Binswanger Brokers Major Sale in Red Oak, Iowa

MINNEAPOLIS, MN, Aug 27 (MARKET WIRE) --
On behalf of its client, MI Developments (America) Inc., Binswanger is
pleased to announce the sale of a 196,000 sq. ft. building on 21 acres
located at 2700 N. Broadway in Red Oak, Iowa. Ideally located the
property provides convenient access to Highway 34, I-29 and I-35.

Gerald Norton, Senior Vice President of Binswanger, represented the
seller, MI Developments, a real estate operating company engaged in the
acquisition, development, construction, leasing, management, and ownership
of industrial and commercial real estate properties around the world.

The buyer, Greenbrier Rail Services (GRS), is one of the largest railcar
repair, wheel, refurbishment, and component parts manufacturing services
networks in North America. Greenbrier Rail Services is relocating the
American Hydraulics business unit to Red Oak, Iowa to accommodate growth
in refurbishing and manufacturing railcar cushioning units for the North
American railroad industry.

Tim Stuckey, President of Greenbrier Rail Services, states, "Greenbrier
Rail Services prides itself in fostering a positive and productive work
environment for our employees and becoming an active member of the
community."

American Hydraulics will bring 135 jobs to Red Oak. "The transaction will
impact the local economy and is a real morale booster for the town,"
remarked George Maher, the Executive Director of the Red Oak Industrial
Foundation, "which lost 700 jobs as a result of closings."

Headquartered in Philadelphia, Pa., Binswanger is an international
full-service real estate organization with offices worldwide throughout
the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the
Middle East, and Asia.

CONTACT:
Ellen Weiss
215-448-6216
215-448-6097 FAX

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