Potential Gross Income (PGI) EstimatorPlease Only Change ite.docx

Potential Gross Income (PGI) Estimator
Please Only Change items in Yellow
Method A
Unit/Type # of Units Monthly Rent Tot. Mn Rent Annual Rent
Move In Expiration
1/1 As 30 670.00$ 20,100.00$ 241,200.00$
2/1 Bs 100 810.00$ 81,000.00$ 972,000.00$
2/2 Cs 170 865.00$ 147,050.00$ 1,764,600.00$
3/2 Ds 100 1,050.00$ 105,000.00$ 1,260,000.00$
4/2.5 Es 50 1,270.00$ 63,500.00$ 762,000.00$
Totals 450.00 416,650.00$ 4,999,800.00$
Average Unit Rent 925.89$
Method B
Unit Sq Foot An. PSF Rent Monthly Rent Annual Rent Move In
Expiration
1 20,000.00 15.75$ 26,250.00$ 315,000.00$
2 15,000.00 17.20$ 21,500.00$ 258,000.00$
3 75,000.00 10.50$ 65,625.00$ 787,500.00$
4 4,000.00 19.45$ 6,483.33$ 77,800.00$
5 7,000.00 18.30$ 10,675.00$ 128,100.00$
Totals 121,000.00 130,533.33 1,566,400.00
Average Per Square Foot Rent 12.95$

Method C
Annual PGI 5,000,000.00$
Operating Statement
Assumptions
Method of PGI Calculation C (type A, B, or C in the box)
Percentage of Vacancy Loss 10%
Other Annual Income 20,000.00$
Potential Gross Income 5,000,000.00$
Vacancy & Collection Loss (500,000.00)$
Other Income 20,000.00$
Effective Gross Income 4,520,000.00$
Operating Expenses
(Fill in one only one yellow column per row)
Item % of EGI Amount
Management 3% (135,600.00)$
Real Estate Taxes 685,000.00$ (685,000.00)$
Property Insurance 410,000.00$ (410,000.00)$
Payroll/Staff 200,000.00$ (200,000.00)$
Maintenance 500,000.00$ (500,000.00)$
Accounting & Legal 50,000.00$ (50,000.00)$
Utilities 35,000.00$ (35,000.00)$

Misc. 18,400.00$ (18,400.00)$
-$
-$
-$
-$
-$
Total Expenses (2,034,000.00)$
Expenses as a Percentage of EGI 45.00%
Net Operating Income (NOI) 2,486,000.00$
Reserves for CAPX 5% (226,000.00)$
Annual Debt Service (1,444,325.01)$
Tax Payment or Savings -$
Annual Cash Flow 815,674.99$
Cash on Cash Return 10.11%
Acquisition/Disposition Worksheet
Acquistion Offer Generator
Purchase Price 24,000,000.00$ Cap Rate you would like to
pay 10%
Purchasing Closing Costs 2%
Loan Fees 2% Your Max Offer 24,860,000$
Due Diligence Expenses 50,000.00$
Purchasing Cap Rate 10.36%

Loan Information
Max Loan to Value 70%
Interest Rate 6%
Amortization (in months) 240
Payoff Month 60
Max Loan Amount 16,800,000.00$
Monthly P&I Payment (120,360.42)$
Annual Debt Service (1,444,325.01)$
Payoff Loan Amount (14,263,132.54)$
Acquisition Cash Flow
Purchase Price 24,000,000.00$
Due Diligence Costs 50,000.00$
Closing Costs 480,000.00$
Loan Fees 336,000.00$
Total Acquisition Cost 24,866,000.00$
Less Loan Amount (16,800,000.00)$
Total Equity Required 8,066,000.00$
(Cash Flow 0)
Disposition
Exit Cap Rate 10.50%
Sales Commissions 2%

Closing Costs 2%
Disposition Cash Flow
Sale Price 28,516,366.31$
Sales Commissions (570,327.33)$
Closing Costs (570,327.33)$
Payoff Mortgage Balance (14,263,132.54)$
Disposition Cash Flow 13,112,579.11$
Acquisition/Disposition Worksheet
Assumptions
Growth Rate in EGI 3%
Growth Rate in Expenses 2%
Item Time 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Initial Cash Flow (8,066,000.00)$
Effective Gross Income 4,520,000.00$ 4,655,600.00$
4,795,268.00$ 4,939,126.04$ 5,087,299.82$
5,239,918.82$
Total Operating Expenses (2,034,000.00)$ (2,074,680.00)$
(2,116,173.60)$ (2,158,497.07)$ (2,201,667.01)$
(2,245,700.35)$
Net Operating Income 2,486,000.00$ 2,580,920.00$
2,679,094.40$ 2,780,628.97$ 2,885,632.81$
2,994,218.46$
Debt Service (1,444,325.01)$ (1,444,325.01)$
(1,444,325.01)$ (1,444,325.01)$ (1,444,325.01)$
Reserves for CAPX (226,000.00)$ (226,000.00)$
(226,000.00)$ (226,000.00)$ (226,000.00)$
Tax Costs/Benefits -$ -$ -$

-$ -$
Operations Cash Flow 815,674.99$ 910,594.99$
1,008,769.39$ 1,110,303.95$ 1,215,307.79$
Disposition Cash Flow 13,112,579.11$
Total Cash Flow (8,066,000.00)$ 815,674.99$
910,594.99$ 1,008,769.39$ 1,110,303.95$
14,327,886.91$
Cash on Cash Returns 10.11% 11.29% 12.51% 13.77% 15.07%
Internal Rate of Return 20.43%
Percentage Split Method
Assumptions
Sponsor Equity Investment 50%
Partner Equity Investment 50%
Sponsor Investment 4,033,000.00$
Partner Investment 4,033,000.00$
Time 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$
1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Sponsor (4,033,000.00)$ 407,837.49$ 455,297.49$
504,384.69$ 555,151.98$ 7,163,943.45$
Partner (4,033,000.00)$ 407,837.49$ 455,297.49$
504,384.69$ 555,151.98$ 7,163,943.45$

Sponsor IRR 20.43%
Partner IRR 20.43%
Sponsor X Return 1.25
Partner X Return 1.25
Fixed Return Method
Assumptions
Sponsor Equity Investment 10%
Partner Equity Investment 90%
Partner Rate of Return 10%
Sponsor Investment 806,600.00$
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$
1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Partner (7,259,400.00)$ 725,940.00$ 725,940.00$
725,940.00$ 725,940.00$ 7,985,340.00$
Sponsor (806,600.00)$ 89,734.99$ 184,654.99$
282,829.39$ 384,363.95$ 6,342,546.91$
Sponsor IRR 62.47%
Partner IRR 10.00%

Waterfall Method
Assumptions
Sponsor Equity Investment (Money) 10%
Partner Equity Investment (Money) 90%
Perferred Return to Money 8%
1st Tier - Sponsor Promote Split 30%
1st Tier - IRR Hurdle Rate 15%
2nd Tier - Spnsor Promote Split 50%
Sponsor Investment 806,600.00$
Total Equity Investment 8,066,000.00$
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$
1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Required Perferred Return 645,280.00$ 645,280.00$
645,280.00$ 645,280.00$ 8,711,280.00$
Perferred Return Paid 645,280.00$ 645,280.00$
645,280.00$ 645,280.00$ 8,711,280.00$
Perferred Deficit -$ -$ -$
-$ -$
Perferred Carryover Accrual -$ -$ -$
-$ -$
Funds Left to Pay Accrual 170,394.99$ 265,314.99$

363,489.39$ 465,023.95$ 5,616,606.91$
Payment to Accrual -$ -$ -$
-$ -$
New Accrual Balance -$ -$ -$
-$ -$
Total Perferred Payment (8,066,000.00)$ 645,280.00$
645,280.00$ 645,280.00$ 645,280.00$
8,711,280.00$
Balance for Waterfall 170,394.99$ 265,314.99$
363,489.39$ 465,023.95$ 5,616,606.91$
(1,344,405.46)$
Test 1st Tier Split - Money 119,276.49$ 185,720.49$
254,442.57$ 325,516.77$ 3,931,624.84$
Hit this Button To Recalculate
Returns
Test 1st Tier Split - Promote 51,118.50$ 79,594.50$
109,046.82$ 139,507.19$ 1,684,982.07$
Hurdle Check Cash Flow (8,066,000.00)$ 764,556.49$
831,000.49$ 899,722.57$ 970,796.77$
11,298,499.38$
1st Tier Waterfall 170,394.99$ 265,314.99$
363,489.39$ 465,023.95$ 3,696,027.68$
1st Tier Split - Money 119,276.49$ 185,720.49$
254,442.57$ 325,516.77$ 2,587,219.38$
2nd Tier Split - Promote 51,118.50$ 79,594.50$
109,046.82$ 139,507.19$ 1,108,808.31$
Hurdle Check (8,066,000.00)$ 764,556.49$ 831,000.49$

899,722.57$ 970,796.77$ 11,298,499.38$
Balance for 2nd Tier Waterfall 1,920,579.22$
2nd Tier Split - Money 960,289.61$
2nd Tier Split - Promote 960,289.61$
Total Cash Flow - Money (8,066,000.00)$ 764,556.49$
831,000.49$ 899,722.57$ 970,796.77$
12,258,788.99$
Total Cash Flow - Promote 51,118.50$ 79,594.50$
109,046.82$ 139,507.19$ 2,069,097.92$
Sponsor Cash Flows (806,600.00)$ 127,574.14$
162,694.54$ 199,019.07$ 236,586.86$
3,294,976.82$
Partner Cash Flows (7,259,400.00)$ 688,100.84$
747,900.44$ 809,750.31$ 873,717.09$
11,032,910.09$
IRR to the Money 16.54%
Sponsor IRR 44.63%
Partner IRR 16.54%
IRR 8.00%
IRR 14.97% check 0.03%

irr 14.97%
irr 16.54%
Waterfall Output
Net Cash Flow (8,066,000.00)$ 815,674.99$ 910,594.99$
1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Limited Partner Cash Flows (7,259,400.00)$ 688,100.84$
747,900.44$ 809,750.31$ 873,717.09$ 11,032,910.09$
Sponsor Cash Flows (806,600.00)$ 127,574.14$
162,694.54$ 199,019.07$ 236,586.86$ 3,294,976.82$
Deal CCR 10.11% 11.29% 12.51% 13.77% 177.63%
Limited Partner CCR 9.48% 10.30% 11.15% 12.04% 151.98%
Sponsor CCR 15.82% 20.17% 24.67% 29.33% 408.50%
Deal IRR 20.43%
Limited Partner IRR 16.54%
Sponsor IRR 44.63%
Deal Xtimes Return 1.25
LP Xtimes Return 0.95
Sponsor Xtimes Return 3.98
Rent Roll - PGIOperating StatementAcquisition -
DispositionFive Year CashflowsPercentage Split PlanFixed
Return MethodWaterfall MethodWaterfall Output

Fa10Name: ________________________________
Lab Report for Lab #5:What Are Stars Made Of?
Questions:
1. Download and save or print out comparison spectra. The
Astrophysics Data System (ADS) is a resource that houses
electronically scanned refereed publications in astronomy. Find
the article written by Jacoby, Hunter and Christian in 1984,
published in the Astrophysical Journal Supplement (ApJS). The
article is titled “A Library of Stellar Spectra.” The spectra that
you are interested in begin on page 259 of this article.
The ADS is found at http://adswww.harvard.edu/
2. Describe the differences of the main spectral types.
Considering only the letters that denote the spectral class (O, B,
A, F, G, K, M), determine the characteristics that separate one
class from another based upon their spectra. Be sure to notice
both peak wavelength and absorption lines.
[Type answers here]
3. Go to the ELODIE website to view stellar spectra.
(http://atlas.obs-hp.fr/elodie/) Look up and view the spectra of
the stars from the list below. Identify the spectral type of each
star by comparing the spectrum on ELODIE with the library
from the article found in step 1. Be sure to note both the peak
wavelength of the curve and any absorption lines you notice.
HD 191984
HD 194244
HD 206778
HD 209747

HD 210418
HD 211976
HD 212754
HD 212943
[Type answers here]
4. Use the WWT to find each star whose spectrum you
identified. Use the research button to find out the correct
spectral type for the star by checking the spectral type on
SIMBAD.
[Type answers here]
OPTIONAL Step 5. Write a paper about the determination of
spectral classes of stars. Write about what you have learned
about the spectra of stars and how the spectra are related to the
chemical composition of stars. Include anything you learn about
the history of stellar spectral classification.
Fa10
Name: _________________________________
What Are Stars Made Of?
Description:
When astronomers first started to study stars, they noticed that
stars appeared to have different intrinsic colors. Later, with
more sophisticated instrumentation, these color differences were
verified to be distinct differences in the amount of light emitted
at each wavelength – meaning the difference in color was real,
and not perceived. More recently (in the early 20th century),
astronomers used spectrographs to separate the light from stars

even further, and they noticed that the stars gave off absorption
spectra. Different color stars gave off different spectra. It took
decades for astronomers to put together the meaning of all these
different pieces of data, but eventually they were able to
determine what caused the different spectra and what stars are
made of.
In this exercise, students will look at stellar spectra and
blackbody curves of stars to determine the stars’ temperatures.
They will classify some spectra, using a comparison set of
spectra. They will also note the peak wavelength of the spectra
they classify.
Introduction:
Understanding what information can be gained from observing
the light emitted from objects in space is vital to astronomy.
One very important phenomenon of light that will be used in
this exercise is the spectrum – this is light from an object that
has been spread out by wavelength, similar to the way light can
be spread out by wavelength when it passes through a prism or
dust particles embedded in raindrops. There are two very
distinct properties of a spectrum that will be important in this
exercise: energy distribution and absorption lines.
The energy distribution curve is sometimes called a blackbody
curve because the shape of an energy distribution curve for a
star is much light that of a theoretical blackbody. A theoretical
blackbody is a substance that absorbs all light incident upon it
and re-emits that light at all wavelengths with the peak
wavelength of that emission corresponding to the temperature of
the blackbody. You will be examining blackbody curves for
several stars to determine the peak wavelength of that curve,
and, thus, the temperature of the star that emitted that light.
Absorption lines are dark lines where much less light is

observed. These occur at discrete wavelengths within the
spectrum of a star. The reason that much less light is present is
because that light was absorbed by an intervening gas. In the
case of a star, the intervening gas is the atmosphere of the star.
So, the absorption lines in the spectrum of a star’s light are due
to materials found in the atmosphere of the star.
1. Download and save or print out comparison spectra. The
Astrophysics Data System (ADS) is a resource that houses
electronically scanned refereed publications in astronomy. Find
the article written by Jacoby, Hunter and Christian in 1984,
published in the Astrophysical Journal Supplement (ApJS). The
article is titled “A Library of Stellar Spectra.” The spectra that
you are interested in begin on page 259 of this article.
The ADS is found at http://adswww.harvard.edu/
2. Describe the differences of the main spectral types.
Considering only the letters that denote the spectral class (O, B,
A, F, G, K, M), determine the characteristics that separate one
class from another based upon their spectra. Be sure to notice
both peak wavelength and absorption lines.
3. Go to the ELODIE website to view stellar spectra.
(http://atlas.obs-hp.fr/elodie/) Look up and view the spectra of
the stars from the list below. Identify the spectral type of each
star by comparing the spectrum on ELODIE with the library
from the article found in step 1. Be sure to note both the peak
wavelength of the curve and any absorption lines you notice.
HD 191984
HD 194244
HD 206778
HD 209747

HD 210418
HD 211976
HD 212754
HD 212943
4. Use the WWT to find each star whose spectrum you
identified. Use the research button to find out the correct
spectral type for the star by checking the spectral type on
SIMBAD.
OPTIONAL Step 5. Write a paper about the determination of
spectral classes of stars. Write about what you have learned
about the spectra of stars and how the spectra are related to the
chemical composition of stars. Include anything you learn about
the history of stellar spectral classification.
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
(con't)
Page 2
Parcel Number: -
-Legal Description:
County: Orange
Plat Map: 4949-4977 International Dr
4949-4977 International Dr SOLD
(con't)
Page 3
495 N Keller Rd - Maitland Promenade II

Maitland, FL 32751 - Maitland Center Submarket
Complete
230,366 SF Class A Office Building Built in 2001
SOLD
2
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
Bldg Type:
Land Area:
Sale Conditions:
Year Built/Age:
RBA:
7.00%
Office

230,366 SF
9.20 AC (400,926 SF)
1031 Exchange
Transaction Details
Asking Price: -
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
Transfer Tax: $370,580

ID: 1551987
-
Spacer
Tenancy: Multi
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.
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
$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
A
88,391 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
40,999 SF
Multi
Developer/Owner-RGNL

No
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
Orlando
Maitland Center/Maitland Center
Metro Market:
Submarket:
County: Orange
Park Name: Maitland Promenade
Spacer

495 N Keller Rd - Maitland Promenade II SOLD
230,366 SF Class A Office Building Built in 2001 (con't)
Page 5
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
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
Page 7
1000 Legion Pl - Gateway Center
Orlando, FL 32801 - Downtown Orlando Submarket
Complete
SOLD
3
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
01/18/2008
Bldg Type:
Land Area:
Year Built/Age:
RBA:

4.70%
6.80%
Office
228,241 SF
4.01 AC (174,676 SF)
Transaction Details
Asking Price: -
$25,448,686 in 2007
$20,916,827
ID: 1470186
Tenancy: Multi

Escrow Length: -
Page 8
Actual Cap Rate: 6.80% Improved Value Assessed:
$20,916,827
$4,531,859
Land Assessed/AC: $1,130,139
-
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

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
A
28,661 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied

28,661 SF
Multi
Pension Fund
No
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
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
Orlando
Downtown/Downtown Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): Trakker 44-S19

1000 Legion Pl - Gateway Center SOLD
Page 9
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
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

Page 11
2301 Lucien Way - Maitland Colonnades
Maitland, FL 32751 - Maitland Center Submarket
Complete
SOLD
4
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
Bldg Type:

Land Area:
Year Built/Age:
RBA:
6.20%
Office
260,000 SF
14.07 AC (612,998 SF)
Transaction Details
Asking Price: -
$19,335,256 in 2006
$14,424,592
$4,910,664

ID: 1335852
-
Spacer
Tenancy: Multi
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
Page 12

Parcel No: 35-2129-4579-01-000
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
A
114,875 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied

33,640 SF
Multi
Investment Manager
No
87.1%
$20.59
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 65,000 SF
14.07 AC
2
IC-2, Maitland
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
Orlando
Maitland Center/Maitland Center
Metro Market:
Submarket:
County: Orange
Park Name: Maitland Center

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
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
Page 14
800 N Magnolia Ave - One Orlando Centre
Complete
355,783 SF Class A Office Building Built in 1988, Renov 1995
SOLD
5
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
Sale Date:
Pro Forma Cap Rate:
Price/SF:
Sale Price:
$254.72

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)
Transaction Details
Asking Price: -
$47,082,418 in 2006

$34,762,118
$12,320,300
ID: 1302174
-
Spacer
Tenancy: Multi
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
Page 15
Parcel No: 23-2229-5640-01-001
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

A
66,802 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
35,210 SF
Multi
No
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
6
AC-3A/T, Orlando
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
ID: 380875

Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): American Map Corp 306
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

(con't)
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
(con't)
Page 17
777 E Merritt Island Cswy - Merritt Square Mall
Merritt Island, FL 32952 - Brevard County Submarket
Complete

804,000 SF Retail (Super Regional Mall) Building Built in
1970, Renov 2003
SOLD
6
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
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$104.48
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
$61,000,000 in 2007
-
-
Percent Improved: -
Land Assessed/AC: -
ID: 1410720
-
Spacer
Tenancy: Multi

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

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
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
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
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
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
Spacer
777 E Merritt Island Cswy - Merritt Square Mall SOLD
1970, Renov 2003 (con't)
Page 19

1970, Renov 2003 (con't)
Approximate Foodcourt seats=400
Property Notes
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
1970, Renov 2003 (con't)
Page 21

390 N Orange Ave - Bank of America Center
Complete
SOLD
7
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-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
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$228.58

Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.11%
Office
421,069 SF
2.31 AC (100,624 SF)
Transaction Details
Asking Price: -
$55,610,292 in 2005
$49,005,935

$6,604,357
ID: 1181477
-
Spacer
Tenancy: Multi
Page 22
Parcel No: 26-2922-2263-00-020
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
A
77,756 SF
Class:
Total Avail:
Bldg Vacant:

Tenancy:
Owner Type:
Owner Occupied
74,598 SF
Multi
REIT
No
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
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
Orlando
Metro Market:
Submarket:

County: Orange
Map(Page): American Map Corp 307
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

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
Page 24
Plat Map: 390 N Orange Ave - Bank of America Center
Page 25
300 S Orange Ave - Lincoln Plaza

Complete
SOLD
8
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
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$212.30
02/26/2010 (117 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
8.80%

Office
246,117 SF
1.29 AC (56,371 SF)
Transaction Details
Asking Price: $52,000,000
$47,330,446 in 2009
$41,129,196
$6,201,250

ID: 1881641
-
Spacer
Tenancy: Multi
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
Page 26
Parcel No:
Financing:

26-2229-0027-00-030
Down payment of $52,250,000.00 (100.0%)
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
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
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

- TaxesExpenses
Bldg Type: Office
A
70,258 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
61,853 SF
Multi
Investment Manager
No
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
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
OrlandoMetro Market:
300 S Orange Ave - Lincoln Plaza SOLD
Page 27
Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): Trakker 44-T21

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
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
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
9
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
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$148.48
Bldg Type:
Land Area:
Sale Conditions:

Year Built/Age:
RBA:
6.75%
Apartment Units
452,928 SF
21 AC (914,760 SF)
Investment Triple Net
Transaction Details
Asking Price: -
$35,239,308 in 2009
$31,399,308
$3,840,000

GRM/GIM: -/-
ID: 2002318
-
Spacer
Parcel No:
Financing:
23-2428-5111-01-000, 23-2428-5111-02-000
Down payment of $67,250,000.00 (100.0%)
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
Spacer
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
- Vacancy Allowance
+ Other Income
Cash Flow
$4,539,375
- Debt Service
8151 Patterson Woods Dr - Patterson Court Apartments SOLD
(con't)

(con't)
Bldg Type: Apartment Units
384
1,111 SF
# Units:
Avg Unit Size:
Avg Vacancy: 0.0%
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
ID: 7822263
Orlando
Tourist Corridor/Tourist Corridor
Metro Market:
Submarket:
County: Orange
Spacer

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
(con't)
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

10
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
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)

Transaction Details
Asking Price: -
$67,721,514 in 2011
$30,530,655
$5,080,000
GRM/GIM: -/-
ID: 2223600
-
Spacer
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
Page 34
Parcel No: 10-2231-8965-01-001, 10-2231-8965-01-000
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
- Vacancy Allowance
+ Other Income
$4,428,300
$3,794,906
$633,394
Total Expenses
- TaxesExpenses
Cash Flow
$5,475,145
- Debt Service

12100 Sterling University Ln - Sterling Central SOLD
in 2011 (con't)
Page 35
in 2011 (con't)
Bldg Type: Apartment Units - Student
507
1,206 SF
# Units:
Avg Unit Size:
Avg Vacancy: 5.0%
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
Orlando

University/University
Metro Market:
Submarket:
County: Orange
Spacer
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
in 2011 (con't)

Page 37
Final Project
Offering Memoranda & Spreadsheet
DUE 7/31/2013 at 11:59pm on WebCourses
PLEASE UPLOAD ONE FULLY FUNCTIONAL EXCEL FILE
& ONE PDF FILE
NOTE: THIS PROJECT WILL ALSO COUNT AS YOUR
FINAL EXAM – NO OTHER TEST WILL BE GIVEN
Use a property in the “Summer 2013 Costar” file. Select just
ONE.
Using the basic property data, build a spreadsheet and “Offering
Memoranda” using the “Sale Price” and
“Pro Forma Cap Rate” to set up your financials in the
spreadsheet. Hence, you must “make up” or
assume all the rent roll and operating expenses that justify the
Price and Cap rate. (HINT, put the
purchase price from the “sale price” filed an d adjust numbers
logically until the Purchasing Cap Rate is
equal to the “Pro Forma Cap Rate”.
Using this turn in and create the following:
25% of Grade - Submit an Excel Workbook with the following

items, fully linked, updatable, and
functional.
Using the above property parameters:
1. Rent Roll – DOES NOT NEED the ABC thing, just the one
method that works for your property
2. Operating Statement – with detailed expenses and CAPX
3. Acquisition – Disposition calculator, like in the example
4. Five Year Cashflow Statement – like in the example
5. Waterfall Method and Output sheets (like in example, have a
PREF, 1st Tier, and 2nd Tier), MACRO
enabled (NO OTHER METHOD IS NEEDED)
This should be fully updateable and functional. Make sure you
turn in a Macro Enabled Excel File.
30% of Grade – Offering Memoranda
This one is a very creative project that will require the creation
a word doc that you will PDF and turn in
to “sell” someone on investing in the Limited Partner Equity
Investment. Using your spreadsheet, make
the deal “WORK”, hence make debt assumptions and equity
payouts that make the deal profitable to
you and the investor (Hint adjust the PREF return as needed if
problems with profitability).
Your project should have the following items below. The slides
entitled “Capital Raising” have examples
and hints.
1. Title/Cover Page
2. Introduction/Executive Summary (should describe the
investment and why a good deal)
3. Sources and Uses

4. Property Description
5. Financial Summary (basically, nice presented parts of your
spreadsheet in the word doc)
WARNING: Do not say “refer to spreadsheet” in the word doc,
the goal and lesson is to
summarize data out of a spreadsheet. If you do this, it is like
omitting it from the project and will
cost a TON of points.
Be sure to clearly show how much money and IRR the investor
will be making.

Potential Gross Income (PGI) EstimatorPlease Only Change ite.docx

Recommended

Recommended

More Related Content

Similar to Potential Gross Income (PGI) EstimatorPlease Only Change ite.docx

Similar to Potential Gross Income (PGI) EstimatorPlease Only Change ite.docx (20)

More from ChantellPantoja184

More from ChantellPantoja184 (20)

Recently uploaded

Recently uploaded (20)

Potential Gross Income (PGI) EstimatorPlease Only Change ite.docx