Commercial real Estate Spreadsheet

bgay53

summer_2013_costar.pdf

Home >Business & Finance homework help >Commercial real Estate Spreadsheet

4949-4977 International Dr

Orlando, FL 32819 - Tourist Corridor Submarket

Sale on 07/30/2008 for $85,000,000 ($825.38/SF) - Research Complete

456,892 SF Retail (Regional Mall) Building Built in 2007

SOLD

1 Non-Arms Length

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Lightstone Value Plus Real EstatePolo Florida Llc

5401 W Oak Ridge Rd Orlando, FL 32819

True Buyer: True Seller: Prime Retail

217 E Redwood St Baltimore, MD 21202 (410) 234-0782

Seller Type: Developer/Owner-NTL

Sale Date:

Pro Forma Cap Rate:

Price/SF:

Sale Price:

$825.38

$85,000,000-Confirmed

07/30/2008 (31 days on market)

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

GLA:

7.70%

Retail - (Regional Mall)

Built in 2007 Age: 1

456,892 SF

82.52 AC (3,594,475 SF)

Partial Interest Transfer (22.54%)

Percent Leased: 100.0%

Transaction Details

Asking Price: -

Price/AC Land Gross: $4,570,012.35

InvestmentSale Type:

Non-Market Reasons: Business Sale/Zero RE Allocation.

ID: 2219848

Tenancy: Multi

Escrow Length: 35 days

Financing: Down payment of $19,600,000.00 (23.1%) * Other Institutional Lenders

No. of Tenants: 37

Tenants at time of sale: Carter's; Dickies; Easy Spirit Outlet Store; Edy's Ice Cream Shop; Electronics Outlet; Gap Outlet; Kasper Outlet Store; KB Toy Outlet/Toy Liquidators; Lids; Liz Claiborne; Mikasa; NIKE Factory Store; Payless ShoeSource; Perfumania; Pfaltzgraff Factory Store; Phillips-Van Heusen Corporation; Piercing Pagoda; Rack Room Shoes; rue21; Samsonite Company Stores; Stride Rite; Sun Trust Bank ATM; The Children's Place; Timberland Factory Outlet; Today's Woman Of Florida Inc; Tommy Hilfiger; Traffic Shoes; Tuscany Pizza House; Ultra Diamonds; Van Heusen Direct; Vans; Vin & Esprit; Vitamin World; Welcome Home; Wendys Trend Silver; Wet Seal; World Cafe

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 1

Sale History: Portfolio sale of 52 properties sold for $2,300,000,000 ($314.48/SF) on 08/30/2010 Sold for $85,000,000 ($825.38/SF) on 07/30/2008 Non-Arms Length

Spacer

Transaction Notes

Lightstone acquired a 22.54% interest in Mill Run LLC.

Mill Run is the beneficial owner of the Prime Outlets Orlando I and Orlando II. The acquisition price for the Mill Run 22.54% interest was $85M. An affiliate of the Lightstone Group, the Company's sponsor, is the managing member and majority owner of Mill Run. The Mill Run properties are leased to to tenants under long-term leases with expiration dates through 2023. All rents are NNN with escalations. The NOI for Mill Run Interest was $6.553M resulting in a cap rate of 7.7%. These figures are unaudited.

The Mill Run interest is a non-managing interest.

Property Type: Retail - (Regional Mall)

Orlando Premium Outlets - Internationa Dr

Built in 2007

Center Name:

Bldg Status:

Owner Type: REIT

Current Retail Information

GLA: 456,892 SF

0 SFTotal Avail:

Bldg Vacant: 0 SF

% Leased: 100.0%

Street Frontage: 2,594 feet on Floridas Turnpike 3,434 feet on Oak Ridge Road W 3,120 feet on SR - 400 1,724 feet on I-4 Expy 1,588 feet on Oak Ridge Rd

Parking: 2250 free Surface Spaces are available

Zoning: AC-3/SP, Orlando

Owner Occupied: No

CAM: -

Rent/SF/Yr: - No. of Stores: 179

Land Area: 82.52 AC

Features: Bus Line, Corner Lot, Dedicated Turn Lane, Enclosed Mall, Food Court, Freeway Visibility, Out Parcel, Pylon Sign, Signage, Signalized Intersection

Expenses: 2009 Tax @ $1.61/sf

Lot Dimensions: -

ID: 761118

Building FAR: 0.13

Location Information

Orlando

Tourist Corridor/Tourist Corridor

Metro Market:

Submarket:

County: Orange

Park Name: Orlando Premium Outlets - Internati

Second Address: 5401 W Oak Ridge Rd

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

Located just across the I-4 - Kirkman Rd. interchange from Universal Studios and just 12 miles from Disney World, Belz Factory Outlet World, Orlando fronts I-4 and the Florida Turnpike-Florida's busiest intersection with 80,000 cars passing each day. Over 43 million tourists yearly make Orlando their vacation destination. Orlando is also one of the fastest growing metropolitan areas in the country, with a population of well over 1.6 million. Centered in the middle of this retail bonanza is Belz Factory Outlet World, the largest non-anchored factory outlet center of its kind in the country with 700,000 sq. ft. and over 170 outlets in two fully enclosed malls and four strip centers.

Property Notes

4949-4977 International Dr SOLD 456,892 SF Retail (Regional Mall) Building Built in 2007 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 2

Parcel Number: -

-Legal Description:

County: Orange

Plat Map: 4949-4977 International Dr

4949-4977 International Dr SOLD 456,892 SF Retail (Regional Mall) Building Built in 2007 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 3

495 N Keller Rd - Maitland Promenade II

Maitland, FL 32751 - Maitland Center Submarket

Sale on 06/25/2008 for $52,940,000 ($229.81/SF) - Research Complete

230,366 SF Class A Office Building Built in 2001

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: NNN Maitland Promenade LLCFDG Maitland Promenade LLC

True Buyer: True Seller: Grubb & Ellis Realty Investors, LLC

1551 N Tustin Ave Santa Ana, CA 92705 (714) 667-8252

Flagler Development Company

10151 Deerpark Blvd Jacksonville, FL 32256 (904) 279-3132

Buyer Type: Seller Type: Investment ManagerDeveloper/Owner-RGNL

Buyer Broker: Listing Broker: No Listing Broker on DealHFF

Danny Finkle

(305) 448-1333

Manuel de Zarraga

(305) 448-1333

Hermen Rodriguez

(305) 448-1333

Sale Date:

Pro Forma Cap Rate:

Price/SF:

Sale Price:

$229.81

$52,940,000-Confirmed

06/25/2008 (0 days on market)

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

RBA:

7.00%

Office

Built in 2001 Age: 6

230,366 SF

9.20 AC (400,926 SF)

1031 Exchange

Percent Leased: 100.0%

Transaction Details

Asking Price: -

Price/AC Land Gross: $5,751,847.02

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$34,778,587

$30,933,234

$3,845,353

Percent Improved: 88.9%

Land Assessed/AC: $417,791

InvestmentSale Type:

Transfer Tax: $370,580

ID: 1551987

Spacer

Tenancy: Multi

Escrow Length: 90 days

No. of Tenants: 10

Tenants at time of sale: BE & K Building Group, Inc; BE&K Bldg Group; Custom Staffing, Inc.; First Data Corporation; Option One Mortgage Corporation; Opus South Corporation; Paysys International, Inc.; Sobik's Subs; The Mortgage Store; United HealthCare Services, Inc.

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 4

Parcel No: 27-2129-5482-00-020

Document No: 9719-6850

Sale History: Sold for $52,940,000 ($229.81/SF) on 06/25/2008 Sold for $44,393,000 ($192.71/SF) on 09/12/2005

Legal Desc: Lot 2 Maitland Promenade pltbk 47 pgs 14,15; lots 91,92 Willis R Munger's Subdivision sec 27 T21S R29E

Spacer

Transaction Notes

The buyer's agent reported that a 230,366 square foot building sold for $52,940,000. The property was part of a 1031 exchange, however, no further details were given.

The buyer's agent reported an cap of 7% at the time of sale. The property was 8% vacant and the operating expenses were $9.50 per square foot per year.

Income Expense Data

($512,546)

$6,406,823

Effective Gross Income

- Vacancy Allowance

+ Other Income

Gross Scheduled IncomeIncome

$2,188,477

Total Expenses

- Operating Expenses

- TaxesExpenses

$3,705,800Cash Flow

$3,705,800

- Capital Expenditure

- Debt Service

Net Operating IncomeNet Income

Bldg Type: Office

88,391 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

40,999 SF

Multi

Developer/Owner-RGNL

Bldg Status: Built in 2001

82.2%

Withheld

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 46,073 SF

9.20 AC

5 with 1 frt

PD-NON, County

Current Building Information

RBA: 230,366 SF

Core Factor: -

Stories: 5

Building FAR: 0.57

Amenities: 24/7 Building Access, Card Key Access, Fitness Center, Food Service, Property Manager on Site, Restaurant

Parking: 76 free Surface Spaces are available; Ratio of 4.60/1,000 SF

Const Type: Masonry

Expenses: 2010 Tax @ $2.00/sf; 2009 Ops @ $9.50/sf

Setbacks: 1st-5th 46,067 sf

ID: 596055

Location Information

Orlando

Maitland Center/Maitland Center

Metro Market:

Submarket:

County: Orange

Park Name: Maitland Promenade

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

495 N Keller Rd - Maitland Promenade II SOLD 230,366 SF Class A Office Building Built in 2001 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 5

495 N Keller Rd - Maitland Promenade II SOLD 230,366 SF Class A Office Building Built in 2001 (con't)

Located within the heart of Maitland Center, Maitland Promenade II offers many amenities including rich lobby finishes, 24/7 security guard, an on site cafe, shower and locker room facilities in addition to its own self sufficient three-story parking garage.

Property Notes

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 6

Parcel Number: 27-2129-5482-00-020

Lot 2 Maitland Promenade plat bk 47 pgs 14, 15 Por lots 91, 92 Willis R Mungers Subdiv plat bk E pg 7

Legal Description:

County: Orange

Plat Map: 495 N Keller Rd - Maitland Promenade II

495 N Keller Rd - Maitland Promenade II SOLD 230,366 SF Class A Office Building Built in 2001 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 7

1000 Legion Pl - Gateway Center

Orlando, FL 32801 - Downtown Orlando Submarket

Sale on 01/18/2008 for $55,000,000 ($240.97/SF) - Research Complete

228,241 SF Class A Office Building Built in 1989

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: FBEC-Gateway Cener LP

FBEC-Gateway Center II LP

Parkway Fund Orlando I LLC

True Buyer: True Seller: Jones Lang LaSalle America's Inc.

Ty Spearing

200 E Randolph St Chicago, IL 60601 (312) 782-5800

Parkway Properties, Inc.

Mandy Pope

Steven Rogers

188 E Capitol St Jackson, MS 39201 (601) 948-4091

Buyer Type: Seller Type: Investment ManagerREIT

Buyer Broker: Listing Broker: Jones Lang LaSalle

Jeff Morris

(407) 982-8690

Jones Lang LaSalle

Jubeen Vaghefi

(305) 789-6519

Jones Lang LaSalle

Thomas Beneville

(212) 812-5740

David Krasnoff

(212) 812-5700

Jones Lang LaSalle

Natalee Gleiter

(407) 982-8576

Sale Date:

Pro Forma Cap Rate:

Price/SF:

Sale Price:

Actual Cap Rate:

$240.97

$55,000,000-Confirmed

01/18/2008

Bldg Type:

Land Area:

Year Built/Age:

RBA:

4.70%

6.80%

Office

Built in 1989 Age: 18

228,241 SF

4.01 AC (174,676 SF)

Percent Leased: 76.5%

Transaction Details

Asking Price: -

Price/AC Land Gross: $13,715,710.72

Total Value Assessed:

Improved Value Assessed:

$25,448,686 in 2007

$20,916,827

Percent Improved: 82.2%

InvestmentSale Type:

ID: 1470186

Tenancy: Multi

Escrow Length: -

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 8

Actual Cap Rate: 6.80% Improved Value Assessed:

Land Value Assessed:

$20,916,827

$4,531,859

Land Assessed/AC: $1,130,139

Transfer Tax: $385,000

Spacer

Parcel No:

Financing:

23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030

Down payment of $23,000,000.00 (41.8%) $33,000,000.00 from Massachusetts Mutual Life Insurance Company

Document No: 9572-3417

Sale History: Portfolio sale of 12 properties sold on 12/31/2011 Sold for $55,000,000 ($240.97/SF) on 01/18/2008 Sold for $28,575,000 ($125.20/SF) on 12/20/1999

No. of Tenants: 14

Legal Desc: Lots 1 & 3 & all that certain air space in & to lot 2 Gateway Center Replat A Replat bk 27 pgs 103 & 104 + easements

Spacer

Tenants at time of sale: Alliance Title Services, Ltd.; Department of Veterans Affairs; Fitness Center; Florida Choice Bank; Fox Sports Florida; GulfAtlantic Title; Jacobs Carter Burgess; R.W. Beck; Reynolds, Smith and Hills, CS, Incorporated; Severant Internet Service; Shuffield, Lowman & Wilson, P.A.; South Milhausen, P.A.; Tews Company, Inc.; Trammell Crow Company

Transaction Notes

Property consists of a 228,000 rentable square foot Class A office property, situated on 3 legal parcels totaling 4.01 acres. The building features a conferencing facility, corner location, food service and management on-site. There are eight passenger elevators and one freight. Building amenities include state-of-the-art fire and life safety systems, computer-controlled HVAC system, key card access and patrolling security and on-site showers and locker facilities. Tenant storage spaces are available. Floors 2-6 are parking floors, visitor parking is free and there is no 13th floor.

Sellers Cap Rate is based on in-place income at time of sale. The income factors in such fees as asset & property management, leasing and construction supervision services. When taking those out of the income stream, the cap rate would be a 4.7%. The property was 79% leased at time of sale. Buyers intend on spending an estimated $2.8 million for building improvements, leasing, tenant improvements, and closing costs.

There were no reports of any funds used from a tax deferred exchange. There were no adverse conditions affecting the sale. There were no reports of deferred maintenance.

Bldg Type: Office

28,661 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

28,661 SF

Multi

Pension Fund

Bldg Status: Built in 1989

91.8%

$20.50

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 21,834 SF

4.01 AC

9 with 1 frt

AC3A/T/Orlando

Current Building Information

RBA: 228,241 SF

Core Factor: -

Stories: 17

Building FAR: 1.31

Amenities: 24/7 Building Access, Banking, Bus Line, Conferencing Facility, Corner Lot, Food Service, Signage

Parking: 876 Covered Spaces are available; 39 free Surface Spaces are available; Ratio of 3.50/1,000 SF

Const Type: Masonry

Setbacks: 1st-17th 21,000-30,000 sf

ID: 380641

Location Information

Orlando

Downtown/Downtown Orlando

Metro Market:

Submarket:

County: Orange

Map(Page): Trakker 44-S19

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

1000 Legion Pl - Gateway Center SOLD 228,241 SF Class A Office Building Built in 1989 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 9

1000 Legion Pl - Gateway Center SOLD 228,241 SF Class A Office Building Built in 1989 (con't)

Map(Page): Trakker 44-S19

Spacer

Gateway Center is on the north end of downtown Orlando. It has views of Lake Ivanhoe and easy access to Interstate 4 and the Orlando International Airport.

The 17 story high-rise building, consisting of 228,241 sf building has an elegant lobby with flame cut granite and polished granite accents. The property fronts both North Orlando Avenue and Legion Place, with a wrap-around terrace, landscaped gardens and courtyard featuring Canary Island palm trees.

Gateway Center has surface parking and a six story garage with a 3.5:1000 parking ratio. Building amenities include a state-of-the-art fire and life safety systems, computer-controlled HVAC system, key card access and patrolling security and on-site showers and locker facilities. Tenant storage spaces are available.

On-site cafe. An outdoor seating area is adjacent to the building. Nearby amenities include business hotels, restaurants, and retail shops. It is also adjacent Lake Ivanhoe that offers a pleasant walk through one of the city's beautiful, landscaped gardens.

Floors 2-6 are parking floors, visitor parking is free and there is no 13th Floor.

Property Notes

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 10

Parcel Number: 23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030

Lots 1 thru 3 Gateway Center plat bk 27 pgs 103, 104Legal Description:

County: Orange

Plat Map: 1000 Legion Pl - Gateway Center

1000 Legion Pl - Gateway Center SOLD 228,241 SF Class A Office Building Built in 1989 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 11

2301 Lucien Way - Maitland Colonnades

Maitland, FL 32751 - Maitland Center Submarket

Sale on 06/26/2007 for $51,000,000 ($196.15/SF) - Research Complete

260,000 SF Class A Office Building Built in 1986

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: FBEC-Maitland Colonnades, LPCRP-2 Colonnades, LLC

True Buyer: True Seller: Jones Lang LaSalle America's Inc.

Ty Spearing

200 E Randolph St Chicago, IL 60601 (312) 782-5800

Colony Realty Partners

Henry Brauer

2 International Pl Boston, MA 02110 (617) 235-6300

Buyer Type: Seller Type: Investment ManagerInvestment Manager

Buyer Broker: Listing Broker: Jones Lang LaSalle

Thomas Beneville

(212) 812-5740

Jay Miele

(212) 314-0400

No Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$196.15

$51,000,000-Confirmed

06/26/2007 (82 days on market)

Bldg Type:

Land Area:

Year Built/Age:

RBA:

6.20%

Office

Built in 1986 Age: 21

260,000 SF

14.07 AC (612,998 SF)

Percent Leased: 90.6%

Transaction Details

Asking Price: -

Price/AC Land Gross: $3,624,089.54

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$19,335,256 in 2006

$14,424,592

$4,910,664

Percent Improved: 74.6%

Land Assessed/AC: $348,954

InvestmentSale Type:

Transfer Tax: $357,000

ID: 1335852

Spacer

Tenancy: Multi

Escrow Length: 40 days

Parcel No: 35-2129-4579-01-000

No. of Tenants: 7

Legal Desc: Lot 1 Lake Lucien Executive Center Phase Two pltbk 15 pg 5

Tenants at time of sale: Commerce Title Company; Crawford & Company; Harbert Realty Services, Inc.; Nature’s Table Café; NuVox; Reliance Standard Life Insurance Company; Trane

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 12

Parcel No: 35-2129-4579-01-000

Document No: 9326-2575

Sale History: Sold for $51,000,000 ($196.15/SF) on 06/26/2007 Sold for $33,000,000 ($126.92/SF) on 12/21/1998

Spacer

Transaction Notes

The listing broker reported that a 260,000-square-foot office building sold for $51,000,000. The property was 9% vacant at the time of sale.

The listing broker reported that if the existing parking structure is expanded the surface lot can be developed.

Bldg Type: Office

114,875 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

33,640 SF

Multi

Investment Manager

Bldg Status: Built in 1986

87.1%

$20.59

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 65,000 SF

14.07 AC

IC-2, Maitland

Current Building Information

RBA: 260,000 SF

Core Factor: 13.0%

Stories: 4

Building FAR: 0.42

Amenities: Atrium, Conferencing Facility, Fitness Center, Restaurant, Signage

Elevator Banks: 1st-4th(2)

Parking: 1008 free Covered Spaces are available; 360 free Surface Spaces are available; Ratio of 4.00/1,000 SF

Const Type: Reinforced Concrete

ID: 381012

Location Information

Orlando

Maitland Center/Maitland Center

Metro Market:

Submarket:

County: Orange

Park Name: Maitland Center

Map(Page): Trakker 34-S15

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

Maitland Colonnades is a Four-Story, Three-Winged Class A office building in Maitland, FL with over 260,000 square feet of rentable area. Sitting on over 14 acres of land just off I-4 and Maitland Boulevard inside the Maitland Preserve Office Park, the property includes beautiful lake views of Lake Lucien, with an observation deck and a nature preserve. The property also sits in close proximity to major retail centers and the Orlando, Winter Park, Kissimmee, and Sanford Amtrak Stations. On-site amenities include a fitness center and a Nature’s Table Café.

Property Notes

2301 Lucien Way - Maitland Colonnades SOLD 260,000 SF Class A Office Building Built in 1986 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 13

Parcel Number: 35-2129-4579-01-000

Lot 1 Lake Lucien Executive Center Phase 2, Plat Book 15 pg 5Legal Description:

County: Orange

Plat Map: 2301 Lucien Way - Maitland Colonnades

2301 Lucien Way - Maitland Colonnades SOLD 260,000 SF Class A Office Building Built in 1986 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 14

800 N Magnolia Ave - One Orlando Centre

Orlando, FL 32803 - Downtown Orlando Submarket

Sale on 05/08/2007 for $90,625,000 ($254.72/SF) - Research Complete

355,783 SF Class A Office Building Built in 1988, Renov 1995

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: One Orlando Associates LLCOCC Owner, LLC

True Buyer: True Seller: The Praedium Group LLC

Mark Lippman

825 Third Ave New York, NY 10022 (212) 224-5600

Parkway Realty Services

Joseph Kuipers

390 N Orange Ave Orlando, FL 32801 (407) 650-0593

Buyer Type: Seller Type: Investment ManagerDeveloper/Owner-RGNL

Buyer Broker: Listing Broker: CBRE

Ronald Rogg

(407) 839-3194

No Buyer Broker on Deal

Sale Date:

Pro Forma Cap Rate:

Price/SF:

Sale Price:

$254.72

$90,625,000-Confirmed

05/08/2007 (127 days on market)

Bldg Type:

Land Area:

Year Built/Age:

RBA:

5.70%

Office

Built in 1988, Renov 1995 Age: 18

355,783 SF

5.66 AC (246,419 SF)

Percent Leased: 92.4%

Transaction Details

Asking Price: -

Price/AC Land Gross: $16,019,975.25

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$47,082,418 in 2006

$34,762,118

$12,320,300

Percent Improved: 73.8%

Land Assessed/AC: $2,177,885

InvestmentSale Type:

Transfer Tax: $634,375

ID: 1302174

Spacer

Tenancy: Multi

Escrow Length: 30 days

No. of Tenants: 20

Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller's Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter's Subd., PB G, P 24; Lots 26-32, Cooper & Atha's ReSubd., PB G, P 30.

Tenants at time of sale: 20 North Orange Corp.; Boyle Engineering; Cushman & Wakefield of Florida, Inc.; Dean, Mead, Egerton, Bloodworth, Capouano & Bozart; Deltacom Inc.; Enterprise Florida, Inc.; Hannover Life Reassurance Company of America; HRH Insurance; Hunton Brady Architects; Longbeach Mortgage; McGladrey & Pullen, LLP.; Menu Vantage; Premier Mortgage Capital; R.W. Beck; Siemens AG; The Apartment Group; Turner Construction Company; U.S.Mortgage Advisor; Universal Mortgage Advisors; Wells Fargo Bank NA

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 15

Parcel No: 23-2229-5640-01-001

Document No: 9255-2329

Sale History: Sold for $90,625,000 ($254.72/SF) on 05/08/2007 Sold for $70,000,000 ($196.75/SF) on 03/07/2006

Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller's Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter's Subd., PB G, P 24; Lots 26-32, Cooper & Atha's ReSubd., PB G, P 30.

Spacer

Transaction Notes

The seller reported that the property was 92 percent leased at the time of sale.

The seller reported that a 355,000-square-foot building sold for $90,625,000.

The seller reported the proforma cap rate.

Bldg Type: Office

66,802 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

35,210 SF

Multi

Developer/Owner-RGNL

Bldg Status: Built in 1988, Renov 1995

90.8%

$23.81

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 18,000 SF

5.66 AC

AC-3A/T, Orlando

Current Building Information

RBA: 355,783 SF

Core Factor: 14.0%

Stories: 19

Building FAR: 1.44

Amenities: Banking, Bus Line, Conferencing Facility, Corner Lot, On Site Management, Property Manager on Site, Restaurant, Signage

Parking: 1400 free Covered Spaces are available; Ratio of 3.50/1,000 SF

Const Type: Masonry

Expenses: 2009 Tax @ $3.74/sf

ID: 380875

Location Information

Orlando

Downtown/Downtown Orlando

Metro Market:

Submarket:

County: Orange

Map(Page): American Map Corp 306

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

Located with close proximity to downtown Orlando and I-4, the building has a 24-hour guard, double door entry off the common elevator and an attached multi-level garage. 19 Stories Panoramic Views Covered Parking Garage Full Service Bank On-Site Management 24 Hour Security Guard Conference Center for Tenant Use

Property Notes

800 N Magnolia Ave - One Orlando Centre SOLD 355,783 SF Class A Office Building Built in 1988, Renov 1995 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 16

Parcel Number: 23-2229-5640-01-001

Lengthy Legal refer to supplemental dataLegal Description:

County: Orange

Plat Map: 800 N Magnolia Ave - One Orlando Centre

800 N Magnolia Ave - One Orlando Centre SOLD 355,783 SF Class A Office Building Built in 1988, Renov 1995 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 17

777 E Merritt Island Cswy - Merritt Square Mall

Merritt Island, FL 32952 - Brevard County Submarket

Sale on 10/09/2007 for $84,000,000 ($104.48/SF) - Research Complete

804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Thor Merritt Square, LLCGlimcher Realty Trust

True Buyer: True Seller: Thor Equities

Andrew Schulman

25 W 39th St New York, NY 10018

Glimcher Realty Trust

Lisa Indest

Mark Yale

180 E Broad St Columbus, OH 43215 (614) 621-9000

Buyer Type: Seller Type: Developer/Owner-NTLREIT

Buyer Broker: Listing Broker: Cushman & Wakefield, Inc.

Mark Gilbert

(305) 533-2866

Adam Feinstein

(305) 533-2863

No Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$104.48

$84,000,000-Confirmed

10/09/2007 (141 days on market)

Bldg Type:

Land Area:

Year Built/Age:

GLA:

6.70%

Retail - (Super Regional Mall)

Built in 1970, Renov 2003 Age: 37

804,000 SF

85 AC (3,702,600 SF)

Percent Leased: -

Transaction Details

Asking Price: -

Price/AC Land Gross: $988,235.29

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$61,000,000 in 2007

Percent Improved: -

Land Assessed/AC: -

InvestmentSale Type:

ID: 1410720

Spacer

Tenancy: Multi

Escrow Length: 60 days

No. of Tenants: 80

Tenants at time of sale: 5-7-9; A & W Restaurants Inc; Accessory Connection; Ace Luggage; Aeropostale; Audibel Hearing Care Center; Barnie's Coffee & Tea; Bath & Body Works, Inc.; Birneys Treasures; Bon Worth; Books-A-Million; Cajun Cafe & Grill; Candy Candy; Champs Sports; Chick-fil-A; Claire’s; Cobb Theatre; Cooks Cove; Creative Concepts; Dillard's; Emily's Bath Designs; Finish Line; Foot Locker; FYE--For Your Entertainment; GNC; Gold Corner; Gordon's Jewelers; Great American Cookie Company Inc; H&R Block; Hair Cuttery; Hallmark Gold Crown; Homes Plus; Island Eyes; Island Surf & Skate; JB Robinson Jewelers; JC Penney; Journeys; Kay Jewelers; KLDU Foundation; Lady Foot Locker; LensCrafters; Lids; Macy's; Male Attractions Inc; Manchu WOK; MasterCuts; Merle Norman; Nail Studio; Natural Mystique; Nature's Table Café; Pacific Sunwear; Payless ShoeSource; Pearle Vision; Perfume Collection; Petland; Piccadilly Cafeteria; Rack Room Shoes; Radioshack; Regis Salons; Ron Jon Cape Caribe Resort; Ruby Tuesday; Sbarro; Sears; Sid's Mens Fashions Inc; Sprint Kiosk; Steve & Barry's University Sportswear; Subway; Sunflower House; Sunglass Hut International Inc.; Tea Time International; The Dakota Watch Company; The Dollar Star; The Pretzel Twister; Things Remembered; T-Mobile; Trade Secret Beauty Express; Traffic Shoes; Verizon Wireless; Vitamin World; Zales Jewelers

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 18

Parcel No:

Financing:

24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00, 24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00

$57,000,000.00 from Private Lender:: 5.35%,; Assumed loan type

Sale History: Sold for $84,000,000 ($104.48/SF) on 10/09/2007 Sold for $64,400,000 ($80.10/SF) on 04/11/2005 Sold for $32,750,000 ($40.73/SF) on 12/18/2002

Legal Desc: Por sec 36 T24S R36E +easements

Spacer

Transaction Notes

Property Consists of an 804,000 rentable square foot shopping center situated on 85 acres. There were no conditions of sale. There were no exchanges. There was no deferred maintenance.

There was 12,591 square feet of vacant space at time of sale. There was 41,724 of temp space at time of sale.

Cap rate was based on income at time of sale.

Market time and Escrow/Contract period was estimated.

Property Type: Retail - (Super Regional Mall)

Merritt Square Mall

Built in 1970, Renov 2003

Center Name:

Bldg Status:

Owner Type: REIT

Current Retail Information

GLA: 804,000 SF

4,200 SFTotal Avail:

Bldg Vacant: 2,700 SF

% Leased: 99.7%

Street Frontage: 1,211 feet on E Merritt Island CSWY (with 3 curb cuts) 1,864 feet on S Sykes Creek Pky

Parking: 3452 Surface Spaces are available

Zoning: BU1, County

Owner Occupied: No

CAM: -

Rent/SF/Yr: Withheld No. of Stores: 95

Land Area: 85 AC

Features: Corner Lot, Food Court, Kiosk/Cart Space, Out Parcel, Pylon Sign, Temporary Tenants

Lot Dimensions: -

ID: 732093

Building FAR: 0.22

Location Information

Orlando

Brevard County/Brevard County

Metro Market:

Submarket:

County: Brevard

Park Name: Merritt Square Mall

Map(Page): Trakker 84-Q30

CBSA: Palm Bay-Melbourne-Titusville, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

Spacer

777 E Merritt Island Cswy - Merritt Square Mall SOLD 804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 19

777 E Merritt Island Cswy - Merritt Square Mall SOLD 804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)

Approximate Foodcourt seats=400

Property Notes

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 20

Parcel Number: 24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00, 24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00

Lengthy legal refer to deedLegal Description:

County: Brevard

Plat Map: 777 E Merritt Island Cswy - Merritt Square Mall

777 E Merritt Island Cswy - Merritt Square Mall SOLD 804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 21

390 N Orange Ave - Bank of America Center

Orlando, FL 32801 - Downtown Orlando Submarket

Sale on 11/16/2006 for $96,250,000 ($228.58/SF) - Research Complete

421,069 SF Class A Office Building Built in 1987

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: US Office Holdings LPACP/Utah Orange Avenue, LLC

True Buyer: True Seller: Blue Capital Investment

19401-19415 S Dixie Hwy Miami, FL 33157 (305) 933-7100

Lacy, Ltd.

1620 Eye St NW Washington, DC 20006 (202) 822-9200

America's Capital Partners, LLC

3225 Aviation Ave Miami, FL 33133 (305) 995-9998

Buyer Type: Seller Type: Pension Fund Developer/Owner-RGNL

Developer/Owner-NTL

Buyer Broker: Listing Broker: Cushman & Wakefield of Florida Inc.

Mike Davis

(813) 223-6300

Cushman & Wakefield of Florida, Inc.

Rick Solik

(407) 841-8000

No Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$228.58

$96,250,000-Confirmed

11/16/2006 (92 days on market)

Bldg Type:

Land Area:

Year Built/Age:

RBA:

5.11%

Office

Built in 1987 Age: 19

421,069 SF

2.31 AC (100,624 SF)

Percent Leased: 100.0%

Transaction Details

Asking Price: -

Price/AC Land Gross: $41,666,666.67

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$55,610,292 in 2005

$49,005,935

$6,604,357

Percent Improved: 88.1%

Land Assessed/AC: $2,859,029

InvestmentSale Type:

Transfer Tax: $673,750

ID: 1181477

Spacer

Tenancy: Multi

Escrow Length: 17 days

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 22

Parcel No: 26-2922-2263-00-020

Document No: 8977-2476

Sale History: Portfolio sale of 8 properties sold for $380,000,000 ($244.36/SF) on 04/08/2011 Sold for $96,250,000 ($228.58/SF) on 11/16/2006 Sold for $60,725,000 ($144.22/SF) on 03/18/1997

No. of Tenants: 26

Legal Desc: Lots 2 and 3 duPont Centre plat bk 16 pgs 47 and 48

Spacer

Tenants at time of sale: Allstate Insurance Company; Baker, Donelson, Bearman, Caldwell & Berkowitz, PC; Bank of America, N.A.; Best and Anderson, P.A.; Beusse Wolter SanksMora & Maire, P.A.; Broad and Cassel; Chicago Title Insurance Co.; ClearSky Technologies, Inc.; Dermalogica; DIGITAL ASSURANCE CERTIFICATION, L.L.C.; Enterprise Florida, Inc.; Forizs & Dogali, P.L.; Giles & Robinson, P.A.; Grower, Ketcham, Rutherford, Bronson, Eide & Telan; Holtzman & Equels P.A.; Jackson Lewis; Jones Lang LaSalle; Latham, Shuker, Eden & Beaudine, LLP; Law Offices of America; McMillen Law Firm A Professional Association; MTV; Sands, White & Sands; Stanton & Gasdick, P.A.; TraveLeaders Group, Inc.; Wicker Smith O'Hara McCoy & Ford P.A.; Winderweedle, Haines, Ward & Woodman PA

Bldg Type: Office

77,756 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

74,598 SF

Multi

REIT

Bldg Status: Built in 1987

84.4%

$25.00

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 15,038 SF

2.31 AC

10 with 1 frt

AC-3A/T, Orlando

Current Building Information

RBA: 421,069 SF

Core Factor: 18.5%

Stories: 28

Building FAR: 4.18

Amenities: Banking, Convenience Store, Corner Lot, Dry Cleaner, Fitness Center, On Site Management, Property Manager on Site, Restaurant, Security System

Parking: 36 Surface Spaces are available; 851 Covered Spaces are available; Ratio of 2.10/1,000 SF

Lot Dimensions: 307x295 Const Type: Masonry

Expenses: 2011 Tax @ $2.86/sf; 2011 Est Ops @ $10.14/sf

ID: 380776

Location Information

Orlando

Downtown/Downtown Orlando

Metro Market:

Submarket:

County: Orange

Map(Page): American Map Corp 307

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Cross Street: Livingston St

Spacer

Easy access to I-4, the 408 Expressway and Orlando International Airport On-site full-service banking with drive-through service, two ATM’s, cafe, hair salon, shoe shine/repair, auto detail and fitness center

Bank of America Center has a unique architectural design that gives it one of the most outstanding images in Downtown Orlando. The courtyard provides a very relaxing area for tenants and guests. The beautiful interior finishes of wood, brass, marble and limestone are breathtaking, adding to the exquisite grand lobby.

Property Notes

390 N Orange Ave - Bank of America Center SOLD 421,069 SF Class A Office Building Built in 1987 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 23

390 N Orange Ave - Bank of America Center SOLD 421,069 SF Class A Office Building Built in 1987 (con't)

Parcel Number: 26-2922-2263-00-020

Lots 2,3 DuPonte CentreLegal Description:

County: Orange

Plat Map: 390 N Orange Ave - Bank of America Center

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 24

Plat Map: 390 N Orange Ave - Bank of America Center

390 N Orange Ave - Bank of America Center SOLD 421,069 SF Class A Office Building Built in 1987 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 25

300 S Orange Ave - Lincoln Plaza

Orlando, FL 32801 - Downtown Orlando Submarket

Sale on 02/26/2010 for $52,250,000 ($212.30/SF) - Research Complete

246,117 SF Class A Office Building Built in 2000

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: PRU-LPC St Center LLC300 South Orange, LLC

True Buyer: True Seller: Prudential Real Estate Investors

8 Campus Dr Parsippany, NJ 07054 (973) 734-1300

GLL Real Estate Partners, Inc.

200 Orange Ave Orlando, FL 32801 (407) 233-1991

Buyer Type: Seller Type: Investment ManagerInvestment Manager

Buyer Broker: Listing Broker: CWCapital LLC

David Pepe

(407) 999-9989

Rockwood Real Estate Advisors

Dan McNulty

(212) 286-5800

Michael Lerner

(212) 286-5800

No Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$212.30

$52,250,000-Confirmed

02/26/2010 (117 days on market)

Bldg Type:

Land Area:

Year Built/Age:

RBA:

8.80%

Office

Built in 2000 Age: 9

246,117 SF

1.29 AC (56,371 SF)

Percent Leased: 93.0%

Transaction Details

Asking Price: $52,000,000

Price/AC Land Gross: $40,375,550.58

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$47,330,446 in 2009

$41,129,196

$6,201,250

Percent Improved: 86.9%

Land Assessed/AC: $4,791,940

InvestmentSale Type:

Transfer Tax: $365,750

ID: 1881641

Spacer

Tenancy: Multi

Escrow Length: 90 days

No. of Tenants: 19

Tenants at time of sale: Ameriprise Financial, Inc.; Asset Management Advisors; Berkadia Commerical Mortgage LLC; Digital Legal; Finlayson-Stripling, Inc.; Fisher & Phillips LLP; Ford & Harrison LLP; Larsen and Associates; Law Office of J. Christopher Norris; Lincoln Property Company; Merrill Lynch & Co.; Nature's Table Café; Nature's Table Inc.; Public Financial Management, Inc.; Randstad North America Lp; Retail Restaurant; Shutts & Bowen LLP; Trusco Capital Management; Walter P Moore

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 26

Parcel No:

Financing:

26-2229-0027-00-030

Down payment of $52,250,000.00 (100.0%)

Document No: 10007-8998

Sale History: Sold for $52,250,000 ($212.30/SF) on 02/26/2010 Sold for $36,267,500 ($147.36/SF) on 09/21/2000 Non-Arms Length

Legal Desc: Lot 3 Sun Bank Center sec 26 T22 R29 bk 22 pg 120

Spacer

Transaction Notes

The following details regarding the sales transaction were confirmed by the primary parties involved.

On February 26, 2010, Prudential Real Estate Investors sold Lincoln Plaza, located at 300 S Orange Ave in Orlando, FL to GLL Real Estate Partners for $52.25 million, or $211.30 per square foot.

The subject property is a 246,100 SF office building with a 237,072 SF parking garage. It is located at the corner of S Orange Ave and W South St. The parking garage holds 591 parking spaces. The 16-story property was completed in 2000. At the time of sale, the subject property was 93.4% occupied by 19 tenants, all of which had full service lease deals.

The seller built the subject property with Lincoln Property Company. They divested in this asset "to realize their gain" of this Class-A asset. This deal proved the property's attractiveness to the marketplace.

No sales conditions were involved in this deal.

Ashley Dedekind of Lincoln Property Company will continue to manage the subject property.

The buyer did not acquire any financing in the acquisition of Lincoln Plaza.

Projected pro forma data shows an NOI of $4.6 million for the end of the first year.

Income Expense Data

$3,077,012

$2,217,361

$859,651

Total Expenses

- Operating Expenses

- TaxesExpenses

Bldg Type: Office

70,258 SF

Class:

Total Avail:

Bldg Vacant:

Tenancy:

Owner Type:

Owner Occupied

61,853 SF

Multi

Investment Manager

Bldg Status: Built in 2000

87.0%

$26.13

% Leased:

Rent/SF/Yr:

Typical Floor Size:

Land Area:

Elevators:

Zoning: 24,113 SF

1.29 AC

7 with 1 frt

AC-3A/T, Orlando

Current Building Information

RBA: 246,117 SF

Core Factor: -

Stories: 16

Building FAR: 4.37

Amenities: 24/7 Building Access, Corner Lot, Energy Star Labeled, On Site Management, Security System

Elevator Banks: 1st-10th(6)

Parking: 591 free Covered Spaces are available; Ratio of 2.50/1,000 SF

Lot Dimensions: 241x237

Expenses: 2010 Tax @ $3.49/sf, 2012 Est Tax @ $3.73/sf; 2010 Ops @ $9.01/sf, 2012 Est Ops @ $8.68/sf

ID: 380712

Location Information

OrlandoMetro Market:

300 S Orange Ave - Lincoln Plaza SOLD 246,117 SF Class A Office Building Built in 2000 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 27

300 S Orange Ave - Lincoln Plaza SOLD 246,117 SF Class A Office Building Built in 2000 (con't)

Orlando

Downtown/Downtown Orlando

Metro Market:

Submarket:

County: Orange

Map(Page): Trakker 44-T21

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

Adjacent to Orlando City Hall, SunTrust Center, Grand Bohemian Hotel and Church Street retail shops with easy access to Interstate 4 and East-West Expressway (408).

This building was awarded an Energy Star label in 2009 for its operating efficiency.

Property Notes

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 28

Parcel Number: 26-2229-0027-00-030

Lot 3 Adjusted Sun Bank Center A Replat plat bk 22 pages 120 and 121 less and except land deeded to City of Orlando

Legal Description:

County: Orange

Plat Map: 300 S Orange Ave - Lincoln Plaza

300 S Orange Ave - Lincoln Plaza SOLD 246,117 SF Class A Office Building Built in 2000 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 29

8151 Patterson Woods Dr - Patterson Court Apartments

Orlando, FL 32821 - Tourist Corridor Submarket

Sale on 10/29/2010 for $67,250,000 ($148.48/SF; $175,130/Unit) - Research Complete

384 Unit, 452,928 SF Apartment Units Building Built in 2008

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Alta Cast Housing LLCUS LSTAR I LLC

True Buyer: True Seller: Wood Partners

3715 Northside Pky NW Atlanta, GA 30327 (404) 965-9965

USAA Real Estate Company

9830 Colonnade Blvd San Antonio, TX 78230 (800) 531-8182

Buyer Type: Seller Type: Developer/Owner-NTLInvestment Manager

Buyer Broker: Listing Broker: CBRE

Malcolm McComb

(404) 923-1421

No Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$148.48

$67,250,000-Confirmed

10/29/2010 (60 days on market)

Bldg Type:

Land Area:

Sale Conditions:

Year Built/Age:

RBA:

6.75%

Apartment Units

Built in 2008 Age: 2

452,928 SF

21 AC (914,760 SF)

Investment Triple Net

Percent Leased: 100.0%

Transaction Details

Asking Price: -

Price/AC Land Gross: $3,202,380.95

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$35,239,308 in 2009

$31,399,308

$3,840,000

Percent Improved: 89.1%

Land Assessed/AC: $182,857

InvestmentSale Type:

Transfer Tax: $470,750

GRM/GIM: -/-

ID: 2002318

Spacer

Escrow Length: 60 days

Parcel No:

Financing:

23-2428-5111-01-000, 23-2428-5111-02-000

Down payment of $67,250,000.00 (100.0%)

Document No: 10131-9160

Legal Desc: Lots 1 & 2 Little Lake Bryan Par 8 bk 69 pgs 147 thru 149

Spacer

# Units:

Avg Unit Size: 1,111 SF

384 $175,130Price/Unit:

Spacer

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 30

Spacer

no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high

Unit Mix

96 1/1.0 772 25.0 - -

96 2/2.0 1,048 25.0 - -

192 3/3.0 1,312 50.0 - -

Transaction Notes

The following details were confirmed by the broker involved.

On October 29, 2010, Wood Partners sold the Patterson Court Apartments in Orlando, Florida to USAA Real Estate Company for $67.25 million.

The subject property is a 452,928-SF, 384-unit apartment complex that sits on 21 acres. It was completed in December of 2008. The unit mix is as follows: 96 one bedroom/one bath; 96 two bedroom/two bath; 192 three bedroom/three bath. It has 885 parking space, of which 21 spaces are handicapped. The subject property was built as a build-to-suit project for the tenant.

The subject property is master-leased to Walt Disney World Company, a subsidiary of The Walt Disney Co. The tenant then leases the subject property to students, who are enrolled in the Disney College Program, who live while working anywhere from three to twelve months. The subject property is one of four properties used in the program.

The tenant's lease commenced May 2008 with the delivery of the first building. The initial contract term will expire May of 2018. The lease agreement has three 5-year options. The tenant, through an absolute net deal, pays all leasing, management and operational expenses (including taxes and insurance). The buyer is responsible for structural capital expenditures.

The seller reported a 6.75% CAP Rate, based on the income in-place.

The seller marketed this motivator in their marketing materials: "The high credit quality of passive cash flows coupled with excellent asset quality and a tremendous location near Orlando's major attractions make Patterson Court a compelling investment opportunity." The lease deal in place was a definite factor in the inflated price.

Once the tenant vacates the property, the subject property is permitted to be rented as apartments or converted into condos.

This was an all cash deal.

Income Expense Data

$4,539,375

Effective Gross Income

- Vacancy Allowance

+ Other Income

Gross Scheduled IncomeIncome

Cash Flow

$4,539,375

- Capital Expenditure

- Debt Service

Net Operating IncomeNet Income

8151 Patterson Woods Dr - Patterson Court Apartments SOLD 384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 31

8151 Patterson Woods Dr - Patterson Court Apartments SOLD 384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)

Bldg Type: Apartment Units

384

1,111 SF

# Units:

Avg Unit Size:

Avg Vacancy: 0.0%

Current Building Information

Bldg Status: Built in 2008

452,928 SFBldg Size:

Typical Floor Size: 38,234 SF

Stories: 3

Parking: 899 Surface Spaces are available; Ratio of 1.20/1,000 SF; 2.34/Unit

Bldg Vacant: 0 SF

Owner Type: Investment Manager

Zoning: P-D

Rent/SF/Yr: For Sale Only

Elevators: 0

Land Area: 21 AC

Expenses: 2009 Tax @ $1.02/sf

ID: 7822263

Location Information

Orlando

Tourist Corridor/Tourist Corridor

Metro Market:

Submarket:

County: Orange

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 32

Parcel Number: 23-2428-5111-01-000, 23-2428-5111-02-000

-Legal Description:

County: Orange

Plat Map: 8151 Patterson Woods Dr - Patterson Court Apartments

8151 Patterson Woods Dr - Patterson Court Apartments SOLD 384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 33

12100 Sterling University Ln - Sterling Central

Orlando, FL 32826 - University Submarket

Sale on 12/01/2011 for $84,233,000 ($139.77/SF; $166,140/Unit) - Research Complete

507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011

SOLD

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Sterling - UCF, LPHSRE-UCF I, LC

True Buyer: True Seller: Lee Chira & Associates

800 N Highland Rd Orlando, FL 32803 (407) 297-1600

The Dinerstein Companies

John Caltagirone

3411 Richmond Ave Houston, TX 77046 (832) 209-1200

Harrison Street Real Estate Capital

Brian Thompson

71 S Wacker St Chicago, IL 60606 (312) 920-0500

Buyer Type: Seller Type: Individual Developer/Owner-NTL

Investment Manager

Buyer Broker: Listing Broker: No Listing Broker on DealNo Buyer Broker on Deal

Sale Date:

Price/SF:

Sale Price:

Actual Cap Rate:

$139.77

$84,233,000-Confirmed

12/01/2011

Bldg Type:

Land Area:

Year Built/Age:

RBA:

6.50%

Apartment Units - Student

Built in 2011

602,645 SF

10.40 AC (453,024 SF)

Percent Leased: 98.5%

Transaction Details

Asking Price: -

Price/AC Land Gross: $8,099,326.92

Total Value Assessed:

Improved Value Assessed:

Land Value Assessed:

$67,721,514 in 2011

$30,530,655

$5,080,000

Percent Improved: 45.1%

Land Assessed/AC: $488,461

InvestmentSale Type:

GRM/GIM: -/-

ID: 2223600

Spacer

Escrow Length: 60 days

Financing: Down payment of $38,483,000.00 (45.7%) $45,750,000.00 from John Hancock Life Insurance Company (U.S.A.)

No. of Tenants: 1

Legal Desc: Lengthy legal...refer to deed.

Tenants at time of sale: Sterling Central

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 34

Parcel No: 10-2231-8965-01-001, 10-2231-8965-01-000

Document No: 10301-0620

Legal Desc: Lengthy legal...refer to deed.

Spacer

# Units:

Avg Unit Size: 1,206 SF

507

Avg Rent/Unit/Mo:

Avg Rent/SF/Mo:

$667

$0.55SF of all Units: 1,842,987

$166,140Price/Unit:

Spacer Spacer

Transaction Notes

The information included in this report was gathered from public record, a third party news source, as well as from sources deemed reliable.

This transaction represents the sale of Sterling Central, a 507-unit apartment complex in Orlando, FL. The property, located at 12100 Sterling University Lane near the University of Central Florida, sold on December 1, 2011 for $84,233,000.

The owners assess the property on a per-bed basis, since each tenant on the building is on a seperate 12-month lease. Based on this assessment, the 1,527-bed property sold for $55,162 per bed.

One of our sources reported the property was approximately 98.5% occupied at the time of the sale. The source reported that Sterling Central traded at approximately a 6.5% cap rate.

The property delivered in two phases - the first in August 2010, and the second in August 2011. A source deemed reliable reported that the buyer entered in to negotiations with the seller and developer as the second phase was completing.

This source reported that the buyers were attracted to the property because of nearby University of Central Florida's large student body (currently the second largest in the nation), as well as the strength of the Orlando multi-family market in general.

Income Expense Data

$9,903,445

Effective Gross Income

- Vacancy Allowance

+ Other Income

Gross Scheduled IncomeIncome

$4,428,300

$3,794,906

$633,394

Total Expenses

- Operating Expenses

- TaxesExpenses

Cash Flow

$5,475,145

- Capital Expenditure

- Debt Service

Net Operating IncomeNet Income

12100 Sterling University Ln - Sterling Central SOLD 507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 35

12100 Sterling University Ln - Sterling Central SOLD 507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)

Bldg Type: Apartment Units - Student

507

1,206 SF

# Units:

Avg Unit Size:

Avg Vacancy: 5.0%

Current Building Information

Bldg Status: Built in 2011

602,645 SFBldg Size:

Typical Floor Size: 150,661 SF

Stories: 4

Parking: Free Covered Spaces; Free Surface Spaces

Bldg Vacant: 0 SF

Owner Type: Investment Manager

Zoning: P-D

Rent/SF/Yr: -

Elevators: 0

Land Area: 10.40 AC

Expenses: 2011 Tax @ $1.05/sf; 2011 Ops @ $6.30/sf

Site Amenities: Balcony/Patio, Basketball Court, Breakfast/Coffee Concierge, Cable Ready, Ceiling Fans, Ceramic/Tile Floors, Close to Public Transportation, Courtyard, Fitness Center, Gameroom, Grill, High Speed Internet, Media Center/Movie Theater, Pool, Property Manager on Site, Stainless Steel Appliances, Tanning Salon, Volleyball Court, Walk-In Closets, Washer/Dryer, Wi-Fi at Pool and Clubhouse

Metering: Individually Metered

ID: 8136038

Location Information

Orlando

University/University

Metro Market:

Submarket:

County: Orange

CBSA: Orlando-Kissimmee-Sanford, FL

DMA: Orlando-Daytona Beach-Melbourne, FL

CSA: Orlando-Deltona-Daytona Beach, FL

Spacer

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 36

Parcel Number: 10-2231-8965-01-001, 10-2231-8965-01-000

-Legal Description:

County: Orange

Plat Map: 12100 Sterling University Ln - Sterling Central

12100 Sterling University Ln - Sterling Central SOLD 507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)

This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012

Page 37