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CleveTrust
Realty Investors
A Real Estate Trust

2001 Crocker Road                                      Telephone 216/899-0909
Suite 400                                                    Fax 216/899-1507
Westlake, Ohio 44145                                       clevetrust@aol.com

     NEWS RELEASE                
                                 
     FOR IMMEDIATE RELEASE       

                          CLEVETRUST REALTY INVESTORS
                WILL PROCEED WITH PROPOSAL FOR A PLAN OF ORDERLY
            LIQUIDATION AS NEGOTIATIONS WITH RM CROWE ARE TERMINATED

WESTLAKE, OHIO, APRIL 4, 1997 -- John C. Kikol, Chairman and President of
CleveTrust Realty Investors (CTRIS-Nasdaq), announced today that the Trust and
RM Crowe Company, a Texas Corporation ("RMC"), have terminated negotiations
concerning a proposal by RMC to acquire all of the shares of the Trust at a
price of $6.42 per share. The Trust and RMC were unable to agree on certain
terms to be included in the proposed definitive agreement. The Trust now intends
to proceed with its previously announced proposed plan of liquidation (the
"Plan"), and has schedule a Shareholders' Meeting for April 29, 1997, to obtain
shareholders' approval to implement the plan.

On September 24, 1996, the Trust announced that the proposed Plan could take a
period of approximately three years and stated that the estimated distributions
to shareholders should be in the range of $5.00 to $6.50 per share. Based upon
the recent sales and the strong interest in the Trust's properties, the Trustees
and Management are optimistic that the liquidation can be completed sooner than
originally anticipated, and the Trustees currently estimate that the liquidation
distributions to shareholders should be in the range of $6.00 to $6.50 per
share. This is a forward-looking statement, and the actual results could be
affected by many factors, including demand and availability in the market for
the type and location of properties owned by the Trust and the availability and
terms of financing for commercial real estate.

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Since October 1, 1996, the Trust has sold four of its properties resulting in
gains of approximately $7,170,000. The Trust has purchase offers on several
other properties, including a pending sales contract on the Executive Club
Building in Denver at a sales price of $5,300,000, which is scheduled to close
within the next 30 days. Additionally, the Trust has received an offer on the
Spring Village Shopping Center in Davenport, Iowa, which excludes and adjacent
restaurant pad site, for $4,450,000 from the same Buyer that recently purchased
the Warren Plaza Shopping Center in Dubuque, Iowa. Although the Trust 
anticipates that both of these properties will be sold to the prospective 
purchasers, there can be no assurance that the transactions will ultimately be 
completed.

As a result of the recent property sales, the Trust has repaid in full its
$6,000,000 bank loan and currently has cash available for future distributions
of approximately $9,000,000. Assuming that the shareholders approve the proposed
Plan at the April 29, 1997 Shareholders' Meeting, liquidation distributions to
the shareholders will commence immediately thereafter.


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