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SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85429)
Creekside Plaza
2344-2400 SE Green Oaks BlvdArlington, TX 76018
Sale Date: 04/26/06
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6602Longitude: -97.0665
Sale Information
Sale Price: $15,515,483Effective R.E. Sale Price: $15,515,483Grantor / Seller: InvestcorpGrantee / Buyer: Equity One
Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 5.00
Tenants / Credit / Chain
Building Tenant: Kroger Food Stores
Improvement Data
GBA (SF): 110,964NRA (SF): 110,964Year Built: 1996Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85431)
Green Oaks
5701 W Pleasant Ridge RdArlington, TX 76016
Sale Date: 04/26/06
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6834Longitude: -97.1952
Sale Information
Sale Price: $9,101,315Effective R.E. Sale Price: $9,101,315Grantor / Seller: InvestcorpGrantee / Buyer: Equity One
Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 45.00
Tenants / Credit / Chain
Building Tenant: Kroger Food Stores
Improvement Data
GBA (SF): 65,091NRA (SF): 65,091Year Built: 1983Most Recent Renovation: 1991Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85432)
Melbourne Plaza
900 Melbourne RdHurst, TX 76053
Sale Date: 04/26/06
Property Identification
County: TarrantMSA: DallasSubmarket: Hurst-Euless-Bedford
Latitude: 32.8254Longitude: -97.1985
Sale Information
Sale Price: $6,644,039Effective R.E. Sale Price: $6,644,039Grantor / Seller: InvestcorpGrantee / Buyer: Equity One
Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 7.00
Tenants / Credit / Chain
Building Tenant: Family Christian Stores,Inc.
Improvement Data
GBA (SF): 47,517NRA (SF): 47,517Year Built: 1982Most Recent Renovation: 1993Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85441)
Southlake Village
2100-2140 E Southlake BlvdSouthlake, TX 76092
Sale Date: 04/26/06
Property Identification
County: TarrantMSA: DallasSubmarket: Grapevine-Southlake-Colleyville
Latitude: 32.9411Longitude: -97.1181
Sale Information
Sale Price: $16,512,152Effective R.E. Sale Price: $16,512,152Grantor / Seller: InvestcorpGrantee / Buyer: Equity One
Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 11.00
Tenants / Credit / Chain
Building Tenant: Kroger Food Stores
Improvement Data
GBA (SF): 118,092NRA (SF): 118,092Year Built: 1996Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85443)
Village by the Park
4115 S Cooper StArlington, TX 76015
Sale Date: 04/26/06
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6787Longitude: -97.1349
Sale Information
Sale Price: $6,225,405Effective R.E. Sale Price: $6,225,405Grantor / Seller: InvestcorpGrantee / Buyer: Equity One
Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed
Tenants / Credit / Chain
Building Tenant: Toys R Us
Improvement Data
GBA (SF): 44,523NRA (SF): 44,523Year Built: 1992Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (86876)
Richland Centre
8525 Airport FwyNorth Richland Hills, TX 76180
Sale Date: 03/16/06
Effective Price/SF Rentable: $103.69
Property Identification
County: TarrantMSA: DallasSubmarket: Far NE Fort Worth
Latitude: 32.8344Longitude: -97.2009
Sale Information
Sale Price: $24,000,000Effective R.E. Sale Price: $24,000,000Grantor / Seller: Richland Centre
Associates LPGrantee / Buyer: Richland Pointe LLCConfirmed By: Russell PatrickConfirmation Date: 04/25/08Confirmation Source Name /Phone: Mart Martindale w/ TM
Realty Group 972-528-1108Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 03/16/06Conveyance Document Type: DeedConveyance Document Recording: D206077065Sale Status: Closed
Operating Data and Key Indicators
Potential Gross Income: $3,725,941Vacancy Rate: 19.00Effective Gross Income: $3,018,012Net Operating Income: $1,938,000
GRM Actual: 6.44EGIM Actual: 7.95OAR (Cap rate) Actual: 8.08
Tenants / Credit / Chain
Building Tenant: Barnes & Noble
Improvement Data
GBA (SF): 231,458NRA (SF): 231,458Year Built: 1994Multi-Tenant: Yes
Parking Ratio (1000SF GBA): 4.61Parking Ratio (/Unit): 0.00
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (87643)
WalgreensWalgreens
705 Boyd RdAzle, TX 76020
Sale Date: 02/28/06
Effective Price/SF GBA: $380.12
Effective Price/SF Rentable: $380.12
Property Identification
Legal/Tax/Parcel ID: 41018915County: TarrantMSA: DallasSubmarket: NW DFW Periphery
Latitude: 32.91Longitude: -97.5572
Sale Information
Sale Price: $5,633,333Effective R.E. Sale Price: $5,633,333Grantor / Seller: Omni-Azle 03, LPGrantee / Buyer: VDN Azle, LPConfirmation Source Name /Phone: VDN Azle (Mr. Ward Mabie)Confirmation Source Type: Buyer
Sale Date: 02/28/06Conveyance Document Type: DeedConveyance Document Recording: D206057965Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Tenants / Credit / Chain
Building Tenant: Walgreens
Improvement Data
GBA (SF): 14,820NRA (SF): 14,820Year Built: 2005Multi-Tenant: No
Building Class: CM&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 1.67Gross Land Area (SF): 72,832Usable Land Area (SF): 72,832
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Power CenterIRR Event ID (90266)
Market Street Village
1451 W Pipeline RdHurst, TX 76053
Sale Date: 01/04/06
Property Identification
County: TarrantMSA: DallasSubmarket: Hurst-Euless-Bedford
Latitude: 32.8238Longitude: -97.2039
Sale Information
Sale Price: $29,000,000Effective R.E. Sale Price: $29,000,000Grantor / Seller: Kite Realty Group TrustGrantee / Buyer: Burk Collins & Co
Sale Date: 01/04/06Conveyance Document Type: DeedSale Status: Closed
Tenants / Credit / Chain
Building Tenant: Circuit City
Improvement Data
GBA (SF): 144,000NRA (SF): 144,000Year Built: 1985Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (92770)
Pipeline Pointe Shopping Ctr
1497 W Pipeline RdHurst, TX 76053
Sale Date: 11/17/05
Property Identification
County: TarrantMSA: DallasSubmarket: Hurst-Euless-Bedford
Latitude: 32.8238Longitude: -97.2045
Sale Information
Sale Price: $4,625,000Effective R.E. Sale Price: $4,625,000
Sale Date: 11/17/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
OAR (Cap rate) Actual: 7.18
Tenants / Credit / Chain
Building Tenant: Vitamin Shoppe
Improvement Data
GBA (SF): 12,255NRA (SF): 12,255Year Built: 2004Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (94137)
Cooper Street Mkt
3610 S Cooper StArlington, TX 76015
Sale Date: 10/18/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6869Longitude: -97.1313
Sale Information
Sale Price: $3,000,000Effective R.E. Sale Price: $3,000,000
Sale Date: 10/18/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 50.00 OAR (Cap rate) Actual: 7.00
Tenants / Credit / Chain
Building Tenant: Movie Xchange
Improvement Data
GBA (SF): 27,296NRA (SF): 27,296Year Built: 2003Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (95887)
2101 N Collins St
2101 N Collins StArlington, TX 76011
Sale Date: 09/15/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.7674Longitude: -97.097
Sale Information
Sale Price: $15,500,000Effective R.E. Sale Price: $15,500,000Grantor / Seller: Thackeray PartnersGrantee / Buyer: Moritz Interests LTD
Sale Date: 09/15/05Conveyance Document Type: DeedSale Status: Closed
Improvement Data
GBA (SF): 115,663NRA (SF): 115,663Year Built: 1987Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (96097)
High Park Ctr
2520 E Arkansas LnArlington, TX 76014
Sale Date: 09/12/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.7059Longitude: -97.0658
Sale Information
Sale Price: $2,500,000Effective R.E. Sale Price: $2,500,000
Sale Date: 09/12/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 4.00
Tenants / Credit / Chain
Building Tenant: H & R Block
Improvement Data
GBA (SF): 24,500NRA (SF): 24,500Year Built: 1984Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (96296)
Woodmont Plaza
6401 McCart AveFort Worth, TX 76133
Sale Date: 08/30/05
Effective Price/SF GBA: $74.66
Effective Price/SF Rentable: $99.11
Property Identification
County: TarrantSubmarket: Far SW Fort Worth
Latitude: 32.6512Longitude: -97.3656
Sale Information
Sale Price: $6,465,288Effective R.E. Sale Price: $6,465,288Grantor / Seller: MAS ManagementGrantee / Buyer: Woodmont CosConfirmation Source Type: Secondary Verification
Sale Date: 08/30/05Conveyance Document Type: DeedConveyance Document Recording: D205260755Property Rights Conveyed: Leased FeeSale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Vacancy Rate: 10.00 OAR (Cap Rate) Reported: 6.00
Tenants / Credit / Chain
Building Tenant: Petco
Improvement Data
GBA (SF): 65,234NRA (SF): 65,234Year Built: 1982Most Recent Renovation: 1992Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 10.35Gross Land Area (SF): 450,846Usable Land Area (SF): 0
Building Land Ratio (FAR): 0.14
Comments
100% occupied at time of sale. Tenants include CVS Pharmacy, Firestone, Hollywood Video, Pizza Hut, Petco AnimalSupplies, State Farm Insurance. Broker reported the property sold on a 6% cap rate based on income at time of sale.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (97403)
Cooper Street Annex
1520-1540 W InterstateArlington, TX 76017
Sale Date: 08/15/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6753Longitude: -97.1308
Sale Information
Sale Price: $10,150,000Effective R.E. Sale Price: $10,150,000Grantor / Seller: Carini CoGrantee / Buyer: Frigger Associates Ltd
Sale Date: 08/15/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
OAR (Cap rate) Actual: 7.30
Tenants / Credit / Chain
Building Tenant: Ashley Furniture
Improvement Data
GBA (SF): 87,856NRA (SF): 87,856Year Built: 1984Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (98658)
Country Club Square
1071 Country Club DrMansfield, TX 76063
Sale Date: 07/22/05
Property Identification
County: TarrantMSA: DallasSubmarket: Mansfield
Latitude: 32.5845Longitude: -97.1288
Sale Information
Sale Price: $3,585,000Effective R.E. Sale Price: $3,585,000
Sale Date: 07/22/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
OAR (Cap rate) Actual: 7.51
Improvement Data
GBA (SF): 17,304NRA (SF): 17,304Year Built: 2004Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (101041)
2891 Matlock Rd
2891 Matlock RdMansfield, TX 76063
Sale Date: 06/07/05
Property Identification
County: TarrantMSA: DallasSubmarket: Mansfield
Latitude: 32.6049Longitude: -97.1146
Sale Information
Sale Price: $4,300,000Effective R.E. Sale Price: $4,300,000Grantor / Seller: Sue Yamaguchi
Sale Date: 06/07/05Conveyance Document Type: DeedSale Status: Closed
Tenants / Credit / Chain
Building Tenant: Blockbuster Video
Improvement Data
GBA (SF): 15,049NRA (SF): 15,049Year Built: 2004Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (103358)
Grapevine Crossing
1515 W HwyGrapevine, TX 76051
Sale Date: 04/20/05
Property Identification
County: TarrantMSA: DallasSubmarket: Grapevine-Southlake-Colleyville
Latitude: 32.9316Longitude: -97.0943
Sale Information
Sale Price: $23,300,000Effective R.E. Sale Price: $23,300,000Grantor / Seller: Inland Real Estate GroupGrantee / Buyer: Ainbinder Co.
Sale Date: 04/20/05Conveyance Document Type: Portfolio AllocationSale Status: Closed
Operating Data and Key Indicators
OAR (Cap rate) Actual: 7.00
Tenants / Credit / Chain
Building Tenant: Mattress Firm
Improvement Data
GBA (SF): 125,381NRA (SF): 125,381Year Built: 2001Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Super Regional Center/MallIRR Event ID (103757)
Ridgmar Mall
1888 Green Oaks RdFort Worth, TX 76116
Sale Date: 04/13/05
Property Identification
County: TarrantMSA: DallasSubmarket: West Fort Worth
Latitude: 32.7413Longitude: -97.4339
Sale Information
Sale Price: $71,100,000Effective R.E. Sale Price: $71,100,000Grantor / Seller: MacerichGrantee / Buyer: Lehman Brothers
Sale Date: 04/13/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 10.00 OAR (Cap rate) Actual: 8.40
Tenants / Credit / Chain
Building Tenant: Neiman Marcus
Improvement Data
GBA (SF): 339,000NRA (SF): 339,000Year Built: 1976Most Recent Renovation: 2000Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
Comments
Buyer Joint Venture with: Walton Street Capital / Seller Joint Venture with: Shopco Advisory Group
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (104307)
Overland Stage
4201 W Green Oaks BlvdArlington, TX 76016
Sale Date: 03/31/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.6811Longitude: -97.1963
Sale Information
Sale Price: $7,100,000Effective R.E. Sale Price: $7,100,000Grantor / Seller: Retail PlazasGrantee / Buyer: Trademark Properties
Sale Date: 03/31/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 15.00
Tenants / Credit / Chain
Building Tenant: Quizno's Subs
Improvement Data
GBA (SF): 93,711NRA (SF): 93,711Year Built: 1980Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (104626)
CVS
1301 N SaginawSaginaw, TX 76179
Sale Date: 03/29/05
Property Identification
County: TarrantMSA: DallasSubmarket: Far NW Fort Worth
Latitude: 32.8795Longitude: -97.3806
Sale Information
Sale Price: $4,350,000Effective R.E. Sale Price: $4,350,000Grantor / Seller: Inland Real Estate Group
Sale Date: 03/29/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
OAR (Cap rate) Actual: 7.54
Improvement Data
GBA (SF): 13,813NRA (SF): 13,813Year Built: 2004Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Super Regional Center/MallIRR Event ID (105455)
Mervyns
7550 Grapevine HwyNorth Richland Hills, TX 76180
Sale Date: 03/09/05
Property Identification
County: TarrantMSA: DallasSubmarket: Far NE Fort Worth
Latitude: 32.8284Longitude: -97.2214
Sale Information
Sale Price: $11,500,000Effective R.E. Sale Price: $11,500,000Grantor / Seller: Goldrich & KentGrantee / Buyer: Lubert-Adler
Sale Date: 03/09/05Conveyance Document Type: DeedSale Status: Closed
Improvement Data
GBA (SF): 78,406NRA (SF): 78,406Year Built: 1986Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (106001)
Hollandale Shopping Ctr
2540 E Abram StArlington, TX 76010
Sale Date: 02/26/05
Property Identification
County: TarrantMSA: DallasSubmarket: Arlington
Latitude: 32.7352Longitude: -97.0655
Sale Information
Sale Price: $5,000,000Effective R.E. Sale Price: $5,000,000Grantor / Seller: S.F. Waranch Co
Sale Date: 02/26/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 100.00
Sale Analysis
Proposed Use Description: occupancy
Improvement Data
GBA (SF): 103,835NRA (SF): 103,835Year Built: 1970Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (107286)
FKA May Co. Dept Store
7600 Grapevine HwyNorth Richland Hills, TX 76180
Sale Date: 01/28/05
Property Identification
County: TarrantMSA: DallasSubmarket: Far NE Fort Worth
Latitude: 32.8303Longitude: -97.2188
Sale Information
Sale Price: $7,400,000Effective R.E. Sale Price: $7,400,000Grantor / Seller: Goldrich & KentGrantee / Buyer: May Company Department
Store
Sale Date: 01/28/05Conveyance Document Type: DeedSale Status: Closed
Operating Data and Key Indicators
Vacancy Rate: 100.00
Improvement Data
GBA (SF): 199,176NRA (SF): 199,176Year Built: 1978Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (136877)
Starbucks Strip CenterStarbucks Strip Center
8536 Davis Blvd.North Richland Hills, TX 76180
Sale Date: 12/05/05
Effective Price/SF GBA: $386.20
Effective Price/SF Rentable: $386.20
Effective Price/Unit: $658,350 Tenants
Property Identification
Property Location: East side of Davis Blvd, just south of Precinct Line RoadLegal/Tax/Parcel ID: 07918925County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Far NE Fort Worth
Latitude: 32.909900Longitude: -97.188646
Sale Information
Sale Price: $1,975,050Effective R.E. Sale Price: $1,975,050Listing Price: $2,165,000Grantor / Seller: United Farris Realty Inc.Grantee / Buyer: N3 Dev LTDConfirmation Source Name /Phone: Bryan Cornelius, Venture
Commercial 214-378-1212Confirmation Source Type: Seller Broker
Sale Date: 12/05/05Conveyance Document Type: DeedConveyance Document Recording: D206005894Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller, new 1st
mortgage of $1,485,000.
Operating Data and Key Indicators
Potential Gross Income: $152,400Vacancy Rate: 0.00Effective Gross Income: $152,400Net Operating Income: $152,400Reserves Included: NoOperating Data: In-Place Income
GRM Actual: 12.96EGIM Actual: 12.96OAR (Cap rate) Actual: 7.72Expense Ratio: 0.00Management Included: No
OAR (Cap Rate) Reported: 7.72
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
No. of Units: 3Unit Type: TenantsGBA (SF): 5,114NRA (SF): 5,114Year Built: 2006Multi-Tenant: Yes
Building Class: AM&S Classification and Class: DImprovements Condition: ExcellentParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00
V2006-07-18
Site Data
Gross Land Area (Acres): 0.86Gross Land Area (SF): 37,391Usable Land Area (SF): 39,391
Building Land Ratio (FAR): 0.13
Comments
All three tenants were leased for 10 years (primary term) on a triple net basis. Property was marketed based on a7.0% cap rate, with no deductions for vacancy, management, reserves etc. Gross rent was $152,400, which based onthe final sale price would be equivalent to a 7.72% cap rate. Property was 100% occupied on sale date.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (170375)
Mansfield Center
2880 N. Hwy. 157Mansfield, TX 76063
Sale Date: 02/14/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $203.88
Property Identification
Legal/Tax/Parcel ID: 40732568County: TarrantMSA: Fort Worth-Arlington
Sale Information
Sale Price: $3,150,000Effective R.E. Sale Price: $3,150,000Grantor / Seller: Alden Properties, LLCGrantee / Buyer: Sunnyfield, LPConfirmed By: Lawrence (Randy) PettitConfirmation Date: 12/21/06Confirmation Source Type: Secondary Verify
Sale Date: 02/14/06Conveyance Document Type: DeedConveyance Document Recording: Doc#200657731Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Effective Gross Income: $285,900Net Operating Income: $232,960Reserves Included: NoOperating Data: In-Place Income
EGIM Actual: 11.02OAR (Cap rate) Actual: 7.40Management Included: Yes
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
NRA (SF): 15,450Year Built: 2005Multi-Tenant: Yes
Construction Description: Steel-frame, Stone/EIFSM&S Classification and Class: CImprovements Condition: Excellent
Site Data
Gross Land Area (Acres): 1.57Gross Land Area (SF): 68,781Usable Land Area (SF): 68,781
Comments
Strip center located along the east side of N. Hwy. 157, just south of Turner Warnell Rd., with two bays vacant at thetime of sale.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (173890)
Watauga Towne Center
8428 Denton HighwayWatauga, TX 76180
Sale Date: 05/25/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $133.72
Property Identification
County: TarrantSubmarket: Far NE Fort Worth
Sale Information
Sale Price: $15,320,000Effective R.E. Sale Price: $15,320,000Grantor / Seller: Weingarten Realty
InvestorsGrantee / Buyer: SCI Watauga Towne Center
Fund LLCConfirmed By: Jeff EakinsConfirmation Date: 02/01/07Confirmation Source Type: Seller Broker
Sale Date: 05/25/06Conveyance Document Type: DeedConveyance Document Recording: D206165320Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Net Operating Income: $1,078,530Reserves Included: NoOperating Data: Pro-forma Buyer
OAR (Cap rate) Actual: 7.04Management Included: Yes
OAR (Cap Rate) Reported: 7.00
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
NRA (SF): 114,572
Site Data
Gross Land Area (Acres): 7.96Gross Land Area (SF): 346,738Usable Land Area (SF): 346,738
Comments
Sale of an Albertsons-anchored community center located along the Hwy 377 retail corridor in Watauga.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (187377)
Pleasant Ridge Plaza
4004 Little Rd.Arlington, TX 76001
Sale Date: 02/20/07
Effective Price/SF GBA: $112.77
Effective Price/SF Rentable: $112.77
Property Identification
Legal/Tax/Parcel ID: 4347420County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Sale Information
Sale Price: $1,225,000Effective R.E. Sale Price: $1,225,000Grantor / Seller: 20 & Little Rd Partners LP.Grantee / Buyer: Harnam and Amarjit SinghConfirmed By: Jeff EakinsConfirmation Date: 02/23/07Confirmation Source Type: Seller
Sale Date: 02/20/07Conveyance Document Type: DeedConveyance Document Recording: Doc No. 207067592Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $169,573Vacancy Rate: 10.00Effective Gross Income: $152,615Net Operating Income: $100,269Reserves Included: NoOperating Data: Stabilized
GRM Actual: 7.22EGIM Actual: 8.03OAR (Cap rate) Actual: 8.19Management Included: Yes
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
GBA (SF): 10,863NRA (SF): 10,863Year Built: 1985Multi-Tenant: Yes
Construction Description: Steel-frameParking Ratio (1000SF GBA): 0.00
Site Data
Gross Land Area (Acres): 1.05Gross Land Area (SF): 45,686Usable Land Area (SF): 45,686
Building Land Ratio (FAR): 0.24
Comments
Center was 100% occupied at the time of sale with an average lease rate of $12.29/SF.
V2006-07-18
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (188079)
The Southlake Center @ Kimball
2301-2315 E. Southlake Blvd.Southlake, TX 76092
Sale Date: 03/29/07
Effective Price/SF GBA: $263.76
Effective Price/SF Rentable: $263.76
Property Identification
Legal/Tax/Parcel ID: 07011350County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Grapevine-Southlake-Colleyville
Sale Information
Effective R.E. Sale Price: $3,738,000Grantor / Seller: Southlake Kimball Venture
LtdGrantee / Buyer: Entin Family Living TrustConfirmation Source Type: Secondary Verify
Sale Date: 03/29/07Conveyance Document Type: DeedConveyance Document Recording: D207116433Percent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Down payment of $0.00
Operating Data and Key Indicators
Potential Gross Income: $380,651Net Operating Income: $280,247
GRM Actual: 9.82OAR (Cap rate) Actual: 7.50
Improvement Data
GBA (SF): 14,172NRA (SF): 14,172Year Built: 1997Multi-Tenant: Yes
Parking Ratio (1000SF GBA): 0.00
Site Data
Gross Land Area (Acres): 1.71Gross Land Area (SF): 74,488Usable Land Area (SF): 74,488
Building Land Ratio (FAR): 0.19
Comments
Tenants at the time of sale: A Cleaners Alterations; Armends Pizza & Pasta; Chick-fil-A; Hi-Tech Enterprises, Inc;Leslie's Swimming Pool Supplies; Quiznos Sub; Southlake Signs Llc
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (196356)
Mansfield Center
1730 Hwy. 157Mansfield, TX 76063
Sale Date: 02/14/07
Effective Price/SF GBA: $124.00
Effective Price/SF Rentable: $124.00
Property Identification
Legal/Tax/Parcel ID: 04979389County: TarrantMSA: Fort Worth-Arlington
Sale Information
Sale Price: $1,865,000Effective R.E. Sale Price: $1,865,000Grantor / Seller: Mansfield 157 JVGrantee / Buyer: Kfspe-II Associates-
MansfieldConfirmed By: Jeff EakinsConfirmation Date: 01/17/07Confirmation Source Type: Buyer
Sale Date: 02/14/07Conveyance Document Type: DeedConveyance Document Recording: Doc# 207058379Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $199,345Vacancy Rate: 8.00Effective Gross Income: $183,397Net Operating Income: $116,505Reserves Included: NoOperating Data: Stabilized
GRM Actual: 9.36EGIM Actual: 10.17OAR (Cap rate) Actual: 6.25Management Included: Yes
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
GBA (SF): 15,040NRA (SF): 15,040Year Built: 1984Multi-Tenant: Yes
Construction Description: Steel-frame, brick/CMUImprovements Condition: AverageParking Ratio (1000SF GBA): 4.85Parking Ratio (/Unit): 0.00
Site Data
Gross Land Area (Acres): 1.39Gross Land Area (SF): 60,422Usable Land Area (SF): 60,422
Building Land Ratio (FAR): 0.24
Comments
V2006-07-18
Strip center acquired by owner of Mansfield Town Center East (Kossman Co.), purchased to "unify" ownership of thethe surrounding retail development. Kossman plans to eventually renovate the property exterior match that of thenewer Town Center East retail buildings. It is highly likely that the buyer was motivated to purchase the property.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (196502)
Harwood Oaks
3225 Harwood Rd.Bedford, TX 76021
Sale Date: 04/09/07
Effective Price/SF GBA: $121.13
Effective Price/SF Rentable: $121.13
Property Identification
Legal/Tax/Parcel ID: 05663342County: TarrantMSA: Fort Worth-Arlington
Sale Information
Sale Price: $950,000Effective R.E. Sale Price: $950,000Grantor / Seller: James S. Lo & Siu F. ChoiGrantee / Buyer: KWV PartnersConfirmed By: Lawrence (Randy) PettitConfirmation Date: 06/18/07Confirmation Source Name /Phone: T.K. Eng & AssociatesConfirmation Source Type: Seller Broker
Sale Date: 04/09/07Conveyance Document Type: DeedConveyance Document Recording: Doc# 207143714Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Net Operating Income: $78,375Operating Data: In-Place Income
OAR (Cap rate) Actual: 8.25Management Included: Yes
Sale Analysis
Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No
Improvement Data
GBA (SF): 7,843NRA (SF): 7,843Year Built: 1985Multi-Tenant: Yes
Construction Description: Steel-frame, brick veneerImprovements Condition: AverageParking Ratio (1000SF GBA): 0.00
Site Data
Gross Land Area (Acres): 0.90Gross Land Area (SF): 39,182Usable Land Area (SF): 39,182
Building Land Ratio (FAR): 0.20
Comments
Strip center located along the north side of Harwood Rd., between Martin Dr. and Crystal Springs (west of SH-121).Tenants include Hair Wizard, Mid Cities Florist, Nails By Lauren, and Subway.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (228124)
Cherry Hill Plaza
1598 S. Cherry Ln.Fort Worth, TX 76108
Sale Date: 05/16/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $81.27
Property Identification
Legal/Tax/Parcel ID: Legal Description: Western Hill Park Addition, Blk 17, Lot 1R; Account ID: 06426107County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: White Settlement
Sale Information
Effective R.E. Sale Price: $2,500,000Grantor / Seller: Bell Capital Group, LLCGrantee / Buyer: Gilles SensenbrennerConfirmed By: Patrick NessenthalerConfirmation Date: 12/18/07Confirmation Source Name /Phone: Michael Zimmerman,
Marcus & Millichap, (972)755-5225
Confirmation Source Type: Seller Broker
Sale Date: 05/16/06Conveyance Document Type: Deed
Conveyance Document Recording: D206151977 of TarrantCounty Appraisal District
Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Cash To Seller
Operating Data and Key Indicators
Potential Gross Income: $417,013Vacancy Rate: 25.00Effective Gross Income: $312,760Net Operating Income: $148,109Operating Data: IRR Projection
GRM Actual: 6.00EGIM Actual: 7.99OAR (Cap rate) Actual: 5.92
Sale Analysis
Current Use: Retail Strip CenterProposed Use Change: No
Improvement Data
NRA (SF): 30,760Year Built: 1985Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 2.52Gross Land Area (SF): 109,771Usable Land Area (SF): 109,771
Comments
V2006-07-18
Property was 63.6% leased at the time of sale; 8 tenants occupied the property including: Aaron's; Aaron's Sales &Lease Ownership; Advance America Cash Advance; Procuts; Radio Shack; RadioShack; Rent-Way Inc.; Subway.Income & Expense represent actual income at the time of sale. According to Michael Zimmerman, broker for thetransaction, the effective sale price provided by CoStar is correct. However, the low cap rate reflects the less-thanstabilized occupancy at the property.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (228133)
Trail Lake Plaza
5016 Trail Lake Dr.Fort Worth, TX 76133
Sale Date: 09/21/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $59.66
Property Identification
Legal/Tax/Parcel ID: Legal Description: Wedgwood Addition, Blk 19 Lot Ar3; Tax ID: 07697708County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Far SW Fort Worth
Sale Information
Effective R.E. Sale Price: $2,200,000Grantor / Seller: Kathryn Baker Acola Trust
(LBM Management)Grantee / Buyer: Flowcash Trail Lake LPConfirmed By: Patrick NessenthalerConfirmation Date: 12/18/07Confirmation Source Type: Secondary Verify
Sale Date: 09/21/07Conveyance Document Type: DeedConveyance Document Recording: Document No: D207359771Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Cash To Seller
Sale Analysis
Current Use: Retail Strip CenterProposed Use Change: No
Improvement Data
NRA (SF): 36,876Year Built: 1965Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 2.79Gross Land Area (SF): 121,471Usable Land Area (SF): 121,471
Comments
Transaction verified per Tarrant County Appraisal District. CoStar records contain both the Special Warranty Deed andDeed of Trust identifying a $1,537,000 note. Down payment for the property is stated at $663,000. Transactionidentified as a 1031 Exchange.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (230546)
The Southlake Center at Kimball
2301-2315 E. Southlake Blvd.Southlake, TX 76092
Sale Date: 03/29/07
Effective Price/SF GBA: $263.76
Effective Price/SF Rentable: $263.76
Effective Price/Unit: $534,000
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Grapevine-Southlake-Colleyville
Sale Information
Sale Price: $3,739,000Effective R.E. Sale Price: $3,738,000Grantor / Seller: Southlake Kimball Venture
Ltd.Grantee / Buyer: Entin Family Living TrustConfirmed By: Wesley WelderConfirmation Date: 01/04/08Confirmation Source Name /Phone: Joseph BlatnerConfirmation Source Type: Seller Broker
Sale Date: 03/29/07Conveyance Document Type: DeedProperty Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Exposure Time (Months on Market): 2Sale Status: ClosedTerms of Sale: Cash to Seller
Operating Data and Key Indicators
Potential Gross Income: $380,651Net Operating Income: $280,247Reserves Included: NoOperating Data: Pro-forma Buyer
GRM Actual: 9.82OAR (Cap rate) Actual: 7.50Management Included: Yes
Improvement Data
No. of Units: 7GBA (SF): 14,172NRA (SF): 14,172Year Built: 1997Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: GoodParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00
Site Data
Gross Land Area (Acres): 1.71Gross Land Area (SF): 74,488Usable Land Area (SF): 74,488
Building Land Ratio (FAR): 0.19
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (230553)
The Village at Mansfield
1219 E. Debbie Ln.Mansfield, TX 76063
Sale Date: 04/13/07
Effective Price/SF GBA: $241.31
Effective Price/SF Rentable: $241.31
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Mansfield
Sale Information
Sale Price: $2,950,000Effective R.E. Sale Price: $2,950,000Listing Price: $3,005,500Grantor / Seller: TVM Development LtdGrantee / Buyer: Debbie Investments LLCConfirmed By: Wesley WelderConfirmation Source Type: Not Verified
Sale Date: 04/13/07Conveyance Document Type: DeedConveyance Document Recording: D207132662Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller
Operating Data and Key Indicators
Potential Gross Income: $287,528Vacancy Rate: 0.00Effective Gross Income: $287,528Net Operating Income: $210,738Reserves Included: No
GRM Actual: 10.26EGIM Actual: 10.26OAR (Cap rate) Actual: 7.14Management Included: Yes
Improvement Data
GBA (SF): 12,225NRA (SF): 12,225Year Built: 2005Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: ExcellentParking Ratio (1000SF GBA): 0.00
Site Data
Gross Land Area (Acres): 1.48Gross Land Area (SF): 64,469Usable Land Area (SF): 64,469
Building Land Ratio (FAR): 0.18
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Community CenterIRR Event ID (235283)
Matlock & Bardin Center
4645 Matlock Rd.Arlington, TX 76018
Sale Date: 07/31/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $393.21
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Arlington
Sale Information
Effective R.E. Sale Price: $2,359,285Grantor / Seller: N3 Development, Ltd.Grantee / Buyer: Matlock Honu, LLC &
Waimalu Matlock, LLCConfirmed By: Colt JonesConfirmation Date: 01/28/08Confirmation Source Name /Phone: Reed Hudson -
512-338-7821Confirmation Source Type: Confirmed-Buyer Broker
Sale Date: 07/31/06Conveyance Document Type: DeedConveyance Document Recording: D206238737Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller
Improvement Data
NRA (SF): 6,000Year Built: 2005Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: Good
Site Data
Gross Land Area (Acres): 0.92Gross Land Area (SF): 40,075
Comments
Broker reported that the property was 100% leased at the time of sale. Starbucks was paying $36/SF NNN, while theremaining tenants were paying $28-29/SF NNN.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Community CenterIRR Event ID (235286)
Colleyville Strip
8300 Precinct Line Rd.Colleyville, TX 76034
Sale Date: 07/25/06
Effective Price/SF GBA: $226.28
Effective Price/SF Rentable: $248.84
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Grapevine-Southlake-Colleyville
Sale Information
Effective R.E. Sale Price: $5,100,000Grantor / Seller: RCP Via ColleyvilleGrantee / Buyer: Mario S. & L. DixonConfirmed By: Russell PatrickConfirmation Date: 01/23/08Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 07/25/06Conveyance Document Type: DeedConveyance Document Recording: D206231205Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Improvement Data
NRA (SF): 20,495Year Built: 2005Multi-Tenant: Yes
Improvements Condition: Good
Site Data
Gross Land Area (Acres): 2.16Gross Land Area (SF): 94,090
Building Land Ratio (FAR): 0.00
Comments
Broker reported that the property was 75% leased at the time of the sale and rents averaged in the low $20/SF NNN.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (235295)
Mansfield Center
2880 N. Highway 157Mansfield, TX 76063
Sale Date: 02/14/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $203.88
Property Identification
Legal/Tax/Parcel ID: Legal Description: Cooper Square - Mansfield Blk 1 Lot 2; Tax ID: 40732568 per Tarrant Central AppraisalDistrict
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Mansfield
Sale Information
Effective R.E. Sale Price: $3,150,000Grantor / Seller: Alden PropertiesGrantee / Buyer: Sunnyfield, LPConfirmed By: Mark NewmanConfirmation Source Name /Phone: Sam HerskovitsConfirmation Source Type: Confirmed-Seller Broker
Sale Date: 02/14/06Conveyance Document Type: DeedConveyance Document Recording: D200657731Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Improvement Data
NRA (SF): 15,450Year Built: 2005Multi-Tenant: Yes
Improvements Condition: Good
Site Data
Gross Land Area (Acres): 1.58Gross Land Area (SF): 68,781Usable Land Area (SF): 68,781
Comments
Broker reported occupancy was 100% at the time of the sale and average rental rates were $17/SF NNN.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Community CenterIRR Event ID (236889)
The Village at Mansfield
1219 E. Debbie Ln.Mansfield, TX 76063
Sale Date: 04/17/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $241.31
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Mansfield
Sale Information
Effective R.E. Sale Price: $2,950,000Grantor / Seller: TVM Development Ltd.Grantee / Buyer: Debbie Investment LLCConfirmed By: Colt JonesConfirmation Date: 02/04/08Confirmation Source Name /Phone: Dean Copans- (650)
391-1752Confirmation Source Type: Confirmed-Buyer Broker
Sale Date: 04/17/07Conveyance Document Type: DeedConveyance Document Recording: D207132662Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Improvement Data
NRA (SF): 12,225Year Built: 2005Multi-Tenant: Yes
Improvements Condition: Good
Site Data
Gross Land Area (Acres): 1.48Gross Land Area (SF): 64,469
Comments
Broker stated average rents were approximately $20/SF and average expenses were $5.11/SF at the time of sale.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (237466)
Lincoln Court
4700 Little Rd.Arlington, TX 76017
Sale Date: 10/31/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $130.74
Property Identification
County: TarrantMSA: Fort Worth-Arlington MSA
Sale Information
Sale Price: $15,500,000Effective R.E. Sale Price: $15,500,000Grantor / Seller: Lincoln Court Ltd.Grantee / Buyer: CPP Lincoln Court, LLCConfirmed By: Lawrence (Randy) PettitConfirmation Date: 10/01/07Confirmation Source Type: Confirmed-Buyer
Sale Date: 10/31/07Conveyance Document Type: DeedConveyance Document Recording: Doc #207391127Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $1,992,155Vacancy Rate: 7.50Effective Gross Income: $1,842,743Net Operating Income: $1,253,302Reserves Included: NoOperating Data: IRR Projection
GRM Actual: 7.78EGIM Actual: 8.41OAR (Cap rate) Actual: 8.09Management Included: Yes
Improvement Data
NRA (SF): 118,559Year Built: 1984
Construction Description: Steel-fram, brick veneer
Site Data
Gross Land Area (Acres): 15.04Gross Land Area (SF): 654,925
Building Land Ratio (FAR): 0.00
Comments
At the time of sale, the property contained approximately 150,298 SF, which included a vacant theater building(31,739 SF). However, the buyer intended to demolish the theater and redevelop that portion of the site into twoground lease pads. Therefore, the NOI projected is based on a building area of 118,559 SF, with ground rent projectedfor two ground leases.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Community CenterIRR Event ID (238966)
Community Center
2400 E. Pioneer Pky.Arlington, TX 76010
Sale Date: 05/12/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $63.72
Property Identification
County: TarrantMSA: Fort Worth-Arlington MSASubmarket: Arlington
Sale Information
Sale Price: $7,200,000Effective R.E. Sale Price: $7,200,000Grantor / Seller: Arlington 360 Associates
LPGrantee / Buyer: 2540 Pioneer, LLCConfirmed By: Russell PatrickConfirmation Date: 02/13/08Confirmation Source Name /Phone: Gavin Kam 972-980-4800Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 05/12/06Conveyance Document Type: DeedConveyance Document Recording: Doc #206147497Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Net Operating Income: $558,000 OAR (Cap rate) Actual: 7.75
Improvement Data
NRA (SF): 112,995Year Built: 1993Most Recent Renovation: 2005
Construction Description: Steel-frame/CMU/EIFS
Site Data
Gross Land Area (Acres): 9.48Gross Land Area (SF): 412,862
Comments
Former Kmart store re-demised into two tenant spaces: Floor Decor, and Dollar Tree; broker reported a 7.75% caprate.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (244096)
Former Retail Strip
945-957 W. Pipeline Rd.Hurst, TX 76053
Sale Date: 07/25/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $27.50
Property Identification
County: Tarrant
Sale Information
Sale Price: $1,650,000Effective R.E. Sale Price: $1,650,000Grantor / Seller: Cavender Investment
Property LtdGrantee / Buyer: City of Hurst TexasConfirmed By: Russell PatrickConfirmation Source Name /Phone: Michael Wilson / Broker
972-893-3330Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 07/25/07Conveyance Document Type: DeedConveyance Document Recording: D207275608Property Rights Conveyed: Fee SimplePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller
Improvement Data
NRA (SF): 60,000Year Built: 1980
Improvements Condition: Average
Site Data
Gross Land Area (Acres): 4.78Gross Land Area (SF): 208,000
Building Land Ratio (FAR): 0.00
Comments
City of Hurst purchased shopping center to convert into a senior citizens center.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (264492)
Diamond Oaks Center
4105 Denton Hwy.Haltom City, TX 76117
Sale Date: 02/28/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $38.92
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Alliance
Sale Information
Sale Price: $2,725,000Effective R.E. Sale Price: $2,725,000Grantor / Seller: TSCA-NB 1997 LPGrantee / Buyer: Sweet Talking LLCConfirmed By: Jacquelyn SaundersConfirmation Date: 03/28/08Confirmation Source Name /Phone: Howard Fuerst, Marcus &
Millichap, 972-980-4800Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 02/28/07Contract Date: 02/28/07Conveyance Document Type: DeedConveyance Document Recording: 200773181Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $357,305Vacancy Rate: 2.00Effective Gross Income: $340,600Net Operating Income: $231,808Reserves Included: NoOperating Data: In-Place Income
GRM Actual: 7.63EGIM Actual: 8.00OAR (Cap rate) Actual: 8.51Management Included: Yes
OAR (Cap Rate) Reported: 8.51
Improvement Data
NRA (SF): 70,011Year Built: 1971Multi-Tenant: Yes
Building Class: CM&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 6.31Gross Land Area (SF): 274,864
Comments
Surface rights only. Minerals retained by the seller.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (264861)
Pioneer Plaza
2208 S. Fielder Rd.Arlington, TX 76013
Sale Date: 10/03/07
Effective Price/SF GBA: $89.82
Effective Price/SF Rentable: $89.82
Property Identification
Legal/Tax/Parcel ID: Legal: Lot 3R, Blk 1, Barry W J Add Tax ID: 06907881County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Arlington
Sale Information
Sale Price: $9,500,000Effective R.E. Sale Price: $9,500,000Grantor / Seller: Grand Prairie Associates,
LLCGrantee / Buyer: 2210 South Fielder
Associates, LLCConfirmation Date: 04/02/08Confirmation Source Type: Confirmed-Seller Broker
Sale Date: 10/03/07Conveyance Document Type: DeedConveyance Document Recording: D207357195Percent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller.
Operating Data and Key Indicators
Vacancy Rate: 2.80Net Operating Income: $697,300Reserves Included: YesOperating Data: In-Place Income
OAR (Cap rate) Actual: 7.34Management Included: Yes
Improvement Data
GBA (SF): 105,767NRA (SF): 105,767Year Built: 1975
Improvements Condition: AverageParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00
Site Data
Gross Land Area (Acres): 9.79Gross Land Area (SF): 426,452
Building Land Ratio (FAR): 0.25
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (272872)
Courtyard at Forest Park
2441-2485 Forest Park Blvd.Fort Worth, TX 76112
Sale Date: 02/28/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $104.95
Property Identification
County: Tarrant
Sale Information
Effective R.E. Sale Price: $3,120,000Grantor / Seller: MEME Partners, Ltd.Grantee / Buyer: Courtyard at Forest Park,
Ltd.Confirmation Source Name /Phone: Obtained from DatacompConfirmation Source Type: Secondary Verification
Sale Date: 02/28/06Conveyance Document Type: DeedConveyance Document Recording: D206058027Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $357,444Vacancy Rate: 10.00Effective Gross Income: $323,844Net Operating Income: $293,403Operating Data: Stabilized
GRM Actual: 8.73EGIM Actual: 9.63OAR (Cap rate) Actual: 9.40
Improvement Data
NRA (SF): 29,728Year Built: 1985Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 3.44Gross Land Area (SF): 149,846
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (272899)
St. Michael's of Bedford
2900 State Highway 121Bedford, TX 76021
Sale Date: 09/28/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $97.37
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Hurst-Euless-Bedford
Sale Information
Sale Price: $3,167,000Effective R.E. Sale Price: $3,100,000Grantor / Seller: St. Michael of Bedford, LP
(Texas ProeprtiesPartnership)
Grantee / Buyer: FGW Enterprises, Ltd.Confirmed By: Colt JonesConfirmation Date: 05/20/08Confirmation Source Name /Phone: Gloria Cheng - (814)
234-3557Confirmation Source Type: Confirmed-Buyer
Sale Date: 09/28/06Conveyance Document Type: DeedConveyance Document Recording: D2006322776Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Potential Gross Income: $413,881Net Operating Income: $223,200Operating Data: IRR Projection
GRM Actual: 7.49OAR (Cap rate) Actual: 7.20
Improvement Data
NRA (SF): 31,837Year Built: 1986Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 3.10Gross Land Area (SF): 135,036
Comments
According to the buyer the effective sale price was $3,100,000 at the time of sale, becase a space was leased outduring the contractual period, thus incurring $67,000 in tenant improvements and lease out costs. Therefore thesecosts were included in the purchase price of the property. The buyer could not recall any operating data, althoughaverage cap rates at that time according to Korpacz were 7.2%. The average rental rate is $13/SF and tenants at thetime of sale included: Bull's BBQ, My Jeweler, Town and Country Cleaners, and Papa G's Sports Bar and Grill.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (272906)
Bedford Meadows
2816-2828 Central Dr.Bedford, TX 76021
Sale Date: 10/02/07
Effective Price/SF GBA:
Effective Price/SF Rentable: $94.90
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Hurst-Euless-Bedford
Sale Information
Effective R.E. Sale Price: $5,105,000Grantor / Seller: Central Meadows
Partnership, Ltd.Grantee / Buyer: Tae Young, LPConfirmed By: Russell PatrickConfirmation Date: 05/07/08Confirmation Source Name /Phone: Michael Uhm -
214-507-2222Confirmation Source Type: Confirmed-Buyer Broker
Sale Date: 10/02/07Conveyance Document Type: DeedConveyance Document Recording: D2007365497Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Vacancy Rate: 7.00Net Operating Income: $408,400Operating Data: Pro-forma Broker
OAR (Cap rate) Actual: 8.00Expense Ratio: 29.00
Improvement Data
NRA (SF): 53,796Year Built: 1986Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 6.33Gross Land Area (SF): 275,735
Comments
According to the broker the occupancy at the time of the sale was 83% and tenants included were: 7-Eleven, DynamicSports Construction, Edward Jones, Get Fit, La Friends Salon, Mrs. Bairds, Nutri-Sport, Palm Beach Tan, Steak Deluxe,and Planned Parenthood. The property sold on an 8% cap rate and the property had an expense ratio of approximately29%.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (272971)
St. Michaels
1001 NE. Green Oaks Blvd.Arlington, TX 76006
Sale Date: 03/01/06
Effective Price/SF GBA:
Effective Price/SF Rentable: $81.40
Property Identification
County: Tarrant
MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA
Submarket: Arlington
Sale Information
Effective R.E. Sale Price: $4,300,000Grantor / Seller: Texas Properties
PartnershipGrantee / Buyer: Green Oak Group, Ltd.Confirmed By: Colt JonesConfirmation Date: 05/20/08Confirmation Source Name /Phone: Green Oak Group (Liliana) -
817-460-8088Confirmation Source Type: Confirmed-Buyer
Sale Date: 03/01/06Conveyance Document Type: DeedConveyance Document Recording: D2006063900Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Net Operating Income: $316,480Operating Data: IRR Projection
OAR (Cap rate) Actual: 7.36
Improvement Data
NRA (SF): 52,827Year Built: 1987Multi-Tenant: Yes
M&S Classification and Class: CImprovements Condition: Average
Site Data
Gross Land Area (Acres): 5.28Gross Land Area (SF): 229,997
Comments
The buyer could not recall any operating data from the time of the sale, although according to survey data fromKorpacz, cap rates at the time averaged 7.36% for neighborhood shopping centers. According to the buyer the centerwas 90% occupied at the time of the sale and average rents were $12/SF.
V2006-07-18
SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (276343)
Bowie West Center
8309 Camp Bowie Blvd. W.Fort Worth, TX 76116
Sale Date: 02/17/08
Effective Price/SF GBA:
Effective Price/SF Rentable: $55.69
Property Identification
County: Tarrant
Sale Information
Sale Price: $1,800,000Effective R.E. Sale Price: $1,800,000Grantor / Seller: Vertex Asset Partners, LP
(Michael Mallick)Grantee / Buyer: Flowcash Bowie WestConfirmation Source Type: Confirmed-Seller Broker
Sale Date: 02/17/08Conveyance Document Type: DeedConveyance Document Recording: D208109632Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller
Operating Data and Key Indicators
Net Operating Income: $162,000 OAR (Cap rate) Actual: 9.00 OAR (Cap Rate) Reported: 9.00
Improvement Data
NRA (SF): 32,320Year Built: 1959Multi-Tenant: Yes
Site Data
Gross Land Area (Acres): 2.95Gross Land Area (SF): 128,502
Comments
Property was 94% occupied at time of sale. In-place leases averaged $8.00 PSF, NNN. The largest tenant, the Stateof Texas, leased at $12.00 PSF, gross, and had substantial tenant improvement allowance. Property was reported tobe in "okay" condition. About 1/3 of roof had been repaired and the remainder was in need of repair. Broker reporteda 9% cap rate based on income at time of sale.
V2006-07-18