EXHIBIT 23.1

                          US BANK NATIONAL ASSOCIATION
                               4100 Newport Place
                                    Suite 130
                         Newport Beach, California 92660


                                 April 12, 2000

Cornerstone Industrial Properties
4590 MacArthur Boulevard, Suite 610
Newport Beach, CA  92660

         Re:      Escrow Account No. 12563-GG
                  Cornerstone Realty Fund, LLC (the "Fund")
                  -----------------------------------------

Gentlemen:

         US Bank National  Association  does hereby agree to be the Escrow Agent
with  respect  to the  subject  account.  We further  agree to release  funds to
Cornerstone  Industrial  Properties,  the Managing  Member of the Fund,  only in
accordance with the terms of the Escrow Agreement described in the Prospectus of
the Fund.

         US Bank National  Association  does hereby  further agree to the use of
its name for the purpose of  reference to it as Escrow Agent for the Fund in its
Registration Statement.

                                               Very truly yours,


                                               /s/  US BANK NATIONAL ASSOCIATION