Chelm Properties

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Harbor Group International Acquires 815,315 Square Foot Office and Industrial Portfolio in Northeast Ohio

NORFOLK, VA, December 28, 2007—Harbor Group International, LLC announced today that an affiliate of that company and its joint venture partners, Reuven Dessler and Cleveland Industrial Portfolio Capital, LLC, have acquired an 815,315 square foot office and industrial portfolio in Northeast Ohio from the Geis Companies. The portfolio includes 10 flex-tech and distribution buildings located in the greater Cleveland area.

�The Geis portfolio offered an opportunity for Harbor Group to expand its Cleveland office and industrial presence with a quality portfolio of newer properties located in prime growth areas of the region.� said Jordan E. Slone, Harbor Group chairman. �Combined with our 1.2 million square feet of office space at 200 Public Square, Harbor Group�s Cleveland holdings now exceed 2 million square feet.�

Chelm Properties, Inc. of Cleveland will manage the portfolio. Joseph Greenberg of Greenberg Real Estate Advisors, an affiliate of Chelm Properties, will be the exclusive leasing agent. Kerry Chelm, President of Chelm Properties, added, �We were honored that when Harbor Group was seeking a firm with local office and industrial expertise, they offered Chelm Properties the opportunity to manage the portfolio.�

The acquired portfolio consists of 10 buildings which are located in the Cleveland suburbs of Oakwood, Parma, Streetsboro, Twinsburg and Valley View. All of the buildings have been completed since 1995. The portfolio is 93.5% occupied with quality tenants, including DuPont, Eaton, Standard Register, Lawyers Title Insurance and Cort Furniture.

About Harbor Group International
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $2.0 billion. The Company�s real estate holdings include over 7.0 million square feet of commercial space and more than 14,000 apartment units. Harbor Group is headquartered in Norfolk, Virginia with offices in New York, Chicago, London and Tel Aviv. For additional information, please visit www.harborgroupint.com.

About Chelm Properties
Chelm Properties, Inc. is a Northeast Ohio real estate development and management firm that operates a six million square foot portfolio of industrial, office, lodging and retail facilities in Ohio and Texas. The firm was founded in 1956 and is headquartered in Solon, Ohio. For additional information, please visit www.chelmproperties.com.