, says Tada.

Granite Peak Partners is at 133 West De La Guerra St., Santa Barbara. Telephone: 805-892-4900. Its Marina del Rey office is at 330 Washington Blvd., Suite 600, Marina del Rey, Telephone: 310-821-1600. E-mail: e-mail protected from spam bots. Web site: www.GranitePeakPartners.com.
                        
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