Retail Brochure, Real Estate

Retail Services and Capabilities

Cassidy Turley Colorado 1515 Arapahoe Street Suite 200 Denver, CO 80202 cassidyturley.com/colorado

The Denver Market

Since 1955, Cassidy Turley (previously Fuller Real Estate) has been the commercial real estate leader in the Denver Metro area. With deep roots in the community, we’ve enjoyed close relationships with Metro Denver’s business, political and philanthropic leaders. Our significant coverage and market share in office, industrial, retail, land and investment real estate compliments our full service platform, including property and project management, which provides our clients with some of the finest resources.

With 53 commercial brokers and a team of over 100 professionals in the metro Denver area and Northern Front Range, Cassidy Turley provides comprehensive research and market information allowing our clients to make well informed decisions.

Gregory W. Morris President/CEO 303.312.4285 greg.morris@cassidyturley.com

Union Station

Denver International Airport

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

Glass House

Denver

PAGE 2

Denver Economic Snapshot Greater Denver MSA

Headquarters to Fortune 500 Companies

The Denver MSA spans 11 counties in Colorado. It is the 17th largest metro in terms of population in the U.S. according to the 2010 Census and is home to over 50% of the state’s population.

Arrow Electronics (140), DISH Network (193), Liberty Media (224), Liberty Global (255), Newmont Mining (260), Ball Corporation (300), DaVita Inc. (359), CH2M Hill (422) and Western Union (431).

Denver MSA Demographics

National and International Hub

Population

2,838,049

(Age 25+) Population

2,067,893

Households

1,123,996

Median Household Income

$69,220

Denver International Airport (DIA) is the largest airport geographically in the United States and provides service to over 20 international destinations as well as non-stop service across the country. Annually, over 50 million passengers pass through the airport, making it the fourth largest hub in the country. The airport contributes over $22 billion a year to Colorado’s economy.

Denver Colleges and Universities (# of Students) University of Colorado at Boulder

30,877

An Ideal Location for Business

Colorado State University

26,598

Metropolitan State College, Denver

23,682

Front Range Community College

20,092

University of Colorado at Denver

18,275

Community College of Denver

12,901

Denver University

11,842

University of Colorado at Colorado Springs

8,900

Denver has a diverse employment climate, with a strong presence of Aerospace, Bioscience, Energy, Healthcare and Telecommunications industries. Significant population growth and favorable government regulations for business development have made Denver a highly desired location for companies, leading many Fortune 500 companies to expand operations or relocate headquarters to Denver. Denver is also supported by a large R&D industry in Fort Collins, and a strong military and government foundation in Colorado Springs placing Colorado fifth overall on Forbes’ list of “Best States for Business.”

Denver Top 10 Employers (# of Employees) U.S. Government

36,878

(Government)

State of Colorado

33,476

(Government)

University of Colorado

15,205

(Education)

Denver Public Schools

13,587

(Education)

City & County of Denver

12,000

(Government)

HealthOne Corporation

9,640

(Healthcare)

CenturyLink

7,380

(Telecom)

Exempla Healthcare

7,320

(Healthcare)

Lockheed Martin Corp.

7,220

(Aerospace)

Centura Health

6,370

(Healthcare)

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

The Mile High City, Home of the Outdoors The city of Denver is a hub for outdoor enthusiasts, as evidenced by its ranking as the ninth most active city in the nation by Men’s Health Magazine. Activities such as biking, hiking, rock climbing and golf are at the top of the list for the most popular among Denver residents and of course, many of the top ski resorts in the world are located within a two hour drive of Denver.

Popular attractions include Red Rocks Park and Amphitheatre, the Denver Art Museum, the Denver Museum of Nature & Science, the Denver Zoo, the Denver Botanic Gardens, 16th Street Mall, the State Capitol Building, Washington Park, United States Mint, the Center for Performing Arts, Sports Authority Field at Mile High, Coors Field and the Pepsi Center.

PAGE 3

Denver Retail Snapshot Market Tracker *Arrows = Current Quarter Trend

Vacancy

Net Absorption

7.0%

282,755 SF

Deliveries 150,825 SF

Asking Rent $14.87/SF NNN

Investment Demand Surging for Denver’s Retail Properties Through the third quarter of 2012, the Denver Retail market experienced moderate growth with increased leasing and sales activity. In October, U.S. consumer confidence jumped to its highest level since the recession began five years ago, up to 83.1 from 78.3 in September. In addition, holiday sales are expected to increase 4.1% from 2011, which bodes well for retailers entering the final months of the year.

DENVER RETAIL

Economic Indicators Q312

Q311

Denver Metro Employment

1.25M

1.20M

Denver Metro Unemployment

7.70%

8.30%

U.S. Unemployment

8.20%

9.70%

U.S. CCI

65.64

50.26

Net Absorption Net Absorption 1,600

Square Feet ('000s)

1,200

Investment in retail properties has been exceptionally strong thus far with $560 million trading year-to-date. This total already surpasses the volume during all of 2011 and is on pace to reach 2008 levels, when $820 million in retail properties traded hands. Average property values also increased to $130.50/SF. The largest sale of the quarter was that of Southlands Shopping Center. The recently constructed 860,000 SF center was sold by BlackRock, Inc. to Northwood Acquisitions for $102.5 million or $119.14/SF at a recorded cap rate of 6.5%.

800 400

0 -400

-800 2008

2009

2010

2011

2012 (YTD)

Vacancy Rate Vacancy Rate 9.0% 8.5%

Historical Average

8.0% Vacancy

Market vacancy for retail properties dropped to 7.0% in the third quarter from 8.0% at the end of 2011. The pickup in activity was enough to reverse the downward trend in lease rates. Asking rents increased 1.7% on a year over year basis to $14.87/SF NNN in the third quarter, a sign that rates have finally stabilized after dropping nearly 20% from the highs recorded in 2008. The Downtown and Colorado Boulevard submarkets continue to be the strongest segments of the market, each with vacancy below 3.0%.

7.5% 7.0% 6.5% 6.0% 2008

2009

2010

2011

2012

Development activity remains strong, with over 650,000 SF of retail properties under construction. Development of Lifestyle Centers that incorporate retail, multi-family and office components have become a common trend in Denver, with a number of these projects planned to break ground in the next two years. Notable planned developments include Northlands, Glendale Riverwalk, the redevelopment of Westminster Mall and Century 21 Plaza taking the place of the former University of Colorado Hospital Campus at 8th Avenue and Colorado Boulevard. However, the most notable project in Denver is the redevelopment of Union Station in Denver’s Lower Downtown market. The station will be redeveloped to include a boutique hotel on the upper floors, with Colorado based retailers and restaurants on the ground floor terminal, along with multiple mixed-use properties to be built surrounding the station. Two of these mixed-use properties broke ground adjacent to the Station’s North and South Wings. Each five story building will include ground level retail supporting the Station’s outdoor plaza and four stories of office space. Upon completion, the Station will become the transportation hub for the city, with an expected 220,000 passengers traveling through it each day.

Looking forward, there remain a number of factors in the national and global markets that could negatively impact retailers in Denver; however, Denver has proven resilient in limiting outside influences and appears poised to maintain its current momentum.

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 4

Forecast • With consumer confidence up and an expected increase in 2012 holiday sales, absorption should continue to be positive with retailers more disposed to opening new space and/or expanding existing space.

• As vacancy approaches historical lows, asking rents are likely to increase $0.25 - $0.50/SF in 2013, potentially more in the Downtown and Colorado Boulevard submarkets.

• Investors were active in the market during 2012 for all property types, a trend that should continue in 2013 as Denver remains one of the nation’s top investment markets for commercial real estate.

Cassidy Turley Retail Market Snapshot SUBLET VACANCY

DIRECT VACANCY

VACANCY RATE

CURRENT YTD ABSORPTION ABSORPTION

BUILDINGS

INVENTORY

Aurora

682

12,098,841

8,581

974,307

8.1%

30,419

Boulder

934

13,550,596

22,839

740,906

5.6%

41,914

Central

2,113

19,637,562

14,648

993,730

5.1%

(103,137)

CONSTRUCTION

AVERAGE ASKING RENT

122,795

44,089

$11.37

107,374

28,395

$17.10

(9,572)

71,597

$16.13 $22.89

Submarket

Colorado Blvd/Cherry Creek

289

4,774,811

7,765

119,430

2.7%

(4,603)

12,890

11,900

Downtown

279

5,301,795

0

111,639

2.1%

(7,286)

(3,668)

0

$22.91

Northeast

1,058

14,771,608

13,384

960,542

6.6%

86,249

109,688

18,727

$13.60

Northwest

1,499

25,372,834

85,596

2,619,014

10.7%

38,661

(204,988)

56,167

$12.70 $18.82

South/Southeast

1,509

31,192,121

190,669

1,931,561

6.8%

25,556

(119,145)

246,016

West/Southwest

2,349

31,655,740

177,724

2,112,677

7.2%

174,982

108,579

171,894

$13.20

10,712

158,355,908

521,206

10,563,806

7.0%

282,755

123,953

648,785

$14.87

TOTAL Retail asking rents converted to NNN.

Key Lease Transactions 3Q12 PROPERTY

SF

TENANT

TRANSACTION TYPE

SUBMARKET

Chanson Plaza

39,074

Walmart Neighborhood Market

New

Southwest

Standley Shores

35,800

Jumpoline

New

Northwest

Brookhill Village

35,000

Colorado Casual Furniture

New

Northwest

Aurora City Place

28,850

Michael’s

New

Aurora

Centennial Shopping Center

23,375

King Sooper’s

New

Southwest

Key Sales Transactions 3Q12 PROPERTY

SF

SELLER/BUYER

PRICE

SUBMARKET

Southlands

860,349

BlackRock/Northwood Acquisitions

$102,500,000

Aurora

Shoppes at Castle Rock

105,528

Equity Ventures/Revesco Properties

$20,600,000

Southeast

Parker Valley Center II

21,000

Faestel Properties/Boand Holdings

$5,600,000

Southeast

7887-7977 W Tufts Ave

94,678

Phil Long Ford/Stoneleigh Companies

$4,965,100

Southwest

5501 S Broadway

72,002

Strategic Property Advisors/Dod Realty

$4,675,000

Southwest

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Colorado Capabilities Industrial Services & Leasing Capabilities Cassidy Turley is a national team of commercial real estate professionals with a proven track record of delivering superior results for our clients. We are dedicated to consistently providing solutions that are creative, cost-effective and responsive to our clients’ specific real estate needs, while supporting overall business performance. We are a trusted partner and advocate for clients, supporting their long-term success by leveraging industry insight, world-class expertise and local market knowledge to provide comprehensive services around the globe.

It’s About People Working for You

Scope of Services

Our team analyzes your current tenant mix, building characteristics, investment goals, immediate and future leasing needs, and market competition and conditions in order to provide a blueprint for a comprehensive marketing and leasing strategy.

We handle all of the details around property information and marketing materials to ensure your asset is strategically positioned and showcased to attract the right tenants.

We deliver tailored solutions to attract and retain tenants maximizing returns by:

It’s About Relationships You Trust

• Advising clients on strategic positioning and pricing

Cassidy Turley’s leasing professionals have honed their skills through years of experience representing investors of all types of industrial buildings—from flex and office/showroom to modern bulk distribution centers. We serve as advocates for your industrial properties, leveraging our deep connections to other leasing agents in the brokerage community—locally, nationally and globally.

It’s About the Knowledge You Gain Our market insights give you an advantage in understanding local market conditions and their impact on leasing terms and prospective tenants over short- and long-term horizons. Cassidy Turley’s leasing professionals work with industrial tenants on a daily basis so we understand their businesses and their unique requirements and real estate needs both today and tomorrow.

It’s About Getting It Done for You Cassidy Turley’s leasing professionals achieve your goals through our superior knowledge of local markets, our reputation as leaders in local markets, and our unequalled ability to create innovative leasing strategies and marketing campaigns to attract and retain tenants.

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

• Performing in-dept market and property analyses

• Developing a comprehensive marketing and leasing strategy • Providing unparalleled knowledge of the market • Showcasing each building to the right tenants • Working with existing tenants to ensure retention • Offering additional services such as Property Management and Project and Development Management

PAGE 6

Capital Markets Group Capabilities Since 2009, Cassidy Turley professionals have completed:

Representative Clients

• More than $12 billion in distressed asset and loan valuations

Aegon Allied Capital American General Archon Group Bank of America Berkadia Capital Crossing Capmark Bank CIII Asset Management CW Capital Deutsche Bank Euro Hypo GE Capital Harris Bank

• More than $4 billion in distressed asset and loan sale

Stabilizing Assets – Maximizing Value Non-performing assets may have several issues that need to be addressed simultaneously, from deferred maintenance to tenant disputes, inadequate marketing support or insufficient cash flow. Since each property often faces its own unique issues, every property requires substantial focus to stabilize and achieve a maximum return on investment. Cassidy Turley can provide that focus. Cassidy Turley leverages our experience and local market knowledge to quickly evaluate the situation and take action on our client’s behalf.

JER LNR Partners Midland Loan Services Morgan Stanley Northstar ORIX Capital PNC Bank Principal Financial Prudential Financial Sun Life TIAA Torchlight UBS Wells Fargo

Hands-On Experience Cassidy Turley’s professionals offer successful hands-on problem solving to stabilize, improve and maximize the potential of distressed properties. Nationally, Cassidy Turley manages 430 million square feet of many asset classes and closed $18 billion in transactions, including $6.7 billion in capital markets transactions, in 2010. From property appraisal to asset disposition, construction management or property management, we are committed to creating integrated, tailored solutions that provide maximum, measurable outcomes.

Driving Superior Outcomes – Adding Value and Limiting Risk Our process starts by developing a hold-versus-disposition strategy with input from each of our service lines. Next, we mitigate risk through on-site property management and leasing.

Valuation & Advisory Receivership Services

Construction Management

Client: Investors Lending Institutions Trustee Loan Servicers Bankruptcy Professionals

Asset Sales

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

Structured Financing

Project Leasing

Property Management

PAGE 7

Colorado Capabilities Project Management & Development Capabilities Project Management is Good — Project Leadership is Better All good project managers can oversee a project through to completion, but Cassidy Turley’s project professionals know that producing superior results requires more than that. We listen closely to our clients, fully grasping their project goals and urgencies while striving to increase quality and reduce cost. While managing more than 250 major projects, Cassidy Turley professionals complete an additional 3,600 minor projects every year. We deliver an average 10-25% savings of the project cost on each assignment, no matter the size, by adding value and mitigating risk at each milestone of the design and construction process. It takes unwavering determination to produce that volume of work, and world-class expertise to do it well.

Sharing Our Industry Expertise Cassidy Turley is committed to sharing best practices and specialized technical knowledge with our clients via our firm’s technology, on-going training programs and direct access to our in-house experts. Our project management professionals across the country have an average of 18 years experience delivering construction and development projects. All have in-depth technical expertise with advanced degrees in architecture, engineering, construction, facilities and/or project management and serve as a valuable client resource from project design through completion.

No matter how complex the project, we give our clients a single point of contact to keep them informed during every step of the project. Project managers regularly tap all of the internal expertise needed — brokerage, economic analysis, property management, corporate services, market research — to give clients the insight and information to make solid decisions. We also leverage our buying power across all accounts to get our clients the highest quality materials and systems at the lowest cost.

Turning Client Goals and Objectives into Superior Results We bring the same level of intensity to every project, from the 1,000-square-foot office build-out in Cottonwood, Arizona to the 1.7 million-square-foot headquarters renovation in New York City; from the 225-bed critical care facility in Virginia to the 10-acre brownfield waterfront redevelopment project in Dorset, England. We support every project with our own technology, providing real-time reporting and 24/7 access, so our clients and our project teams get the information they need when they need it.

A Belief in Long-Term Person-To-Person Relationships We value our decades-long connections with clients, brokers, vendors and contractors, and work hard to build rapport when we form new relationships. Successful project teams are built on trust, mutual respect and clear communication. To this foundation, Cassidy Turley professionals add a deep commitment to collaboration and a shared passion to excel.

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Property Management Capabilities With more than 455 million square feet of managed space nationally — including over 6 million square feet in Denver — our professionals combine a passion for producing exceptional results with expertise across a full range of property management services. We look forward to discussing how we can help you manage your properties according to your individual financial goals, objectives and priorities.

Alex Fox Senior Vice President, Principal 303.312.4232 Alex.Fox@cassidyturley.com

Addressing Your Needs and Helping You Achieve Results You can rely on Cassidy Turley to help you manage your properties according to your individual financial goals, objectives and priorities. We address your asset’s distinctions and market potential, as well as your requisite reporting needs and decision making path. Our property management team is highly trained in both the financial and physical characteristics of each asset and will proactively seek ways to enhance your property’s value.

Committed to Establishing Long-term Partnerships When you work with Cassidy Turley, we become your knowledgeable adviser and trusted advocate. Our Property Management specialists combine their passion for producing exceptional results with the dedication to maintaining lasting relationships. You’ll benefit from our strong ties and experience managing multiple national investment portfolios, individual building ownerships and 455 million square feet of commercial real estate. We leverage our extensive knowledge and industry understanding to ensure you every advantage and opportunity.

A Wealth of Knowledge and World-Class Expertise Cassidy Turley professionals have an intimate understanding of your business, with many of our experts having worked in their respective markets for decades. Our property management team possesses a detailed grasp of the local market that can only be achieved through years of experience. You also benefit from established, deep industry connections that provide you with leading insight into your asset’s market position, so you can make informed, confident decisions.

Turning Your Goals and Objectives into Superior Results At Cassidy Turley, we always have your short- and long-term priorities in mind. We understand that it’s just as important to have a strategic plan for today, as it is to have a plan to preserve and enhance your asset for the long run. We’ll work to continually search for cost savings to reduce operational expenses without diluting tenant services. We’ll provide insightful market data and analysis to assist with your decision-making. We’ll deliver an unwavering passion and commitment to create solutions that fulfill your unique needs.

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 9

Colorado Capabilities Marketing Capabilities Property Marketing

Custom Branding

B elcaro C E N T E R

5000 Lima Street

Placemats

Brochures

Offering Memorandums

Offices

at the

Promenade

4 5 5 M A S S

Southeast Properties

Summary | Marketing Objectives Team | Experience

Metro Denver’s Premier Office

Past Cherry Creek Listing experience

Company & Team | Overview Capabilities | Overview

Late January 2010 International Partnership Announced Cassidy Turley signed a “Memorandum of Understanding” with London-based GVA Grimley for the creation of a new international partnership.

CO on August 9, 2010.

of Dallas & Houston, TX became affiliated with Cassidy Turley in February 2011. Founded 2000.

Founded 1950.

• 48 Steele

May 2010 Cassidy Colliers Harry Turley K. Moore ofToday Louisville, KY became affiliated with

Cassidy Turley Today Cassidy Turley is a leading commercial

real Turley on May 13, 2010. Founded Current Cherry CreekServices 1948.

Market estate services Listings provider.

Graphic Comprised April 2010 of market leading firms across the Former Colliers Barry of Milwaukee, 155affi nation, Madison, 220 Josephine, WI became liated with Cassidy 201 Columbine on April 2010. Founded 1920. weTurley are the15, fastest growing and the largest privately held commercial real estateBottom servicesLine firm in the country.

Cassidy

CPS (formerly affiliated with CORFAC International) of Santa Clara, CA became affiliated with Cassidy Turley on April 23, 2010. Founded 1977.

March 2010 The Cassidy Turley Brand Officially Launched on March 1, 2010

60 offices  3,000 professionals

3,300  940professionals brokers 940 brokers  430 million sf managed portfolio  $17 billion 25,700 managed in client transaction locations volume in

$18 billion in transaction volume in 2010

Bottom

Find Space Tenant Representation Tenant Representation Site Selection

b b Detroit, Detroit, MI MI Denver, Denver, CO CO Denver Denver Tech, Tech, CO CO El Cajon, El Cajon, CA CA FortFort Collins, Collins, CO CO c c Houston, Houston, TX TX (2) (2) Indianapolis, Indianapolis, IN IN Kansas Kansas City, City, MOMO Louisville, Louisville, KY KY c c Milwaukee, Milwaukee, WI WI (2) (2) Minneapolis, Minneapolis, MNMN Monterey, Monterey, CA CA Nashville, Nashville, TN TN New New York, York, NY NY Oakland, Oakland, CA CA

b

Site Selection Owner-Occupier Acquisitions Owner-Occupier Acquisitions

Oklahoma b Oklahoma City,City, OK OK OtayOtay Mesa, Mesa, CA CA PaloPalo Alto,Alto, CA CA Parsippany, Parsippany, NJ NJ Phoenix, Phoenix, AZ AZ Pleasanton, Pleasanton, CA CA Raleigh, Raleigh, NC NC Redwood Redwood City,City, CA CA Rochester, Rochester, NY bNY b Sacramento, Sacramento, CA CA Salinas, Salinas, CA CA SanSan Antonio, Antonio, TX bTX b SanSan Diego, Diego, CA (2) CA (2) SanSan Francisco, Francisco, CA CA SanSan Jose, Jose, CA CA

b

San San Rafael, Rafael, CA CA Santa Santa Clara, Clara, CA CA Santa Santa Rosa, Rosa, CA CA Somerset, Somerset, NJ NJ St. Louis, St. Louis, MO MO Stamford, Stamford, CT CT Teaneck, Teaneck, NJ NJ Tysons Tysons Corner, Corner, VA VA Walnut Walnut Creek, Creek, CA CA Washington, Washington, DC DC Hotel AG - hotel investment affiliate Hotel AG b - hotel service investment affiliate Limited locations Limitedc Limited service locations service at 1 of 2 locations Limited service at 1 of 2 locations a

a b c

Cassidy Cassidy Turley Turley a national is is a national team team commercial of of commercial real real estate estate professionals professionals with with a proven a proven track track record record delivering of of delivering superior superior results results forfor ourour clients. clients.

WeWe areare dedicated dedicated consistently to to consistently providing providing solutions solutions that that areare creative, creative, cost-effective cost-effective and and responsive responsive to to ourour clients’ clients’ specific specific real real estate estate needs, needs, while while supporting supporting overall overall business business performance. performance.

WeWe areare a trusted a trusted partner partner and advocate, and advocate, supportingsupporting our clients’our clients’ long-term long-term success bysuccess leveraging by leveraging industry insight, industry insight, world-class world-class expertise and expertise local market and local market knowledge knowledge to provide to provide commercial commercial real estatereal estate investors investors and occupiers and occupiers with comprehensive with comprehensive services around servicesthe around globe.the globe.

Australia Australia Austria Austria Belgium Belgium China China Cyprus Cyprus Denmark Denmark Estonia Estonia

Finland Finland Germany Germany Greece Greece Hong Kong Hong Kong Hungary Hungary India India Ireland Ireland

Italy Italy Lithuania Lithuania Netherlands Netherlands New Zealand New Zealand Poland Poland Portugal Portugal Romania Romania

Manage Space Manage

Property Space Management Property Management Facilities Management Facilities Management Property Administration Property Administration

Integrated Services Integrated Services Market Research

Build Space

Cherry Creek North Business Improvement District Economic Development Groups

Constant awareness

•

No speculative development will commence in 2011 and most likely not in 2012.

•

Rental rates will remain flat in the Southeast Market except for isolated, highest quality Class A spaces.

•

Leasing activity will continue to be consistent for tenants using up to 15,000 square feet but there will be a lack of demand for larger spaces.

•

Sales transactions will continue to increase as investors seek to place capital in the Denver market anticipating an increase of lease rates in 2012.

67 Inverness is a 54,450 square foot, single story office/flex building that was built in 1996 on a 4.62 acre site. Parking is in a surface lot which provides 3.5 spaces per 1,000 square feet of office space. The building is located in the Inverness Business Park, a planned development of office, flex and light industrial buildings located about 10 miles south of downtown Denver. The building and parking lot are in good condition with no deferred maintenance.

The building is competitive in every way with similar buildings in Inverness.

Rent Roll Analysis The property currently has two tenants who occupy 44,757 square feet, about 82% of the building. Additionally, a portion of the roof is leased for a cell phone tower. The most recent lease was signed in November 2004. Vacant space is being offered for $5/SF NNN with operating expenses estimated at $5.29/SF which is comparable to similar buildings in Inverness.

Wine Incentive

This vacancy is close to the overall vacancy rate (17.1%) for flex properties in the Southeast submarket.

Lease Expirations Year 2014

Coming Soon!

Square Feet 18,099

Percent of Building

Number of Tenants

33.24%

26,658

1

Vacant

48.96%

9,693

1

Total

17.80%

54,450

2015

100 Saint Paul

Bottom Line

We know how to represent institutional owners and maximize service and value in high profile projects.

Page 4

Page 3

Market

Market Research Space Build Corporate Services ProjectSpace Management Market Corporate Services Leasing Space & Subleasing Project Management Sustainability Services Leasing %FWFMPQNFOU 4FSWJDFT & Subleasing Sustainability Services Owner-Occupier Development Services Sales Investor Services Owner-Occupier InvestmentSales Investor Services Sales Investment Sales

Russia Russia Sweden Sweden Switzerland Switzerland United Kingdom United Kingdom

The Cassidy Turley forecast calls for:

Metro denver Chamber of Commerce Southeast denver Chamber of Commerce

• Crescent VII 135,000 RSF

2010

Forecast

Select Print advertising on-Site Signage and Marketing Billboards

• 161 Inverness 260,000 RSF

455 million managed  25,700 sf managed portfolio client locations

¡ ¡

Investment Sales

Civic & Public awareness

3

Broker Incentives $$ In-Person Presentations one-on-one Meetings

• Marketing Updates • eMail Blasts

Cherry Creek / Mid Town • US Bank Tower 588,000 SF downtown denver denver • Metropoint Southeast I 275,000 RSF

real estate services provider.  60 offices 275,000 RSF ¡ ¡ ¡ ¡

Broker Promotion

2

direct Mail • Decision Makers • Personal Contacts • Geographically Targeted

• In Person • Phone

Cassidy Turley is a leading commercial Cassidy Turley is a leading real estate • services Metropoint provider.

I commercial

Line We have no conflicts and know how CRE Firm: to sellA Full Service We know how to market new construction, Comprehensive Commercial Cherry Creek and all of its unique Real Estate Services Full-Service Firm benefits tell the story and convey the vision and advantages. needed to secure lease commitments.

Find Space

Cassidy Turley Turley offices Offices: Cassidy

a a Atlanta, Atlanta, GAGA b b Austin, Austin, TXTX Baltimore, Baltimore, MDMD b Baton Baton Rouge, Rouge, LALA Bethesda, Bethesda, MDMD Burlingame, Burlingame, CACA Capitola, Capitola, CACA Carlsbad, Carlsbad, CACA Charlotte, Charlotte, NCNC c c Chicago, Chicago, IL IL (2)(2) Cincinnati, Cincinnati, OHOH Columbia, Columbia, MDMD Columbus, Columbus, OHOH c c Dallas, Dallas, TXTX (2)(2) Dayton, Dayton, OHOH

• Republic Plaza 1.2 million SF

• 1125 17th Street 480,000 SF

• Belleview Corporate Center

CassidyTurley Turley 86,000 the RSF Numbers: Cassidy bybythe Numbers

CO

Property Description

Tenant Prospecting

Cold Calling • 17th Street Plaza Canvassing 660,000 SF

• Colorado Center 180,000 RSF CLIENT LOGO

• 222 Milwaukee August 2010 August 2010• 240 St. Paul Cassidy Turley acquired Fuller Real Estate (formerly affiliated with NAI) of Denver, • CO 36 Steele on August Cassidy Turley acquired 9, 2010. Founded 1950.

Fuller Real Estate (formerly February 2011 • affiliated with NAI) of 56 Steele CAPSTAR Commercial Real Estate Denver,

Cassidy Turley acquired Colliers Houston & Co of New Jersey - Founded 1845 Three firms became affiliated with Cassidy Turley ∙ BT Commercial, Northern California - Founded 1981 (formerly affiliated with NAI) ∙ BRE Commercial, Southern California - Founded 1986 (formerly affiliated with Grubb & Ellis) ∙ BRE Commercial, Arizona - Founded 1973 (formerly affiliated with Grubb & Ellis)

2

67 Inverness Drive East | Englewood, Building

develop Comprehensive 3-Prong Marketing Campaign High Profile/Trophy asset Listing experience

1

• Park Ridge Corporate Center 3 Buildings 480,000 RSF

• 101 University • 280 Clayton • 3003 E. 1st Ave • 201 Columbine

New Company aA New Company with a Legacy with a Legacy Success: of of Success an entrpreneurial Culture • 180That’s Cook Nimble Early January 2010 & Hungry Cassidy Turley Brand Announced

Third Quarter 2008 Four original partner firms consolidated ownership structures into one company. This new structure allowed all of the partner firms to benefit from the combined size, scale, shared resources and best practices of each firm. ∙ Colliers Turley Martin Tucker - Founded 1926, 8 Central U.S. Markets ∙ Cassidy & Pinkard Colliers - Founded 1981, Washington, DC ∙ Colliers Pinkard - Founded 1922, Baltimore, MD, Charlotte & Raleigh, NC ∙ Colliers ABR - Founded 1978, New York, NY

relevant Pre-Leasing / New Construction Listing experience

• 100 Fillmore • 158 Fillmore • 50 S. Steele

WESTCORE PORTFOLIO / SECTION

www.ctfuller.com

9

Finance & Structure Finance Structure Capital&Markets

Capital Markets t %FCU &RVJUZ 'JOBODJOH • Debt & Equity Financing t 4BMFT "DRVJTJUJPOT • Sales & Acquisitions

Office | Industrial | Retail | Land | Multi-family Office | Industrial | Retail | Land | Multi-family

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COLLIERS PINKARD WILL BE CASSIDY TURLEY.

REAL MARKET KNOWLEDGE. REAL CONNECTIONS.

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REAL RESULTS. We are a national team of dedicated commercial real estate professionals with a history of 100 years of successful client relationships which include $15 billion in annual transactions, 420 million square feet of managed space and 22,000 Corporate Services locations. Our world-class expertise enables us to deliver integrated, tailored solutions around the globe. Our knowledge of local markets and deep industry connections allow us to achieve superior results. We are advocates for our clients and passionate about their long-term success. We are Cassidy Turley.

To learn more, visit www.cassidyturley.com or call 410.752.4285.

CAPITAL MARKETS

CORPORATE SERVICES

LEASING & TENANT REPRESENTATION

PROJECT & DEVELOPMENT SERVICES

PROPERTY MANAGEMENT

© 2010 Cassidy Turley.

Industrial Buyer & Tenant Representation

Industrial Buyer & Tenant Representation

Cassidy Turley

Contact Information:

years we a rich history in Denver. For over 50 Cassidy Turley Fuller Real Estate has in commercial real estate. have been one of the market leaders real estate services provider with 3,200 Cassidy Turley is a leading commercial of The company represents a wide range professionals in 60 offices nationwide. non-profits to Fortune 500 companies, from local clients—from small businesses to 2010, transactions valued at $17 billion in major institutions. The firm completed behalf of private, institutional and corporate manages 430 million square feet on corporate services locations. Cassidy clients and supports over 25,000 domestic occupiers with a full spectrum of integrated Turley serves owners, investors and capital markets, tenant representation, commercial real estate services—including development property management, project and corporate services, project leasing, service In 2010, the firm enhanced its global services, and research and consulting. its partnership with GVA. delivery outside of North America through

Alec Rhodes, SIOR Senior Vice President 303-312-4282 arhodes@ctfuller.com

About Us

Tyler Smith Senior Broker Associate 303-312-4296 tsmith@ctfuller.com

About Us

1515 Arapahoe Street, Suite 1200 Denver, Colorado 80202 ph: 303-292-3700 fx: 303-534-8270

www.ctfuller.com

Please visit about Cassidy Turley. www.cassidyturley.com for more information

• •

•

•

Office Locations Atlanta, GA Austin, TX b Baltimore, MD b Baton Rouge, LA Bethesda, MD Burlingame, CA Capitola, CA Carlsbad, CA Charlotte, NC c Chicago, IL (2) Cincinnati, OH Columbia, MD a

Columbus, OH c Dallas, TX (2) Dayton, OH Detroit, MI b Denver, CO Denver Tech, CO El Cajon, CA Fort Collins, CO c Houston, TX (2) Indianapolis, IN Kansas City, MO Louisville, KY

Milwaukee, WI (2) Minneapolis, MN Monterey, CA Nashville, TN New York, NY Oakland, CA b Oklahoma City, OK Otay Mesa, CA Palo Alto, CA Parsippany, NJ Phoenix, AZ Pleasanton, CA c

Raleigh, NC Redwood City, CA b Rochester, NY Sacramento, CA Salinas, CA b San Antonio, TX San Diego, CA (2) San Francisco, CA San Jose, CA San Rafael, CA Santa Clara, CA Santa Rosa, CA

Somerset, NJ St. Louis, MO Stamford, CT Teaneck, NJ Tysons Corner, VA Walnut Creek, CA Washington, DC a b c

We are advocates for our clients

SOL

Buyer Tenant Representation Process

and

D

SOL

1600 West Dartmouth Avenue Englewood, Colorado • Sold for $1,900,000 • 45,908 SF Street Mariposa 225 Denver, Colorado • Sold for $720,000 SF D • 8,408SOL

• Achieve the best economic terms and conditions • Locate the facility that best serves your 15580 East Hinsdale Circle • Serve as your advocate throughout the objectives operational and financial Englewood, Colorado process

• Achieve the best economic terms and • Sold for $4,225,000 their long-term success.

• about Streamline your real estate decision process passionate conditions • 91,938 SF

Other Services

• Serve as your advocate throughout the process

• Investment real estate sales

D • Streamline your real estate decision process SOL

D

SOL

• Complimentary property valuation and • Investment real estate sales tax analysis

• Specialty property expertise - food related • Lease vs buy comparisons uses, manufacturing and high-tech 275 Mariposa Street • Exit/retirement strategies for the sale of a • Complimentary property valuation and Denver, Colorado business, building or both tax analysis • Sale/lease back consultation

• Sold for $2,849,000 • Lease vs buy comparisons • 48,796 SF

• Sold for $720,000 • 12,100 SF Hinsdale Circle East 15580 Englewood, Colorado

3777 Quentin Street Denver, Colorado

• Sold for $4,225,000 D SF • 91,938 SOL

• Sold for $720,000 • 12,100 SF

• Exit/retirement strategies for the sale of a business, building or both • Sale/lease back consultation

D

SOL

4510 South Federal Boulevard Englewood, Colorado • Sold for $1,750,000 • 12,240 SF Street Mariposa 275

Denver, Colorado

• Sold for $2,849,000 • 48,796 SF

Please visit www.cassidyturley.com Strengths for more information

Tenured real estate veteran

contribute to the What can a buyer/tenant representative process?

tsmith@ctfuller.com

issues is critical to making successful a thorough consideration of these we assist you in determining your real estate decisions. as your advocate, options, soliciting proposals and space requirements, weighing your while continually negotiating the judging the merits of these proposals most favorable terms.

1515 Arapahoe Street, Suite 1200 Denver, Colorado 80202

will help you conserve valuable as your tenant representative, we — as we secure a business resources — your time and your money space compatible with your needs.

ph: 303-292-3700 fx: 303-534-8270

about Cassidy Turley.

www.ctfuller.com

Tenured real estate veteran Wide-ranging deal flow expertise

• • • •

High level strategist Strong community connections

Office

D

SOL

3777 Quentin Street Denver, Colorado

• Specialty property expertise - food related Other Services uses, manufacturing and high-tech

www.ctfuller.com

Publication date: 08.2011 reserved.

Copyright © Cassidy Turley. All rights

•

an attorney?

When is it appropriate to contact

Aaron Valdez Broker Associate 303-312-4204 avaldez@ctfuller.com

through its partnership with GVA.

Strengths

Alec Rhodes | Senior Vice President

Alec Rhodes is consistently ranked in the top 10% of industrial brokers in Denver.

Our Team • Wide-ranging deal flow expertise Since 1993, Mr. Rhodes has leased and sold in excess of $300,000,000 of • High level strategist Alec Rhodes | Senior Vice President commercial real estate, including more than 5,000,000 square feet of buildings D Denver. brokers in • of Strong community connections industrial SOL Alec Rhodes is consistently ranked in the top 10% and over 1,000 acres of land for development. His deal experience is broad, of Since 1993, Mr. Rhodes has leased and sold in excess of $300,000,000 spanning virtually every aspect of the commercial real estate spectrum. His of buildings commercial real estate, including more than 5,000,000 square feet acumen and negotiating skills have paved the way for significant cost savings is broad, and over 1,000 acres of land for development. His deal experience for his clients. Alec has also worked hard to be involved in many civic and spectrum. His spanning virtually every aspect of the commercial real estate non-profit organizations, holding several non-profit board positions and starting his cost savings acumen and negotiating skills have paved the way for significant own non-profit foundation. civic and for his clients. Alec has also worked hard to be involved in many 1600 West Dartmouth Avenue starting his non-profit organizations, holding several non-profit board positions and Englewood, Colorado own non-profit foundation.

• Skillful marketing strategies • Sold for $1,900,000 Tyler Smith | Senior Broker Associate • 45,908 SF Tyler specializes in Industrial Real Estate. He joined Cassidy Turley Fuller Real Estate • Powerful negotiation knowledge

100% accountability and transparency

Tyler Smith Alec Rhodes, SIOR • Locate the facility that best serves your Senior Broker Associate Senior Vice President operational and financial objectives

Hotel AG - hotel investment affiliate Limited service locations Limited service at 1 of 2 locations

www.ctfuller.com

• Sold for $975,000 • 19,960 SF

and Leasing Focus

Sales Property Ability to market both locally, nationally and 225 Mariposa Street globally to reach every potential prospect approach and rifle Denver, Colorado • Strategic, broad-brush Complete analysis of market conditions, marketing plans • Sold for $720,000 critical to positioning a property in the locally,SFnationally and • Ability to market both• 8,408 market globally to reach every potential prospect 100% accountability and transparency • Complete analysis of market conditions, critical to positioning a property D in the

market Buyer Tenant Representation Process Aaron Valdez Broker Associate

1870 West 64th Lane Denver, Colorado Our Team

• Sold for $2,325,000 D - 110,000 SF • 50,000 SOL

owners should What are the space issues business understand and consider?

Tyler Smith Senior Broker Associate 303-312-4296

and supports over Wedomestic corporate to you.

25,000 our commitment is clients This of we undertake. class service. We work well together to bemantra efficient With the expertise to handle the intricacies assignment client services locations. Cassidy place on every we effective. thatand This is the Turley serves get world clientsinvestors ourowners, and occupiers with a full spectrum individual of each complex deals, the wisdom tohave accurately advise, the tenacity implement proven strategies, you will know so that the strengths leverages teamtothat of integrated experienced an and assembled commercial real estate services—including of intricacies the capital markets, tenant representation, the expertise to handle that you have chosen the rightclass teamservice. for yourWe realwork estate Ourtoloyalty and commitment areWith unparalleled. and effective. be efficient together wellneeds. corporate services, project leasing, you will know property management, project and development proven strategies, complex deals, the wisdom to accurately advise, and the tenacity to implement services, and research and consulting. In 2010, the firm enhanced its global are unparalleled. and commitment service delivery outside of North America that you have chosen the right team for your real estate needs. Our loyalty

1870 West 64th Lane Denver, Colorado • Sold for $975,000

• 19,960 EastSF96th Avenue 8211 Henderson, Colorado

or decreased in size?

Has your company recently grown

Contact Information: Alec Rhodes, SIOR Senior Vice President 303-312-4282 arhodes@ctfuller.com

institutional and corporate

Our Team is committed to providing you with the most professional, results-oriented real estate 8211 East 96th Avenue services in the market. Our approach is to partner Henderson, Colorado with you so that we may clearly understand your you with the providing for $2,325,000 Team objectives. With a combined 35 Our years in is thecommitted to• Sold estate real SF • 50,000 - 110,000 results-oriented professional, most commercial real estate and financial sectors, we in the market. Our approach is to partner services have proven to be passionate about our client’s so that we may clearly understand your with youaction successes. Honesty, work ethic, strategic 35 Dyears in the With a combined SOL objectives. and experience are the cornerstones of our success. commercial real estate and financial sectors, we have proven to be passionate about our client’s Property Sales and Leasing Focus successes. Honesty, work ethic, strategic action experience are the cornerstones of our success.

• Strategic, broad-brush and rifleand approach marketing plans

Aaron Valdez Broker Associate 303-312-4204 avaldez@ctfuller.com

D

SOL

Locations in 2005 after working as a Business Banking Officer at US Bank. Tyler has completed • Skillful marketing strategies • First-class client services Tyler Smith | Senior Broker Associate a 180 transactions totaling over 2,000,000 SF and $100,000 in considerations. He is knowledge Columbus, Estate Atlanta, • GAPowerful negotiation Realtrends OH Fuller Turley of • Cassidy Knowledge market Tyler specializes in Industrial Real Estate. He joined Austin, TX b currently serving on the Executive Board at DMCAR (Denver Metropolitan Commercial Dallas, TX (2) c services has completed • First-class client in 2005 after working as a Business Banking Officer at US Bank. Tyler Baltimore, MD Dayton, OH Association of Realtors) as President-Elect.

He is of market trends Knowledge 180 transactions totaling over 2,000,000 SF and $100,000 in considerations.

Baton • Rouge, LA b Detroit, MI b CommercialBethesda, currently serving on the Executive Board at DMCAR (Denver Metropolitan MD Denver, CO Burlingame, CA of Realtors) as President-Elect.

Denver Tech, CO • Comprehensive field experience Aaron Valdez | Broker Associate Association Capitola, CA El Cajon, CA Aaron Valdez joined Cassidy Turley Fuller Real Estate as a broker specializing in • Assertive at executing marketing Carlsbad, CA Fort Collins, CO strategies industrial properties in the Denver market. Prior to joining Cassidy Turley Fuller, he Comprehensive field experience • NC Charlotte, Houston, TX (2) c Aaron Valdez | Broker Associate managed a team of analysts and strategic consultants who provided financial and • Excellent prospector marketing c at executing Assertive • IL (2) specializing inChicago, Indianapolis, IN Aaron Valdez joined Cassidy Turley Fuller Real Estate as a broker investment analysis for commercial developments throughout the country. Aaron is strategies Fuller, heCincinnati, OH Turley Cassidy joining Kansas City, MO to Prior market.

Denver the in properties industrial a graduate of the University of Colorado with a B.S. in Finance and an emphasis in Columbia, Excellent prospector • MD financial and Louisville, KY managed a team of analysts and strategic consultants who provided Real Estate. He brings six years of experience in sales, consulting and real estate Aaron is investment analysis for commercial developments throughout the country. knowledge to every assignment. emphasis in Publication date: 08.2011 a graduate of the University of Colorado with a B.S. in Finance and an Copyright © Cassidy Turley. All rights reserved. and real estate Real Estate. He brings six years of experience in sales, consulting • Team and project management Ilka Conklin | Business Manager knowledge to every assignment.

Ilka Conklin joined Cassidy Turley Fuller Real Estate as a Business Manager specializing • Deep industry knowledge in Industrial properties in the Denver market. She has worked in Commercial Real • Deployment of marketing Ilka Conklin | Business Manager Estate for 13 years and has experience working in Leasing and Management, Property strategies specializing Ilka Conklin joined Cassidy Turley Fuller Real Estate as a Business Manager Management and Corporate Services. Ilka is a graduate of Wayne State University in Real in Industrial properties in the Denver market. She has worked in Commercial Detroit with a B.S. in Psychology.

Management, Property 4510 South Federal Boulevard Estate for 13 years and has experience working in Leasing andwww.cassidyturley.com Englewood, Colorado University in Management and Corporate Services. Ilka is a graduate of Wayne State • Sold for $1,750,000 Detroit with a B.S. in Psychology.

• 12,240 SF

•

Team and project management

•

Deep industry knowledge

•

Deployment of marketing strategies

Milwaukee, WI (2) c Minneapolis, MN Monterey, CA Nashville, TN New York, NY Oakland, CA Oklahoma City, OK b Otay Mesa, CA Palo Alto, CA Parsippany, NJ Phoenix, AZ Pleasanton, CA

Aaron Valdez Broker Associate Raleigh, NC Redwood City, CA Rochester, NY b Sacramento, CA Salinas, CA San Antonio, TX b San Diego, CA (2) San Francisco, CA San Jose, CA San Rafael, CA Santa Clara, CA Santa Rosa, CA

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About Cassidy Turley Fuller

Cassidy Turley

Industrial Buyer & Tenant Representation Cassidy Turley Fuller Real Estate has a rich

history in Denver. For over 50 years we “We were kept informed throughout the entire process and felt they were always have been one of the market leaders “This team has the Getting Deals Done | Notable 2011 Transactions in commercial real estate. advocating for our company’s best interests” work ethic of any brokerage were theyTurley Cassidy is aalways leading commercial real estate services “We were kept informed throughout the entire process and feltprofessionals provider with 3,200 team in Denver” D D in 60 offices nationwide. The company Done | Notable 2011 Transactions GettingSOLDeals “This team has the strongest SOL represents a wide range of Exceed Expectations advocating for our company’s best interests” clients—from small businesses to Fortune 500 companies, from local work ethic of any brokerage non-profits to This is the mantra that we place on every client assignment we undertake. This is our commitment to you. We major institutions. The firm completed transactions valued at $17 billion D in 2010, D Expectations team in Denver” Exceed SOL have assembled an experienced team that leverages the strengths of each individual so that our clients get world manages 430 million square feet on behalf of private, SOL

strongestIndustrial Buyer & Tenant Representation

Real Estate Northern Colorado Commercial

Cassidy Turley

Industrial Sales & Leasing

BUYER & TENANT REPRESENTATION to lease or buy for Are you looking for commercial space

Cassidy Turley

Cassidy Turley BUYER & TENANT REPRESENTATION

About Cassidy Turley Fuller

Cassidy Turley

“The lease vs. buy analysis they provided helped our company plot a new strategy that significantly helped our bottom line.”

Industrial Sales & Leasing

helped “The lease vs. buy analysis they provided that significantly our company plot a new strategy helped our bottom line.”

Somerset, NJ St. Louis, MO Stamford, CT Teaneck, NJ Tysons Corner, VA Walnut Creek, CA Washington, DC a b c

We are advocates for our clients

Alec Rhodes, SIOR Senior Vice President

Tyler Smith Senior Broker Associate

and passionate about their long-term

Why Use a Tenant/Buyer Representative?

Labor Costs

is a time consuming Finding a site and negotiating terms guides the process. a tenant/Buyer representative and more cost process, making it quicker, more efficient in most effective ... all at no cost to the Tenant/Buyer. or seller. cases, our fee is paid by the landlord

Market Rates

expert on the current a tenant/Buyer representative is an regarding what is market conditions, and can offer advice getting a fair deal. reasonable. they make sure you’re

Economics

to perform financial a tenant/Buyer representative is able of your business, to analysis, based on the specifications location. help you select the most cost effective

Proven Leader in Tenant Representation

A a thriving business relationship with our goal is to establish and maintain ethic inspire us to diligently pursue out clients. our team tradition and work your best interests.

FOR IMMEDIATE RELEASE

negotiations

www.ctfuller.com

772 Whalers Way, Suite 200 Fort Collins, Colorado 80525

www.cassidyturley.com

Hoogendyk & Associates

Island Grill Restaurant

We invite you to use our knowledge of the commercial real estate market as a stepping stone to improve your business.

success.

and large — that

United States Armed Forces Wild Birds Unlimited Cafe Mexicali Restaurant Stewart Title of Colorado Affiliated Financial Group

shows a landlord your having professional representation are aware Representation that you Tenant level of commitment, and establishes representative commercial real estate of market alternatives. a tenant/Buyer let us help you Find the right their brokers. they location Jim Palmer negotiates daily with landlords and Aki Palmer Sr. Broker Associate of a transaction and can structure it know the mechanics Vice President Whether you are looking for commercialgame 970.267.7728 you have to know the real estate to lease or buy, our 970.267.7727 in your team can to work positively find the right location . find helpfavor. you with your needs. jpalmer@ctfuller.com the right location . find the right apalmer@ctfuller.com to play at a higher level! location . find the right location . find the right location . leasing or buying space directly affects both your company’s operations Us Today.

Call find the right location Expertise . find the right location . find the your employees’ well being. using documentand right a tenant/Buyer representative Conditions Are favorable.

Market. find involved in a transaction location helps to ensure that results the documentation the right location . find the right Knowledge of from this critical decision is the product location . find of a representatives have a professional assessment. tenant/Buyer the right location MARKET is critical. our . find the CONDITIONS right location . find the right location REAL ESTATE offers, letters For Tenant working knowledge of proposals, counter . find For theTenant right location . find Favorable Unfavorable our the right location . find the right our team amendments. has and years of experience working on retail and office of intent, lease agreements properties. location . find the right location .

We have worked on documents a daily on transaction: sides of the find the right location . find experience in working with these all the right location . find the right location effectively guide you through the process. basis helps us4 . find the right location landlord . find the right location . find THE 4 seller right location . find the right location . find the right location 4 Buyer . find the right location 4 tenant . find the right location

Hotel AG - hotel investment affiliate Limited service locations Limited service at 1 of 2 locations

www.ctfuller.com

Our Clients

— small We serve a broad spectrum of businesses expertise: benefit from our tenant representation Panera Bread Company UBS Financial Services

Fort Collins Commerce Bank Loveland Commerce Bank Colorado Department of Motor Vehicles First Community Bank

970.776.3900 970.267.7419

Tenant Representation

commercial real estate

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PHONE PHONE

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Team Overview 11x17 Brochure

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Public Relations Contact Gregory W. Morris, CEO/President Cassidy Turley Fuller Real Estate (303) 312-4285 gmorris@ctfuller.com

Cassidy Turley Fuller Real Estate of Fort Collins Adds Multi‐Family Specialist to the Team Fort Collins, Colorado – August 25, 2011 – Cassidy Turley Fuller Real Estate, with offices in Denver and Fort Collins, announced today the addition of Brian Mannlein to the Northern Colorado office. Mannlein is a multi-family specialist, focusing primarily on the purchase and sale of multi-unit housing properties 4 units and greater. Mannlein, previously with Realtec of Fort Collins, and Marcus and Millichap, a national investment specialty brokerage, becomes the 10th member of the northern brokerage team of Cassidy Turley Fuller, further strengthening their presence in the northern Colorado market.

“Adding a quality broker like Brian further enhances the ability of our full-service brokerage office to handle any commercial real estate and investment need in the northern region,” said Greg Morris, President and CEO. “In addition to his great success with local and regional apartment investors, our national investment platform will equip Brian to broaden his marketing reach and service larger institutional clients more effectively and help our company drive activity on the larger apartment transactions in northern Colorado.”

Cassidy Turley Fuller Real Estate offers comprehensive commercial real estate solutions in leasing and tenant representation, asset acquisition/disposition, property management, asset management, corporate services and capital markets. Cassidy Turley is one of the nation’s leading commercial real estate companies with 60 offices and over 3,200 professionals nationwide.

Cassidy Turley Fuller’s Northern Colorado office is located at 772 Whalers Way, Suite 200 in south Fort Collins. The brokers can be reached by phone at (970) 776-3900.

About Cassidy Turley Cassidy Turley is a leading commercial real estate services provider with 3,200 professionals in 60 offices nationwide. The company represents a wide range of public and private sector clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations.

Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Cassidy Turley provides regional real estate services with local Denver market leader Cassidy Turley Fuller Real Estate. With over 55 years of history within the Colorado real estate landscape, the company’s dominant presence includes 100 professionals and three offices serving Denver and the Front Range. The firm manages over 7 million square feet locally of office, retail and industrial space, lists more commercial real estate than any other brokerage house in the Denver metro and sells more land than its

Press Releases

Discover Leadership. Discover Excellence. Discover Success.

Discover Cassidy Turley Fuller.

Northeast Industrial World Flat But Not Unhealthy, Brokers Say

Exceed Expectations.

Our experienced team is positioned to leverage each others’ strengths

By Jill Jamieson-Nichols, Colorado Real Estate Journal (August 17 - September 6, 2011)

so that our clients get world class service. With the expertise to handle

The vacancy rate in Denver’s largest industrial submarket has changed little in the past 2 ½ years, but that’s not necessarily a bad thing.

the intricacies of complex deals, the wisdom to accurately advise and the tenacity to implement

Vacancy in the northeast submarket was 9.2 percent at the end of the second quarter, compared with 9.1 percent at the close of 2008, according to Cassidy Turley Fuller Real Estate broker Steve Poole. The rate fluctuated during that period from 8 percent and 9.3 percent.

proven strategies, you will know that you chose the right team for your real estate needs. We are advocates for our clients and passionate about their long-term success.

772 Whalers Way, Suite 200 Fort Collins, Colorado 80525 970.776.3900 970.267.7419

Nate Heckel

Travis Ackerman

Aki Palmer

Brian Mannlein

Jared Goodman

Russell Baker

Chad Hirschfield

Cole Herk

Jim Palmer

While that is a considerably higher number than the approximately 5.5 percent the market saw during its peak in 2007, the good news is that it never escalated into the double digits. Plus the average price paid for industrial buildings from 25,000 to 75,000 square feet has increased slightly from $47.25 to $49.90 per SF, according to CTF.

Jason Ells

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“It’s been a pretty consistent feeling out there,” said Poole. “We’re not overbuilt. I think it positions us to be in good shape for when this economy starts to turn because we’re sitting on such a low vacancy rate out there. It is healthy, especially when you compare it with other markets around the country.”

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On the flip side, rates have decreased from nearly $4 per sf triple net in late 2008 to $3.40 per SF today. That’s attributable to competition among landlords to keep and attract tenants. Speculative construction isn’t likely in the near

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future, and as long as that remains the case, a rent spike could be in store, Poole said.

Rents for flex space in the southeast Denver and Boulder corridor submarkets already are beginning to rise, according to Newmark Knight Frank Frederick Ross broker Jason Addlesperger. He and partner David Lee concur that the southeast market will see new flex/ research-and-development construction in the near future, probably by the end of the year.

The warehouse/distribution segment of the industrial market still has some big spaces to fill, however. There was 618,795 SF of negative absorption in the second quarter, with L’Oreal USA closing its Denver manufacturing operations and vacating a 280,-000-SF building at Majestic Commercenter, plus Ultimate Electronics vacating its 345,000-SF distribution center at Interstate 25 and 85th Avenue, Newmark Knight Frank reported.

“Those are some big chunks, but they’re also needed,” said Addlesperger.

“There are not a lot of big blocks of space in the industrial market.”

According to Poole, there are 22 spaces of 100,000 SF or greater in the northeast submarket, however, many of those spaces don’t have the high ceiling clearance, ESFR fire sprinklers and other

upgrades that help warehouse/distribution users gain efficiency. “We don’t have a lot of big blocks of space that are considered state-of-the-art,” he said.

Overall, there is a nice mix of available spaces that should suffice for the foreseeable future, given the state of the economy, he said. There are 36 spaces from 50,000 to 99,999 SF and 48 from 20,000 to 49,999 SF. Landlords and developers in the northeast submarket agree that activity on vacant spaces is good but say there are a lot more inquiries than deals landing, said Poole. A minimal number of companies are closing their doors or leaving the market, though, and landlords are somewhat optimistic moving forward, he said.

Poole said small-business owners know that now is a great time to buy, but that until the economy increases, they will continue to be reluctant to do so, despite attractive pricing and funding terms from lenders.

Tenants say existing deal terms are the best they have seen in a long time, but they, too, need proof of an improved economics to take down existing square footage or sign long-term renewals, according to Poole. t © 2011, Colorado Real Estate Journal

News Articles PAGE 10

Research Capabilities Reporting Documents ot Office Market Snapsh Quarter 2011 Denver • Third

Denver Market Trends

•

3Q 2011

Asking Rent $19.82 SF

30,067 SF

389,218 SF

13.7%

*Arrows = Current Quarter Trend

Deliveries

Net Absorption

Vacancy

Market Tracker

Amid Economic Concerns Metro Office Market Remains Steady

a slight through the third quarter of 2011 with cassidystable Turley Office Market Snapshot The Denver Metro office market remained quarter. Average asking rates from 13.9% the previous Denver • Third Quarter • 2011 decrease in vacancy, down to 13.7% for all classes of buildings. remained flat at $19.82/SF full service

TOTAl SuBleT nearly direcT invenTOry quarter, with BldgSfor the square foot market was strong vAcAnT vAcAnT Leasing activity for the 168 million large lease transactions Submarket There were only a handful of 400,000 square feet of positive absorption.

by Bridgepoint Education at Aurora an 80,000 square foot lease 276 8,355,925 completed, the largest of which were In the 1,185,056 54,503 Trigg at Republic Plaza.

Boulder foot lease by Wheeler 664 the Tabor Center and a 62,276 square 11,234,438 and Willis 1,145,079 107,723 square feet at Belleview Corporate Plaza 52,883 Capitol Hill/Midtown 636 Southeast market, HealthOne leased 7,717,394 much 475,964 12,332 as to how Blvd. The question CBD at 2000 S. Colorado Insurance leased 51,139 square feet 333 the 34,321,962 with 249,203 answered, been 4,720,334 finally 1801 California has Colorado at Blvd/Cherry Creek space Centurylink is expected to vacate 454 12,882,719 This will leave 7,667nearly 1,962,410 100,000 and 150,000 square feet.

Northwest company likely to downsize to between 679 15,213,596 downtown1,763,743 overall151,592 keeping space at that building, most likely 900,000 square feet of available Southeast 818 44,047,557 199,168 6,798,000 until the space is filled. rates flat over the next few years Southwest 521 9,500,091 16,237 1,236,915 West the level not approach 669but did 13,358,788 41,717 with $120 million in volume, 1,666,542 Investment sales remained steady classes recorded. Investment quarter, when over $350 million was of activity seen during the second Class A of sales during 2010. total volume the 287 surpassing 56,796,362 million, $800 494,991 7,579,289 activity for the year has reached Class B of four buildings portfolio purchase 90,573,806 during the quarter was the2,985 365,529 13,186,280 The largest investment transaction and sold for feet Class C square 594,000 totaled 2,483 20,721,593 These four properties 23,613 1,833,290 in the Cherry Creek submarket. and SITQ Immobilier was TOTAl the buyer168,091,761 The ROC Fund was 5,755 884,133 22,598,859 a combined $62 million or $104.45/SF. Way Office asking rents converted to Fullwas the purchase of 7601 Technology transaction Service. investment the seller. Another significantInventory includes all metro wide single and multi-tenant A office located in the Tech This 182,875 square foot Classbuilding.

by Wells Core REIT from LBA Realty. occupied at the time and or $226.93/SF. The property was 100% Center sold for $41.5 millionKey

denver Office

Economic Indicators Q310

Q311 Denver Metro Employment Vacancy Rate

Metro Unemployment Denver 16.0%

1.20M

1.20M

8.5%

8.8%

9.1%

9.6%

49.93

50.94

15.0%

U.S. Unemployment 14.0% 13.0% CCI U.S. 12.0%

11 0% 11.0% 2007

2011

2010

2009

2008

Net Absorption Net Absorption 3,500

are Feet ('000s) Square

currenT neT ABSOrpTiOn

16,046 (10,756)

33,278

6.3%

23,783

(3,942)

323,401

(All clASSeS)

(clASS A)

$15.46

$16.26

0

$19.85

$22.26

60,000

$18.19

$21.14

89,059

13.8%

27,114

118,925

321,000

15.3%

$25.39

(167,632)

$28.09

(78,407)

0

$17.71

$20.07

12.6%

58,057

15.9%

132,815

351,451

13.2%

Today Denver’s Economy is faring reasonably market is performing well, Metro Denver

185,000

405,012

(762)

$21.28

0

(51,801)

$23.83

$17.79

$20.91

796,255

706,000

$23.87

556,949

385,148

201,059

$18.04 $14.11

66,563

200,000

9.0%

31,598

(151,344)

0

13.7%

389,218

1,030,059

907,059

2,500

recorded a cap rate of 8.5%.prOperTy

2,000 1,500 000 1 1,000 500 0 -500 -1,000

2010

2009

2008

2007

2011 (YTD)

Vacancy Rate

Sf

TrAnSAcTiOn Type

is withstanding foreclosure activity is another sign the market The continued decline in Metro Denver seven-county region reported year-to-date most of the • Transaction Property Name text goes heretotals tough conditions. Public trustees throughout for 2010. text goes here. that were 30 percent or more below comparable counts of new foreclosure filings in JulyText about SF, price, in who sold/leased decline the recent the property, who crisis have likely influenced bought/leased Filings delays related to the "robo-signing" temporary be more Text appears to aboutthan dropproperty. the atotal thethe foreclosures, but experts increasingly acknowledge finally be consideration foreclosure avoid (expected) homeowners closing to help and date. may phenomenon. The various programs designed the Mortgage is placing more homeowners at risk. Notably, • market Transaction to the working, although the weakening job Property Name a measure closely goes here text tied goes here. new mortgage delinquencies,text Bankers Association recently reported that

16.0%

15.0%

total in the market could consideration recovery andto(expected) job trends, the closing closely related date.

Because activity in the housing market is down, rents market, is gaining strength. Vacancies are • apartment Transaction take time. One facet of housing, the is still a fraction Property Name construction text goesactivity here text goes here. has accelerated. Multifamily are rising, and apartment constructionText source of about welcome SF, price, remains athe who sold/leased construction but apartment property, who of what it was in healthier economic times, bought/leased ) the on the next page property.

Text…about (continued the total business for some recession-weary builders.

New

12.0%

11 0% 11.0% 2007

2011

2010

2009

2008

CBD

New

Southeast Southeast

LBA Realty / Wells Core Office Income

1543 Wazee / US PIRG Education

price

square feet.

SuBMArkeT

$62,050,000 REIT

Glendale

$41,500,000

Southeast

$6,697,000

Northwest

$3,029,000

CBD

2012 as Denver off but will remain consistent through • Investment activity has leveled investment market in the United States. remains a top ten About

Net Absorption 3,500

cassidy Turley

3,000 2,500

www.cassidyturley.com

1,500 000 1,000 1 500 0 -500 -1,000

2008

2007

2010

2009

2011 (YTD)

and (expected) closing date. here text goes here.

• Transaction Property Name text goes property, who Text about SF, price, who sold/leased the total consideration bought/leased the property. Text about the and (expected) closing date.

Andrea Jones Vice President, Research & Marketing

Cassidy Turley is a leading commercial real estate services provider with 3,200 professionals in 60 offices nationwide. The company represents a wide range of public and private sector clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting.

In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

2,000

here text goes here.

• Transaction Property Name text goes who Retail Snapshot SF, price, who sold/leased the property, Text about total bought/leased the property. Text about the and (expected) closing date. consideration • Transaction Property Name text goes here text goes here.

Text about SF, price, text goes here. text goes whoName sold/leased Property the here property, who • Transaction bought/leasedSF, property, who thetotal property. sold/leased whoText about the Text about theprice, consideration and (expected) closing date. Text about the total bought/leased the property. and (expected) closing date. consideration • Transaction Property Name text goes here text goes here.

Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration www.ctfuller.com and (expected) closing date.

here text goes here.

• Transaction Property Name text goes property, who Text about SF, price, who sold/leased the total consideration bought/leased the property. Text about the

Southeast

$13,570,000

Fund

about SF, price, who sold/leased the property, who bought/leased the property. Text abouthere text goes here.

Name text goes the total • Transaction considerationProperty and (expected) closing date.property, who Text about SF, price, who sold/leased the about the total Text • bought/leased Transaction Property the property.

Name text goes here text goes here. closing date.

Text about SF,and (expected) price, who sold/leased consideration the property, who bought/leased the property. Text about the text goes here. heretotal goes text Name Property • Transaction consideration and (expected) closing date.property, who Text about SF, price, who sold/leased the total bought/leased the property. Text about the consideration and (expected) closing date.

here text goes here.

• Transaction Property Name text goes property, who Text about SF, price, who sold/leased the total consideration bought/leased the property. Text about the and (expected) closing date. here text goes here.

• Transaction Property Name text goes property, who Text about SF, price, who sold/leased the total consideration bought/leased the property. Text about the and (expected) closing date.

CBD Southeast

New Renewal

prOperTy

182,875

13.0%

Decline in apartment, office, and retail vacancy rates are three of eight indicators that moved in a positive monthly direction in this report. Eleven indicators moved in a positive direction in last month's report. Fourteen indicators moved in a positive annual direction this month, compared to 15 last month.

• Transaction Property Snapshot Name text goes here text goes here.

Industrial Text

Office Snapshot

SuBMArkeT

New

outheast submarkets.

Orchard Pointe 113,353 • Rental rates will remain flat in the CBD and S Means-Knaus & Guggenheim / TA Associates 8410 Decatur St of the Centurylink the completion quarter following 18,278 Palestra Properties / Western Nephrology • Absorption will fall in the fourth for deals smaller than 15,000 1543 Wazee strong in the market 32,000 downsize, but activity will remain

14.0%

"Along with the recent multifamily development activity, there are other signs of growth in key industry clusters in the region," explains Tom Clark, executive vice president of the Metro Denver EDC. "Many Metro Denver aerospace and cleantech companies received large contracts and orders this year, and 144 Colorado companies were named on Inc. magazine's 2011 list of the 500 fastest growing private companies. Unfortunately we are still waiting on consistent and significant job growth in order for the economy to rebound. Substantial job growth will boost consumer confidence, support the housing market, and create demand for additional commercial space and development."

Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the

labor market, are rising again.

Key Sales Transactions 3Q11

Sf Seller/Buyer

come to market in 2012, the LEED certified 700-710 Ash, 4300-4500 Cherry Creek 594,044 • One speculative office building is expected to SITQ Immobilier / The ROC Fund Interlocken in Broomfield.

7601 Technology Way Class A office at Eastgate

Vacancy Rate

(continued from first page … )

consideration and (expected) closing date.

TenAnT

Tabor Center of new product delivered 80,000 feet with only 30,000 square Bridgepoint Education Office development remains at a standstill feet delivered during the previous Republic Plaza up 17,000 square64,276 Wheeler Trigg to the market during the quarter, following the 900,000 square feet under construction, totaling Belleview Corporate Plaza II th 52,883 quarter. There are currently nine buildings HealthOne Inc at 2000 16 St. square foot headquarter of Davita, 270,000 2000 S. Colorado Boulevard most notable of which is the 51,139 under construction, Willis Insurance 410,000 2012. Of the 900,000 square feet expected to deliver in July305 Interlocken Parkway is 100% pre-leased.

Flextronics International year’s end, all of which 49,240 square feet is expected to deliver by

Forecast

Denver’s Economy Today

Development Projects

$21.40

$16.35

61,001

(199,329)

3Q 2011

Developments on the Move

$25.76

$18.66

0

12.8%

13.3% 15.0%

Denver Market Trends

MSA While few would say the national housing Association of Realtors, the Denver-Aurora-Broomfield well. According to data from the National median home a year over year decline in second quarter was one of 109 metro areas that reported roughly one-third of percent) ranked seventh smallest and was price, although the Denver decline (0.9 good news for the (2.8 percent). Price declines are hardly the drop reported in the nationwide median is holding its modest drop shows the local housing market market, but Metro Denver's comparatively own under very difficult conditions. Key Metro

yTd neT AverAge under AverAge ABSOrpTiOn cOnSTrucTiOn ASking renT ASking renT

14.8% 10.3%

Lease Transactions 3Q11

3,000

are Feet ('000s) Square

vAcAncy rATe

1515 Arapahoe Street Suite 1200

Investment Snapshot • Transaction Property Name text goes here text goes here. Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

• Transaction Property Name text goes here text goes here. Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

• Transaction Property Name text goes here text goes here.

Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

Denver, CO 80202 Tel: 303.312.4256 Fax: 303.534.8270 Email: ajones@ctfuller.com

• Transaction Property Name text goes here text goes here. Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

• Transaction Property Name text goes here text goes here.

Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.

Copyright © 2011 Cassidy Turley.

All rights reserved.

• Transaction Property Name text goes here text goes here. Text about SF, price, who sold/leased the property, who bought/leased the property. Text about the total consideration and (expected) closing date.

www.cassidyturley.com

www.ctfuller.com

Quarterly Market Snapshot Reports

Quarterly Market Trend Reports

Horizon/Skyline Study Wells Fargo Center (1700 Lincoln)

Denver Financial Plaza (1775 Sherman)

UMB Bank Plaza (1670 Broadway)

Colorado State Bank (1600 Broadway)

Civic Center Plaza (1560 Broadway)

World Trade Center I (1675 Broadway)

World Trade Center II (1625 Broadway)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

Republic Plaza (370 17th Street)

410 17th Street 410 17th Street

555 17th Street 555 17th Street

Dominion Plaza (600 17th Street)

1999 Broadway (1999 Broadway)

1801 California (1801 California)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Denver Financial Plaza (1775 Sherman)

UMB Bank Plaza (1670 Broadway)

Colorado State Bank (1600 Broadway)

Civic Center Plaza (1560 Broadway)

633 17th Street (633 17th Street)

MCI Tower (707 17th Street)

Manville Plaza (717 17th Street)

Hudson Bay Center (1600 Stout)

Denver Place Tower (999 18th Street)

US Bank Tower (950 17th Street)

Independence Plaza (1050 17th Street)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

Park Central Tower 1 (1515 Arapahoe)

Park Central Tower 2 (1515 Arapahoe)

Park Central Tower 3 (1515 Arapahoe)

Writer Square (1512 Larimer Street)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

1800 Larimer (1800 Larimer)

1675 Larimer (1675 Larimer)

Alamo Plaza (1401 17th Street)

Guaranty Bank (1331 17th Street)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

Millennium Financial (1550 17th Street)

16 Market Square (1400 16th Street)

1899 Wynkoop (1899 Wynkoop)

1515 Wynkoop (1515 Wynkoop)

1400 Wewatta (1400 Wewatta)

Gates HQ (1551 Wewatta)

1900 16th Street (1900 16th Street)

56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

World Trade Center I (1675 Broadway)

World Trade Center II (1625 Broadway)

1700 Broadway (1700 Broadway)

Republic Plaza (370 17th Street)

Dominion Plaza (600 17th Street)

1999 Broadway (1999 Broadway)

633 17th Street (633 17th Street)

MCI Tower (707 17th Street)

Manville Plaza (717 17th Street)

Hudson Bay Center (1600 Stout)

Denver Place Tower (999 18th Street)

1001 17th Street (1001 17th Street)

Granite Tower (1099 18th Street)

Chase Building (1125 17th Street)

Park Central Tower 1 (1515 Arapahoe)

Park Central Tower 2 (1515 Arapahoe)

Park Central Tower 3 (1515 Arapahoe)

Tabor Center (1200 17th Street)

17th Street Plaza (1225 17th Street)

1875 Lawrence (1875 Lawrence)

Guaranty Bank (1331 17th Street)

Alamo Plaza (1401 17th Street)

Colorado State Bank 431,963 $22.00 - $27.00

Civic Center Plaza 585,950 $24.00 - $28.00

World Trade Center I 375,305 $27.00 - $30.00

World Trade Center II 394,493 $27.00 - $30.00

1700 Broadway 394,151 $23.00 - $27.00

Republic Plaza 1,281,358 $29.00 - $35.00

410 17th Street 419,345 $25.00 - $28.00

555 17th Street 683,220 $24.00 - $28.00

Dominion Plaza 588,841 $25.00 - $28.00

1999 Broadway 680,276 $24.00 - $28.00

1801 California 1,370,847 $24.00 - $34.00

633 17th Street 552,988 $22.00 - $28.00

MCI Tower 563,085 $24.00 - $29.00

Manville Plaza 737,432 $22.00 - $28.00

Hudson Bay Center 173,155 $20.00 - $24.00

Denver Place Tower 891,505 $24.00 - $28.00

US Bank Tower 499,472 $27.00 - $30.00

Independence Plaza 567,287 $24.00 - $28.00

1001 17th Street 655,565 $26.00 - $29.00

Granite Tower 607,979 $24.00 - $32.00

Chase Building 493,476 $26.00 - $29.00

Park Central Tower 1 312,250 $27.00 - $33.00

Park Central Tower 2 92,322 $27.00 - $33.00

Park Central Tower 3 178,008 $27.00 - $33.00

Writer Square 179,271 $21.00 - $25.00

Tabor Center 571,773 $31.00 - $36.00

17th Street Plaza 666,653 $31.00 - $35.00

1875 Lawrence 185,737 $21.00 - $25.00

1800 Larimer 496,359 $38.00 - $40.00

1675 Larimer 110,211 $23.00 - $26.00

Guaranty Bank 218,906 $24.00 - $27.00

Alamo Plaza 191,151 $24.00 - $27.00

Millennium Financial 134,000 $29.00 - $34.00

16 Market Square 206,000 $26.00 - $34.00

1899 Wynkoop 170,000 $27.00 - $31.00

1515 Wynkoop 318,088 $28.00 - $34.00

1400 Wewatta 210,185 $27.00 - $34.00

Gates HQ 285,197 $25.00 - $28.00

1900 16th Street 400,538 $29.00 - $34.00

81.8% 3,979

86.5% -

92.3% 14,004

93.6% -

95.0% -

93.1% 23,800

77.0% -

81.7% 8,180

74.9% 1,025

88.1% 38,126

99.30% Today* 28,126

94.8% 11,196

90.7% -

72.2% -

79.9% -

78.3% 8,301

86.3% -

89.60% 81,544

88.6% 66,186

82.9% 11,479

76.4% -

99.00% -

100% 4,033

100% 2,000

93.60% 12,232

85.7% 21,082

77.8% 32,727

81.0% -

88.10% -

71.8% 6,846

84.5% 10,473

83.3% 6,334

100.00% -

94.1% 6,517

91.3% -

89.9% 33,372

97.2% 20,462

100.00% -

43.9% -

42,136

17,777

32,477

14,239

.5/1,000

.42/1,000

.14/1,000

13,941

5,391

50,442

17,629

58,731

27,022

49,607

.14/1,000

3/1,000

1/1,500

.67/1,000

.7/1,000

.01/1,000

1.04/1,000

Writer Square (1512 Larimer Street)

398,612

29,788

25,577

73,311

9,467

25,215

19,682

44,617

66,186

21,154

39,998

2,500

4,033

2,000

12,232

1/1,000

1/1,000

1/1,000

1/1,000

.22/1,000

1/1,000

1.73/1,000

1/1,000

1.2/1,000

.99/1,000

1.1/1,000

1.1/1,000

1.1/1,000

1.1/1,000

2.6/1,000

1800 Larimer (1800 Larimer)

1675 Larimer (1675 Larimer)

CoStar/LoopNet/Xceligent Searches & Analytics

88.5% -

.6/1,000

Independence Plaza (1050 17th Street)

1875 Lawrence (1875 Lawrence)

UMB Bank Plaza 697,395 $22.00 - $29.00

11,040

US Bank Tower (950 17th Street)

17th Street Plaza (1225 17th Street)

Tabor Center (1200 17th Street)

93.1% 11,040

.55/1,000

1801 California (1801 California)

Chase Building (1125 17th Street)

Denver Financial Plaza 666,653 $23.00 - $26.00

86,540

555 17th Street 555 17th Street

Granite Tower (1099 18th Street)

91.5% 115,675

.84/1,000

410 17th Street 410 17th Street

1001 17th Street (1001 17th Street)

Wells Fargo 1,213,381 $29.00 - $35.00

Wells Fargo Center (1700 Lincoln)

RBA: Transacting Gross Rent Range: % Leased (Direct): Sublease Space on Market Largest Contiguous Block: Parking Ratio:

1700 Broadway (1700 Broadway)

Millennium Financial (1550 17th Street)

16 Market Square (1400 16th Street)

1899 Wynkoop (1899 Wynkoop)

1515 Wynkoop (1515 Wynkoop)

1400 Wewatta (1400 Wewatta)

Gates HQ (1551 Wewatta)

1900 16th Street (1900 16th Street)

20,894

103,760

13,595

58,968

17,410

11,139

13,211

-

15,049

6,036

44,517

12,248

-

206,051

1/1,000

1/1,000

1.1/1,000

1/1,000

.5/1,000

3/1,000

2.5/1,000

1.2/1,000

1/1,000

2/1,000

1.5/1,000

1.33/1,000

2.07/1,000

1.3/1,000

*25% June 2012

DoWNToWN DENvER SkyLINE STUDy

10/7/2011

LEGEND Direct Space Available

DoWNToWN DENvER SkyLINE STUDy

Sublease Space on the Market

10/7/2011

LEGEND Direct Space Available Sublease Space on the Market

Visual Representation of Building Heights, Tenants and Availabilities

Custom Charts & Graphs

Demographic Maps Submarket Charts and Graphs

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 11

Your Cassidy Turley Team “Sweat is the cologne of accomplishment.”

— Heywood Broun

About Us We are dedicated to our clients. We take time to understand our client’s needs, goals, and requirements. We believe a mutually beneficial business relationship is one in which we make our client’s goals our own and work toward them with unwavering commitment. Each member of our team is thoroughly involved with every listing and transaction. This true team approach promotes an open dialogue, the sharing of ideas, results in more listings sold/ leased, and satisfied clients who are loyal to our representation services. Adding value to our clients bottom line is our focus and our commitment to you. We are certain our market knowledge, expertise, unique approach, and personal dedication will prove an unrivaled choice for your brokerage service needs.

David Fried Senior Vice President David has over 28 years’ experience negotiating and closing business and property transactions in the Denver Commercial Real Estate Market. David’s extensive experience and positive results in the areas of acquisitions, dispositions, sales and leasing make David a consistent top producer. Although David’s primary focus is the retail market, he takes on listings in other commercial real estate sectors as well. David has extensive knowledge of the Colorado market and a keen understanding of the needs and expectations of various types of buildings, owners, and tenants. David’s energy and negotiating skills help him achieve top market value for his clients.

Property Sales & Leasing • Comparable Market Analysis • Property Analysis • Rent Analysis • Demographic Research • Sales vs Lease Comparison

Landlord & Tenant Representation • Mass Marketing • Lease Analysis • Recent Closed Transactions (Sale / Lease) • Leasing Status Reports • Tenant Criteria Evaluation

Robert Hudgins Broker Associate Robert has over 5 years’ experience in the Denver Commercial Real Estate Market. His previous, extensive and highly successful sales background contributes to outstanding results in the areas of sales, leasing, landlord and tenant representation assignments. Although his primary focus is the retail market, his portfolio includes land, office and industrial listings as well.

Robert has extensive knowledge of the Colorado market, which helps him find creative solutions that fit his client’s needs. His attention-to-detail, unparalleled work ethic and value-driven approach generates many satisfied, repeat clients.

Other Services • Market Research • Property Research (For Sale / For Lease) • Financial Analysis • Investment Services • ProCalc • Cold Calling

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 12

David Fried | Senior Vice President 28 Years’ Experience

Heather Burns | Business Manager 4 Years’ Experience

Senior Broker Contact

Broker Support

Team Leader

Client Relations

Primary Contact

Listing Manager

Market Expertise

Research

Strategy Implementation

Project Facilitation

Tours

Marketing Planning

Lease Negotiation

Proposal Preparation

Transaction Analysis

Broker Coordinator

Broker Awareness/Networking

Administration

Consultant

LOYAL

Robert Hudgins | Broker Associate 5 Years’ Experience

DAVID ROBERT HEATHER

Day-to-Day Marketing Tours

RESULTSDRIVEN

CREATIVE

ENERGETIC

Proposal Generation Lease Negotiation Lease Review Broker Awareness/Networking Creative Promotions Prospecting

PERSISTENT

Tenant Follow-Up

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 13

Your Cassidy Turley Team Recent Transactions

970 Yuma Street Denver, Colorado 80204 21,570 SF Client: Seller – Northstar Commercial Partners

19201 East Lincoln Avenue Parker, Colorado 80138 32,163 SF Client: Seller – Capital Automotive

19185 East Lincoln Avenue Parker, Colorado 80138 25,141 SF Client: Seller – Capital Automotive

1445 Market Street Denver, Colorado 80202 7,451 SF Client: Landlord – Denver Metro Chamber of Commerce

7300 North Broadway Denver, Colorado 80221 131,290 SF Client: Seller - Capital Automotive

680 Garden of the Gods Road West Colorado Springs, Colorado 80907 25,325 SF Client: Buyer – Appliance Factory Outlet

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

PAGE 14

9190 Wadsworth Parkway Westminster, Colorado 80021 49,543 SF Client: Landlord – Brookhill V Acquisitions, LLC

5036 West 92nd Avenue Westminster, Colorado 80031 43,146 SF Client: Seller – Hampton Owned Colorado, LLC

Representative Client List Appliance Factory Outlet

La Fogata

Black Equities

Northstar Commercial Partners

Capital Automotive

Retail Properties of America

Colorado Casual Furniture

Runner’s Roost

Cook’s Fresh Market

Spectrum Commercial Real Estate Solutions

Crown West Realty, LLC

The Original Pancake House

Europtics

UMB

Hampton Partners

Wealth Strategies Group

Karney Management Company

WEBAS Management Group

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Team Experience David Fried David A. Fried, Senior Vice President 1515 Arapahoe St., Suite 1200 | Denver, CO 80202 T 303.312.4247 C 303.489.0888 F 720.488.7411 david.fried@cassidyturley.com | cassidyturley.com/colorado

Professional Expertise David Fried has over 28 years of experience negotiating and closing business and property transactions in the Denver commercial real estate market. Specializes in the retail market, but achieves impeccable results in the areas of acquisitions, dispositions, and sales and leasing for retail, industrial, office, and land. David also has extensive knowledge of the Colorado market and understands the needs and expectations of various types of buildings, landlords, and tenants. Energy and negotiating skills help to achieve top market value for clients. Consistently one of the top producing retail brokers in the market.

Clients Served • Inland Western Retail Real Estate Trust Inc. • Hill Associates Real Estate Development • Black Equities • WEBAS Management Group • Hampton Partners • Capital Automotive • Wealth Strategies

Professional Recognition Cassidy Turley Colorado Cup, Top Producing Broker, 2008 NAIOP, Retail Broker of the Year, 2007 DMCAR Award Winner, Top Retail Broker, 2007 DMCAR Award Winner, Retail Top Broker, 2004 DMCAR Award Winner, Investment and Retail Top Producer, 2003 DMCAR Award Winner, Retail and Industrial Top Producer, 2002 DBJ/DMCAR Award Winner, Most Sides Closed, Top 10, 2000

DMCAR Award Winner, Top 10, 1995, 1996, 1997, 1999

Community Leadership Broker for Battered Kids, Cherry Creek School Foundation Fund Raiser, JFS, Boys and Girls Club of Metro Denver

Professional Affiliations International Council of Shopping Centers (ICSC) National Association of Industrial Office Properties (NAIOP) Denver Metro Commercial Associaion of Brokers (DMCAR) CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Robert Hudgins Robert Hudgins, Broker Associate 1515 Arapahoe St., Suite 1200 | Denver, CO 80202 T 303.575.1547 C 303.888.8497 F 720.488.7411 robert.hudgins@cassidyturley.com | cassidyturley.com/colorado

Professional Expertise Robert Hudgins has over 5 years’ experience in the Denver Commercial Real Estate Market. His previous, extensive and highly successful sales background contributes to outstanding results in the areas of sales, leasing, landlord and tenant representation assignments. Although his primary focus is the retail market, his portfolio includes land, office and industrial listings as well.

Robert has extensive knowledge of the Colorado market, which helps him find creative solutions that fit his client’s needs. His attention-to-detail, unparalleled work ethic and value-driven approach generates many satisfied, repeat clients.

Areas of Specialization Retail Services Retail Practice Group Land Services Group

Recent Major Transactions • Northstar Commercial Partners, 970 Yuma St., Denver - 21,570 SF • Capital Automotive, 19201 E. Lincoln St., Parker - 32,163 SF • Appliance Factory Outlet, 680 Garden of the Gods Rd., Colorado Springs - 25,325 SF • Denver Metro Chamber of Commerce, 1445 Market St., Denver - 7,451 SF • Appliance Factory Outlet, 5880 W. 88th Ave., Westminster - 34,000 SF • Brookhill V Acquisitions, LLC, 9190 Wadsworth Blvd., Westminster - 49,543 SF • Capital Automotive, 7300 N. Broadway, Denver - 131,290 SF • Capital Automotive, 19185 E. Lincoln Ave., Parker - 25,141 SF

Professional Recognition CoStar Power Broker 2008-2011 Community Leadership Participant, Brokers for Battered Kids Professional Affiliations Member, Denver Metropolitan Commercial Association of Realtors (DMCAR) Member, National Association of Industrial and Office Properties (NAIOP) International Council of Shopping Centers (ICSC)

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Team Experience Kevin Terrien | Project Management & Development Kevin Terrian, LEED©,AP Senior Vice President, Principal 1515 Arapahoe Street, Suite 1200 | Denver, CO 80202 T 303.312.4203 F 303.534.8270 kevin.terrian@cassidyturley.com | cassidyturley.com/colorado

Professional Expertise Kevin, as Senior Vice President, leads the Project and Development Services team for Cassidy Turley in the Colorado region. He has 20 years of development management, project management, design and engineering and facility relocation experience for both owners and occupiers of real estate.

Kevin has acted as the project manager and owner’s representative on both local and international projects including an 18-month assignment in South Africa. Kevin was the Program Manager for the Microsoft West Campus build-to-suit project in Redmond, Washington. Kevin has also represented several real estate owners including pension funds, REITs, insurance companies and institutional investment firms as project manager on capital and tenant improvements on their commercial real estate investment properties.

Recent Major Transactions • Microsoft, Redmond, Washington - 1.1 Million SF Build-to-Suit • Lehman Brothers, Scottsbluff, Nebraska - 175,000 SF Build-to-Suit • Pulte Mortgage, Centennial, Colorado - 100,000 SF Build-to-Suit • Pikes Peak School of Expeditionary Learning, Falcon, Colorado - 28,000 SF Build-to-Suit • Level 3, Tulsa, Oklahoma - 150,000 SF Tenant Improvements • Bridgepoint Education, Denver, Colorado - 150,000 SF Tenant Improvements • United States Olympic Committee, Colorado Springs, Colorado - 90,000 SF Tenant Improvements • Deloitte, Denver, Colorado - 60,000 SF Tenant Improvements • Google, Boulder, Colorado - 35,000 SF Tenant Improvements • Flagstaff Academy, Longmont - CO, 34,000 SF Tenant Improvements

Professional Affiliations and Accreditations American Society of Civil Engineers Registered Professional Engineer, State of Colorado United States Green Building Council (USGBC)

Education Master of Science, Civil Engineering, University of Texas, Austin, Construction Engineering and Project Management Bachelor of Science, Civil Engineering, University of Illinois, Urbana-Champaign

CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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Alex Fox | Property Management Alex Fox, CPM® Senior Vice President, Principal 1515 Arapahoe Street, Suite 1200 | Denver, CO 80202 T 303.312.4232 C 303.638.1045 F 303.534.8270 alex.fox@cassidyturley.com | cassidyturley.com/colorado

Professional Expertise Alex Fox serves as the City Leader in the Property Management Division of Cassidy Turley, where he oversees the management team and operations in the Denver market. Alex focuses on coordinating services offered by Cassidy Turley to meet client objectives for each property. His responsibilities include budget creation and analysis, lease negotiation and administration, supervision and support to the property management staff, strategic planning and quality control functions.

Prior to his current position, Alex served as the Account Manager for the BJC HealthCare portfolio in St. Louis, MO. BJC HealthCare is one of the largest non-profit healthcare systems in the United States, and the largest employer in Missouri. As the Account Manager, Alex worked closely with BJC HealthCare’s Director of Real Estate, Legal Department, hospital system presidents and administrators as well as a team of ten Cassidy Turley managers and associates, overseeing management and leasing throughout the 25 building, 1.5 million square foot, portfolio.

In December 2008, Cassidy Turley was awarded the management assignment for the Express Scripts corporate headquarters.

At that time, Alex assumed the additional responsibility of managing the Express Scripts corporate real estate relationship in St. Louis. Alex joined Cassidy Turley in June 1998 as a Property Manager and has worked on several high profile office, retail and medical office assets.

Representative Client List • Archon Group • BJC HealthCare • Express Scripts

Professional Recognition Cassidy Turley Frederic B. Martin Award, 2003 Cassidy Turley Customer Service Award, 2001

Community Leadershiphip Board of Directors, Cassidy Turley Representative, St. Louis Minority Supplier Development Council Board Member, Young Professionals of the St. Louis Crisis Nursery Five Time Participant and Fundraiser, MS150 Bicycle Ride

Professional Affiliations Licensed Real Estate Salesperson, Missouri St. Louis Association of Realtors Certified Property Manager (CPM)

Education Bachelor of Arts, Political Science, University of Missouri CASSIDY TURLEY / DENVER, COLORADO / RETAIL CAPABILITIES

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David Fried 303.312.4247 david.fried@cassidyturley.com

Robert Hudgins 303.575.1547 robert.hudgins@cassidyturley.com

Heather Burns 303.312.4229 heather.burns@cassidyturley.com

Cassidy Turley Colorado / 1515 Arapahoe Street, Suite 1200 / Denver, Colorado 80202 / 303.292.3700 phone / cassidyturley.com/colorado