Commodore Realty, Inc. was formed by Max D. Puyanic in February of 1970 as a real estate company specializing in low risk investments. Mr. Puyanic's investments are financed by a syndicated group of high net worth private investors. The initial investments were made in downtown Miami & Brickell as well as waterfront apartment buildings in the Bay Harbor and Bal Harbor areas. Mr. Puyanic made his first shopping center investment in 1989 in the Tavernier Towne Center, which is a Winn Dixie anchored shop-ping center located in Florida Keys. Soon thereafter he sold all of the multi-family properties and has since focused the company on the acquisition of grocery anchored shopping centers. Grocery anchored investments fit the companies criteria of being low risk based on the belief that such properties will continue to provide the necessities of life in both good times and bad and will therefore always hold value. The Commodore portfolio has grown to encompass 8 shopping centers totaling 850,000 square feet. These properties are spread throughout the State of Florida. In 2002, Commodore Realty sold its office building in the Brickell area of Miami and relocated its corporate offices to an office building it purchased on Key Biscayne, Miami's Island Paradise.

Commodore Realty is a full service real estate office that offers commercial leasing, property management, brokerage, construction management, and real estate consulting services. Commodore Realty's primary goal is to use its 30 years of experience to add value to its investments. Our team is proud of its immaculate track record at accomplishing this goal. All of our investments have grown exponentially in value since their acquisition. The Commodore Team achieves this goal by using our tenant relationships to improve the tenant synergy of the properties, working with our purveyors to improve the maintenance and day to day operation of the properties, and by completing expansions and/or remodels of the properties. Commodore's friendly, well-rounded staff is able to meet our clients needs with pleasure and success.

Our primary goal for the future is to continue to find new ways to add value to our existing portfolio, or as Max always says, to "make more lemonade out of same lemons". In addition, we constantly strive to find quality, low risk assets to acquire so that we may reach our second goal of doubling the size of our portfolio over the next five years. We believe opportunity is developing in real estate markets and asset classes other than grocery anchored retail and will therefore not only look to grow in our primary market, but also look to enter new market segments that show the most opportunity. Lastly, Commodore Realty is interested in growing the services it offers to include complementary services such as 3rd party brokerage, tenant representation, and high end residential broker-age. Commodore Realty's future outlook is bright as Max's son, David A. Puyanic, joined the company in 2003, which sets the stage for 50 more years of growth and success. With all of this in mind, Commodore looks towards the future with its eyes and ears open for new ideas and constant improvement. We encourage you to contact us with your comments, suggestions and ideas!