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Capital Properties, Inc. Announces Sale of Parking Garage EAST PROVIDENCE, R.I., March 17 /PRNewswire-FirstCall/ -- Capital Properties, Inc. (AMEX:CPI) announced that the Company completed the sale of the parking garage adjacent to the train station in downtown Providence, Rhode Island to an entity in which the former tenant and operator of the garage is a participant for $2,500,000 in cash. The Company has owned the parking garage since 1988. At the same time, the Company entered into a 99-year ground lease of the underlying land with the buyer at an initial ground rent of $100,000 per year subject to periodic adjustments. As is the case with other Capital Center tenants of CPI, under the lease the buyer is responsible for all real estate taxes and assessments and for maintaining and insuring the property. Certain written statements made in this press release may contain "forward-looking statements," which represent the Company's expectations or beliefs concerning future events. Certain risks, uncertainties and other important factors are detailed in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-KSB and 10-QSB. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. CONTACT: Barbara J. Dreyer Treasurer (401) 435-7171 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1-401-435-7171

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