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I have a excel project for my comemrcial real estate undergrad class. I would like for somebody to create the excel file for me and I will do the written report. I have posted the rubric and all documents that go along with the project.
Final Project
Offering Memoranda & Spreadsheet
DUE 7/31/2013 at 11:59pm on WebCourses
PLEASE UPLOAD ONE FULLY FUNCTIONAL EXCEL FILE & ONE PDF FILE
NOTE: THIS PROJECT WILL ALSO COUNT AS YOUR FINAL EXAM – NO OTHER TEST WILL BE GIVEN
Use a property in the “Summer 2013 Costar” file. Select just ONE.
Using the basic property data, build a spreadsheet and “Offering Memoranda” using the “Sale Price” and
“Pro Forma Cap Rate” to set up your financials in the spreadsheet. Hence, you must “make up” or
assume all the rent roll and operating expenses that justify the Price and Cap rate. (HINT, put the
purchase price from the “sale price” filed an d adjust numbers logically until the Purchasing Cap Rate is
equal to the “Pro Forma Cap Rate”.
Using this turn in and create the following:
25% of Grade – Submit an Excel Workbook with the following items, fully linked, updatable, and
functional.
Using the above property parameters:
1. Rent Roll – DOES NOT NEED the ABC thing, just the one method that works for your property
2. Operating Statement – with detailed expenses and CAPX
3. Acquisition – Disposition calculator, like in the example
4. Five Year Cashflow Statement – like in the example
5. Waterfall Method and Output sheets (like in example, have a PREF, 1st Tier, and 2nd Tier), MACRO
enabled (NO OTHER METHOD IS NEEDED)
This should be fully updateable and functional. Make sure you turn in a Macro Enabled Excel File.
30% of Grade – Offering Memoranda
This one is a very creative project that will require the creation a word doc that you will PDF and turn in
to “sell” someone on investing in the Limited Partner Equity Investment. Using your spreadsheet, make
the deal “WORK”, hence make debt assumptions and equity payouts that make the deal profitable to
you and the investor (Hint adjust the PREF return as needed if problems with profitability).
Your project should have the following items below. The slides entitled “Capital Raising” have examples
and hints.
1. Title/Cover Page
2. Introduction/Executive Summary (should describe the investment and why a good deal)
3. Sources and Uses
4. Property Description
5. Financial Summary (basically, nice presented parts of your spreadsheet in the word doc)
WARNING: Do not say “refer to spreadsheet” in the word doc, the goal and lesson is to
summarize data out of a spreadsheet. If you do this, it is like omitting it from the project and will
cost a TON of points.
Be sure to clearly show how much money and IRR the investor will be making.
4949-4977 International Dr
Orlando, FL 32819 – Tourist Corridor Submarket
Sale on 07/30/2008 for $85,000,000 ($825.38/SF) – Research Complete
456,892 SF Retail (Regional Mall) Building
Built in 200
7
SOLD
1
Non-Arms Length
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Lightstone Value Plus Real EstatePolo Florida Llc
5401 W Oak Ridge Rd
Orlando, FL 3281
9
True Buyer: True Seller: Prime Retail
217 E Redwood St
Baltimore, MD 2120
2
(410) 234-0782
–
Seller Type:
Developer/Owner-NTL
Sale Date:
Pro Forma Cap Rate:
Price/SF:
Sale Price:
$825.3
8
$85,000,000-Confirmed
07/30/2008 (31 days on market)
Bldg Type:
Land Area:
Sale Conditions:
Year Built/Age:
GLA:
7.70%
Retail – (Regional Mall)
Built in 2007 Age: 1
456,892 SF
82.52 AC (3,594,475 SF)
Partial Interest Transfer (22.54%)
Percent Leased: 100.0%
Transaction Details
Asking Price: –
Price/AC Land Gross: $4,570,012.3
5
InvestmentSale Type:
Non-Market Reasons: Business Sale/Zero RE Allocation.
ID: 2219848
–
Tenancy:
Multi
Escrow Length: 35 days
Financing: Down payment of $19,600,000.00 (23.1%)
* Other Institutional Lenders
No. of Tenants: 37
Tenants at time of sale: Carter’s; Dickies; Easy Spirit Outlet Store; Edy’s Ice Cream Shop; Electronics Outlet; Gap Outlet; Kasper
Outlet Store; KB Toy Outlet/Toy Liquidators; Lids; Liz Claiborne; Mikasa; NIKE Factory Store; Payless
ShoeSource; Perfumania; Pfaltzgraff Factory Store; Phillips-Van Heusen Corporation; Piercing Pagoda;
Rack Room Shoes; rue21; Samsonite Company Stores; Stride Rite; Sun Trust Bank ATM; The Children’s
Place; Timberland Factory Outlet; Today’s Woman Of Florida Inc; Tommy Hilfiger; Traffic Shoes; Tuscany
Pizza House; Ultra Diamonds; Van Heusen Direct; Vans; Vin & Esprit; Vitamin World; Welcome Home;
Wendys Trend Silver; Wet Seal; World Cafe
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 1
Sale History: Portfolio sale of 52 properties sold for $2,300,000,000 ($314.48/SF) on 08/30/20
10
Sold for $85,000,000 ($825.38/SF) on 07/30/2008 Non-Arms Length
Spacer
Transaction Notes
Lightstone acquired a 22.54% interest in Mill Run LLC.
Mill Run is the beneficial owner of the Prime Outlets Orlando I and Orlando II. The acquisition price for the Mill Run 22.54% interest was
$85M. An affiliate of the Lightstone Group, the Company’s sponsor, is the managing member and majority owner of Mill Run. The Mill Run
properties are leased to to tenants under long-term leases with expiration dates through 2023. All rents are NNN with escalations. The NOI
for Mill Run Interest was $6.553M resulting in a cap rate of 7.7%. These figures are unaudited.
The Mill Run interest is a non-managing interest.
Property Type: Retail – (Regional Mall)
Orlando Premium Outlets – Internationa Dr
Built in 2007
Center Name:
Bldg Status:
Owner Type:
REIT
Current Retail Information
GLA: 456,892 SF
0 SF
Total Avail:
Bldg Vacant: 0 SF
% Leased: 100.0%
Street Frontage: 2,594 feet on Floridas Turnpike
3,434 feet on Oak Ridge Road W
3,120 feet on SR – 400
1,724 feet on I-4 Expy
1,588 feet on Oak Ridge Rd
Parking: 2250 free Surface Spaces are available
Zoning: AC-3/SP,
Orlando
Owner Occupied:
No
CAM: –
Rent/SF/Yr: – No. of Stores: 179
Land Area: 82.52 AC
Features: Bus Line, Corner Lot, Dedicated Turn Lane, Enclosed Mall, Food Court, Freeway Visibility, Out Parcel,
Pylon Sign, Signage, Signalized Intersection
Expenses: 2009 Tax @ $1.61/sf
Lot Dimensions: –
ID: 761118
Building FAR: 0.1
3
Location Information
Orlando
Tourist Corridor/Tourist Corridor
Metro Market:
Submarket:
County: Orange
Park Name: Orlando Premium Outlets – Internati
Second Address: 5401 W Oak Ridge Rd
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Spacer
Located just across the I-4 – Kirkman Rd. interchange from Universal Studios and just 12 miles from Disney World, Belz Factory Outlet
World, Orlando fronts I-4 and the Florida Turnpike-Florida’s busiest intersection with 80,000 cars passing each day. Over 43 million tourists
yearly make Orlando their vacation destination. Orlando is also one of the fastest growing metropolitan areas in the country, with a
population of well over 1.6 million.
Centered in the middle of this retail bonanza is Belz Factory Outlet World, the largest non-anchored factory outlet center of its kind in the
country with 700,000 sq. ft. and over 170 outlets in two fully enclosed malls and four strip centers.
Property Notes
4949-4977 International Dr SOLD
456,892 SF Retail (Regional Mall) Building Built in 2007 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 2
Parcel Number: –
–
Legal Description:
County: Orange
Plat Map: 4949-4977 International Dr
4949-4977 International Dr SOLD
456,892 SF Retail (Regional Mall) Building Built in 2007 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 3
495 N Keller Rd – Maitland Promenade II
Maitland, FL 32751 – Maitland Center Submarket
Sale on 06/25/2008 for $52,940,000 ($229.81/SF) – Research Complete
230,366 SF Class A Office Building Built in 2001
SOLD
2
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: NNN Maitland Promenade LLCFDG Maitland Promenade LLC
True Buyer: True Seller: Grubb & Ellis Realty Investors, LLC
1551 N Tustin Ave
Santa Ana, CA 92705
(714) 667-8252
Flagler Development Company
10151 Deerpark Blvd
Jacksonville, FL 3225
6
(904) 279-3132
Buyer Type: Seller Type: Investment Manager
Developer/Owner-RGNL
Buyer Broker: Listing Broker: No Listing Broker on DealHFF
Danny Finkle
(305) 448-1333
Manuel de Zarraga
(305) 448-1333
Hermen Rodriguez
(305) 448-1333
Sale Date:
Pro Forma Cap Rate:
Price/SF:
Sale Price:
$229.81
$52,940,000-Confirmed
06/25/2008 (0 days on market)
Bldg Type:
Land Area:
Sale Conditions:
Year Built/Age:
RBA:
7.00%
Office
Built in 2001 Age: 6
230,366 SF
9.20 AC (400,926 SF)
1031 Exchange
Percent Leased: 100.0%
Transaction Details
Asking Price: –
Price/AC Land Gross: $5,751,847.02
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$34,778,587
$30,933,23
4
$3,845,353
Percent Improved: 88.9%
Land Assessed/AC: $417,791
InvestmentSale Type:
Transfer Tax: $370,580
ID: 1551987
–
Spacer
Tenancy: Multi
Escrow Length: 90 days
No. of Tenants: 10
Tenants at time of sale: BE & K Building Group, Inc; BE&K Bldg Group; Custom Staffing, Inc.; First Data Corporation; Option One
Mortgage Corporation; Opus South Corporation; Paysys International, Inc.; Sobik’s Subs; The Mortgage
Store; United HealthCare Services, Inc.
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 4
Parcel No: 27-2129-5482-00-020
Document No: 9719-6850
Sale History: Sold for $52,940,000 ($229.81/SF) on 06/25/2008
Sold for $44,393,000 ($192.71/SF) on 09/12/2005
Legal Desc: Lot 2 Maitland Promenade pltbk 47 pgs 14,15; lots 91,92 Willis R Munger’s Subdivision sec 27 T21S R29E
Spacer
Transaction Notes
The buyer’s agent reported that a 230,366 square foot building sold for $52,940,000. The property was part of a 1031 exchange, however,
no further details were given.
The buyer’s agent reported an cap of 7% at the time of sale. The property was 8% vacant and the operating expenses were $9.50 per
square foot per year.
Income Expense Data
($512,546)
$6,406,823
Effective Gross Income
– Vacancy Allowance
+ Other Income
Gross Scheduled IncomeIncome
$2,188,477
$2,188,477
Total Expenses
– Operating Expenses
– TaxesExpenses
$3,705,800
Cash Flow
$3,705,800
– Capital Expenditure
– Debt Service
Net Operating IncomeNet Income
Bldg Type: Office
A
88,391 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
40,999 SF
Multi
Developer/Owner-RGNL
No
Bldg Status: Built in 2001
82.2%
Withheld
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 46,073 SF
9.20 AC
5 with 1 frt
PD-NON, County
Current Building Information
RBA: 230,366 SF
Core Factor: –
Stories: 5
Building FAR: 0.57
Amenities: 24/7 Building Access, Card Key Access, Fitness Center, Food Service, Property Manager on Site, Restaurant
Parking: 76 free Surface Spaces are available; Ratio of 4.60/1,000 SF
Const Type: Masonry
Expenses: 2010 Tax @ $2.00/sf; 2009 Ops @ $9.50/sf
Setbacks: 1st-5th 46,067 sf
ID: 596055
Location Information
Orlando
Maitland Center/Maitland Center
Metro Market:
Submarket:
County: Orange
Park Name: Maitland Promenade
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Spacer
495 N Keller Rd – Maitland Promenade II SOLD
230,366 SF Class A Office Building Built in 2001 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 5
495 N Keller Rd – Maitland Promenade II SOLD
230,366 SF Class A Office Building Built in 2001 (con’t)
Located within the heart of Maitland Center, Maitland Promenade II offers many amenities including rich lobby finishes, 24/7 security guard,
an on site cafe, shower and locker room facilities in addition to its own self sufficient three-story parking garage.
Property Notes
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 6
Parcel Number: 27-2129-5482-00-020
Lot 2 Maitland Promenade plat bk 47 pgs 14, 15 Por lots 91, 92 Willis R Mungers Subdiv plat bk
E pg 7
Legal Description:
County: Orange
Plat Map: 495 N Keller Rd – Maitland Promenade II
495 N Keller Rd – Maitland Promenade II SOLD
230,366 SF Class A Office Building Built in 2001 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 7
1000 Legion Pl – Gateway Center
Orlando, FL 32801 – Downtown Orlando Submarket
Sale on 01/18/2008 for $55,000,000 ($240.97/SF) – Research Complete
228,241 SF Class A Office Building Built in 1989
SOLD
3
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: FBEC-Gateway Cener LP
FBEC-Gateway Center II LP
Parkway Fund Orlando I LLC
True Buyer: True Seller: Jones Lang LaSalle America’s Inc.
Ty Spearing
200 E Randolph St
Chicago, IL 60601
(312) 782-5800
Parkway Properties, Inc.
Mandy Pope
Steven Rogers
188 E Capitol St
Jackson, MS 39201
(601) 948-4091
Buyer Type: Seller Type: Investment ManagerREIT
Buyer Broker: Listing Broker:
Jones Lang LaSalle
Jeff Morris
(407) 982-8690
Jones Lang LaSalle
Jubeen Vaghefi
(305) 789-6519
Jones Lang LaSalle
Thomas Beneville
(212) 812-5740
David Krasnoff
(212) 812-5700
Jones Lang LaSalle
Natalee Gleiter
(407) 982-8576
Sale Date:
Pro Forma Cap Rate:
Price/SF:
Sale Price:
Actual Cap Rate:
$240.97
$55,000,000-Confirmed
01/18/2008
Bldg Type:
Land Area:
Year Built/Age:
RBA:
4.70%
6.80%
Office
Built in 1989 Age: 18
228,241 SF
4.01 AC (174,676 SF)
Percent Leased: 76.5%
Transaction Details
Asking Price: –
Price/AC Land Gross: $13,715,710.72
Total Value Assessed:
Improved Value Assessed:
$25,448,686 in 2007
$20,916,827
Percent Improved: 82.2%
InvestmentSale Type:
ID: 1470186
Tenancy: Multi
Escrow Length: –
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 8
Actual Cap Rate: 6.80% Improved Value Assessed:
Land Value Assessed:
$20,916,827
$4,531,859
Land Assessed/AC: $1,130,139
Transfer Tax: $385,000
–
Spacer
Parcel No:
Financing:
23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030
Down payment of $23,000,000.00 (41.8%)
$33,000,000.00 from Massachusetts Mutual Life Insurance Company
Document No: 9572-3417
Sale History: Portfolio sale of 12 properties sold on 12/31/2011
Sold for $55,000,000 ($240.97/SF) on 01/18/2008
Sold for $28,575,000 ($125.20/SF) on 12/20/1999
No. of Tenants: 14
Legal Desc: Lots 1 & 3 & all that certain air space in & to lot 2 Gateway Center Replat A Replat bk 27 pgs 103 & 104 +
easements
Spacer
Tenants at time of sale: Alliance Title Services, Ltd.; Department of Veterans Affairs; Fitness Center; Florida Choice Bank; Fox
Sports Florida; GulfAtlantic Title; Jacobs Carter Burgess; R.W. Beck; Reynolds, Smith and Hills, CS,
Incorporated; Severant Internet Service; Shuffield, Lowman & Wilson, P.A.; South Milhausen, P.A.; Tews
Company, Inc.; Trammell Crow Company
Transaction Notes
Property consists of a 228,000 rentable square foot Class A office property, situated on 3 legal parcels totaling 4.01 acres. The building
features a conferencing facility, corner location, food service and management on-site. There are eight passenger elevators and one freight.
Building amenities include state-of-the-art fire and life safety systems, computer-controlled HVAC system, key card access and patrolling
security and on-site showers and locker facilities. Tenant storage spaces are available. Floors 2-6 are parking floors, visitor parking is free
and there is no 13th floor.
Sellers Cap Rate is based on in-place income at time of sale. The income factors in such fees as asset & property management, leasing
and construction supervision services. When taking those out of the income stream, the cap rate would be a 4.7%. The property was 79%
leased at time of sale. Buyers intend on spending an estimated $2.8 million for building improvements, leasing, tenant improvements, and
closing costs.
There were no reports of any funds used from a tax deferred exchange. There were no adverse conditions affecting the sale. There were no
reports of deferred maintenance.
Bldg Type: Office
A
28,661 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
28,661 SF
Multi
Pension Fund
No
Bldg Status: Built in 1989
91.8%
$20.50
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 21,834 SF
4.01 AC
9 with 1 frt
AC3A/T/Orlando
Current Building Information
RBA: 228,241 SF
Core Factor: –
Stories: 17
Building FAR: 1.31
Amenities: 24/7 Building Access, Banking, Bus Line, Conferencing Facility, Corner Lot, Food Service, Signage
Parking: 876 Covered Spaces are available; 39 free Surface Spaces are available; Ratio of 3.50/1,000 SF
Const Type: Masonry
Setbacks: 1st-17th 21,000-30,000 sf
ID: 380641
Location Information
Orlando
Downtown/Downtown Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): Trakker 44-S19
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
1000 Legion Pl – Gateway Center SOLD
228,241 SF Class A Office Building Built in 1989 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 9
1000 Legion Pl – Gateway Center SOLD
228,241 SF Class A Office Building Built in 1989 (con’t)
Map(Page): Trakker 44-S19
Spacer
Gateway Center is on the north end of downtown Orlando. It has views of Lake Ivanhoe and easy access to Interstate 4 and the Orlando
International Airport.
The 17 story high-rise building, consisting of 228,241 sf building has an elegant lobby with flame cut granite and polished granite accents.
The property fronts both North Orlando Avenue and Legion Place, with a wrap-around terrace, landscaped gardens and courtyard featuring
Canary Island palm trees.
Gateway Center has surface parking and a six story garage with a 3.5:1000 parking ratio. Building amenities include a state-of-the-art fire
and life safety systems, computer-controlled HVAC system, key card access and patrolling security and on-site showers and locker
facilities. Tenant storage spaces are available.
On-site cafe. An outdoor seating area is adjacent to the building. Nearby amenities include business hotels, restaurants, and retail shops. It
is also adjacent Lake Ivanhoe that offers a pleasant walk through one of the city’s beautiful, landscaped gardens.
Floors 2-6 are parking floors, visitor parking is free and there is no 13th Floor.
Property Notes
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 10
Parcel Number: 23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030
Lots 1 thru 3 Gateway Center plat bk 27 pgs 103, 104Legal Description:
County: Orange
Plat Map: 1000 Legion Pl – Gateway Center
1000 Legion Pl – Gateway Center SOLD
228,241 SF Class A Office Building Built in 1989 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 11
2301 Lucien Way – Maitland Colonnades
Maitland, FL 32751 – Maitland Center Submarket
Sale on 06/26/2007 for $51,000,000 ($196.15/SF) – Research Complete
260,000 SF Class A Office Building Built in 1986
SOLD
4
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: FBEC-Maitland Colonnades, LPCRP-2 Colonnades, LLC
True Buyer: True Seller: Jones Lang LaSalle America’s Inc.
Ty Spearing
200 E Randolph St
Chicago, IL 60601
(312) 782-5800
Colony Realty Partners
Henry Brauer
2 International Pl
Boston, MA 02110
(617) 235-6300
Buyer Type: Seller Type: Investment Manager
Investment Manager
Buyer Broker: Listing Broker: Jones Lang LaSalle
Thomas Beneville
(212) 812-5740
Jay Miele
(212) 314-0400
No Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$196.15
$51,000,000-Confirmed
06/26/2007 (82 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
6.20%
Office
Built in 1986 Age: 21
260,000 SF
14.07 AC (612,998 SF)
Percent Leased: 90.6%
Transaction Details
Asking Price: –
Price/AC Land Gross: $3,624,089.54
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$19,335,256 in 2006
$14,424,592
$4,910,664
Percent Improved: 74.6%
Land Assessed/AC: $348,954
InvestmentSale Type:
Transfer Tax: $357,000
ID: 1335852
–
Spacer
Tenancy: Multi
Escrow Length: 40 days
Parcel No: 35-2129-4579-01-000
No. of Tenants: 7
Legal Desc: Lot 1 Lake Lucien Executive Center Phase Two pltbk 15 pg 5
Tenants at time of sale: Commerce Title Company; Crawford & Company; Harbert Realty Services, Inc.; Nature’s Table Café;
NuVox; Reliance Standard Life Insurance Company; Trane
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 12
Parcel No: 35-2129-4579-01-000
Document No: 9326-2575
Sale History: Sold for $51,000,000 ($196.15/SF) on 06/26/2007
Sold for $33,000,000 ($126.92/SF) on 12/21/1998
Spacer
Transaction Notes
The listing broker reported that a 260,000-square-foot office building sold for $51,000,000. The property was 9% vacant at the time of sale.
The listing broker reported that if the existing parking structure is expanded the surface lot can be developed.
Bldg Type: Office
A
114,875 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
33,640 SF
Multi
Investment Manager
No
Bldg Status: Built in 1986
87.1%
$20.59
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 65,000 SF
14.07 AC
2
IC-2, Maitland
Current Building Information
RBA: 260,000 SF
Core Factor: 13.0%
Stories: 4
Building FAR: 0.42
Amenities: Atrium, Conferencing Facility, Fitness Center, Restaurant, Signage
Elevator Banks: 1st-4th(2)
Parking: 1008 free Covered Spaces are available; 360 free Surface Spaces are available; Ratio of 4.00/1,000 SF
Const Type: Reinforced Concrete
ID: 381012
Location Information
Orlando
Maitland Center/Maitland Center
Metro Market:
Submarket:
County: Orange
Park Name: Maitland Center
Map(Page): Trakker 34-S15
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Spacer
Maitland Colonnades is a Four-Story, Three-Winged Class A office building in Maitland, FL with over 260,000 square feet of rentable area.
Sitting on over 14 acres of land just off I-4 and Maitland Boulevard inside the Maitland Preserve Office Park, the property includes beautiful
lake views of Lake Lucien, with an observation deck and a nature preserve. The property also sits in close proximity to major retail centers
and the Orlando, Winter Park, Kissimmee, and Sanford Amtrak Stations. On-site amenities include a fitness center and a Nature’s Table
Café.
Property Notes
2301 Lucien Way – Maitland Colonnades SOLD
260,000 SF Class A Office Building Built in 1986 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 13
Parcel Number: 35-2129-4579-01-000
Lot 1 Lake Lucien Executive Center Phase 2, Plat Book 15 pg 5Legal Description:
County: Orange
Plat Map: 2301 Lucien Way – Maitland Colonnades
2301 Lucien Way – Maitland Colonnades SOLD
260,000 SF Class A Office Building Built in 1986 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 14
800 N Magnolia Ave – One Orlando Centre
Orlando, FL 32803 – Downtown Orlando Submarket
Sale on 05/08/2007 for $90,625,000 ($254.72/SF) – Research Complete
355,783 SF Class A Office Building Built in 1988, Renov 1995
SOLD
5
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: One Orlando Associates LLCOCC Owner, LLC
True Buyer: True Seller: The Praedium Group LLC
Mark Lippman
825 Third Ave
New York, NY 10022
(212) 224-5600
Parkway Realty Services
Joseph Kuipers
390 N Orange Ave
Orlando, FL 32801
(407) 650-0593
Buyer Type: Seller Type: Investment ManagerDeveloper/Owner-RGNL
Buyer Broker: Listing Broker: CBRE
Ronald Rogg
(407) 839-3194
No Buyer Broker on Deal
Sale Date:
Pro Forma Cap Rate:
Price/SF:
Sale Price:
$254.72
$90,625,000-Confirmed
05/08/2007 (127 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.70%
Office
Built in 1988, Renov 1995 Age: 18
355,783 SF
5.66 AC (246,419 SF)
Percent Leased: 92.4%
Transaction Details
Asking Price: –
Price/AC Land Gross: $16,019,975.25
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$47,082,418 in 2006
$34,762,118
$12,320,300
Percent Improved: 73.8%
Land Assessed/AC: $2,177,885
InvestmentSale Type:
Transfer Tax: $634,375
ID: 1302174
–
Spacer
Tenancy: Multi
Escrow Length: 30 days
No. of Tenants: 20
Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller’s Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter’s Subd., PB G, P 24;
Lots 26-32, Cooper & Atha’s ReSubd., PB G, P 30.
Tenants at time of sale: 20 North Orange Corp.; Boyle Engineering; Cushman & Wakefield of Florida, Inc.; Dean, Mead, Egerton,
Bloodworth, Capouano & Bozart; Deltacom Inc.; Enterprise Florida, Inc.; Hannover Life Reassurance
Company of America; HRH Insurance; Hunton Brady Architects; Longbeach Mortgage; McGladrey &
Pullen, LLP.; Menu Vantage; Premier Mortgage Capital; R.W. Beck; Siemens AG; The Apartment Group;
Turner Construction Company; U.S.Mortgage Advisor; Universal Mortgage Advisors; Wells Fargo Bank NA
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 15
Parcel No: 23-2229-5640-01-001
Document No: 9255-2329
Sale History: Sold for $90,625,000 ($254.72/SF) on 05/08/2007
Sold for $70,000,000 ($196.75/SF) on 03/07/2006
Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller’s Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter’s Subd., PB G, P 24;
Lots 26-32, Cooper & Atha’s ReSubd., PB G, P 30.
Spacer
Transaction Notes
The seller reported that the property was 92 percent leased at the time of sale.
The seller reported that a 355,000-square-foot building sold for $90,625,000.
The seller reported the proforma cap rate.
Bldg Type: Office
A
66,802 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
35,210 SF
Multi
Developer/Owner-RGNL
No
Bldg Status: Built in 1988, Renov 1995
90.8%
$23.81
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 18,000 SF
5.66 AC
6
AC-3A/T, Orlando
Current Building Information
RBA: 355,783 SF
Core Factor: 14.0%
Stories: 19
Building FAR: 1.44
Amenities: Banking, Bus Line, Conferencing Facility, Corner Lot, On Site Management, Property Manager on Site,
Restaurant, Signage
Parking: 1400 free Covered Spaces are available; Ratio of 3.50/1,000 SF
Const Type: Masonry
Expenses: 2009 Tax @ $3.74/sf
ID: 380875
Location Information
Orlando
Downtown/Downtown Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): American Map Corp 306
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Spacer
Located with close proximity to downtown Orlando and I-4, the building has a 24-hour guard, double door entry off the common elevator and
an attached multi-level garage.
19 Stories
Panoramic Views
Covered Parking Garage
Full Service Bank
On-Site Management
24 Hour Security Guard
Conference Center for Tenant Use
Property Notes
800 N Magnolia Ave – One Orlando Centre SOLD
355,783 SF Class A Office Building Built in 1988, Renov 1995 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 16
Parcel Number: 23-2229-5640-01-001
Lengthy Legal refer to supplemental dataLegal Description:
County: Orange
Plat Map: 800 N Magnolia Ave – One Orlando Centre
800 N Magnolia Ave – One Orlando Centre SOLD
355,783 SF Class A Office Building Built in 1988, Renov 1995 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 17
777 E Merritt Island Cswy –
Merritt Square Mall
Merritt Island, FL 32952 – Brevard County Submarket
Sale on 10/09/2007 for $84,000,000 ($104.48/SF) – Research Complete
804,000 SF Retail (Super Regional Mall) Building
Built in 1970, Renov 2003
SOLD
6
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Thor Merritt Square, LLC
Glimcher Realty Trust
True Buyer: True Seller: Thor Equities
Andrew Schulman
25 W 39th St
New York, NY 10018
Glimcher Realty Trust
Lisa Indest
Mark Yale
180 E Broad St
Columbus, OH 43215
(614) 621-9000
Buyer Type: Seller Type: Developer/Owner-NTLREIT
Buyer Broker: Listing Broker: Cushman & Wakefield, Inc.
Mark Gilbert
(305) 533-2866
Adam Feinstein
(305) 533-2863
No Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$104.48
$84,000,000-Confirmed
10/09/2007 (141 days on market)
Bldg Type:
Land Area:
Year Built/Age:
GLA:
6.70%
Retail – (Super Regional Mall)
Built in 1970, Renov 2003 Age: 37
804,000 SF
85 AC (3,702,600 SF)
Percent Leased: –
Transaction Details
Asking Price: –
Price/AC Land Gross: $988,235.29
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$61,000,000 in 2007
–
–
Percent Improved: –
Land Assessed/AC: –
InvestmentSale Type:
ID: 1410720
–
Spacer
Tenancy: Multi
Escrow Length: 60 days
No. of Tenants: 80
Tenants at time of sale: 5-7-9; A & W Restaurants Inc; Accessory Connection; Ace Luggage; Aeropostale; Audibel Hearing Care
Center; Barnie’s Coffee & Tea; Bath & Body Works, Inc.; Birneys Treasures; Bon Worth; Books-A-Million;
Cajun Cafe & Grill; Candy Candy; Champs Sports; Chick-fil-A; Claire’s; Cobb Theatre; Cooks Cove;
Creative Concepts; Dillard’s; Emily’s Bath Designs; Finish Line; Foot Locker; FYE–For Your Entertainment;
GNC; Gold Corner; Gordon’s Jewelers; Great American Cookie Company Inc; H&R Block; Hair Cuttery;
Hallmark Gold Crown; Homes Plus; Island Eyes; Island Surf & Skate; JB Robinson Jewelers; JC Penney;
Journeys; Kay Jewelers; KLDU Foundation; Lady Foot Locker; LensCrafters; Lids; Macy’s; Male
Attractions Inc; Manchu WOK; MasterCuts; Merle Norman; Nail Studio; Natural Mystique; Nature’s Table
Café; Pacific Sunwear; Payless ShoeSource; Pearle Vision; Perfume Collection; Petland; Piccadilly
Cafeteria; Rack Room Shoes; Radioshack; Regis Salons; Ron Jon Cape Caribe Resort; Ruby Tuesday;
Sbarro; Sears; Sid’s Mens Fashions Inc; Sprint Kiosk; Steve & Barry’s University Sportswear; Subway;
Sunflower House; Sunglass Hut International Inc.; Tea Time International; The Dakota Watch Company;
The Dollar Star; The Pretzel Twister; Things Remembered; T-Mobile; Trade Secret Beauty Express; Traffic
Shoes; Verizon Wireless; Vitamin World; Zales Jewelers
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 18
Parcel No:
Financing:
24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00,
24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00
$57,000,000.00 from Private Lender:: 5.35%,; Assumed loan type
Sale History: Sold for $84,000,000 ($104.48/SF) on 10/09/2007
Sold for $64,400,000 ($80.10/SF) on 04/11/2005
Sold for $32,750,000 ($40.73/SF) on 12/18/2002
Legal Desc: Por sec 36 T24S R36E +easements
Spacer
Tenants at time of sale: 5-7-9; A & W Restaurants Inc; Accessory Connection; Ace Luggage; Aeropostale; Audibel Hearing Care
Center; Barnie’s Coffee & Tea; Bath & Body Works, Inc.; Birneys Treasures; Bon Worth; Books-A-Million;
Cajun Cafe & Grill; Candy Candy; Champs Sports; Chick-fil-A; Claire’s; Cobb Theatre; Cooks Cove;
Creative Concepts; Dillard’s; Emily’s Bath Designs; Finish Line; Foot Locker; FYE–For Your Entertainment;
GNC; Gold Corner; Gordon’s Jewelers; Great American Cookie Company Inc; H&R Block; Hair Cuttery;
Hallmark Gold Crown; Homes Plus; Island Eyes; Island Surf & Skate; JB Robinson Jewelers; JC Penney;
Journeys; Kay Jewelers; KLDU Foundation; Lady Foot Locker; LensCrafters; Lids; Macy’s; Male
Attractions Inc; Manchu WOK; MasterCuts; Merle Norman; Nail Studio; Natural Mystique; Nature’s Table
Café; Pacific Sunwear; Payless ShoeSource; Pearle Vision; Perfume Collection; Petland; Piccadilly
Cafeteria; Rack Room Shoes; Radioshack; Regis Salons; Ron Jon Cape Caribe Resort; Ruby Tuesday;
Sbarro; Sears; Sid’s Mens Fashions Inc; Sprint Kiosk; Steve & Barry’s University Sportswear; Subway;
Sunflower House; Sunglass Hut International Inc.; Tea Time International; The Dakota Watch Company;
The Dollar Star; The Pretzel Twister; Things Remembered; T-Mobile; Trade Secret Beauty Express; Traffic
Shoes; Verizon Wireless; Vitamin World; Zales Jewelers
Transaction Notes
Property Consists of an 804,000 rentable square foot shopping center situated on 85 acres. There were no conditions of sale. There were
no exchanges. There was no deferred maintenance.
There was 12,591 square feet of vacant space at time of sale. There was 41,724 of temp space at time of sale.
Cap rate was based on income at time of sale.
Market time and Escrow/Contract period was estimated.
Property Type: Retail – (Super Regional Mall)
Merritt Square Mall
Built in 1970, Renov 2003
Center Name:
Bldg Status:
Owner Type: REIT
Current Retail Information
GLA: 804,000 SF
4,200 SFTotal Avail:
Bldg Vacant: 2,700 SF
% Leased: 99.7%
Street Frontage: 1,211 feet on E Merritt Island CSWY (with 3 curb cuts)
1,864 feet on S Sykes Creek Pky
Parking: 3452 Surface Spaces are available
Zoning: BU1, County
Owner Occupied: No
CAM: –
Rent/SF/Yr: Withheld No. of Stores: 95
Land Area: 85 AC
Features: Corner Lot, Food Court, Kiosk/Cart Space, Out Parcel, Pylon Sign, Temporary Tenants
Lot Dimensions: –
ID: 732093
Building FAR: 0.22
Location Information
Orlando
Brevard County/Brevard County
Metro Market:
Submarket:
County: Brevard
Park Name: Merritt Square Mall
Map(Page): Trakker 84-Q30
CBSA: Palm Bay-Melbourne-Titusville, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
Spacer
777 E Merritt Island Cswy – Merritt Square Mall SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 19
777 E Merritt Island Cswy – Merritt Square Mall SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con’t)
Approximate Foodcourt seats=400
Property Notes
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 20
Parcel Number: 24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00,
24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00
Lengthy legal refer to deedLegal Description:
County: Brevard
Plat Map: 777 E Merritt Island Cswy – Merritt Square Mall
777 E Merritt Island Cswy – Merritt Square Mall SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 21
390 N Orange Ave – Bank of America Center
Orlando, FL 32801 – Downtown Orlando Submarket
Sale on 11/16/2006 for $96,250,000 ($228.58/SF) – Research Complete
421,069 SF Class A Office Building Built in 1987
SOLD
7
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: US Office Holdings LPACP/Utah Orange Avenue, LLC
True Buyer: True Seller: Blue Capital Investment
19401-19415 S Dixie Hwy
Miami, FL 33157
(305) 933-7100
Lacy, Ltd.
1620 Eye St NW
Washington, DC 20006
(202) 822-9200
America’s Capital Partners, LLC
3225 Aviation Ave
Miami, FL 33133
(305) 995-9998
Buyer Type: Seller Type: Pension Fund
Developer/Owner-RGNL
Developer/Owner-NTL
Buyer Broker: Listing Broker: Cushman & Wakefield of Florida Inc.
Mike Davis
(813) 223-6300
Cushman & Wakefield of Florida, Inc.
Rick Solik
(407) 841-8000
No Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$228.58
$96,250,000-Confirmed
11/16/2006 (92 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.11%
Office
Built in 1987 Age: 19
421,069 SF
2.31 AC (100,624 SF)
Percent Leased: 100.0%
Transaction Details
Asking Price: –
Price/AC Land Gross: $41,666,666.67
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$55,610,292 in 2005
$49,005,935
$6,604,357
Percent Improved: 88.1%
Land Assessed/AC: $2,859,029
InvestmentSale Type:
Transfer Tax: $673,750
ID: 1181477
–
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Tenancy: Multi
Escrow Length: 17 days
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 22
Parcel No: 26-2922-2263-00-020
Document No: 8977-2476
Sale History: Portfolio sale of 8 properties sold for $380,000,000 ($244.36/SF) on 04/08/2011
Sold for $96,250,000 ($228.58/SF) on 11/16/2006
Sold for $60,725,000 ($144.22/SF) on 03/18/1997
No. of Tenants: 26
Legal Desc: Lots 2 and 3 duPont Centre plat bk 16 pgs 47 and 48
Spacer
Tenants at time of sale: Allstate Insurance Company; Baker, Donelson, Bearman, Caldwell & Berkowitz, PC; Bank of America, N.A.;
Best and Anderson, P.A.; Beusse Wolter SanksMora & Maire, P.A.; Broad and Cassel; Chicago Title
Insurance Co.; ClearSky Technologies, Inc.; Dermalogica; DIGITAL ASSURANCE CERTIFICATION, L.L.C.;
Enterprise Florida, Inc.; Forizs & Dogali, P.L.; Giles & Robinson, P.A.; Grower, Ketcham, Rutherford,
Bronson, Eide & Telan; Holtzman & Equels P.A.; Jackson Lewis; Jones Lang LaSalle; Latham, Shuker,
Eden & Beaudine, LLP; Law Offices of America; McMillen Law Firm A Professional Association; MTV;
Sands, White & Sands; Stanton & Gasdick, P.A.; TraveLeaders Group, Inc.; Wicker Smith O’Hara McCoy &
Ford P.A.; Winderweedle, Haines, Ward & Woodman PA
Bldg Type: Office
A
77,756 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
74,598 SF
Multi
REIT
No
Bldg Status: Built in 1987
84.4%
$25.00
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 15,038 SF
2.31 AC
10 with 1 frt
AC-3A/T, Orlando
Current Building Information
RBA: 421,069 SF
Core Factor: 18.5%
Stories: 28
Building FAR: 4.18
Amenities: Banking, Convenience Store, Corner Lot, Dry Cleaner, Fitness Center, On Site Management, Property
Manager on Site, Restaurant, Security System
Parking: 36 Surface Spaces are available; 851 Covered Spaces are available; Ratio of 2.10/1,000 SF
Lot Dimensions: 307×295 Const Type: Masonry
Expenses: 2011 Tax @ $2.86/sf; 2011 Est Ops @ $10.14/sf
ID: 380776
Location Information
Orlando
Downtown/Downtown Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): American Map Corp 307
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Cross Street: Livingston St
Spacer
Easy access to I-4, the 408 Expressway and Orlando International Airport
On-site full-service banking with drive-through service, two ATM’s, cafe, hair salon, shoe shine/repair, auto detail and fitness center
Bank of America Center has a unique architectural design that gives it one of the most outstanding images in Downtown Orlando. The
courtyard provides a very relaxing area for tenants and guests. The beautiful interior finishes of wood, brass, marble and limestone are
breathtaking, adding to the exquisite grand lobby.
Property Notes
390 N Orange Ave – Bank of America Center SOLD
421,069 SF Class A Office Building Built in 1987 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 23
390 N Orange Ave – Bank of America Center SOLD
421,069 SF Class A Office Building Built in 1987 (con’t)
Parcel Number: 26-2922-2263-00-020
Lots 2,3 DuPonte CentreLegal Description:
County: Orange
Plat Map: 390 N Orange Ave – Bank of America Center
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 24
Plat Map: 390 N Orange Ave – Bank of America Center
390 N Orange Ave – Bank of America Center SOLD
421,069 SF Class A Office Building Built in 1987 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 25
300 S Orange Ave – Lincoln Plaza
Orlando, FL 32801 – Downtown Orlando Submarket
Sale on 02/26/2010 for $52,250,000 ($212.30/SF) – Research Complete
246,117 SF Class A Office Building Built in 2000
SOLD
8
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: PRU-LPC St Center LLC300 South Orange, LLC
True Buyer: True Seller: Prudential Real Estate Investors
8 Campus Dr
Parsippany, NJ 07054
(973) 734-1300
GLL Real Estate Partners, Inc.
200 Orange Ave
Orlando, FL 32801
(407) 233-1991
Buyer Type: Seller Type: Investment ManagerInvestment Manager
Buyer Broker: Listing Broker: CWCapital LLC
David Pepe
(407) 999-9989
Rockwood Real Estate Advisors
Dan McNulty
(212) 286-5800
Michael Lerner
(212) 286-5800
No Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$212.30
$52,250,000-Confirmed
02/26/2010 (117 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
8.80%
Office
Built in 2000 Age: 9
246,117 SF
1.29 AC (56,371 SF)
Percent Leased: 93.0%
Transaction Details
Asking Price: $52,000,000
Price/AC Land Gross: $40,375,550.58
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$47,330,446 in 2009
$41,129,196
$6,201,250
Percent Improved: 86.9%
Land Assessed/AC: $4,791,940
InvestmentSale Type:
Transfer Tax: $365,750
ID: 1881641
–
Spacer
Tenancy: Multi
Escrow Length: 90 days
No. of Tenants: 19
Tenants at time of sale: Ameriprise Financial, Inc.; Asset Management Advisors; Berkadia Commerical Mortgage LLC; Digital
Legal; Finlayson-Stripling, Inc.; Fisher & Phillips LLP; Ford & Harrison LLP; Larsen and Associates; Law
Office of J. Christopher Norris; Lincoln Property Company; Merrill Lynch & Co.; Nature’s Table Café;
Nature’s Table Inc.; Public Financial Management, Inc.; Randstad North America Lp; Retail Restaurant;
Shutts & Bowen LLP; Trusco Capital Management; Walter P Moore
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 26
Parcel No:
Financing:
26-2229-0027-00-030
Down payment of $52,250,000.00 (100.0%)
Document No: 10007-8998
Sale History: Sold for $52,250,000 ($212.30/SF) on 02/26/2010
Sold for $36,267,500 ($147.36/SF) on 09/21/2000 Non-Arms Length
Legal Desc: Lot 3 Sun Bank Center sec 26 T22 R29 bk 22 pg 120
Spacer
Tenants at time of sale: Ameriprise Financial, Inc.; Asset Management Advisors; Berkadia Commerical Mortgage LLC; Digital
Legal; Finlayson-Stripling, Inc.; Fisher & Phillips LLP; Ford & Harrison LLP; Larsen and Associates; Law
Office of J. Christopher Norris; Lincoln Property Company; Merrill Lynch & Co.; Nature’s Table Café;
Nature’s Table Inc.; Public Financial Management, Inc.; Randstad North America Lp; Retail Restaurant;
Shutts & Bowen LLP; Trusco Capital Management; Walter P Moore
Transaction Notes
The following details regarding the sales transaction were confirmed by the primary parties involved.
On February 26, 2010, Prudential Real Estate Investors sold Lincoln Plaza, located at 300 S Orange Ave in Orlando, FL to GLL Real Estate
Partners for $52.25 million, or $211.30 per square foot.
The subject property is a 246,100 SF office building with a 237,072 SF parking garage. It is located at the corner of S Orange Ave and W
South St. The parking garage holds 591 parking spaces. The 16-story property was completed in 2000. At the time of sale, the subject
property was 93.4% occupied by 19 tenants, all of which had full service lease deals.
The seller built the subject property with Lincoln Property Company. They divested in this asset “to realize their gain” of this Class-A asset.
This deal proved the property’s attractiveness to the marketplace.
No sales conditions were involved in this deal.
Ashley Dedekind of Lincoln Property Company will continue to manage the subject property.
The buyer did not acquire any financing in the acquisition of Lincoln Plaza.
Projected pro forma data shows an NOI of $4.6 million for the end of the first year.
Income Expense Data
$3,077,012
$2,217,361
$859,651
Total Expenses
– Operating Expenses
– TaxesExpenses
Bldg Type: Office
A
70,258 SF
Class:
Total Avail:
Bldg Vacant:
Tenancy:
Owner Type:
Owner Occupied
61,853 SF
Multi
Investment Manager
No
Bldg Status: Built in 2000
87.0%
$26.13
% Leased:
Rent/SF/Yr:
Typical Floor Size:
Land Area:
Elevators:
Zoning: 24,113 SF
1.29 AC
7 with 1 frt
AC-3A/T, Orlando
Current Building Information
RBA: 246,117 SF
Core Factor: –
Stories: 16
Building FAR: 4.37
Amenities: 24/7 Building Access, Corner Lot, Energy Star Labeled, On Site Management, Security System
Elevator Banks: 1st-10th(6)
Parking: 591 free Covered Spaces are available; Ratio of 2.50/1,000 SF
Lot Dimensions: 241×237
Expenses: 2010 Tax @ $3.49/sf, 2012 Est Tax @ $3.73/sf; 2010 Ops @ $9.01/sf, 2012 Est Ops @ $8.68/sf
ID: 380712
Location Information
OrlandoMetro Market:
300 S Orange Ave – Lincoln Plaza SOLD
246,117 SF Class A Office Building Built in 2000 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 27
300 S Orange Ave – Lincoln Plaza SOLD
246,117 SF Class A Office Building Built in 2000 (con’t)
Orlando
Downtown/Downtown Orlando
Metro Market:
Submarket:
County: Orange
Map(Page): Trakker 44-T21
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Spacer
Adjacent to Orlando City Hall, SunTrust Center, Grand Bohemian Hotel and Church Street retail shops with easy access to Interstate 4 and
East-West Expressway (408).
This building was awarded an Energy Star label in 2009 for its operating efficiency.
Property Notes
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 28
Parcel Number: 26-2229-0027-00-030
Lot 3 Adjusted Sun Bank Center A Replat plat bk 22 pages 120 and 121 less and except land deeded to City
of Orlando
Legal Description:
County: Orange
Plat Map: 300 S Orange Ave – Lincoln Plaza
300 S Orange Ave – Lincoln Plaza SOLD
246,117 SF Class A Office Building Built in 2000 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 29
8151 Patterson Woods Dr – Patterson Court Apartments
Orlando, FL 32821 – Tourist Corridor Submarket
Sale on 10/29/2010 for $67,250,000 ($148.48/SF; $175,130/Unit) – Research Complete
384 Unit, 452,928 SF Apartment Units Building Built in 2008
SOLD
9
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Alta Cast Housing LLCUS LSTAR I LLC
True Buyer: True Seller: Wood Partners
3715 Northside Pky NW
Atlanta, GA 30327
(404) 965-9965
USAA Real Estate Company
9830 Colonnade Blvd
San Antonio, TX 78230
(800) 531-8182
Buyer Type: Seller Type: Developer/Owner-NTLInvestment Manager
Buyer Broker: Listing Broker: CBRE
Malcolm McComb
(404) 923-1421
No Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$148.48
$67,250,000-Confirmed
10/29/2010 (60 days on market)
Bldg Type:
Land Area:
Sale Conditions:
Year Built/Age:
RBA:
6.75%
Apartment Units
Built in 2008 Age: 2
452,928 SF
21 AC (914,760 SF)
Investment Triple Net
Percent Leased: 100.0%
Transaction Details
Asking Price: –
Price/AC Land Gross: $3,202,380.95
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$35,239,308 in 2009
$31,399,308
$3,840,000
Percent Improved: 89.1%
Land Assessed/AC: $182,857
InvestmentSale Type:
Transfer Tax: $470,750
GRM/GIM: -/-
ID: 2002318
–
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Escrow Length: 60 days
Parcel No:
Financing:
23-2428-5111-01-000, 23-2428-5111-02-000
Down payment of $67,250,000.00 (100.0%)
Document No: 10131-9160
Legal Desc: Lots 1 & 2 Little Lake Bryan Par 8 bk 69 pgs 147 thru 149
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# Units:
Avg Unit Size:
1,111 SF
384 $175,130Price/Unit:
Spacer
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Page 30
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no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
96 1/1.0 772 25.0 – –
96 2/2.0 1,048 25.0 – –
192 3/3.0 1,312 50.0 – –
Transaction Notes
The following details were confirmed by the broker involved.
On October 29, 2010, Wood Partners sold the Patterson Court Apartments in Orlando, Florida to USAA Real Estate Company for $67.25
million.
The subject property is a 452,928-SF, 384-unit apartment complex that sits on 21 acres. It was completed in December of 2008. The unit
mix is as follows: 96 one bedroom/one bath; 96 two bedroom/two bath; 192 three bedroom/three bath. It has 885 parking space, of which 21
spaces are handicapped. The subject property was built as a build-to-suit project for the tenant.
The subject property is master-leased to Walt Disney World Company, a subsidiary of The Walt Disney Co. The tenant then leases the
subject property to students, who are enrolled in the Disney College Program, who live while working anywhere from three to twelve
months. The subject property is one of four properties used in the program.
The tenant’s lease commenced May 2008 with the delivery of the first building. The initial contract term will expire May of 2018. The lease
agreement has three 5-year options. The tenant, through an absolute net deal, pays all leasing, management and operational expenses
(including taxes and insurance). The buyer is responsible for structural capital expenditures.
The seller reported a 6.75% CAP Rate, based on the income in-place.
The seller marketed this motivator in their marketing materials: “The high credit quality of passive cash flows coupled with excellent asset
quality and a tremendous location near Orlando’s major attractions make Patterson Court a compelling investment opportunity.” The lease
deal in place was a definite factor in the inflated price.
Once the tenant vacates the property, the subject property is permitted to be rented as apartments or converted into condos.
This was an all cash deal.
Income Expense Data
$4,539,375
Effective Gross Income
– Vacancy Allowance
+ Other Income
Gross Scheduled IncomeIncome
Cash Flow
$4,539,375
– Capital Expenditure
– Debt Service
Net Operating IncomeNet Income
8151 Patterson Woods Dr – Patterson Court Apartments SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 31
8151 Patterson Woods Dr – Patterson Court Apartments SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con’t)
Bldg Type: Apartment Units
384
1,111 SF
# Units:
Avg Unit Size:
Avg Vacancy: 0.0%
Current Building Information
Bldg Status: Built in 2008
452,928 SFBldg Size:
Typical Floor Size: 38,234 SF
Stories: 3
Parking: 899 Surface Spaces are available; Ratio of 1.20/1,000 SF; 2.34/Unit
Bldg Vacant: 0 SF
Owner Type: Investment Manager
Zoning: P-D
Rent/SF/Yr: For Sale Only
Elevators: 0
Land Area: 21 AC
Expenses: 2009 Tax @ $1.02/sf
ID: 7822263
Location Information
Orlando
Tourist Corridor/Tourist Corridor
Metro Market:
Submarket:
County: Orange
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Page 32
Parcel Number: 23-2428-5111-01-000, 23-2428-5111-02-000
-Legal Description:
County: Orange
Plat Map: 8151 Patterson Woods Dr – Patterson Court Apartments
8151 Patterson Woods Dr – Patterson Court Apartments SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 33
12100 Sterling University Ln – Sterling Central
Orlando, FL 32826 – University Submarket
Sale on 12/01/2011 for $84,233,000 ($139.77/SF; $166,140/Unit) – Research Complete
507 Unit, 602,645 SF Apartment Units – Student Building
Built in 2011
SOLD
10
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Sterling – UCF, LPHSRE-UCF I, LC
True Buyer: True Seller: Lee Chira & Associates
800 N Highland Rd
Orlando, FL 32803
(407) 297-1600
The Dinerstein Companies
John Caltagirone
3411 Richmond Ave
Houston, TX 77046
(832) 209-1200
Harrison Street Real Estate Capital
Brian Thompson
71 S Wacker St
Chicago, IL 60606
(312) 920-0500
Buyer Type: Seller Type: Individual
Developer/Owner-NTL
Investment Manager
Buyer Broker: Listing Broker: No Listing Broker on DealNo Buyer Broker on Deal
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$139.77
$84,233,000-Confirmed
12/01/2011
Bldg Type:
Land Area:
Year Built/Age:
RBA:
6.50%
Apartment Units – Student
Built in 2011
602,645 SF
10.40 AC (453,024 SF)
Percent Leased: 98.5%
Transaction Details
Asking Price: –
Price/AC Land Gross: $8,099,326.92
Total Value Assessed:
Improved Value Assessed:
Land Value Assessed:
$67,721,514 in 2011
$30,530,655
$5,080,000
Percent Improved: 45.1%
Land Assessed/AC: $488,461
InvestmentSale Type:
GRM/GIM: -/-
ID: 2223600
–
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Escrow Length: 60 days
Financing: Down payment of $38,483,000.00 (45.7%)
$45,750,000.00 from John Hancock Life Insurance Company (U.S.A.)
No. of Tenants: 1
Legal Desc: Lengthy legal…refer to deed.
Tenants at time of sale: Sterling Central
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 34
Parcel No: 10-2231-8965-01-001, 10-2231-8965-01-000
Document No: 10301-0620
Legal Desc: Lengthy legal…refer to deed.
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# Units:
Avg Unit Size:
1,206 SF
507
Avg Rent/Unit/Mo:
Avg Rent/SF/Mo:
$667
$0.55SF of all Units: 1,842,987
$166,140Price/Unit:
Spacer Spacer
Transaction Notes
The information included in this report was gathered from public record, a third party news source, as well as from sources deemed reliable.
This transaction represents the sale of Sterling Central, a 507-unit apartment complex in Orlando, FL. The property, located at 12100
Sterling University Lane near the University of Central Florida, sold on December 1, 2011 for $84,233,000.
The owners assess the property on a per-bed basis, since each tenant on the building is on a seperate 12-month lease. Based on this
assessment, the 1,527-bed property sold for $55,162 per bed.
One of our sources reported the property was approximately 98.5% occupied at the time of the sale. The source reported that Sterling
Central traded at approximately a 6.5% cap rate.
The property delivered in two phases – the first in August 2010, and the second in August 2011. A source deemed reliable reported that the
buyer entered in to negotiations with the seller and developer as the second phase was completing.
This source reported that the buyers were attracted to the property because of nearby University of Central Florida’s large student body
(currently the second largest in the nation), as well as the strength of the Orlando multi-family market in general.
Income Expense Data
$9,903,445
Effective Gross Income
– Vacancy Allowance
+ Other Income
Gross Scheduled IncomeIncome
$4,428,300
$3,794,906
$633,394
Total Expenses
– Operating Expenses
– TaxesExpenses
Cash Flow
$5,475,145
– Capital Expenditure
– Debt Service
Net Operating IncomeNet Income
12100 Sterling University Ln – Sterling Central SOLD
507 Unit, 602,645 SF Apartment Units – Student Building Built in 2011 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 35
12100 Sterling University Ln – Sterling Central SOLD
507 Unit, 602,645 SF Apartment Units – Student Building Built in 2011 (con’t)
Bldg Type: Apartment Units – Student
507
1,206 SF
# Units:
Avg Unit Size:
Avg Vacancy: 5.0%
Current Building Information
Bldg Status: Built in 2011
602,645 SFBldg Size:
Typical Floor Size: 150,661 SF
Stories: 4
Parking: Free Covered Spaces; Free Surface Spaces
Bldg Vacant: 0 SF
Owner Type: Investment Manager
Zoning: P-D
Rent/SF/Yr: –
Elevators: 0
Land Area: 10.40 AC
Expenses: 2011 Tax @ $1.05/sf; 2011 Ops @ $6.30/sf
Site Amenities: Balcony/Patio, Basketball Court, Breakfast/Coffee Concierge, Cable Ready, Ceiling Fans, Ceramic/Tile
Floors, Close to Public Transportation, Courtyard, Fitness Center, Gameroom, Grill, High Speed
Internet, Media Center/Movie Theater, Pool, Property Manager on Site, Stainless Steel Appliances,
Tanning Salon, Volleyball Court, Walk-In Closets, Washer/Dryer, Wi-Fi at Pool and Clubhouse
Metering: Individually Metered
ID: 8136038
Location Information
Orlando
University/University
Metro Market:
Submarket:
County: Orange
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Page 36
Parcel Number: 10-2231-8965-01-001, 10-2231-8965-01-000
-Legal Description:
County: Orange
Plat Map: 12100 Sterling University Ln – Sterling Central
12100 Sterling University Ln – Sterling Central SOLD
507 Unit, 602,645 SF Apartment Units – Student Building Built in 2011 (con’t)
This copyrighted report contains research licensed to University of Central Florida, School of RE – 441621. 7/22/2012
Page 37
Potential Gross Income (PGI) Estimator
Please Only Change items in Yellow
Method A
Unit/Type # of Units Monthly Rent Tot. Mn Rent Annual Rent Move In Expiration
1/1 As 30 670.00$ 20,100.00$ 241,200.00$
2/1 Bs 100 810.00$ 81,000.00$ 972,000.00$
2/2 Cs 170 865.00$ 147,050.00$ 1,764,600.00$
3/2 Ds 100 1,050.00$ 105,000.00$ 1,260,000.00$
4/2.5 Es 50 1,270.00$ 63,500.00$ 762,000.00$
Totals 450.00 416,650.00$ 4,999,800.00$
Average Unit Rent 925.89$
Method B
Unit Sq Foot An. PSF Rent Monthly Rent Annual Rent Move In Expiration
1 20,000.00 15.75$ 26,250.00$ 315,000.00$
2 15,000.00 17.20$ 21,500.00$ 258,000.00$
3 75,000.00 10.50$ 65,625.00$ 787,500.00$
4 4,000.00 19.45$ 6,483.33$ 77,800.00$
5 7,000.00 18.30$ 10,675.00$ 128,100.00$
Totals 121,000.00 130,533.33 1,566,400.00
Average Per Square Foot Rent 12.95$
Method C
Annual PGI 5,000,000.00$
Please Only Change items in Yellow
Assumptions
Method of PGI Calculation C (type A, B, or C in the box)
Percentage of Vacancy Loss 10%
Other Annual Income 20,000.00$
Potential Gross Income 5,000,000.00$
Vacancy & Collection Loss (500,000.00)$
Other Income 20,000.00$
Effective Gross Income 4,520,000.00$
Operating Expenses
(Fill in one only one yellow column per row)
Item % of EGI Amount
Management 3% (135,600.00)$
Real Estate Taxes 685,000.00$ (685,000.00)$
Property Insurance 410,000.00$ (410,000.00)$
Payroll/Staff 200,000.00$ (200,000.00)$
Maintenance 500,000.00$ (500,000.00)$
Accounting & Legal 50,000.00$ (50,000.00)$
Utilities 35,000.00$ (35,000.00)$
Misc. 18,400.00$ (18,400.00)$
-$
-$
-$
-$
-$
Total Expenses (2,034,000.00)$
Expenses as a Percentage of EGI 45.00%
Net Operating Income (NOI) 2,486,000.00$
Reserves for CAPX 5% (226,000.00)$
Annual Debt Service (1,444,325.01)$
Tax Payment or Savings -$
Annual Cash Flow 815,674.99$
Cash on Cash Return 10.11%
Acquisition/Disposition Worksheet
Please Only Change items in Yellow
Acquistion Offer Generator
Purchase Price 24,000,000.00$ Cap Rate you would like to pay 10%
Purchasing Closing Costs 2%
Loan Fees 2% Your Max Offer 24,860,000$
Due Diligence Expenses 50,000.00$
Purchasing Cap Rate 10.36%
Loan Information
Max Loan to Value 70%
Interest Rate 6%
Amortization (in months) 240
Payoff Month 60
Max Loan Amount 16,800,000.00$
Monthly P&I Payment (120,360.42)$
Annual Debt Service (1,444,325.01)$
Payoff Loan Amount (14,263,132.54)$
Acquisition Cash Flow
Purchase Price 24,000,000.00$
Due Diligence Costs 50,000.00$
Closing Costs 480,000.00$
Loan Fees 336,000.00$
Total Acquisition Cost 24,866,000.00$
Less Loan Amount (16,800,000.00)$
Total Equity Required 8,066,000.00$
(Cash Flow 0)
Disposition
Exit Cap Rate 10.50%
Sales Commissions 2%
Closing Costs 2%
Disposition Cash Flow
Sale Price 28,516,366.31$
Sales Commissions (570,327.33)$
Closing Costs (570,327.33)$
Payoff Mortgage Balance (14,263,132.54)$
Disposition Cash Flow 13,112,579.11$
Acquisition/Disposition Worksheet
Please Only Change items in Yellow
Assumptions
Growth Rate in EGI 3%
Growth Rate in Expenses 2%
Item Time 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Initial Cash Flow (8,066,000.00)$
Effective Gross Income 4,520,000.00$ 4,655,600.00$ 4,795,268.00$ 4,939,126.04$ 5,087,299.82$ 5,239,918.82$
Total Operating Expenses (2,034,000.00)$ (2,074,680.00)$ (2,116,173.60)$ (2,158,497.07)$ (2,201,667.01)$ (2,245,700.35)$
Net Operating Income 2,486,000.00$ 2,580,920.00$ 2,679,094.40$ 2,780,628.97$ 2,885,632.81$ 2,994,218.46$
Debt Service (1,444,325.01)$ (1,444,325.01)$ (1,444,325.01)$ (1,444,325.01)$ (1,444,325.01)$
Reserves for CAPX (226,000.00)$ (226,000.00)$ (226,000.00)$ (226,000.00)$ (226,000.00)$
Tax Costs/Benefits -$ -$ -$ -$ -$
Operations Cash Flow 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 1,215,307.79$
Disposition Cash Flow 13,112,579.11$
Total Cash Flow (8,066,000.00)$ 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Cash on Cash Returns 10.11% 11.29% 12.51% 13.77% 15.07%
Internal Rate of Return 20.43%
Percentage Split Method
Please Only Change items in Yellow
Assumptions
Sponsor Equity Investment 50%
Partner Equity Investment 50%
Sponsor Investment 4,033,000.00$
Partner Investment 4,033,000.00$
Time 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Sponsor (4,033,000.00)$ 407,837.49$ 455,297.49$ 504,384.69$ 555,151.98$ 7,163,943.45$
Partner (4,033,000.00)$ 407,837.49$ 455,297.49$ 504,384.69$ 555,151.98$ 7,163,943.45$
Sponsor IRR 20.43%
Partner IRR 20.43%
Sponsor X Return 1.25
Partner X Return 1.25
Please Only Change items in Yellow
Assumptions
Sponsor Equity Investment 10%
Partner Equity Investment 90%
Partner Rate of Return 10%
Sponsor Investment 806,600.00$
Partner Investment 7,259,400.00$
Time 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Partner (7,259,400.00)$ 725,940.00$ 725,940.00$ 725,940.00$ 725,940.00$ 7,985,340.00$
Sponsor (806,600.00)$ 89,734.99$ 184,654.99$ 282,829.39$ 384,363.95$ 6,342,546.91$
Sponsor IRR 62.47%
Partner IRR 10.00%
Sponsor X Return 8.03
Partner X Return 0.50
Please Only Change items in Yellow
Assumptions
Sponsor Equity Investment (Money) 10%
Partner Equity Investment (Money) 90%
Perferred Return to Money 8%
1st Tier – Sponsor Promote Split 30%
1st Tier – IRR Hurdle Rate 15%
2nd Tier – Spnsor Promote Split 50%
Sponsor Investment 806,600.00$
Partner Investment 7,259,400.00$
Total Equity Investment 8,066,000.00$
Time 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cashflow (8,066,000.00)$ 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Required Perferred Return 645,280.00$ 645,280.00$ 645,280.00$ 645,280.00$ 8,711,280.00$
Perferred Return Paid 645,280.00$ 645,280.00$ 645,280.00$ 645,280.00$ 8,711,280.00$
Perferred Deficit -$ -$ -$ -$ -$
Perferred Carryover Accrual -$ -$ -$ -$ -$
Funds Left to Pay Accrual 170,394.99$ 265,314.99$ 363,489.39$ 465,023.95$ 5,616,606.91$
Payment to Accrual -$ -$ -$ -$ -$
New Accrual Balance -$ -$ -$ -$ -$
Total Perferred Payment (8,066,000.00)$ 645,280.00$ 645,280.00$ 645,280.00$ 645,280.00$ 8,711,280.00$
Balance for Waterfall 170,394.99$ 265,314.99$ 363,489.39$ 465,023.95$ 5,616,606.91$
(1,344,405.46)$
Test 1st Tier Split – Money 119,276.49$ 185,720.49$ 254,442.57$ 325,516.77$ 3,931,624.84$
Hit this Button To Recalculate
Returns
Test 1st Tier Split – Promote 51,118.50$ 79,594.50$ 109,046.82$ 139,507.19$ 1,684,982.07$
Hurdle Check Cash Flow (8,066,000.00)$ 764,556.49$ 831,000.49$ 899,722.57$ 970,796.77$ 11,298,499.38$
1st Tier Waterfall 170,394.99$ 265,314.99$ 363,489.39$ 465,023.95$ 3,696,027.68$
1st Tier Split – Money 119,276.49$ 185,720.49$ 254,442.57$ 325,516.77$ 2,587,219.38$
2nd Tier Split – Promote 51,118.50$ 79,594.50$ 109,046.82$ 139,507.19$ 1,108,808.31$
Hurdle Check (8,066,000.00)$ 764,556.49$ 831,000.49$ 899,722.57$ 970,796.77$ 11,298,499.38$
Balance for 2nd Tier Waterfall 1,920,579.22$
2nd Tier Split – Money 960,289.61$
2nd Tier Split – Promote 960,289.61$
Total Cash Flow – Money (8,066,000.00)$ 764,556.49$ 831,000.49$ 899,722.57$ 970,796.77$ 12,258,788.99$
Total Cash Flow – Promote 51,118.50$ 79,594.50$ 109,046.82$ 139,507.19$ 2,069,097.92$
Sponsor Cash Flows (806,600.00)$ 127,574.14$ 162,694.54$ 199,019.07$ 236,586.86$ 3,294,976.82$
Partner Cash Flows (7,259,400.00)$ 688,100.84$ 747,900.44$ 809,750.31$ 873,717.09$ 11,032,910.09$
IRR to the Money 16.54%
Sponsor IRR 44.63%
Partner IRR 16.54%
Sponsor X Return 3.98
Partner X Return 0.95
IRR 8.00%
IRR 14.97% check 0.03%
irr 14.97%
irr 16.54%
Time 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow (8,066,000.00)$ 815,674.99$ 910,594.99$ 1,008,769.39$ 1,110,303.95$ 14,327,886.91$
Limited Partner Cash Flows (7,259,400.00)$ 688,100.84$ 747,900.44$ 809,750.31$ 873,717.09$ 11,032,910.09$
Sponsor Cash Flows (806,600.00)$ 127,574.14$ 162,694.54$ 199,019.07$ 236,586.86$ 3,294,976.82$
Deal CCR 10.11% 11.29% 12.51% 13.77% 177.63%
Limited Partner CCR 9.48% 10.30% 11.15% 12.04% 151.98%
Sponsor CCR 15.82% 20.17% 24.67% 29.33% 408.50%
Deal IRR 20.43%
Limited Partner IRR 16.54%
Sponsor IRR 44.63%
Deal Xtimes Return 1.25
LP Xtimes Return 0.95
Sponsor Xtimes Return 3.98
- Rent Roll – PGI
- Acquisition – Disposition
- Five Year Cashflows
- Percentage Split Plan
Operating Statement
Fixed Return Method
Waterfall Method
Waterfall Output
