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Home My WebLink About20111853.tiff CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO August 30, 2011 LN REAL ESTATE LLC 801 2 AV STE 1300 SEATTLE, WA 98104 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R0208287 PARCEL#: 120723202010-RAD 1-10 L10 BLK1 RADEMACHER SUB Dear Petitioner: On July 29, 2011, the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The Stipulation was entered into between the Assessor and said petitioner(s), and accepted by the Board of Equalization, agreeing that the assessment and valuation of the Weld County Assessor be Stipulated as follows: ACTUAL VALUE AS ACTUAL VALUE DETERMINED BY AS STIPULATED ASSESSOR $460,090 $445,000 2011-1853 AS0079 LN REAL ESTATE LLC - R0208287 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1853 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R0208287 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: LN Real Estate LLC ADDRESS: LW BLK1 RADEMACHER SUB Weld County CO • a * • • • • Petitioner(s), LN Real Estate LLC and the Weld County Assessor,hereby enter into this Stipulation regarding the tax year 2011 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: L10 BLK1 RADEMACHER SUB 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2011. Land $ 443.789 Improvements$ 16,301 Total $ 460.090 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 443.789 Improvements$ 1,210 Total $ 445,000 5. The valuations, as established above, shall be binding only with respect to tax year Mil. 6. Brief narrative as to why the reduction was made: yelp was adjusted base uoop thaoeneral market prices Der so.ft.thpt were in place in the base period, additionally the income was considered as backup for the market. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on 7/28/2011 at 4:00 om be yam; or, a hear] g has not yet been scheduled before the Board of Equalization (check if appropriate). DAT ' 2 day July, 2011. Petit s) _ mey Petitioner(s) or Attorney G Address: >T, Address: 4/0 /7 , t6 I t 75 � ewvc1¢., C0cs7aMSd 8020 Z Telephone: 3a3 573 0575 Telephone: County Rss s"sor 4tt.6 Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3856 NOTICE OF DETERMINATION . 4b11/1-119577 / Christopher M. Woodruff Date of Notice: 6/22/2011 Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R0208287 2011 2309 RAD 1-10 L10 BLK1 RADEMACHER SUB ,WELD 1207. 23-2-62 _,9r0 zLN REAL ESTATE LLC 3 8012AV STE 1300 O >. SEATTLE,WA 98104 cc „, W a a t ASSESSOR'S VALUATION O 'fir PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 460,090 460,090 TOTAL $460,090 $460,090 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM05 - The law requires that all of 2009 and the first 6 months of 2010 data be used to establish current values.We have considered all(3) three approaches to value in arriving at your current valuation. We have denied your appeal based upon this data. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The deadline for filing personal property appeals is July 20. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER CO 80202 2011-1853 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10th Street, Greeley, CO To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 915 10th Street, P.O. Box 758 Greeley, CO 80632 Telephone (970) 356-4000 Ext, 4225 To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property and on or before July 20 for personal property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 9th Avenue and 9th Street Denver, CO 80203 P.O. Box C (303) 866-5880 Greeley, Colorado 80632 www.dola.colorado.qov/baa (970) 356-4000 Ext. 4520 Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2010? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ .54'O, VOCO What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) I CC— r S .,ero2-fS A raju)TM 7'J ✓,1-?-- t/ v ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any ttach ents hereto are true and complete. 3°51211n. V. alp no75 -8-21)1( Sig, atur Telephone Number Date ' Attach letter of authorization signed by property owner. LETTER.OF AUTIIORIZATIOPj Instructions: This letter of authorization must be signed by the OWNER OF RECORD. If a professional management company is acting on behalf of the owner,a letter from the owner of record or a copy of a management agreement giving the management company authority to act on the owners' behalf must be supplied, lithe lessee is initiating the appeal,then a copy of the lease must be supplied to establish proper authorization. To all parties: The owner of record hereby designates Marvin F.Poer and Company,its agents and employees,to act on behalf of the owner in all matters pertaining to the review and appeal of real and/or personal property valuation and classification to the assessor,county board of equalization,arbitration,state board of assessment appeals, district court or any other hearing process. This authorization is limited to the properties listed below and on the attached continuation form(s). TAX YEARS: 2011/2012&prior years SIGNATURE: )4.4 _- -- PRINTBD: 14\ a IY TITLE: ` OWNERSHP NAME: LN REAL ESTATE LLC TELEPHONE: 3 03-- ?Lea - gSZ:b PROPERTY LIST: SebedulelParcel Numbers Proaerty Addr 4058 Camelot Circle 1207-23-2-02-010 1207-23-2-02-015 2A611/419577 Marvin F.Poer and Company,410 17th St Suite 1175,Denver,CU 80202 Phone: 303-573-0975, Fax 303-573-0976 • SUMMARY OF BASIC LEASE INFORMATION This Summary(the"Summary")is hereby incorporated into and made a part of the attached Lease(this Summary and the Lease to be known collectively as the"Lease"). Each reference in the Lease to any term of this Summary shall have the meaning as set forth in this Summary. In the event of a conflict between the terms of this Summary and the Lease, the terms of the Lease shall prevail. Any capitalized terms used herein and not otherwise defined herein shall have the meaning as set forth in the Lease. 1. Date of Lease and the January 31,2006 Effective Date: 2. Landlord: LN Real Estate LLC,a Washington limited liability company 3. Address of Landlord: 801 2nd Avenue,Suite 1300 Seattle,WA 98104-1517 Attention: Jeffery S.Vincent Phone: (206)464-5269 Telecopy: (206)464-5250 w/a copy to: Preston Gates&Ellis LLP 925 Fourth Avenue,Suite 2900 Seattle,WA 98104-1158 Attn: Stephan Coonrod,Esq. Phone: (206)623-7580 Telecopy: (206)623-7022 4. Tenant: Home Lumber Company,a Delaware corporation 5. Address of Tenant: 8037 Midway Drive Littleton.CO 80125 w/a copy to: Pro-Build Holdings,Inc. c/o The Strobe"Organization,Inc. One Cragwood Road South Plainfield,NJ 07080 Attn: Frederick M.Marino,CEO 6. Guarantor(s): Lanoga Corporation,a Minnesota corporation and Pro-Build Holdings,Inc.,a Delaware corporation 7. Address of Guarantor(s): Lanoga Corporation 17946 NE 65th Street Redmond,WA 98052 Phone: (425)883)-4125 Telecopy: (425)882-2959 (I) p seo5BOoNC Permitted Use)and the credit standing of Tenant(the"Market Rental Value"). In no event shall the Market Rental Value for the Premises during the sixth Renewal Term be less than the Base Rent in effect during the last month immediately preceding the commencement of the sixth Renewal Term. 4.2.4 If the patties cannot agree upon the Base Rent within thirty(30)days following the date upon which Tenant provides notice of the exercise of any Renewal Option,then the Permitted Use Fair Market Value and Market Rental Value,as applicable,shall be determined as provided in this Section 4.2.4. (a) Within fifteen(15)days after the expiration of such 30-day period,each party shall deliver to the other a written rental proposal setting forth the Base Rent that each proposes to be in effect during the subject Renewal Term. (b) Within fifteen(15)days after Landlord's and Tenant's exchange of Base Rent proposals, Landlord and Tenant shall select a mutually acceptable qualified real estate appraiser who has had at least five (5) years experience conducting appraisals of commercial property located in the geographic area in which the Premises are located(the"appraiser"). The appraiser shall be provided with the written Base Rent proposals made by the Landlord and Tenant. The appraiser shall within thirty(30) days after selection select one of the two Base Rent proposals, without any adjustment,which the appraiser determines is the closest to the Permitted Use Fair Market Value or Market Rental Value,as applicable,and the rental value selected by the appraiser shall be the monthly Base Rent for the Renewal Option. By way of example only,if the Tenant proposes the Base Rent to be$80,000 and the Landlord proposes the Base Rent to be$90,000,and the appraiser determines that the monthly Base Rent is$83,000(after application of the criteria set forth in Sections 4.2.2.and 4.2.3 above),the monthly Base Rent for the Premises will be$80,000 since the difference between$80,000 and$83,000 is less than the difference between$90,000 and $83,000. The cost of the appraiser,if any,shall be shared equally between Landlord and Tenant. (c) If for any reason,Landlord and Tenant are unable to agree upon an appraiser within fifteen(15) days, then either Landlord or Tenant may petition the presiding judge of the trial court of the State with general jurisdiction over the Premises for the appointment of an appraiser. The cost incurred in obtaining the appointment of the appraiser will be divided equally between Landlord and Tenant. The determination of the appraiser shall be binding upon Landlord and Tenant. 4.2.5 If the Base Rent is determined pursuant to Section 4.2.4 above,Tenant may rescind the exercise of the relevant Renewal Option by giving Landlord written notice within ten(10)days following the determination of the Base Rent. If Tenant rescinds its exercise of a Renewal Option,then Tenant shall reimburse Landlord all out-of- pocket costs paid by Landlord in connection with the appraisal process, and the Term shall be extended, if necessary,so that there remains twelve(12)months in the Term from the date that Tenant provides notice of its rescission of the exercise of the Renewal Option,with the Base Rent remaining during such period unadjusted. 4.3 Other Taxes Payable by Tenant. In addition to the Base Rent, Tenant shall, as an element of Rent, reimburse Landlord upon demand for any and all taxes payable by Landlord(other than net income taxes)that are not otherwise reimbursable under this Lease, whether or not now customary or within the contemplation of the parties, where such taxes are upon, measured by, or reasonably attributable to the cost or value of Tenant's equipment, furniture, fixtures, and other personal property located at the Premises, or the cost or value of any leasehold improvements made in or to the Premises by or for Tenant, regardless of whether title to such improvements is held by Tenant or Landlord. If it becomes unlawful for Tenant to reimburse Landlord for any costs as required under this Lease,the Base Rent shall be revised to net Landlord the same net Base Rent after imposition of any tax or other charge upon Landlord as would have been payable to Landlord but for the reimbursement being unlawful 4.4 Place of Payment. All Rent shall be paid at the office of Landlord set forth an the Summary or at such other place as Landlord may designate from time to time. -�- P152n15eO0NC 4.5 Interest and Late Charges. if Tenant fails to pay any Rent within 10 days from when due, the unpaid amounts shall bear interest at the Interest Rate from the date first due. Tenant acknowledges that the late payment of any Rent will cause Landlord to incur costs and expenses not contemplated under this Lease, including, without limitation,administrative and collection costs and processing and accounting expenses,the exact amount of which is extremely difficult to ascertain. Therefore,if Tenant fails to make any payment within ten(10)days from when due (a"Late Payment"),twice during any consecutive twelve(12)month period,then Tenant shall pay Landlord a late charge equal to four percent(4%)of such Late Payment for each Late Payment thereafter during such twelve(12) month period. Landlord and Tenant agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for loss resulting from Tenant's nonpayment. The late charge shall be deemed Additional Rent and the right to require payment of the late charge shall be in addition to all of Landlord's other rights and remedies hereunder or at law. Nothing contained herein shall be construed as to compel Landlord to accept any payment of Rent in arrears or late charges should Landlord elect to otherwise enforce its rights and remedies available under this Lease or at law or in equity in the event of a Default. ARTICLE 5 TAXES 5.1 Obligation for Payment. Tenant shall pay,satisfy and discharge as the same become due and payable and prior to delinquency all Taxes levied or imposed upon or against the Premises and/or any improvements now or hereafter made or constructed upon the Premises during the Term. 5.2 Proration of Real Property Taxes for Period other than Term. Any Taxes, including Taxes which have been converted into installment payments, relating to a part of a fiscal period of the taxing authority which has been included within the Term and a part of which has been included in a period of time prior to the commencement or after the end of the Term, shall, whether or not the Taxes are assessed, levied, confirmed, imposed upon or in respect of, or become a lien upon the Premises, or become payable during the Term, be adjusted between Landlord and Tenant as of the commencement or end of the Term, so that Tenant shall only pay that portion of such Taxes applicable to the Term,and Landlord shall pay the remainder. 5.3 Right to Contest Taxes. Tenant shall have the right to contest the amount or validity, in whole or in part, of any Taxes by appropriate proceedings diligently conducted in good faith. Tenant shall take the measures necessary to protect the Premises against lien, loss or forfeiture during any period that Tenant is appealing or contesting any Taxes. Upon the termination of any such proceedings, Tenant shall pay the amount of such Taxes or part of such Taxes as are finally determined to be due and payable, the payment of which may have been deferred during the prosecution of such proceedings,prior to delinquency, together with any costs, fees, interest, penalties, or other related liabilities. Landlord agrees to cooperate with Tenant in any contest of Taxes, but Landlord shall not be required to join in any such contest or proceedings unless the provisions of any law or regulation then in effect require that such proceedings be brought by or in the name of Landlord. In that event, Landlord shall join in such proceedings or permit them to be brought in its name;however, Landlord shall not be subject to any liability for the payment of any costs or expenses in connection with any such contest or proceedings, and Tenant shall indemnify Landlord against and save Landlord harmless from any such costs and expenses. ARTICLE 6 USE 6.1 Permitted Use. Tenant shall use the Premises solely for the Permitted Use as shown on the Summary,and for no other purpose without Landlord's consent. Tenant shall not: (a)cause, maintain or permit any nuisance arising out of Tenant's use or occupancy of the Premises;or(b)commit or suffer to be committed any waste of the Premises. 6.2 (..'omoliance with Covenants and Law. 6.2.1 Tenant shall be responsible for compliance of the Premises with applicable Laws in all material respects and shall bear all costs necessary to maintain the Premises in material compliance with applicable Law, including,without limitation,structural work,if any. Tenant shall not use or occupy the Premises in violation of any _$_ P\SBO SBW NC CoStar Property® Page 1 of 2 Alex Martinez - Marvin F. Poer & Company log out r select 4058 Camelot Cir F I3CTAR , Longmont, CO 80504 - Weld County PERTY Ind Submarket Fully Leased Building 30,000 SF Class B Industrial Building e home page space overview property company images I analytic i map 1 of 1 for sale comps tenant I my data I public record demographics P jindustrial information h. results table Total Avail : 0 SF RBA : 30,000 SF print reports Office Avail : 0 SF Stories : 1 Rent/SF/yr : - Warehouse Avail : 0 SF edit results % Leased : 100. 0% Max Contig : 0 SF save survey Ceiling Height : 12'0" -28'0" Crane : - add properties Column Spacing : - Loading Docks : - Const Type : - Drive Ins : - remove property Rail Spots : - Rail Line : - lookup property For Sale Info : Not for sale property search retail search shop ctr search analytic search my surveys update data suggestions support http://property.costar.com/Property/Detail/Detail.aspx?Results=0 7/ 11/2011 CoStar Property® Page 1 of 2 Alex Martinez - Marvin F. Poer & Company log out fl select 4058 Camelot Cir I L�WTAit ,, Longmont, CO 80504 - Weld County PROPERTY Ind Submarket Fully Leased Building 30 ,000 SF Class B Industrial Building home page space overview property 1 company I images I analytic map 1 of 1 for sale I comps tenant I my data I public record ]_demographics] lindustrial information I. results table Bldg Type : Industrial print reports Bldg Status : Existing Total Avail : 0 SF Rent/SF/yr : - edit results Warehouse Avail : 0 SF Class : B Office Avail : 0 SF Stories : 1 save survey Bldg Vacant : 0 SF Owner Type : - add properties Max Contig : 0 SF Owner Occupied : No Smallest Space : 0 SF Tenancy : Single Tenant remove property Ceiling Height : 12'0" -28'0" Crane : - r Column Spacing : - Loading Docks : - lookup property Const Type : - Drive Ins : - property search Rail Spots : - Rail Line : - retailsearch (location information I shop ctr search Metro Market : Denver Submarket : Weld County Ind/Weld County Ind analytic search County : Weld my surveys CBSA : Greeley, CO DMA : Denver, CO-NE-WY-NV update data (transportation information I. Airport : Denver International - 41 min drive time / 43. 6 mi suggestions support http://property.costar.com/Property/Detail/Detail.aspx?t= 1 &id=707554&popup=0 7/ 11 /201, 1 CoStar Property® Page 1 of 2 Alex Martinez - Marvin F. Poer & Company select 4058 Camelot Cir ID IPRePRERn" Longmont, CO 80504 - Weld County Ind Submarket Fully Leased Buildinglir 30,000 SF Class B Industrial Building home page space overview I property I company I images I analytic I mai 1 of 1 for sale I_ comps _I_ tenant 1 my data ) public record 1 demogr r results table 4 1 of print reports sales & loan information 1 - Owner: Ln Real Estate LIc edit results Additional Owner: - Owner Address: 801 2nd Ave, Seattle, WA 98104 save survey Owner Phone: - add properties Previous Owner: Mhgllc Acquisition Lk remove propert% Sale Date: 01/26/2006 Sale Price: - P Recording Date: 01/31/2006 1st Loan Amount: - lookup property Document Number: 3359006 2nd Loan Amount: - Excise Number: - Deed Type: Grant Deed property search retail search Parcel: 120723202015 Title Company: - shop ctr search Lender: - analytic search my surveys {assessment & tax information I V - This Parcel a Summarize all Parcels update data r Tax Year: 2009 Total Value Assessed: $902,420 Total Value Calc: $3,111,798 suggestions Tax Amount: $72,785 Impr Value Assessed: $473,430 Improved Value Calc: $1,632,534 Percent Impr: - Land Value Assessed: $428,990 Land Value Calc: $1,479,264 support Tax Code Area: - Land Assessed/AC: - Land Calc/AC: - htto://propertv.costar.com/Property/Detail/Detail.aspx?t= 10&id=707554&popup=0 7/ 11 /2011 4058 Camelot Cir ___ ____ _______ _ _ , AM a . --••••••-- .., . r -fir .— r r tax , -CW •"'.- • 1 _ __�. _ `_ �_ y , • �7 s - t • • _ - ow . 4,-Thiliv,iallita__ ."': -- • f • i Location: Weld County Ind Cluster Building Type: Class B Industrial Weld County Ind Submarket Status: Existing Weld County Tenancy: Single Tenant Longmont, CO 80504 Land Area: - Stories: 1 RBA: 30,000 SF Management: - Total Avail: No Spaces Currently Available Recorded Owner: - % Leased: 100% Ceiling Height: 12'0"-28'0" Crane: - Column Spacing: - Rail Line: - Drive Ins: - Cross Docks: - Loading Docks: - Const Mat: - Power: - Utilities: - Parcel Number: 120723202015, 120723203011 SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 1 1 4057 Camelot Cir - 1-25 Business Park SOLD Longmont, CO 80501 Weld County il,_. _ . Sale Date: 01/16/2009 (590 days on mkt) Bldg Type: Class B Warehouse a Sale Price: $2,900,000 - Confirmed Year Built/Age: Built 2007 Age: 1 Price/SF: $93.50 RBA: 31 ,017 SF Pro Forma Cap: - Parcel No: 120723203007 Actual Cap Rate: - Comp ID: 1637858 Sale Conditions: - Research Status: Confirmed 2 5186 Longs Peak Rd SOLD Johnstown, CO 80534 Weld County Sale Date: 08/17/2007 (149 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,325,000 - Confirmed Year Built/Age: Built 2001 Age: 6 - _ - Price/SF: $91.39 RBA: 25,440 SF ' t Pro Forma Cap: 7.50% Parcel No: 106103415002 Actual Cap Rate: 7.23% Comp ID: 1376971 Sale Conditions: 1031 Exchange Research Status: Confirmed 3 4175 Mulligan Dr SOLD Longmont, CO 80504 Weld County Sale Date: 10/16/2009 Bldg Type: Class B Manufacturing , Sale Price: $2,730,000 - Full Value Year Built/Age: Built 1994 Age: 15 4.Price/SF: $83.75 RBA: 32,597 SF - a Pro Forma Cap: - Parcel No: 120723001039 Actual Cap Rate: - Comp ID: 1822254 Sale Conditions: Business Value Included Research Status: Full Value 4 23000 Highway 257 SOLD Milliken, CO 80543 Weld County Sale Date: 03/18/2011 (184 days on mkt) Bldg Type: Class B Food Processing Sale Price: $1 ,740,000 - Confirmed Year Built/Age: Built 2000 Age: 11 ca.:_. „* • . Price/SF: $83.25 RBA: 20,900 SF ' .1 ,- Pro Forma Cap: - Parcel No: 105902000009, 105902000010, 105911203008 Actual Cap Rate: - — ''!1 Comp ID: 2077911 Sale Conditions: REO Sale Research Status: Confirmed 5 701 Automation Dr - Windsor Tech Center SOLD Windsor, CO 80550 Weld County Sale Date: 05/08/2008 (78 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,200,000 - Confirmed Year BuilUAge: Built 1996 Renov 2006 Age: 12 Price/SF: $82.24 RBA: 26,750 SF 1>� j Pro Forma Cap: 8.60% Parcel No: 080722303003 Actual Cap Rate: 8.22% Comp ID: 1530315 Sale Conditions: Investment Triple Net Research Status: Confirmed 6 5840 Byrd Dr SOLD Loveland, CO 80538 Larimer County Sale Date: 08/26/2009 (547 days on mkt) Bldg Type: Class B Showroom Sale Price: $1 ,800,000 - Confirmed Year Built/Age: Built 2006 Age: 3 Price/SF: $81.82 RBA: 22,000 SF - i Pro Forma Cap: - Parcel No: 86273-41-001 all Actual Cap Rate: - Comp ID: 1763612 Sale Conditions: Sale Leaseback, Short Sale Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 1 7 900 Smithfield Dr SOLD Fort Collins, CO 80524 Larimer County Sale Date: 06/29/2007 Bldg Type: Class B Warehouse - - - Sale Price: $992,000 - Confirmed Year Built/Age: Built 1996 Age: 11 Price/SF: $80.03 RBA: 24,792 SF , T Pro Forma Cap: - Parcel No: 87161-25-007 Actual Cap Rate: - Comp ID: 1393674 Sale Conditions: 1031 Exchange, Exercise of OptionPartial Research Status: Confirmed Interest Transfer (50.00%) 8 1502 S Timberline Rd SOLD Fort Collins, CO 80524 Larimer County Sale Date: 05/11/2009 (39 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,850,000 - Confirmed Year Built/Age: Built 1998 Age: 11 "6- Price/SF: $74.79 RBA: 38,105 SF 1.111111111--str..-_ , w`` : ' Pro Forma Cap: - Parcel No: 87173-20-001 Actual Cap Rate: - Comp ID: 1710211 Sale Conditions: - Research Status: Confirmed 9 960 Diamond Valley Dr SOLD Windsor, CO 80550 Weld County Sale Date: 04/01/2011 Bldg Type: Class B Industrial I7---:-;- _ Sale Price: $2,800,000 - Full Value Year Built/Age: Built 2005 Age: 6 ' . ' - - - Price/SF: $73.79 RBA: 37,944 SF Pro Forma Cap: - Parcel No: 080722315003 Actual Cap Rate: - Comp ID: 2097147 Sale Conditions: - Research Status: Full Value 10 3026 4th Ave - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 06/29/2007 (413 days on mkt) Bldg Type: Class B Industrial Sale Price: $1 ,950,000 - Confirmed Year Built/Age: Built 1980 Age: 27 Price/SF: $72.55 RBA: 26,878 SF ,ilatrit± tit Pro Forma Cap: - Parcel No: 096120101008 Actual Cap Rate: - - - Comp ID: 1344829 Sale Conditions: - Research Status: Confirmed 11 320 Gateway Dr - Bragg Excavation SOLD Johnstown, CO 80513 Weld County Sale Date: 07/23/2007 Bldg Type: Class B Warehouse Sale Price: $1 ,975,000 - Confirmed Year Built/Age: Built 2002 Age: 5 _ Price/SF: $72.10 RBA: 27,394 SF i 1 __ Pro Forma Cap: 7.00% Parcel No: 106103419003 Actual Cap Rate: - Comp ID: 1368524 Sale Conditions: Sale Leaseback Research Status: Confirmed - 12 170 Kensington Dr SOLD Fort Collins, CO 80525 Larimer County Sale Date: 08/15/2008 Bldg Type: Class B Self-Storage Sale Price: $4,147,500 - Full Value Year Built/Age: Built 1984 Age: 24 , .• ., Price/SF: $71.32 RBA: 58,154 SF s� .... *. Parcel No: 97354-31-001 '�'��— Pro Forma Cap: - - � 1 . • _ Actual Cap Rate: - -- - , , ' Comp ID: 1575908 Sale Conditions: - Research Status: Full Value SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 2 13 3771 Eureka Way SOLD Erie, CO 80516 Weld County • Sale Date: 01/12/2007 Bldg Type: Class B Warehouse Sale Price: $2,800,000 - Confirmed Year Built/Age: Built 2001 Age: 6 Price/SF: $68.63 RBA: 40,800 SF r 1il, M Pro Forma Cap: - Parcel No: 146703112001 , 146703112002 Actual Cap Rate: - - Comp ID: 1223377 Sale Conditions: - Research Status: Confirmed 14 Multi-Property: Glacier Business Park SOLD 2 Industrial buildings in Frederick, CO , having total size of 70,000 SF. - Sale Date: 06/30/2009 (196 days on mkt) # Properties: 2 - — Sale Price: $4,625,000 - Confirmed Total Size: 70,000 SF ` ! is fij� i ir Price/SF: $66.07 Total Land Area: 6.95 AC - 9!e7r''' -'s'-r 7- Pro Forma Cap: - Sale Conditions: - Comp ID: 1731284 Research Status: Confirmed 15 415 Linden Center Dr SOLD Fort Collins, CO 80524 Larimer County i` - Sale Date: 02/14/2007 Bldg Type: Class B Warehouse Sale Price: $2,000,000 - Full Value Year Built/Age: Built 1984 Age: 23 : . Price/SF: $63.55 RBA: 31 ,470 SF .. tr-..--n , Pro Forma Cap: - Parcel No: 97122-15-007 Actual Cap Rate: - Comp ID: 1244352 Sale Conditions: - Research Status: Full Value 16 3026 4th Ave - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 03/19/2010 (283 days on mkt) Bldg Type: Class B Industrial Sale Price: $1,685,000 - Confirmed Year Built/Age: Built 1980 Age: 30 Price/SF: $62.69 RBA: 26,878 SF Ilio 'r�� Pro Forma Cap: - Parcel No: 096120101008 `o' Actual Cap Rate: - Comp ID: 1893292 Sale Conditions: - Research Status: Confirmed 17 14274-14286 Mead St - Five Pines Bldg SOLD Mead, CO 80542 Weld County Sale Date: 12/20/2007 Bldg Type: Class B Manufacturing - Built 0 Age: 7 PP2rllrAlrr"". . uiaadl Sale Price: $1,240,000Confirmed Year Built/Age: Bul t 0• Price/SF: $62.00 RBA: 20,000 SF - , Pro Forma Cap: - Parcel No: 120723001015 Actual Cap Rate: - Comp ID: 1460047 Sale Conditions: - Research Status: Confirmed 18 1800 E Harmony Rd SOLD Fort Collins, CO 80528 Larimer County Sale Date: 11/02/2007 (485 days on mkt) Bldg Type: Class B Manufacturing Sale Price: $3,750,000 - Confirmed Year Built/Age: Built 1978 Age: 29 Price/SF: $61.25 RBA: 61 ,225 SF ^ -*3 -, Pro Forma Cap: - Parcel No: 87314-00-033 Actual Cap Rate: - Comp ID: 1426189 Sale Conditions: - Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 3 19 316 Basher Dr SOLD Berthoud, CO 80513 Weld County Sale Date: 07/24/2007 Bldg Type: Class B Self-Storage Sale Price: $1 ,210,000 - Confirmed Year Built/Age: Built 2006 Age: 1 Price/SF: $54.02 RBA: 22,400 SF Pro Forma Cap: - Parcel No: 106103416002 Actual Cap Rate: - Comp ID: 1375759 Sale Conditions: - Research Status: Confirmed 20 753 Champion Dr - Iron Mountain Autoplex SOLD Windsor, CO 80528 Weld County Sale Date: 03/08/2011 (344 days on mkt) Bldg Type: Class B Industrial I Sale Price: $2,000,000 - Confirmed Year Built/Age: Built 2006 Age: 5 Price/SF: $47.44 RBA: 42,161 SF Pro Forma Cap: - Parcel No: 095708401001 Actual Cap Rate: - Comp ID: 2073486 Sale Conditions: High Vacancy Property, REO Sale Research Status: Confirmed 21 Multi-Property: Bldgs 1 & 2 SOLD 2 Industrial buildings in Loveland, CO , having total size of 58,344 SF. Sale Date: 01/11/2011 # Properties: 2 Sale Price: $2,300,000 - Full Value Total Size: 58,344 SF -�-- . Price/SF: $39.42 Total Land Area: 17.42 ACo Pro Forma Cap: - Sale Conditions: - Comp ID: 2067530 Research Status: Full Value 22 3900 Canal Dr SOLD Fort Collins, CO 80524 Larimer County Sale Date: 03/04/2011 (709 days on mkt) Bldg Type: Class B Warehouse Sale Price: $1,900,000 - Confirmed Year Built/Age: Built 1980 Renov 2005 Age: 31 a . Price/SF: $33.31 RBA: 57,044 SF Pro Forma Cap: - Parcel No: 87161-23-021 Actual Cap Rate: - Comp ID: 2071653 Sale Conditions: Distress Sale Research Status: Confirmed 23 152 30th St - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 01/31/2011 Bldg Type: Class B Warehouse Sale Price: $800,000 - Confirmed Year Built/Age: Built 1992 Age: 19 i Price/SF: $33.14 RBA: 24,141 SF " - drit1- Pro Forma Cap: - Parcel No: 096120101008 Actual Cap Rate: - Comp ID: 2052493 Sale Conditions: Purchase By Tenant Research Status: Confirmed 24 Bulk Portfolio: Bldgs 1 & 2 SOLD 2 Industrial buildings in Loveland, CO , having total size of 58,344 SF. Sale Date: 05/17/2007 (112 days on mkt) # Properties: 2 Sale Price: $1 ,815,000 - Confirmed Total Size: 58,344 SF Price/SF: $31.11 Total Land Area: 17.42 AC PORTFOLIO F Pro Forma Cap: 8.36% Sale Conditions: 1031 Exchange, Bulk/Portfolio Sale Actual Cap Rate: 6.10% Comp ID: 1338996 Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 4 25 316 Basher Dr SOLD Berthoud, CO 80513 Weld County Sale Date: 01/20/2011 Bldg Type: Class B Self-Storage Sale Price: $650,000 - Confirmed Year Built/Age: Built 2006 Age: 5 t Price/SF: $29.02 RBA: 22,400 SF Pro Forma Cap: - Parcel No: 106103416002 Actual Cap Rate: 9.30% Comp ID: 2053310 Sale Conditions: REO Sale Research Status: Confirmed 26 16959 CR-44 SOLD La Salle, CO 80645 Weld County Sale Date: 02/23/2007 Bldg Type: Class B Warehouse Sale Price: $1,200,000 - Confirmed Year Built/Age: Built 1987 Age: 20 Price/SF: $20.85 RBA: 57,565 SF INN Pro Forma Cap: - Parcel No: 105714000061 , 105714000062 Actual Cap Rate: - Comp ID: 1263193 Sale Conditions: - Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 5 1 4057 Camelot Cir - 1-25 Business Park SOLD Longmont, CO 80501 Weld County I Sale Date: 01/16/2009 (590 days on mkt) Bldg Type: Class B Warehouse I Sale Price: $2,900,000 - Confirmed Year Built/Age: Built 2007 Age: 1 Price/SF: $93.50 RBA: 31 ,017 SF Pro Forma Cap: - Parcel No: 120723203007 "�- -== ".`-"''"` Actual Cap Rate: - Comp ID: 1637858 Sale Conditions: - Research Status: Confirmed 2 5186 Longs Peak Rd SOLD Johnstown, CO 80534 Weld County Sale Date: 08/17/2007 (149 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,325,000 - Confirmed Year Built/Age: Built 2001 Age: 6 - Price/SF: $91.39 RBA: 25,440 SF - c Pro Forma Cap: 7.50% Parcel No: 106103415002 - Actual Cap Rate: 7.23% Comp ID: 1376971 Sale Conditions: 1031 Exchange Research Status: Confirmed 3 4175 Mulligan Dr SOLD Longmont, CO 80504 Weld County Sale Date: 10/16/2009 Bldg Type: Class B Manufacturing Sale Price: $2,730,000 - Full Value Year Built/Age: Built 1994 Age: 15 _ Price/SF: $83.75 RBA: 32,597 SF Pro Forma Cap: - Parcel No: 120723001039 Actual Cap Rate: - Comp ID: 1822254 Sale Conditions: Business Value Included Research Status: Full Value 4 23000 Highway 257 SOLD Milliken, CO 80543 Weld County Sale Date: 03/18/2011 (184 days on mkt) Bldg Type: Class B Food Processing Sale Price: $1 ,740,000 - Confirmed Year Built/Age: Built 2000 Age: 11 . Price/SF: $83.25 RBA: 20,900 SF T ,,,s • - I i Pro Forma Cap: - Parcel No: 105902000009, 105902000010, 105911203008 Actual Cap Rate: - Comp ID: 2077911 Sale Conditions: REO Sale Research Status: Confirmed 5 701 Automation Dr - Windsor Tech Center SOLD Windsor, CO 80550 Weld County Sale Date: 05/08/2008 (78 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,200,000 - Confirmed Year Built/Age: Built 1996 Renov 2006 Age: 12 Price/SF: $82.24 RBA: 26,750 SF ilielelli• nr-- AM ' Pro Forma Cap: 8.60% Parcel No: 080722303003 Actual Cap Rate: 8.22% Comp ID: 1530315 Sale Conditions: Investment Triple Net Research Status: Confirmed 6 5840 Byrd Dr SOLD Loveland, CO 80538 Larimer County Sale Date: 08/26/2009 (547 days on mkt) Bldg Type: Class B Showroom Sale Price: $1,800,000 - Confirmed Year Built/Age: Built 2006 Age: 3 Price/SF: $81.82 RBA: 22,000 SF yTr .r' cs4 4:. - .a — d Pro Forma Cap: - Parcel No: 86273-41-001 • _ _ __ Actual Cap Rate: - Comp ID: 1763612 Sale Conditions: Sale Leaseback, Short Sale Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 1 7 900 Smithfield Dr SOLD Fort Collins, CO 80524 Larimer County • -- Sale Date: 06/29/2007 Bldg Type: Class B Warehouse "n e.47" - - Sale Price: $992,000 - Confirmed Year Built/Age: Built 1996 Age: 11 Price/SF: $80.03 RBA: 24,792 SF a Pro Forma Cap: - Parcel No: 87161-25-007 Actual Cap Rate: - Comp ID: 1393674 Sale Conditions: 1031 Exchange, Exercise of OptionPartial Research Status: Confirmed Interest Transfer (50.00%) 8 1502 S Timberline Rd SOLD Fort Collins, CO 80524 Larimer County Sale Date: 05/11/2009 (39 days on mkt) Bldg Type: Class B Warehouse Sale Price: $2,850,000 - Confirmed Year Built/Age: Built 1998 Age: 11 : er Price/SF: $74.79 RBA: 38,105 SF ' '", Pro Forma Cap: - Parcel No: 87173-20-001 Actual Cap Rate: - Comp ID: 1710211 Sale Conditions: - Research Status: Confirmed 9 960 Diamond Valley Dr SOLD Windsor, CO 80550 Weld County Sale Date: 04/01/2011 Bldg Type: Class B Industrial ,j_ Sale Price: $2,800,000 - Full Value Year Built/Age: Built 2005 Age: 6 I Price/SF: $73.79 RBA: 37,944 SF `, S Pro Forma Cap: - Parcel No: 080722315003 et Actual Cap Rate: - Comp ID: 2097147 Sale Conditions: - Research Status: Full Value 10 3026 4th Ave - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 06/29/2007 (413 days on mkt) Bldg Type: Class B Industrial Sale Price: $1 ,950,000 - Confirmed Year Built/Age: Built 1980 Age: 27 Price/SF: $72.55 RBA: 26,878 SF ll-_,A1.11±.74,-• - Pro Forma Cap: - Parcel No: 096120101008 f Actual Cap Rate: - - Comp ID: 1344829 Sale Conditions: - Research Status: Confirmed 11 320 Gateway Dr - Bragg Excavation SOLD Johnstown, CO 80513 Weld County Sale Date: 07/23/2007 Bldg Type: Class B Warehouse Sale Price: $1 ,975,000 - Confirmed Year Built/Age: Built 2002 Age: 5 Price/SF: $72.10 RBA: 27,394 SF Pro Forma Cap: 7.00% Parcel No: 106103419003 fl_ ' Actual Cap Rate: - Comp ID: 1368524 Sale Conditions: Sale Leaseback -- Research Status: Confirmed 12 170 Kensington Dr SOLD Fort Collins, CO 80525 Larimer County Sale Date: 08/15/2008 Bldg Type: Class B Self-Storage Sale Price: $4,147,500 - Full Value Year Built/Age: Built 1984 Age: 24 - Price/SF: $71.32 RBA: 58,154 SF t _,,, Pro Forma Cap: - Parcel No: 97354-31-001 �- Actual Cap Rate: - Comp ID: 1575908 Sale Conditions: - Research Status: Full Value SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 2 13 3771 Eureka Way SOLD Erie, CO 80516 Weld County Sale Date: 01/12/2007 Bldg Type: Class B Warehouse J_1�.. - Sale Price: $2,800,000 - Confirmed Year Built/Age: Built 2001 Age: 6 Price/SF: $68.63 RBA: 40,800 SF I t' 's _ Pro Forma Cap: - Parcel No: 146703112001 , 146703112002 Actual Cap Rate: - Comp ID: 1223377 Sale Conditions: - Research Status: Confirmed 14 Multi-Property: Glacier Business Park SOLD 2 Industrial buildings in Frederick, CO , having total size of 70,000 SF. Sale Date: 06/30/2009 (196 days on mkt) # Properties: 2 Sale Price: $4,625,000 - Confirmed Total Size: 70,000 SF Price/SF: $66.07 Total Land Area: 6.95 AC Pro Forma Cap: - Sale Conditions: - Comp ID: 1731284 Research Status: Confirmed 15 415 Linden Center Dr SOLD Fort Collins, CO 80524 Larimer County Sale Date: 02/14/2007 Bldg Type: Class B Warehouse Sale Price: $2,000,000 - Full Value Year Built/Age: Built 1984 Age: 23 Price/SF: $63.55 RBA: 31 ,470 SF .,r, Pro Forma Cap: - Parcel No: 97122-15-007 - Actual Cap Rate: - Comp ID: 1244352 Sale Conditions: - Research Status: Full Value 16 3026 4th Ave - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 03/19/2010 (283 days on mkt) Bldg Type: Class B Industrial Sale Price: $1 ,685,000 - Confirmed Year Built/Age: Built 1980 Age: 30 I Price/SF: $62.69 RBA: 26,878 SF Pro Forma Cap: - Parcel No: 096120101008 Actual Cap Rate: - Comp ID: 1893292 Sale Conditions: - Research Status: Confirmed 17 14274-14286 Mead St - Five Pines Bldg SOLD Mead, CO 80542 Weld County Sale Date: 12/20/2007 Bldg Type: Class B Manufacturing Sale Price: $1 ,240,000 - Confirmed Year Built/Age: Built 2000 Age: 7 j • Price/SF: $62.00 RBA: 20,000 SF Pro Forma Cap: - Parcel No: 120723001015 Actual Cap Rate: - Comp ID: 1460047 Sale Conditions: - Research Status: Confirmed 18 1800 E Harmony Rd SOLD Fort Collins, CO 80528 Larimer County Sale Date: 11/02/2007 (485 days on mkt) Bldg Type: Class B Manufacturing Sale Price: $3,750,000 - Confirmed Year Built/Age: Built 1978 Age: 29 Price/SF: $61.25 RBA: 61 ,225 SF . • Pro Forma Cap: - Parcel No: 87314-00-033 Actual Cap Rate: - Comp ID: 1426189 Sale Conditions: - Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Peer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 3 19 316 Basher Dr SOLD Berthoud, CO 80513 Weld County Sale Date: 07/24/2007 Bldg Type: Class B Self-Storage Sale Price: $1 ,210,000 - Confirmed Year Built/Age: Built 2006 Age: 1 ( Price/SF: $54.02 RBA: 22,400 SF Pro Forma Cap: - Parcel No: 106103416002 Actual Cap Rate: - Comp ID: 1375759 Sale Conditions: - Research Status: Confirmed 20 753 Champion Dr - Iron Mountain Autoplex SOLD Windsor, CO 80528 Weld County Sale Date: 03/08/2011 (344 days on mkt) Bldg Type: Class B Industrial I 1 Sale Price: $2,000,000 - Confirmed Year Built/Age: Built 2006 Age: 5 Price/SF: $47.44 RBA: 42,161 SF Pro Forma Cap: - Parcel No: 095708401001 Actual Cap Rate: - Comp ID: 2073486 Sale Conditions: High Vacancy Property, REO Sale Research Status: Confirmed 21 Multi-Property: Bldgs 1 & 2 SOLD 2 Industrial buildings in Loveland, CO , having total size of 58,344 SF. Sale Date: 01/11/2011 # Properties: 2 Sale Price: $2,300,000 - Full Value Total Size: 58,344 SF Price/SF: $39.42 Total Land Area: 17.42 AC Pro Forma Cap: - Sale Conditions: - • Comp ID: 2067530 Research Status: Full Value 22 3900 Canal Dr SOLD Fort Collins, CO 80524 Larimer County Sale Date: 03/04/2011 (709 days on mkt) Bldg Type: Class B Warehouse Sale Price: $1 ,900,000 - Confirmed Year Built/Age: Built 1980 Renov 2005 Age: 31 Price/SF: $33.31 RBA: 57,044 SF Pro Forma Cap: - Parcel No: 87161-23-021 Actual Cap Rate: - Comp ID: 2071653 Sale Conditions: Distress Sale Research Status: Confirmed 23 152 30th St - Greeley Commerce Center SOLD Greeley, CO 80631 Weld County Sale Date: 01/31/2011 Bldg Type: Class B Warehouse Sale Price: $800,000 - Confirmed Year Built/Age: Built 1992 Age: 19 Price/SF: $33.14 RBA: 24,141 SF Pro Forma Cap: - Parcel No: 096120101008 Actual Cap Rate: - Comp ID: 2052493 Sale Conditions: Purchase By Tenant Research Status: Confirmed 24 Bulk Portfolio: Bldgs 1 & 2 SOLD 2 Industrial buildings in Loveland, CO , having total size of 58,344 SF. Sale Date: 05/17/2007 (112 days on mkt) # Properties: 2 Sale Price: $1 ,815,000 - Confirmed Total Size: 58,344 SF Price/SF: $31.11 Total Land Area: 17.42 AC PORTFOLIO Pro Forma Cap: 8.36% Sale Conditions: 1031 Exchange, Bulk/Portfolio Sale $ • liffS1-441414 Actual Cap Rate: 6.10% Comp ID: 1338996 Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 4 25 316 Basher Dr SOLD Berthoud, CO 80513 Weld County Sale Date: 01/20/2011 Bldg Type: Class B Self-Storage Sale Price: $650,000 - Confirmed Year Built/Age: Built 2006 Age: 5 Price/SF: $29.02 RBA: 22,400 SF Pro Forma Cap: - Parcel No: 106103416002 Actual Cap Rate: 9.30% Comp ID: 2053310 Sale Conditions: REO Sale Research Status: Confirmed 26 16959 CR-44 SOLD La Salle, CO 80645 Weld County Sale Date: 02/23/2007 Bldg Type: Class B Warehouse Sale Price: $1,200,000 - Confirmed Year Built/Age: Built 1987 Age: 20 Price/SF: $20.85 RBA: 57,565 SF - ' a ar � • Pro Forma Cap: - Parcel No: 105714000061 , 105714000062 Actual Cap Rate: - 7'f `i4'X' •.:+b ;: �' Comp ID: 1263193 Sale Conditions: - -- Research Status: Confirmed SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 5 Trend Report Dollar Volume # of Transactions s12 - 7 - S10 6 C C 5 o $8 ° 4 $6 a rU L 3 L f- o $4 2 o $2 l ■ ■ ■ $0 - - -- 0 O1 O1 OO O OO OO 'tiO 'tiO 'ti~ O1 O1 00 00 O O ,yO ,yO tiN, N ti� N el, N. ti� N. 1, N. ti� ti� ti� ti� N el, N. ti� ti� Cap Rate Average Price Per SF 10 % S90 9 % sS0 8 % $70 7 % LL 560 o 6 /o `5,- $50 5 % a) $40 4 % a $30 3 2 % $20 1 % $1.0 0 % - $0 O1 O1 00 OO e OO '�O 'yO tit O1 O1 00 • 00 OO O� ,�O ,�O '�\. N. 1 N 1' ti� 'V N. • 'V N ti� 'V N, 'V N. 'V N. 'V N, Report Time Frame: 01/01/2007 - 07/11/2011 Legend: - Sale Date: 1/1/2007 - 7/1/2011 Sold Transactions Current Survey Sold Transactions ' Number of Transactions 23 Total Dollar Volume $47,644,500 Total Bldg Square Feet 778,055 Total Land in Acres i 100.83 Total Land in SF 4,392,155 Average Price $2,071 ,500 Average Number of SF 33,828 Time Interval - SemiAnnual Average Price Per Bldg SF $62.23 Median Price Per SF $71 .32 Average Number of Acres 4.38 Average Number of SF(Land) 190,963 Average Price Per Unit l - Median Price Per Unit - Average Number of Units - Actual Cap Rate �_ - 7.91 % - - Survey Criteria Location: Location method - County; Counties - Larimer (CO), Weld (CO) Basic Criteria: Sale Status - Sold, Under Contract; Property Type - Industrial ; Class - B; Sale Date - 1 /1 /2007 - 7/1 /2011 ; Total Building Size (SF) - 20,000 - 75,000 ; - Include Public Record Comps add/remove opportunities: - *This result set has been amended with criteria to add and/or remove records. SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 1 r Trend Report Median Price Per SF s90 $80 $70 LLtn $60 v $50 a_ v 540 a S30 520 S10 SO se° ''ZSL 'y 'L '�se° ,e°'L \ 1, \ Report Time Frame: 01/01/2007 - 07111/2011 Legend: Sale Date: 1/1/2007 - 7/1/2011 Sold Transactions Current Survey Sold Transactions Number of Transactions 23 $47644 Total Dollar Volume , ,500 Total Bldg Square Feet 778,055 Total Land in Acres 100.83 Total Land in SF 4,392, 155 Average Price $2,071 ,500 Average Number of SF 33,828 Time Interval - SemiAnnual Average Price Per Bldg SF $62.23 Median Price Per SF $71 .32 Average Number of Acres 4.38 Average Number of SF(Land) 190,963 Average Price Per Unit - Median Price Per Unit - Average Number of Units - Actual Cap Rate _ 7.91 % Survey Criteria Location: Location method - County; Counties - Larimer (CO), Weld (CO) Basic Criteria: Sale Status - Sold, Under Contract; Property Type - Industrial ; Class - B; Sale Date - 1 /1 /2007 - 7/1 /2011 ; Total Building Size (SF) - 20,000 - 75,000 ; - Include Public Record Comps add/remove opportunities: - *This result set has been amended with criteria to add and/or remove records. SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Pow & Company - 126089. Page 2 Trend Report 1H07 01/01-06/30/07 2H07 07/01-12/31/07 1H08 01/01-06/30/08 2HO8 07/01-12/31/08 Sold Transaction Sold Transaction Sold Transaction Sold Transaction Number of Transactions 5 5 1 1 Total Dollar Volume $8,942,000 $10,500,000 $2,200,000 $4,147,500 Total Bldg Square Feet 181 ,505 156,459 26,750 58, 154 Total Land in Acres 17.52 12.92 2.18 2.48 Total Land in SF 763, 171 562,795 94,961 108,029 Average Price $1 ,788,400 $2,100,000 $2,200,000 $4,147,500 Average Number of SF 36,301 31 ,292 26,750 58,154 Average Price Per Bldg SF $52.88 $67.11 $82.24 $71 .32 Median Price Per SF $68.63 $62.00 $82.24 $71 .32 Average Number of Acres 3.50 2.58 2.18 2.48 Average Number of SF(Land) 152,634 112,559 94,961 108,029 Average Price Per Unit - - - - Median Price Per Unit - - - - Average Number of Units - - - - Actual Cap Rate - 7.23% 8.22% - 1H09 01/01-06/30/09 2H09 07/01-12/31/09 1H1O 01/01-06/30/10 1H11 01/01-06/30/11 Sold Transaction Sold Transaction Sold Transaction Sold Transaction Number of Transactions 2 2 1 6 Total Dollar Volume $5,750,000 $4,530,000 $1 ,685,000 $9,890,000 Total Bldg Square Feet 69,122 54,597 26,878 204,590 Total Land in Acres 9.52 5.68 3.56 46.97 Total Land in SF 414,691 247,421 155,074 2,046,013 Average Price $2,875,000 $2,265,000 $1 ,685,000 $1 ,648,333 Average Number of SF 34.561 27.299 26,878 34,098 Average Price Per Bldg SF $83.19 $82.97 $62.69 $48.34 Median Price Per SF $84.15 $82.79 $62.69 $40.38 Average Number of Acres 4.76 2.84 3.56 7.83 Average Number of SF(Land) 207,346 123,710 155,074 341 ,002 Average Price Per Unit - - - - Median Price Per Unit - - - - Average Number of Units - - - - Actual Cap Rate - - - 9.30% SALES HAVE NOT BEEN VERIFIED BY Marvin F. Poer and Company 7/11/2011 This copyrighted report contains research licensed to Marvin F. Poer & Company - 126089. Page 3 Identify Results Page 1 of 1 Parcel Valuation Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Business/Complex: HOME LUMBER Leaal Description RAD L11-12-13 BLK1 RADEMACHER BUSINESS PARK PUD AMD PLAT Land Value $1,174,876 Land Assessed Value $340,710 Impr.Value $3,467.600 Impr. Assessed Value $1,005.610 Total Value $4,642,476 Total Assessed Value $1,346,320 Tax Area: Bordering County: Township Ranee Section Ouart. Sec. Subdivison Name Block# Lot# 03 - 68 - 23 - 2 RADEMACHER BUS PARK PUD AMD - 1 - 11 Land Subtotal: Square Feet:652709 Sale Price Sale Date Deed Type Reception # $0 http://maps2.merrick.com/Website/Weld/setSql.asp?cmd=QUERY&DET=Parcel&pin=12... 7/11/2011 Building Details Page 1 of 1 Building Details Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 1 Commercial Individual Built As Detail Built As: Material Storage Sheds Year Built: 2001 Exterior: HVAC: None Interior Finish: Built As SQ Ft: 38926 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: it of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: http://maps2.merrick.com/Website/Weld/setSgl.asp?cmd=query&DET=Building&acct=R8... 7/11/2011 Building Details Page 1 of 1 Building Details Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Buildina# Property Type 7 Commercial Individual Built As Detail Built As: Office Building Year Built: 2001 Exterior: HVAC: Complete HVAC Interior Finish: Built As SQ Ft: 5540 # of Baths: 0 Roof Type: Gable # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Ga raae: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: http://maps2.merrick.com/Website/Weld/setSql.asp?cmd—query&DET=Building&acct—R8... 7/11/2011 Identify Results Page 1 of 4 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R8372200 Parcel#: 120723202015 Tax Area: 2309 Bordering County: Acres: 14.98 Township Range Section Ouart. Sec. Subdivison Name Block# Lot# 03 - 68 - 23 - 2 RADEMACHER BUS PARK PUD AMD - 1 - 11 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Business/Complex: HOME LUMBER Sales Summary Sale Date Sale Price Deed Type Reception # $0 Legal Description RAD L11-12-13 BLK1 RADEMACHER BUSINESS PARK PUD AMD PLAT Land Valuation Summary Unit of Number of Actual Value Assessed Land Type Abst Code Measure Units Value Commercial 3115 Square Feet 652709 Land Subtotal: 652709 $1,174,876 $340,710 Buildings Valuation Summary Actual Value Assessed Bldg# Property TypeValue 1 Commercia 2 Commercia 3 Commercia 4 Commercia 5 Commercia 6 Commercia 7 Commercia Improvements Subtotal: $3,467,600 $1,005,610 Total Property Value $4,642,476 $1,346,320 Building Details Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 1 Commercial http://maps2.merrick.com/W ebsite/Weld/setSgl.asp?cmd=QUERY&DET=P P&pin=12072... 7/11/2011 Identify Results Page 2 of 4 Individual Built As Detail Built As: Material Storage Sheds Year Built: 2001 Exterior: HVAC: None Interior Finish: Built As SQ Ft: 38926 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 2 Commercial Individual Built As Detail Built As: Material Storage Sheds Year Built: 1999 Exterior: HVAC: Radiant Interior Finish: Built As SQ Ft: 31684 # of Baths: 0 Roof Type: Gable # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name &Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building* Property Type 3 Commercial Individual Built As Detail Built As: Material Storage Sheds Year Built: 1999 Exterior: HVAC: None Interior Finish: Built As SQ Ft: 3500 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: http://maps2.merrick.corn/Website/Weld/setSyl.asp?cmd=QUERY&DET=PP&pin=12072... 7/11/2011 Identify Results Page 3 of 4 Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 4 Commercial Individual Built As Detail Built As: Material Storage Sheds Year Built: 1999 Exterior: HVAC: None Interior Finish: Built As SQ Ft: 3500 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 5 Commercial Individual Built As Detail Built As: Material Storage Sheds Year Built: 1999 Exterior: HVAC: None Interior Finish: Built As SQ Ft: 3500 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type http://maps2.merrick.com/Website/Weld/setSgl.asp?cmd=QUERY&DET=PP&pin=12072... 7/11/2011 Identify Results Page 4 of 4 6 Commercial Individual Built As Detail Built As: Storage Warehouse Year Built: 2000 Exterior: HVAC: Space Heater Interior Finish: Built As SQ Ft: 3500 # of Baths: 0 Roof Type: Shed # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: Account#: R8372200 Parcel#: 120723202015 Owners Name&Address: Property Address: LN REAL ESTATE LLC Street: 4058 CAMELOT CIR WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Building# Property Type 7 Commercial Individual Built As Detail Built As: Office Building Year Built: 2001 Exterior: HVAC: Complete HVAC Interior Finish: Built As SQ Ft: 5540 # of Baths: 0 Roof Type: Gable # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: http://maps2.merrick.com/W ebsite/Weld/setSgl.asp?cmd=QUERY&DET=PP&pin=12072... 7/11/2011 Identify Results Page 1 of 1 Parcel Valuation Account#: R0208287 Parcel#: 120723202010 Owners Name &Address: Property Address: LN REAL ESTATE LLC Street: WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Business/Complex: Legal Description I RAD 1-10 L10 BLK1 RADEMACHER SUB Land Value $443,789 Land Assessed Value $128,700 Imor. Value $16,301 Im or. Assessed Value $4,730 Total Value $460,090 Total Assessed Value $133,430 Tax Area: Bordering County: Township Ranee Section Quart. Sec. Subdivison Name Block# Lot# 03 - 68 - 23 - 2 RADEMACHER BUS PARK PUD AMD - 1 - 10 Land Subtotal: Square Feet:246549.5938 Sale Price Sale Date Deed Type Reception # $359,000 7/13/2000 WD 2780731 http://maps2.merrick.com/Website/Weld/setSgI.asp?cmd=QUERY&DET=Parcel&pin=12... 7/11/2011 Identify Results Page 1 of 1 Land Details Account#: R0208287 Parcel#: 120723202010 Owners Name &Address: Property Address: LN REAL ESTATE LLC Street: WELD 801 2 AV STE 1300 City: WELD SEATTLE, WA 98104 Land Type Abst Code Unit of Measure # of Units Commercial 2135 Square Feet 0 Acres Square Ft. Frontage Ft. 5.66 246549.5938 0 http://maps2.merrick.com/Website/We1d/setSgl.asp?emd=QUERY&DET=Land&pin=l 20... 7/11/2011 , Weld County, Colorado Page 1 of 3 Weld County, Colorado - 71 85 14 _ 52 71 ., n 1. 34 25 66 ^—C . a on - a. _7:1 I I _ /i_r_ ,, ,r„, , 7 __IQ� I I 4 \ ;t I i I --__ _ 14 5 i,\ l'' g ; ,.: I .,, MOM 't -3 r„ , i .� p•. I - ,i 1 I r �- 1.-., 1 ,. • � EA it I i` t_I__i__ . T .' 73 k. 0 . •i - ? ;N. Y ' t I ; \ - 1 r' _ � a �L � t sz.N.,...."; MEAD'N. , ...‘.V..:1e. ..' ii ' ., ; 7.1---t-i - ..i.-:7-1 ' 1 lirii' ‘.\ S--- . '' ' ' ----41-4*-4"1"-"I-Pte._- r.G , v . 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