Back to GetFilings.com
1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the transition period from --------------
to ---------------.
Commission File Number 333-21873
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-3924586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
(Address of principal executive offices) (Zip Code)
(312) 344-4300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No .
--- ---
2
FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
PAGE
----
PART I.
Item 1. Business...................................................................................... 3
Item 2. The Properties................................................................................ 6
Item 3. Legal Proceedings............................................................................. 29
Item 4. Submission of Matters to a Vote of Security Holders........................................... 29
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters......................... 30
Item 6. Selected Financial Data....................................................................... 31
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations......... 34
Item 7a. Quantitative and Qualitative Disclosures About Market Risk.................................... 44
Item 8. Financial Statements and Supplementary Data................................................... 44
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures......... 44
PART III.
Item 10. Directors and Executive Officers of the Registrant............................................ 44
Item 11. Executive Compensation........................................................................ 44
Item 12. Security Ownership of Certain Beneficial Owners and Management................................ 44
Item 13. Certain Relationships and Related Transactions................................................ 44
PART IV.
Item 14. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K.......... 45
SIGNATURES ................................................................................................. 49
1
3
This report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. First Industrial, L.P.
(the "Operating Partnership") intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of complying with those safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe
future plans, strategies and expectations of the Operating Partnership, are
generally identifiable by use of the words "believe", "expect", "intend",
"anticipate", "estimate", "project", or similar expressions. The Operating
Partnership's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
affect on the operations and future prospects of the Operating Partnership on a
consolidated basis include, but are not limited to, changes in: economic
conditions generally and the real estate market specifically,
legislative/regulatory changes (including changes to laws governing the taxation
of real estate investment trusts), availability of capital, interest rates,
competition, supply and demand for industrial properties in the Operating
Partnership's current and proposed market areas and general accounting
principles, policies and guidelines applicable to real estate investment trusts.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements. Further
information concerning the Operating Partnership and its business, including
additional factors that could materially affect the Operating Partnership's
financial results, is included herein and in the Operating Partnership's other
filings with the Securities and Exchange Commission.
2
4
PART I
ITEM 1. BUSINESS
THE COMPANY
GENERAL
First Industrial, L.P. (the "Operating Partnership") was organized as a
limited partnership in the state of Delaware on November 23, 1993. The sole
general partner is First Industrial Realty Trust, Inc. (the "Company") with an
approximate 84.3% ownership interest at December 31, 2000. The Company also owns
a preferred general partnership interest in the Operating Partnership
("Preferred Units") with an aggregate liquidation priority of $350.0 million.
The Company is a real estate investment trust ("REIT") as defined in the
Internal Revenue Code. The Company's operations are conducted primarily through
the Operating Partnership. The limited partners of the Operating Partnership
own, in the aggregate, approximately a 15.7% interest in the Operating
Partnership at December 31, 2000.
The Operating Partnership is the sole member of several limited
liability companies (the "L.L.C.s") and the majority economic stockholder of FR
Development Services, Inc., and holds at least a 99% limited partnership
interest (subject in one case, as described below, to a preferred limited
partnership interest) in First Industrial Financing Partnership, L.P. (the
"Financing Partnership"), First Industrial Securities, L.P. (the "Securities
Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage
Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"),
First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV,
LTD., and First Industrial Development Services, L.P. (together, the "Other Real
Estate Partnerships"). The Operating Partnership, through separate wholly-owned
limited liability companies in which it is the sole member, also owns 10% equity
interests in, and provides asset and property management services to, two joint
ventures which invest in industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with at least a .01% general partnership interest in the
Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned
subsidiary of the Company. The general partner of the Securities Partnership,
First Industrial Securities Corporation, also owns a preferred limited
partnership interest in the Securities Partnership which entitles it to receive
a fixed quarterly distribution, and results in it being allocated income in the
same amount, equal to the fixed quarterly dividend the Company pays on its 9.5%,
$.01 par value, Series A Cumulative Preferred Stock.
As of December 31, 2000, the Operating Partnership, the L.L.C.s and FR
Development Services, Inc. (hereinafter defined as the "Consolidated Operating
Partnership") owned 865 in-service industrial properties, containing an
aggregate of approximately 55.6 million square feet of gross leasable area
("GLA"). On a combined basis, as of December 31, 2000, the Other Real Estate
Partnerships owned 104 in-service industrial properties, containing an aggregate
of approximately 12.6 million square feet of GLA. Of the 104 industrial
properties owned by the Other Real Estate Partnerships at December 31, 2000, 22
are held by the Mortgage Partnership, 24 are held by the Pennsylvania
Partnership, 22 are held by the Securities Partnership, 22 are held by the
Financing Partnership, six are held by the Harrisburg Partnership, six are held
by the Indianapolis Partnership, one is held by First Industrial Development
Services, L.P. and one is held by TK-SV, LTD.
The Consolidated Operating Partnership utilizes an operating approach
which combines the effectiveness of decentralized, locally based property
management, acquisition, sales and development functions with the cost
efficiencies of centralized acquisition, sales and development support, capital
markets expertise, asset management and fiscal control systems. At March 23,
2001, the Consolidated Operating Partnership had 283 employees.
The Consolidated Operating Partnership has grown and will seek to
continue to grow through the development of industrial properties and the
acquisition of additional industrial properties.
3
5
BUSINESS OBJECTIVES AND GROWTH PLANS
The Consolidated Operating Partnership's fundamental business objective
is to maximize the total return to its partners through increases in per unit
distributions and increases in the value of the Consolidated Operating
Partnership's properties and operations. The Consolidated Operating
Partnership's growth plan includes the following elements:
- - Internal Growth. The Consolidated Operating Partnership seeks to grow
internally by (i) increasing revenues by renewing or re-leasing spaces
subject to expiring leases at higher rental levels; (ii) increasing
occupancy levels at properties where vacancies exist and maintaining
occupancy elsewhere; (iii) controlling and minimizing property
operating and general and administrative expenses; (iv) renovating
existing properties; and (v) increasing ancillary revenues from
non-real estate sources.
- - External Growth. The Consolidated Operating Partnership seeks to grow
externally through (i) the development of industrial properties; (ii)
the acquisition of portfolios of industrial properties, industrial
property businesses or individual properties which meet the
Consolidated Operating Partnership's investment parameters and
geographic target markets; and (iii) the expansion of its properties.
BUSINESS STRATEGIES
The Consolidated Operating Partnership utilizes the following six
strategies in connection with the operation of its business:
- - Organization Strategy. The Consolidated Operating Partnership
implements its decentralized property operations strategy through the
use of experienced regional management teams and local property
managers. Each operating region is headed by a managing director, who
is a senior executive officer of, and has an equity interest in, the
Company. The Consolidated Operating Partnership provides acquisition,
development and financing assistance, asset management oversight and
financial reporting functions from its headquarters in Chicago,
Illinois to support its regional operations. The Consolidated Operating
Partnership believes the size of its portfolio enables it to realize
operating efficiencies by spreading overhead over many properties and
by negotiating quantity purchasing discounts.
- - Market Strategy. The Consolidated Operating Partnership's market
strategy is to concentrate on the top 25 industrial real estate markets
in the United States. These 25 markets were selected based upon (i) the
strength of their industrial real estate fundamentals, including
increased industrial demand expectations from e-commerce and supply
chain management; (ii) their history and future outlook for continued
economic growth and diversity; and (iii) a minimum market size of 100
million square feet of industrial space. Due to this market strategy,
the Consolidated Operating Partnership plans on exiting the markets of
Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Long Island and
New Orleans/Baton Rouge. The net proceeds from the sales of properties
in these markets will be used to bolster the Consolidated Operating
Partnership's holdings in Atlanta, Baltimore/Washington, Chicago,
Cincinnati/Louisville, Dallas/Fort Worth, Denver, Detroit,
Harrisburg/Central Pennsylvania, Houston, Indianapolis, Los Angeles,
Milwaukee, Minneapolis, Nashville, Northern New Jersey, Philadelphia,
Phoenix, Portland, Salt Lake City, St. Louis and Tampa and to
potentially enter new markets which fit its market strategy.
- - Disposition Strategy. As mentioned in the Market Strategy section
above, the Consolidated Operating Partnership is planning to exit the
markets of Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Long
Island and New Orleans/Baton Rouge. The Consolidated Operating
Partnership also continues to evaluate local market conditions and
property-related factors in its other markets and will consider
disposition of select assets.
- - Acquisition/Development Strategy. The Consolidated Operating
Partnership's acquisition/development strategy is to concentrate on the
top 25 markets mentioned in the Market Strategy section above. The
Consolidated Operating Partnership will use its Integrated Industrial
Solutions (TM) capabilities to target these markets. Of the 969
properties in the Consolidated Operating Partnership's and Other Real
Estate Partnerships' combined portfolios at December 31, 2000, 233
properties have been developed by either the Consolidated Operating
Partnership, the Other Real Estate Partnerships, or its former
management. The Consolidated Operating
4
6
Partnership will continue to leverage the development capabilities of
its management, many of whom are leading developers in their respective
markets.
- - Financing Strategy. The Consolidated Operating Partnership plans on
utilizing net sales proceeds from property sales as well as borrowings
under its $300 million unsecured line of credit to finance future
acquisitions and developments.
- - Leasing and Marketing Strategy. The Consolidated Operating Partnership
has an operational management strategy designed to enhance tenant
satisfaction and portfolio performance. The Consolidated Operating
Partnership pursues an active leasing strategy, which includes
aggressively marketing available space, renewing existing leases at
higher rents per square foot and seeking leases which provide for the
pass-through of property-related expenses to the tenant. The
Consolidated Operating Partnership also has local and national
marketing programs which focus on the business and brokerage
communities and national tenants.
RECENT DEVELOPMENTS
In 2000, the Consolidated Operating Partnership acquired or completed
development of 103 properties, redeveloped one property and acquired several
parcels of land for a total estimated investment of approximately $440.1
million. The Consolidated Operating Partnership also sold 104 in-service
properties, one property that was out of service and several parcels of land for
a gross sales price of approximately $404.0 million
During the period January 1, 2001 through March 23, 2001, the
Consolidated Operating Partnership acquired 13 industrial properties and several
land parcels for a total estimated investment of approximately $45.5 million.
The Consolidated Operating Partnership also sold eight industrial properties and
one land parcel for approximately $19.5 million of gross proceeds.
On March 9, 2001, the Operating Partnership declared a first quarter
distribution of $.6575 per unit which is payable on April 23, 2001. The
Operating Partnership also declared first quarter 2001 preferred unit
distributions of $54.688 per unit on its 8-3/4% Series B Cumulative Preferred
Units, $53.906 per unit on its 8 5/8% Series C Cumulative Preferred Units,
$49.687 per unit on its 7.95% Series D Cumulative Preferred Units and $49.375
per unit on its 7.90% Series E Cumulative Preferred Units. The preferred unit
distributions are payable on April 2, 2001.
On March 19, 2001, the Consolidated Operating Partnership, through the
Operating Partnership, issued $200.0 million of unsecured notes in a private
offering at an offering price of 99.695%. The unsecured notes mature on March
15, 2011 and bear a coupon interest rate of 7.375%.
FUTURE PROPERTY ACQUISITIONS, DEVELOPMENTS AND PROPERTY SALES
The Consolidated Operating Partnership has an active acquisition and
development program through which it is continually engaged in identifying,
negotiating and consummating portfolio and individual industrial property
acquisitions and developments. As a result, the Consolidated Operating
Partnership is currently engaged in negotiations relating to the possible
acquisition and development of certain industrial properties located in certain
of the Consolidated Operating Partnership's top 25 markets.
The Consolidated Operating Partnership also has an active sales
program. As a result, the Consolidated Operating Partnership is currently
engaged in negotiations relating to the possible sales of certain industrial
properties in the Consolidated Operating Partnership's current portfolio.
When evaluating potential industrial property acquisitions and
developments, as well as potential industrial property sales, the Consolidated
Operating Partnership will consider such factors as: (i) the geographic area and
type of property; (ii) the location, construction quality, condition and design
of the property; (iii) the potential for capital appreciation of the property;
(iv) the ability of the Consolidated Operating Partnership to improve the
property's performance through renovation; (v) the terms of tenant leases,
including the potential for rent increases; (vi) the potential for economic
growth and the tax and regulatory environment of the area in which the property
is located; (vii) the potential for expansion of the physical layout of the
property and/or the number of sites; (viii) the occupancy and demand by tenants
for properties of a similar type in the vicinity; and (ix) competition from
existing properties and the potential for the construction of new properties in
the area.
5
7
INDUSTRY
Industrial properties are typically used for the design, assembly,
packaging, storage and distribution of goods and/or the provision of services.
As a result, the demand for industrial space in the United States is related to
the level of economic output. Historically, occupancy rates for industrial
property in the United States have been higher than those for other types of
commercial property. The Consolidated Operating Partnership believes that the
higher occupancy rate in the industrial property sector is a result of the
construction-on-demand nature of, and the comparatively short development time
required for, industrial property. For the five years ended December 31, 2000,
the occupancy rates for industrial properties in the United States have ranged
from 91.2%* to 93.3%*, with an occupancy rate of 93.3%* at December 31, 2000.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 2000, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 969 in-service properties (865 of which
were owned by the Consolidated Operating Partnership and 104 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
68.2 million square feet of GLA (55.6 million square feet of which comprised the
properties owned by the Consolidated Operating Partnership and 12.6 million
square feet of which comprised the properties owned by the Other Real Estate
Partnerships) in 25 states, with a diverse base of more than 2,800 tenants
engaged in a wide variety of businesses, including manufacturing, retail,
wholesale trade, distribution and professional services. The properties are
generally located in business parks which have convenient access to interstate
highways and rail and air transportation. The weighted average age of the
Consolidated Operating Partnership's and the Other Real Estate Partnerships'
properties on a combined basis as of December 31, 2000 was approximately 14.7
years.
The Consolidated Operating Partnership and the Other Real Estate
Partnerships classify their properties into five industrial categories: Light
industrial, bulk warehouse, R&D/flex, regional warehouse and manufacturing.
While some properties may have characteristics which fall under more than one
property type, the Consolidated Operating Partnership and the Other Real Estate
Partnerships have used what they believe is the most dominant characteristic to
categorize the property.
The following tables summarize certain information as of December 31,
2000 with respect to the properties owned by the Consolidated Operating
Partnership, each of which is wholly-owned. Information in the tables excludes
properties under development at December 31, 2000.
* SOURCE: TORTO WHEATON RESEARCH
6
8
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial Bulk Warehouse R&D Flex
----------------------- ------------------------- ----------------------
Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties
- --------------------- ---------- ---------- --------- ----------- --------- -----------
Atlanta, GA 366,882 6 3,079,307 11 -- --
Baltimore, MD 650,725 11 292,640 2 -- --
Baton Rouge, LA 116,347 3 108,800 1 -- --
Central
Pennsylvania -- -- -- -- -- --
Chicago, IL 1,757,174 33 2,653,426 12 188,185 3
Cincinnati, OH 334,220 2 1,348,880 6 -- --
Cleveland, OH -- -- -- -- 102,500 1
Columbus, OH -- -- 1,653,534 4 217,612 2
Dallas, TX 754,833 21 1,539,888 10 193,507 9
Dayton, OH 322,746 6 -- -- 20,000 1
Denver, CO 1,998,681 45 202,939 2 1,866,591 47
Des Moines, IA -- -- 879,040 5 -- --
Detroit, MI 2,516,870 95 1,079,130 9 593,246 20
Grand Rapids, MI 418,311 9 1,013,625 6 10,000 1
Houston, TX 507,090 8 2,191,077 13 200,112 3
Indianapolis, IN 727,980 16 1,709,625 8 48,200 4
Long Island, NY 433,984 15 -- -- -- --
Los Angeles, CA 99,749 5 -- -- -- --
Louisville, KY -- -- 443,500 2 -- --
Milwaukee, WI 290,826 6 100,000 1 -- --
Minneapolis/St
Paul, MN 1,195,385 22 1,626,149 8 661,748 10
Nashville, TN 334,061 7 1,344,298 9 -- --
N. New Jersey 1,361,379 37 895,798 4 510,072 14
New Orleans, LA 395,831 10 -- -- 169,801 5
Phoenix, AZ 96,845 2 -- -- -- --
Portland, OR 734,032 31 -- -- 53,021 2
Salt Lake City, UT 591,276 40 -- -- 146,937 6
S. New Jersey 919,654 22 323,750 2 -- --
St. Louis, MO 383,407 8 589,519 4 -- --
Tampa, FL 588,300 18 213,744 2 564,557 23
Other (a) -- -- 583,855 5 -- --
---------- --- ---------- --- --------- ---
Total 17,896,588 478 23,872,524 126 5,546,089 151
========== === ========== === ========= ===
Regional Warehouse Manufacturing
----------------------- --------------------------
Number of Number of
Metropolitan Area GLA Properties GLA Properties
- --------------------- -------- ----------- ---------- -----------
Atlanta, GA 184,846 2 419,600 3
Baltimore, MD -- -- 171,000 1
Baton Rouge, LA -- -- -- --
Central
Pennsylvania 70,000 1 -- --
Chicago, IL 234,802 3 1,069,167 6
Cincinnati, OH -- -- -- --
Cleveland, OH -- -- -- --
Columbus, OH -- -- 255,470 1
Dallas, TX 583,801 9 224,984 2
Dayton, OH -- -- -- --
Denver, CO 301,492 5 -- --
Des Moines, IA -- -- -- --
Detroit, MI 859,566 20 17,240 1
Grand Rapids, MI -- -- 413,500 1
Houston, TX 432,525 6 -- --
Indianapolis, IN 235,310 7 54,000 1
Long Island, NY 36,880 1 -- --
Los Angeles, CA -- -- -- --
Louisville, KY -- -- -- --
Milwaukee, WI 39,800 1 -- --
Minneapolis/St
Paul, MN 537,034 5 790,732 11
Nashville, TN -- -- 109,058 1
N. New Jersey 192,153 3 -- --
New Orleans, LA 40,500 1 -- --
Phoenix, AZ -- -- -- --
Portland, OR -- -- -- --
Salt Lake City, UT -- -- -- --
S. New Jersey 209,300 3 22,738 1
St. Louis, MO -- -- -- --
Tampa, FL 398,309 7 -- --
Other (a) 50,000 1 346,103 6
--------- -- --------- ----
Total 4,406,318 75 3,893,592 35
========= == ========= ====
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas; West Lebanon, New Hampshire and Shreveport,
Louisiana.
7
9
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY TOTALS
TOTALS
---------------------------------------------------------------------------
GLA AS A % OF
NUMBER OF OCCUPANCY AT TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/00 PORTFOLIO
- --------------------------- ---------- ---------- ------------ ---------
Atlanta, GA 4,050,635 22 98% 7.3%
Baltimore, MD 1,114,365 14 96% 2.0%
Baton Rouge, LA 225,147 4 97% 0.4%
Central Pennsylvania 70,000 1 100% 0.1%
Chicago, IL 5,902,754 57 93% 10.6%
Cincinnati, OH 1,683,100 8 92% 3.0%
Cleveland, OH 102,500 1 100% 0.2%
Columbus, OH 2,126,616 7 96% 3.8%
Dallas, TX 3,297,013 51 99% 5.9%
Dayton, OH 342,746 7 96% 0.6%
Denver, CO 4,369,703 99 95% 7.9%
Des Moines, IA 879,040 5 99% 1.6%
Detroit, MI 5,066,052 145 97% 9.1%
Grand Rapids, MI 1,855,436 17 100% 3.3%
Houston, TX 3,330,804 30 95% 6.0%
Indianapolis, IN 2,775,115 36 89% 5.0%
Long Island, NY 470,864 16 96% 0.8%
Los Angeles, CA 99,749 5 90% 0.2%
Louisville, KY 443,500 2 100% 0.8%
Milwaukee, WI 430,626 8 95% 0.8%
Minneapolis/St. Paul, MN 4,811,048 56 94% 8.7%
Nashville, TN 1,787,417 17 96% 3.2%
N. New Jersey 2,959,402 58 94% 5.3%
New Orleans, LA 606,132 16 96% 1.1%
Phoenix, AZ 96,845 2 87% 0.2%
Portland, OR 787,053 33 88% 1.4%
Salt Lake City, UT 738,213 46 82% 1.3%
S. New Jersey 1,475,442 28 90% 2.7%
St. Louis, MO 972,926 12 100% 1.7%
Tampa, FL 1,764,910 50 93% 3.2%
Other (a) 979,958 12 100% 1.8%
---------- --- --- -----
Total or Average 55,615,111 865 95% 100.0%
========== === === =====
(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen,
Texas; Wichita, Kansas; West Lebanon, New Hampshire and Shreveport,
Louisiana.
8
10
The following tables summarize certain information as of December 31,
2000 with respect to the properties owned by the Other Real Estate Partnerships,
each of which is wholly-owned.
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY
Light Industrial Bulk Warehouse R&D Flex
-------------------- ------------------------ --------------------
Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties
- ---------------------- ---------- ---------- ----------- ---------- -------- ----------
Atlanta, GA 59,959 1 1,037,338 3 153,508 4
Baltimore, MD 65,860 1 -- -- 78,418 1
Central
Pennsylvania 383,070 4 3,645,392 14 -- --
Chicago, IL 150,115 3 760,168 4 49,730 1
Des Moines, IA 75,072 3 -- -- -- --
Detroit, MI 380,254 8 -- -- 33,092 2
Grand Rapids, MI 80,000 1 822,500 5 -- --
Indianapolis, IN -- -- 1,796,341 5 -- --
Milwaukee, WI -- -- -- -- 93,705 2
Minneapolis/St
Paul, MN 130,647 2 -- -- -- --
Nashville, TN -- -- 160,661 1 -- --
Philadelphia, PA 273,775 12 324,320 2 36,802 2
St. Louis, MO -- -- 245,000 2 -- --
Tampa, FL -- -- -- -- 44,427 1
Other (a) 99,000 3 -- -- -- --
--------- -- --------- -- ------- --
Total 1,697,752 38 8,791,720 36 489,682 13
========= == ========= == ======= ==
Regional Warehouse Manufacturing
--------------------- ------------------------
Number of Number of
Metropolitan Area GLA Properties GLA Properties
- ---------------------- -------- ---------- ---------- ----------
Atlanta, GA 90,289 1 -- --
Baltimore, MD -- -- -- --
Central
Pennsylvania 117,579 3 -- --
Chicago, IL 50,000 1 -- --
Des Moines, IA 88,000 1 -- --
Detroit, MI 66,395 1 -- --
Grand Rapids, MI -- -- 31,750 1
Indianapolis, IN 60,000 1 -- --
Milwaukee, WI 39,468 1 468,000 1
Minneapolis/St
Paul, MN -- -- 533,390 3
Nashville, TN -- -- -- --
Philadelphia, PA 46,750 1 56,827 2
St. Louis, MO -- -- -- --
Tampa, FL -- -- -- --
Other (a) -- -- -- --
------- -- --------- ---
Total 558,481 10 1,089,967 7
======= == ========= ===
(a) Properties are located in Austin, Texas.
9
11
OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
-----------------------------------------------------------------------
GLA AS A %
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/00 PORTFOLIO
- -------------------------------- ----------- ----------- ------------ ----------
Atlanta, GA 1,341,094 9 94% 10.6%
Baltimore, MD 144,278 2 97% 1.1%
Central Pennsylvania 4,146,041 21 98% 32.8%
Chicago, IL 1,010,013 9 97% 8.0%
Des Moines, IA 163,072 4 78% 1.3%
Detroit, MI 479,741 11 99% 3.8%
Grand Rapids, MI 934,250 7 100% 7.4%
Indianapolis, IN 1,856,341 6 92% 14.7%
Milwaukee, WI 601,173 4 100% 4.8%
Minneapolis/St. Paul, MN 664,037 5 100% 5.3%
Nashville, TN 160,661 1 100% 1.3%
Philadelphia, PA 738,474 19 94% 5.8%
St. Louis, MO 245,000 2 100% 1.9%
Tampa, FL 44,427 1 100% 0.4%
Other (a) 99,000 3 100% 0.8%
---------- --- --- -----
Total or Average 12,627,602 104 97% 100.0%
========== === === =====
(a) Properties are located in Austin, Texas.
10
12
PROPERTY ACQUISITION ACTIVITY
During 2000, the Consolidated Operating Partnership completed 16
separate industrial property acquisition transactions comprising 82 in-service
industrial properties and one industrial property under redevelopment totaling
approximately 5.6 million square feet of GLA at a total purchase price of
approximately $257.3 million, or $45.82 per square foot. The Consolidated
Operating Partnership also purchased numerous land parcels for an aggregate
purchase price of approximately $57.0 million. The 83 industrial properties
acquired have the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/00 ACQUISITION DATE
------------------------ ---------- --------- ----------------------------- ------------ -----------------
Houston, TX 3 144,639 Light Industrial/R&D Flex 90% January 12, 2000
Southern New Jersey 1 79,329 Regional Warehouse 100% January 27, 2000
Nashville, TN 3 339,051 Bulk Warehouse 100% January 27, 2000
Dallas, TX 1 130,949 Bulk Warehouse 100% March 31, 2000
Harrisburg, PA (a) 1 38,668 Light Industrial N/A April 18, 2000
Houston, TX 1 251,850 Bulk Warehouse 100% April 25, 2000
Dallas, TX 18 1,303,317 R&D Flex/Bulk Whse/Reg Whse 100% June 30, 2000
Long Island, NY (b) 1 15,000 Light Industrial N/A August 15, 2000
Los Angeles, CA 3 69,592 Light Industrial 93% September 6, 2000
Los Angeles, CA 2 30,157 Light Industrial 86% September 20, 2000
Northern New Jersey 12 1,257,143 Lt. Industrial/R&D Flex/Bulk 94% September 28, 2000
Whse
Baltimore, MD 3 125,212 Light Industrial 96% December 5, 2000
Tampa, FL 6 179,494 R&D Flex 98% December 14, 2000
Chicago, IL (c) 18 1,208,074 Lt. Industrial/R&D Flex/Bulk 94% December 18, 2000
Whse/Reg. Whse
Denver, CO 4 234,683 Light Industrial/ R&D Flex 100% December 29, 2000
Detroit, MI 6 208,197 Light Industrial/Reg. Warehouse 93% December 29, 2000
------- ----------
Total 83 5,615,355
======= ==========
(a) Property was sold on June 27, 2000.
(b) Property was sold on August 16, 2000.
(c) Acquisition includes a 50,400 square foot light industrial
redevelopment property.
During 2000, the Other Real Estate Partnerships completed one
industrial property acquisition transaction comprising one in-service industrial
property totaling approximately .2 million square feet of GLA at a total
purchase price of approximately $6.3 million, or $29.62 per square foot. The
Other Real Estate Partnerships also purchased numerous land parcels for an
aggregate purchase price of approximately $2.9 million. The industrial property
acquired has the following characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/00 ACQUISITION DATE
- -------------------------- ----------- ---------- --------------- ----------- -------------------
Philadelphia, PA 1 214,320 Bulk Warehouse 100% February 25, 2000
------- -------
Total 1 214,320
======= =======
11
13
PROPERTY DEVELOPMENT ACTIVITY
During 2000, the Consolidated Operating Partnership placed in service
20 developments and one redevelopment totaling approximately 3.6 million square
feet of GLA at a total cost of approximately $125.8 million, or $35.27 per
square foot. The developed properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/00 COMPLETION DATE
- ----------------------- --------- --------------- ----------- -------------------
Louisville, KY 231,000 Bulk Warehouse 100% February 1, 2000
Denver, CO (a) 58,490 R&D Flex N/A March 1, 2000
Milwaukee, WI 100,000 Bulk Warehouse 80% March 1, 2000
Rochester, NY (b) 796,806 Bulk Warehouse N/A March 1, 2000
Denver, CO 16,500 Light Industrial 100% March 15, 2000
Cincinnati, OH 168,000 Bulk Warehouse 100% May 1, 2000
Cincinnati, OH 140,800 Bulk Warehouse 45% May 1, 2000
Northern New Jersey 45,700 R&D Flex 78% June 1, 2000
Atlanta, GA 504,000 Bulk Warehouse 100% June 1, 2000
Salt Lake City, UT 55,785 R&D Flex 100% June 1, 2000
Northern New Jersey 30,000 R&D Flex 67% September 1, 2000
Indianapolis, IN 389,660 Bulk Warehouse 100% September 30, 2000
Long Island, NY (c) 91,200 R&D Flex N/A September 30, 2000
Long Island, NY (c) (d) 134,991 R&D Flex N/A November 1, 2000
New Orleans, LA 53,544 Light Industrial 100% November 8, 2000
Philadelphia, PA 70,000 Reg. Warehouse 100% November 27, 2000
Minneapolis, MN 128,500 Bulk Warehouse 87% December 1, 2000
Chicago, IL (e) 319,506 Bulk Warehouse N/A December 29, 2000
Phoenix, AZ 58,285 Light Industrial 79% December 29, 2000
Tampa, FL 100,000 Light Industrial 80% December 29, 2000
Tampa, FL 72,000 Reg. Warehouse 65% December 29, 2000
---------
Total 3,564,767
=========
(a) Property was sold on September 26, 2000.
(b) Property was sold on February 18, 2000.
(c) Property was sold on November 30, 2000.
(d) Redevelopment.
(e) Property was sold on December 29, 2000.
During 2000, the Other Real Estate Partnerships placed in service six
developments and one redevelopment totaling approximately .5 million square feet
of GLA at a total cost of approximately $22.2 million, or $44.32 per square
foot. The developed properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE AT 12/31/00 COMPLETION DATE
- --------------------------- -------- ----------------- ----------- --------------------
Austin, TX 33,000 Light Industrial 100% February 1, 2000
Denver, CO (a) 49,510 Bulk Warehouse N/A March 1, 2000
Austin, TX 33,000 Light Industrial 100% June 30, 2000
Chicago, IL 50,000 Reg. Warehouse 65% November 23, 2000
Minneapolis, MN (b) 123,485 Manufacturing 100% December 17, 2000
Indianapolis, IN 100,000 Bulk Warehouse 50% December 29, 2000
Atlanta, GA 110,000 Bulk Warehouse 55% December 29, 2000
-------
Total 498,995
=======
(a) Property was sold on September 26, 2000.
(b) Redevelopment
At December 31, 2000, the Consolidated Operating Partnership had 13
projects under development, with an estimated completion GLA of approximately
1.8 million square feet and an estimated completion cost of approximately $102.2
million.
At December 31, 2000, the Other Real Estate Partnerships had 8 projects
under development, with an estimated completion GLA of approximately 2.2 million
square feet and an estimated completion cost of approximately $75.5 million.
12
14
PROPERTY SALES
During 2000, the Consolidated Operating Partnership sold 104 in-service
industrial properties and one out of service property totaling approximately 8.9
million square feet of GLA and several land parcels. Total gross sales proceeds
approximated $404.0 million. The 104 in-service properties and one out of
service property sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- ----------------------------- ------------ ----------- ------------------------------ -----------------
Nashville, TN (a) 1 392,128 Bulk Warehouse January 4, 2000
Portland, OR 1 20,500 Light Industrial January 24, 2000
Cleveland, OH 1 32,000 Light Industrial January 27, 2000
Cleveland, OH 1 51,525 Regional Warehouse January 31, 2000
Rochester, NY 1 796,806 Bulk Warehouse February 18, 2000
Des Moines, IA 1 54,000 Light Industrial February 23, 2000
Southern New Jersey 1 30,000 Light Industrial March 13, 2000
Long Island, NY 1 99,600 Light Industrial March 17, 2000
Chicago, IL 3 94,840 Light Industrial/R&D Flex March 20, 2000
Atlanta, GA 2 408,819 Bulk Warehouse April 19, 2000
Atlanta, GA 1 32,000 Light Industrial May 10, 2000
Hartford, CT 11 619,191 Lt. Industrial/Bulk June 8, 2000
Whse/Manufacturing
Long Island, NY 1 325,000 Bulk Warehouse June 21, 2000
Harrisburg, PA 1 38,668 Light Industrial June 27, 2000
St. Louis, MO 1 46,481 Light Industrial June 29, 2000
Detroit, MI 2 58,650 Light Industrial June 29, 2000
Detroit, MI 1 47,700 Regional Warehouse June 29, 2000
St. Louis, MO 1 60,708 Light Industrial June 30, 2000
Phoenix, AZ 4 437,376 R&D Flex/Bulk Whse/Regional Whse August 4, 2000
Cincinnati, OH 5 111,375 Light Industrial August 10, 2000
Cleveland, OH 5 169,116 Light Industrial August 10, 2000
Long Island, NY 1 15,000 Light Industrial August 16, 2000
Columbus, OH 1 57,255 Light Industrial August 30, 2000
Denver, CO 1 59,970 R&D Flex September 26,
2000
Long Island, NY 1 25,401 Light Industrial October 10, 2000
Detroit, MI 1 180,986 Bulk Warehouse October 20, 2000
Detroit, MI 1 12,612 Light Industrial October 23, 2000
Denver, CO 5 97,861 Light Industrial/R&D Flex October 30, 2000
Chicago, IL 1 84,956 Light Industrial November 20, 2000
St. Louis, MO 1 49,600 Light Industrial November 20, 2000
Phoenix, AZ 1 98,052 Regional Warehouse November 21, 2000
Long Island, NY 32 3,266,434 Lt. Ind/R&D Flex/Bulk November 30, 2000
Whse/Regional Whse/Manuf.
Grand Rapids, MI 1 66,505 Light Industrial December 1, 2000
Detroit, MI 1 12,612 Light Industrial December 6, 2000
Detroit, MI 1 12,200 Light Industrial December 13, 2000
Long Island, NY 1 58,850 Regional Warehouse December 19, 2000
Minneapolis, MN 1 124,800 Bulk Warehouse December 20, 2000
Minneapolis, MN 2 194,040 Manufacturing December 20, 2000
Northern New Jersey 1 20,440 Light Industrial December 24, 2000
Clarion, IA 1 126,900 Bulk Warehouse December 28, 2000
Northern New Jersey 1 13,580 Light Industrial December 29, 2000
Green Bay, WI 1 25,254 Light Industrial December 29, 2000
Portland, OR 1 49,624 Light Industrial December 29, 2000
Chicago, IL 1 319,506 Bulk Warehouse December 29, 2000
--- ---------
Total 105 8,898,921
=== =========
(a) Property was out of service when sold.
During 2000, the Other Real Estate Partnerships sold four in-service
industrial properties totaling approximately .7 million square feet of GLA and
several land parcels. Total gross sales proceeds approximated $29.7 million. The
four in-service properties sold have the following characteristics:
NUMBER OF
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE SALE DATE
- ---------------------------- --------------- ----------- ---------------- ------------------
Philadelphia, PA 1 81,071 R&D Flex June 6, 2000
Louisville, KY 1 532,400 Bulk Warehouse June 26, 2000
Detroit, MI 1 42,360 Light Industrial June 29, 2000
Denver, CO 1 50,760 Bulk Warehouse September 26, 2000
------- -------
Total 4 706,591
======= =======
PR
13
15
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 2001 through March 23, 2001, the
Consolidated Operating Partnership acquired 13 industrial properties and several
land parcels for a total estimated investment of approximately $45.5 million.
The Consolidated Operating Partnership also sold eight industrial properties and
one land parcel for approximately $19.5 million of gross proceeds.
During the period January 1, 2001 through March 23, 2001, the Other
Real Estate Partnerships acquired eight industrial properties for a total
estimated investment of approximately $27.9 million. The Other Real Estate
Partnerships also sold one industrial property and one land parcel for
approximately $1.8 million of gross proceeds.
14
16
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's properties as of December 31, 2000, by geographic market area.
PROPERTY LISTING
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
ATLANTA
1650 GA Highway 155 McDonough, GA 1991 Bulk Warehouse 12.80 228,400 100%
14101 Industrial Park Blvd. Covington, GA 1984 Light Industrial 9.25 92,160 100%
801-804 Blacklawn Road Conyers, GA 1982 Bulk Warehouse 6.67 111,185 100%
1665 Dogwood Drive Conyers, GA 1973 Manufacturing 9.46 198,000 100%
1715 Dogwood Drive Conyers, GA 1973 Manufacturing 4.61 100,000 100%
11235 Harland Drive Covington, GA 1988 Light Industrial 5.39 32,361 100%
700 Westlake Parkway Atlanta, GA 1990 Light Industrial 3.50 56,400 70%
800 Westlake Parkway Atlanta, GA 1991 Bulk Warehouse 7.40 132,400 100%
4050 Southmeadow Parkway Atlanta, GA 1991 Reg. Warehouse 6.60 87,328 100%
4051 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 11.20 171,671 100%
4071 Southmeadow Parkway Atlanta, GA 1991 Bulk Warehouse 17.80 209,918 100%
4081 Southmeadow Parkway Atlanta, GA 1989 Bulk Warehouse 12.83 254,172 100%
1875 Rockdale Industrial Blvd. Conyers, GA 1966 Manufacturing 5.70 121,600 100%
3312 N. Berkeley Lake Road Duluth, GA 1969 Bulk Warehouse 52.11 1,040,296 100%
370 Great Southwest Pkway (i) Atlanta, GA 1986 Light Industrial 8.06 150,536 66%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 100%
1640 Sands Place Marietta, GA 1977 Light Industrial 1.97 35,425 57%
7000 Highland Parkway Smyrna, GA 1998 Bulk Warehouse 10.00 123,808 100%
2084 Lake Industrial Court Conyers, GA 1998 Bulk Warehouse 13.74 180,000 100%
1003 Sigman Road Conyers, GA 1996 Bulk Warehouse 11.30 123,457 100%
220 Greenwood Court McDonough, GA 2000 Bulk Warehouse 26.69 504,000 100%
----------- ---------
SUBTOTAL OR AVERAGE SUBTOTAL OR AVERAGE 4,050,635 98%
----------- ---------
BALTIMORE
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,227 100%
1801 Portal Baltimore, MD 1987 Light Industrial 3.72 57,600 100%
1811 Portal Baltimore, MD 1987 Light Industrial 3.32 60,000 100%
1831 Portal Baltimore, MD 1990 Light Industrial 3.18 46,522 100%
1821 Portal Baltimore, MD 1986 Light Industrial 4.63 86,234 92%
1820 Portal Baltimore, MD (f) 1982 Bulk Warehouse 6.55 171,000 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,064 98%
8900 Yellow Brick Road Baltimore, MD 1982 Light Industrial 5.80 60,000 100%
7476 New Ridge Hanover, MD 1987 Light Industrial 18.00 71,866 93%
1328 Charwood Road Hanover, MD 1986 Bulk Warehouse 9.00 150,500 83%
8779 Greenwood Place Savage, MD 1978 Bulk Warehouse 8.00 142,140 100%
1350 Blair Drive Odenton, MD 1991 Light Industrial 2.86 29,317 100%
1360 Blair Drive Odenton, MD 1991 Light Industrial 4.19 42,985 90%
1370 Blair Drive Odenton, MD 1991 Light Industrial 5.15 52,910 100%
----------- ---------
SUBTOTAL OR AVERAGE 1,114,365 96%
----------- ---------
BATON ROUGE
11200 Industriplex Blvd. Baton Rouge, LA 1986 Light Industrial 3.00 42,355 100%
11441 Industriplex Blvd. Baton Rouge, LA 1987 Light Industrial 2.40 35,596 100%
11301 Industriplex Blvd. Baton Rouge, LA 1985 Light Industrial 2.50 38,396 80%
6565 Exchequer Drive Baton Rouge, LA 1986 Bulk Warehouse 5.30 108,800 100%
----------- ---------
SUBTOTAL OR AVERAGE 225,147 97%
----------- ---------
CENTRAL PENNSYLVANIA
2252 125 East Kensinger Drive Cranberry Township,
PA 2000 Reg. Warehouse 13.00 70,000 100%
----------- ---------
SUBTOTAL OR AVERAGE 70,000 100%
----------- ---------
CHICAGO
2300 Hammond Drive Schaumburg, IL 1970 Light Industrial 4.13 77,000 100%
6500 North Lincoln Avenue Lincolnwood, IL 1965/88 Light Industrial 2.52 61,548 100%
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 204,679 87%
917 North Shore Drive Lake Bluff, IL 1974 Light Industrial 4.27 84,575 100%
6750 South Sayre Avenue Bedford Park, IL 1975 Light Industrial 2.51 63,383 100%
585 Slawin Court Mount Prospect, IL 1992 R&D/Flex 3.71 38,150 100%
2300 Windsor Court Addison, IL 1986 Bulk Warehouse 6.80 105,100 100%
3505 Thayer Court Aurora, IL 1989 Light Industrial 4.60 64,220 100%
3600 Thayer Court Aurora, IL 1989 Light Industrial 6.80 66,958 100%
736-776 Industrial Drive Elmhurst, IL 1975 Light Industrial 3.79 80,180 100%
305-311 Era Drive Northbrook, IL 1978 Light Industrial 1.82 27,549 100%
700-714 Landwehr Road Northbrook, IL 1978 Light Industrial 1.99 41,835 100%
4330 South Racine Avenue Chicago, IL 1978 Manufacturing 5.57 168,000 100%
13040 S. Crawford Avenue Alsip, IL 1976 Bulk Warehouse 15.12 400,076 100%
12241 Melrose Street Franklin Park, IL 1969 Light Industrial 2.47 77,301 100%
15
17
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
CHICAGO (CONT.)
12301-12325 S. Laramie Avenue Alsip, IL 1975 Bulk Warehouse 8.83 204,586 100%
6300 Howard Niles, IL 1956/64 Manufacturing 19.50 364,000 100%
301 Hintz Wheeling, IL 1960 Manufacturing 2.51 43,636 100%
301 Alice Wheeling, IL 1965 Light Industrial 2.88 65,450 100%
410 West 169th Street South Holland, IL 1974 Bulk Warehouse 6.40 151,436 70%
11939 South Central Avenue Alsip, IL 1972 Bulk Warehouse 12.60 320,171 99%
405 East Shawmut LaGrange, IL 1965 Light Industrial 3.39 59,075 100%
1010-50 Sesame Street Bensenville, IL (c) 1976 Manufacturing 8.00 252,000 100%
5555 West 70th Place Bedford Park, IL 1973 Manufacturing 2.50 41,531 100%
3200-3250 South St. Louis (i) Chicago, IL 1968 Light Industrial 8.66 74,685 100%
3110-3130 South St. Louis Chicago, IL 1968 Light Industrial 4.00 23,254 100%
7301 South Hamlin Chicago, IL 1975/86 Light Industrial 1.49 56,017 43%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 79%
3900 West 74th Street Chicago, IL 1975/86 Reg. Warehouse 2.13 66,000 0%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 159,728 100%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 182,000 100%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
10435 Seymour Avenue Franklin Park, IL 1967 Light Industrial 1.85 53,500 43%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 100%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,574 100%
34-45 Lake Street Northlake, IL 1978 Bulk Warehouse 5.71 124,804 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,009 52%
4309 South Morgan Street Chicago, IL 1975 Manufacturing 6.91 200,000 49%
405-17 University Drive Arlington Hgts, IL 1977 Light Industrial 2.42 56,400 100%
3575 Stern Avenue St. Charles, IL 1979/1984 Reg. Warehouse 2.73 68,728 100%
3810 Stern Avenue St. Charles, IL 1985 Reg. Warehouse 4.67 100,074 100%
3645 Swenson Avenue St. Charles, IL 1981 Light Industrial 3.27 42,547 34%
315 Kirk Road St. Charles, IL 1969/93/95 Bulk Warehouse 12.42 299,176 100%
550 Business Center Drive Mount Prospect, IL 1984 Light Industrial 2.26 34,596 100%
700 Business Center Drive Mount Prospect, IL 1980 Light Industrial 3.12 34,800 100%
555 Business Center Drive Mount Prospect, IL 1981 Light Industrial 2.96 31,175 100%
800 Business Center Drive Mount Prospect, IL 1988/99 Light Industrial 5.40 81,610 100%
580 Slawin Court Mount Prospect, IL 1985 Light Industrial 2.08 30,225 100%
1150 Feehanville Drive Mount Prospect, IL 1983 Light Industrial 2.74 33,600 100%
850 Feehanville Drive Mount Prospect, IL 1983 Light Industrial 2.87 34,875 100%
1200 Business Center Drive Mount Prospect, IL 1988/2000 Light Industrial 6.68 106,000 76%
1331 Business Center Drive Mount Prospect, IL 1985 Light Industrial 3.12 30,380 100%
1601 Feehanville Drive Mount Prospect, IL 1986/2000 R&D/Flex 6.07 64,080 76%
3627 Stern Avenue St. Charles, IL 1979 Light Industrial 1.84 30,000 100%
902 Feehanville Avenue Mount Prospect, IL 1983 Light Industrial 3.61 49,853 100%
1661 Feehanville Avenue Mount Prospect, IL 1986 R&D/Flex 6.89 85,955 99%
----------- ---------
SUBTOTAL OR AVERAGE 5,902,754 93%
----------- ---------
CINCINNATI
9900-9970 Princeton Cincinnati, OH (a) 1970 Bulk Warehouse 10.64 185,580 82%
2940 Highland Avenue Cincinnati, OH (a) 1969/74 Bulk Warehouse 17.08 502,000 95%
4700-4750 Creek Road Blue Ash, OH (a) 1960 Light Industrial 15.32 265,000 97%
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 100%
901 Pleasant Valley Drive Springboro, OH 1984 Light Industrial 7.70 69,220 100%
4440 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 15.26 240,000 100%
4434 Mulhauser Road Cincinnati, OH 1999 Bulk Warehouse 25.00 140,800 45%
9449 Glades Drive Hamilton, OH 1999 Bulk Warehouse 7.40 168,000 100%
----------- ---------
SUBTOTAL OR AVERAGE 1,683,100 92%
----------- ---------
CLEVELAND
6675 Parkland Boulevard Solon, OH 1991 R&D/Flex 10.41 102,500 100%
----------- ---------
SUBTOTAL OR AVERAGE 102,500 100%
----------- ---------
COLUMBUS
3800 Lockbourne Industrial Pky Columbus, OH 1986 Bulk Warehouse 22.12 404,734 100%
3880 Groveport Road Obetz, OH 1986 Bulk Warehouse 43.41 705,600 100%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 69%
4300 Cemetery Road Hilliard, OH 1968 Manufacturing 62.71 255,470 100%
4115 Leap Road (i) Hilliard, OH 1977 R&D/Flex 18.66 217,612 100%
3300 Lockbourne Columbus, OH 1964 Bulk Warehouse 17.00 300,200 100%
----------- ---------
SUBTOTAL OR AVERAGE 2,126,616 96%
----------- ---------
DALLAS
1275-1281 Roundtable Drive Dallas, TX 1966 Light Industrial 1.75 30,642 100%
2406-2416 Walnut Ridge Dallas, TX 1978 Light Industrial 1.76 44,000 100%
12750 Perimeter Drive Dallas, TX 1979 Bulk Warehouse 6.72 178,200 100%
1324-1343 Roundtable Drive Dallas, TX 1972 Light Industrial 2.09 47,000 100%
1405-1409 Avenue II East Grand Prairie, TX 1969 Light Industrial 1.79 36,000 100%
2651-2677 Manana Dallas, TX 1966 Light Industrial 2.55 82,229 100%
2401-2419 Walnut Ridge Dallas, TX 1978 Light Industrial 1.20 30,000 100%
16
18
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DALLAS (CONT.)
4248-4252 Simonton Farmers Ranch, TX 1973 Bulk Warehouse 8.18 205,693 100%
900-906 Great Southwest Pkwy Arlington, TX 1972 Light Industrial 3.20 69,761 100%
2179 Shiloh Road Garland, TX 1982 Reg. Warehouse 3.63 65,700 100%
2159 Shiloh Road Garland, TX 1982 R&D/Flex 1.15 20,800 100%
2701 Shiloh Road Garland, TX 1981 Bulk Warehouse 8.20 214,650 100%
12784 Perimeter Drive (j) Dallas, TX 1981 Light Industrial 4.57 95,671 83%
3000 West Commerce Dallas, TX 1980 Manufacturing 11.23 128,478 100%
3030 Hansboro Dallas, TX 1971 Bulk Warehouse 3.71 100,000 100%
5222 Cockrell Hill Dallas, TX 1973 Manufacturing 4.79 96,506 100%
405-407 113th Arlington, TX 1969 Light Industrial 2.75 60,000 50%
816 111th Street Arlington, TX 1972 Light Industrial 2.89 65,000 100%
1017-25 Jacksboro Highway Fort Worth, TX 1970 Light Industrial 1.49 30,000 100%
7341 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.09 20,000 100%
7427 Dogwood Park Richland Hills, TX 1973 Light Industrial 1.60 27,500 100%
7348-54 Tower Street Richland Hills, TX 1978 Light Industrial 1.09 20,063 50%
7370 Dogwood Park Richland Hills, TX 1987 Light Industrial 1.18 18,500 100%
7339-41 Tower Street Richland Hills, TX 1980 Light Industrial 0.95 17,600 100%
7437-45 Tower Street Richland Hills, TX 1977 Light Industrial 1.16 20,000 100%
7331-59 Airport Freeway Richland Hills, TX 1987 R&D/Flex 2.63 37,800 100%
7338-60 Dogwood Park Richland Hills, TX 1978 R&D/Flex 1.51 26,275 100%
7450-70 Dogwood Park Richland Hills, TX 1985 Light Industrial 0.88 18,000 100%
7423-49 Airport Freeway Richland Hills, TX 1985 R&D/Flex 2.39 33,812 80%
7400 Whitehall Street Richland Hills, TX 1994 Light Industrial 1.07 22,867 95%
1602-1654 Terre Colony Dallas, TX 1981 Bulk Warehouse 5.72 130,949 100%
3330 Duncanville Road Dallas, TX 1987 Reg. Warehouse 2.20 50,560 100%
2001 100th Street Grand Prairie, TX 1973/93 Reg. Warehouse 3.50 74,106 100%
6851-6909 Snowden Road Fort Worth, TX 1985/86 Bulk Warehouse 13.00 281,200 100%
2351-2355 Merritt Drive Garland, TX 1986 R&D/Flex 5.00 16,740 100%
10575 Vista Park Dallas, TX 1988 Reg. Warehouse 2.10 37,252 100%
701-735 North Plano Road Richardson, TX 1972/94 Bulk Warehouse 5.78 100,065 100%
2259 Merritt Drive Garland, TX 1986 R&D Flex 1.90 16,740 100%
2260 Merritt Drive Garland, TX 1986/99 Reg. Warehouse 3.70 62,847 100%
2220 Merritt Drive Garland, TX 1986/2000 Reg. Warehouse 3.90 70,936 100%
2010 Merritt Drive Garland, TX 1986 Reg. Warehouse 2.80 57,392 100%
2363 Merritt Drive Garland, TX 1986 R&D Flex 0.40 12,300 100%
2447 Merritt Drive Garland, TX 1986 R&D Flex 0.40 12,300 100%
2465-2475 Merritt Drive Garland, TX 1986 R&D Flex 0.50 16,740 100%
2485-2505 Merritt Drive Garland, TX 1986 Bulk Warehouse 5.70 108,550 100%
17919 Waterview Parkway Dallas, TX 1987 Reg. Warehouse 4.88 70,390 100%
4201 Highway 75 North Sherman, TX 1986 Bulk Warehouse 25.00 100,578 100%
2425 East Pioneer Drive Irving, TX 1987 Reg. Warehouse 6.60 94,618 100%
1350 Avenue South Grand Prairie, TX 1987 Bulk Warehouse 5.80 120,003 100%
----------- --------
SUBTOTAL OR AVERAGE 3,297,013 99%
----------- --------
DAYTON
6094-6104 Executive Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 70%
6202-6220 Executive Boulevard Huber Heights, OH 1996 Light Industrial 3.79 64,000 100%
6268-6294 Executive Boulevard Huber Heights, OH 1989 Light Industrial 4.03 60,800 100%
5749-5753 Executive Boulevard Huber Heights, OH 1975 Light Industrial 1.15 12,000 100%
6230-6266 Executive Boulevard Huber Heights, OH 1979 Light Industrial 5.30 84,000 100%
2200-2224 Sandridge Road Moraine, OH 1983 Light Industrial 2.96 58,746 100%
8119-8137 Uehling Lane Dayton, OH 1978 R&D/Flex 1.15 20,000 100%
----------- --------
SUBTOTAL OR AVERAGE 342,746 96%
----------- --------
DENVER
7100 North Broadway - Bldg. 1 Denver, CO 1978 Light Industrial 16.80 32,269 89%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 96%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 97%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 100%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 84%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 96%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,767 96%
15850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 88%
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 100%
525 East 70th Street Denver, CO 1985 Light Industrial 5.18 12,000 100%
565 East 70th Street Denver, CO 1985 Light Industrial 5.18 29,990 100%
605 East 70th Street Denver, CO 1985 Light Industrial 5.18 34,000 100%
625 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
665 East 70th Street Denver, CO 1985 Light Industrial 5.18 24,000 100%
700 West 48th Street Denver, CO 1984 Light Industrial 5.40 53,431 100%
702 West 48th Street Denver, CO 1984 Light Industrial 5.40 23,820 78%
800 East 73rd Denver, CO 1984 R&D/Flex 4.50 49,360 100%
850 East 73rd Denver, CO 1984 R&D/Flex 4.50 38,962 82%
17
19
OCCU-
LOCATION ENCUM- YEAR BUILT LAND AREA PANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DENVER (CONT.)
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 82,120 90%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,520 78%
3390 North Peoria Street Aurora, CO 1978 R&D/Flex 1.46 22,699 100%
3508-3538 North Peoria Street Aurora, CO 1978 R&D/Flex 2.61 40,653 100%
3568 North Peoria Street Aurora, CO 1978 R&D/Flex 2.24 34,937 91%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 87%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 100%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,788 96%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 55,027 100%
3871 Revere Street Denver, CO 1980 Reg. Warehouse 3.19 75,265 100%
5454 Havana Street Denver, CO 1980 R&D/Flex 2.68 42,504 100%
5500 Havana Street Denver, CO 1980 R&D/Flex 2.19 34,776 100%
4570 Ivy Street Denver, CO 1985 Light Industrial 1.77 31,355 57%
5855 Stapleton Drive North Denver, CO 1985 Light Industrial 2.33 41,268 100%
5885 Stapleton Drive North Denver, CO 1985 Light Industrial 3.05 53,893 100%
5200-5280 North Broadway Denver, CO 1977 Light Industrial 1.54 31,780 100%
5977-5995 North Broadway Denver, CO 1978 Light Industrial 4.96 50,280 100%
2952-5978 North Broadway Denver, CO 1978 Light Industrial 7.91 88,977 100%
6400 North Broadway Denver, CO 1982 Light Industrial 4.51 69,430 100%
875 Parfet Street Lakewood, CO 1975 Light Industrial 3.06 49,216 100%
4721 Ironton Street Denver, CO 1969 R&D/Flex 2.84 51,260 100%
833 Parfet Street Lakewood, CO 1974 R&D/Flex 2.57 24,800 77%
11005 West 8th Avenue Lakewood, CO 1974 Light Industrial 2.57 25,672 100%
7100 North Broadway - 7 Denver, CO 1985 R&D/Flex 2.30 24,822 89%
7100 North Broadway - 8 Denver, CO 1985 R&D/Flex 2.30 9,107 77%
6804 East 48th Avenue Denver, CO 1973 R&D/Flex 2.23 46,464 100%
445 Bryant Street Denver, CO 1960 Light Industrial 6.31 292,472 83%
East 47th Drive -A Denver, CO 1997 R&D/Flex 3.00 51,200 100%
7025 South Revere Parkway Denver, CO 1997 R&D/Flex 3.20 59,270 100%
9500 W. 49th Street - A Wheatridge, CO 1997 Light Industrial 1.74 19,217 100%
9500 W. 49th Street - B Wheatridge, CO 1997 Light Industrial 1.74 16,441 100%
9500 W. 49th Street - C Wheatridge, CO 1997 R&D/Flex 1.74 29,174 100%
9500 W. 49th Street - D Wheatridge, CO 1997 Light Industrial 1.74 41,615 46%
8100 South Park Way - A Littleton, CO 1997 R&D/Flex 3.33 52,581 100%
8100 South Park Way - B Littleton, CO 1984 R&D/Flex 0.78 12,204 100%
8100 South Park Way - C Littleton, CO 1984 Light Industrial 4.28 67,520 100%
451-591 East 124th Avenue Littleton, CO 1979 Light Industrial 4.96 59,711 100%
14100 East Jewell Aurora, CO 1980 R&D/Flex 3.67 58,553 95%
14190 East Jewell Aurora, CO 1980 R&D/Flex 1.84 29,442 100%
608 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 25,075 89%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 61%
1111 West Evans (A&C) Denver, CO 1986 Light Industrial 2.00 36,894 100%
1111 West Evans (B) Denver, CO 1986 Light Industrial 0.50 4,725 100%
15000 West 6th Avenue Golden, CO 1985 R&D/Flex 5.25 69,279 100%
14998 West 6th Avenue Building E Golden, CO 1995 R&D/Flex 2.29 42,832 100%
14998 West 6th Avenue Building F Englewood, CO 1995 R&D/Flex 2.29 20,424 100%
12503 East Euclid Drive Denver, CO 1986 R&D/Flex 10.90 97,871 77%
6547 South Racine Circle Englewood, CO 1996 Light Industrial 3.92 59,918 100%
7800 East Iliff Avenue Denver, CO 1983 R&D/Flex 3.06 22,296 100%
2369 South Trenton Way Denver, CO 1983 R&D/Flex 4.80 33,108 100%
2370 South Trenton Way Denver, CO 1983 R&D/Flex 3.27 22,735 100%
2422 South Trenton Way Denver, CO 1983 R&D/Flex 3.94 27,413 100%
2452 South Trenton Way Denver, CO 1983 R&D/Flex 6.78 47,931 100%
651 Topeka Way Denver, CO 1985 R&D/Flex 4.53 24,000 100%
680 Atchinson Way Denver, CO 1985 R&D/Flex 4.53 24,000 83%
8122 South Park Lane - A Littleton, CO 1986 R&D/Flex 5.09 43,987 94%
8122 South Park Lane - B Littleton, CO 1986 Light Industrial 2.28 20,389 100%
1600 South Abilene Aurora, CO 1986 R&D/Flex 3.53 47,930 100%
1620 South Abilene Aurora, CO 1986 Light Industrial 2.04 27,666 100%
1640 South Abilene Aurora, CO 1986 Light Industrial 2.80 37,948 100%
13900 East Florida Avenue Aurora, CO 1986 R&D/Flex 1.44 19,493 100%
4301 South Federal Boulevard Englewood, CO 1997 Reg. Warehouse 2.80 35,381 100%
14401-14492 East 33rd Place Aurora, CO 1979 Bulk Warehouse 4.75 100,100 100%
11701 East 53rd Avenue Denver, CO 1985 Reg. Warehouse 4.19 81,981 100%
5401 Oswego Street Denver, CO 1985 Reg. Warehouse 2.80 53,838 100%
3811 Joliet Denver, CO 1977 R&D/Flex 14.24 124,290 100%
2630 West 2nd Avenue Denver, CO 1970 Light Industrial 0.50 8,260 100%
2650 West 2nd Avenue Denver, CO 1970 Light Industrial 2.80 36,081 100%
14818 West 6th Avenue Bldg. A Golden, CO 1985 R&D/Flex 2.54 39,776 100%
18
20
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- -------- --------
DENVER (CONT.)
14828 West 6th Avenue
Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 91%
12055 E. 49th Ave/
4955 Peoria Denver, CO 1984 R&D/Flex 3.09 49,575 100%
4940-4950 Paris Denver, CO 1984 R&D/Flex 1.58 25,290 100%
4970 Paris Denver, CO 1984 R&D/Flex 0.98 15,767 100%
5010 Paris Denver, CO 1984 R&D/Flex 0.92 14,822 100%
7367 South Revere Parkway Englewood, CO 1997 Bulk Warehouse 8.50 102,839 100%
10311 W. Hampden Avenue Lakewood, CO 1999 Light Industrial 4.40 52,183 57%
9195 6th Avenue Lakewood, CO 2000 Light Industrial 1.44 16,500 100%
8200 East Park
Meadows Drive (i) Lone Tree, CO 1984 R&D Flex 6.60 90,219 100%
3250 Quentin (i) Aurora, CO 1984/2000 Light Industrial 8.90 144,464 100%
---------- --------
SUBTOTAL OR AVERAGE 4,369,703 95%
---------- --------
DES MOINES
1500 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 13.25 192,466 100%
1600 East Washington Avenue Des Moines, IA 1987 Bulk Warehouse 6.78 81,866 100%
4121 McDonald Avenue Des Moines, IA 1977 Bulk Warehouse 11.02 177,431 100%
4141 McDonald Avenue Des Moines, IA 1976 Bulk Warehouse 11.03 263,196 96%
4161 McDonald Avenue Des Moines, IA 1979 Bulk Warehouse 11.02 164,081 100%
---------- --------
SUBTOTAL OR AVERAGE 879,040 99%
---------- --------
DETROIT
238 Executive Drive Troy, MI 1973 Light Industrial 1.32 13,740 100%
256 Executive Drive Troy, MI 1974 Light Industrial 1.12 11,273 100%
301 Executive Drive Troy, MI 1974 Light Industrial 1.27 20,411 100%
449 Executive Drive Troy, MI 1975 Reg. Warehouse 2.12 33,001 100%
501 Executive Drive Troy, MI 1984 Light Industrial 1.57 18,061 100%
451 Robbins Drive Troy, MI 1975 Light Industrial 1.88 28,401 100%
700 Stephenson Highway Troy, MI 1978 R&D/Flex 3.13 29,344 100%
800 Stephenson Highway Troy, MI 1979 R&D/Flex 4.39 48,200 100%
1150 Stephenson Highway Troy, MI 1982 R&D/Flex 1.70 18,107 100%
1200 Stephenson Highway Troy, MI 1980 R&D/Flex 2.65 25,025 100%
1035 Crooks Road Troy, MI 1980 Light Industrial 1.74 23,320 100%
1095 Crooks Road Troy, MI 1986 R&D/Flex 2.83 35,042 100%
1416 Meijer Drive Troy, MI 1980 Light Industrial 1.20 17,944 100%
1624 Meijer Drive Troy, MI 1984 Light Industrial 3.42 44,040 100%
1972 Meijer Drive Troy, MI 1985 Reg. Warehouse 2.36 37,075 100%
2112 Meijer Drive Troy, MI 1980 Reg. Warehouse 4.12 34,558 100%
1621 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.54 24,900 100%
1707 Northwood Drive Troy, MI 1983 Light Industrial 1.69 28,750 100%
1749 Northwood Drive Troy, MI 1977 Bulk Warehouse 1.69 26,125 100%
1788 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1821 Northwood Drive Troy, MI 1977 Reg. Warehouse 2.07 35,050 100%
1826 Northwood Drive Troy, MI 1977 Light Industrial 1.22 12,480 100%
1864 Northwood Drive Troy, MI 1977 Light Industrial 1.55 12,480 100%
1921 Northwood Drive Troy, MI 1977 Light Industrial 2.33 42,000 100%
2277 Elliott Avenue Troy, MI 1975 Light Industrial 0.96 12,612 100%
2451 Elliott Avenue Troy, MI 1974 Light Industrial 1.68 24,331 100%
2730 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 3.52 57,850 100%
2791 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 4.48 64,199 100%
2871 Research Drive Rochester Hills, MI 1991 Reg. Warehouse 3.55 49,543 100%
2911 Research Drive Rochester Hills, MI 1992 Reg. Warehouse 5.72 80,078 100%
3011 Research Drive Rochester Hills, MI 1988 Reg. Warehouse 2.55 32,637 100%
2870 Technology Drive Rochester Hills, MI 1988 Light Industrial 2.41 24,445 100%
2890 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.76 24,410 100%
2900 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 2.15 31,047 100%
2920 Technology Drive Rochester Hills, MI 1992 Light Industrial 1.48 19,011 100%
2930 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.41 17,994 100%
2950 Technology Drive Rochester Hills, MI 1991 Light Industrial 1.48 19,996 100%
2960 Technology Drive Rochester Hills, MI 1992 Reg. Warehouse 3.83 41,565 100%
23014 Commerce Drive Farmington Hills,MI 1983 R&D/Flex 0.65 7,200 100%
23028 Commerce Drive Farmington Hills,MI 1983 Light Industrial 1.26 20,265 100%
23035 Commerce Drive Farmington Hills,MI 1983 Light Industrial 1.23 15,200 100%
23042 Commerce Drive Farmington Hills,MI 1983 R&D/Flex 0.75 8,790 100%
23065 Commerce Drive Farmington Hill, MI 1983 Light Industrial 0.91 12,705 100%
23070 Commerce Drive Farmington Hills, MI 1983 R&D/Flex 1.43 16,765 100%
23079 Commerce Drive Farmington Hills, MI 1983 Light Industrial 0.85 10,830 100%
23093 Commerce Drive Farmington Hills, MI 1983 Reg. Warehouse 3.87 49,040 100%
23135 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.02 23,969 100%
23163 Commerce Drive Farmington Hills, MI 1986 Light Industrial 1.51 19,020 100%
23177 Commerce Drive Farmington Hills, MI 1986 Light Industrial 2.29 32,127 100%
23206 Commerce Drive Farmington Hills, MI 1985 Light Industrial 1.30 19,822 100%
23290 Commerce Drive Farmington Hills, MI 1980 Reg. Warehouse 2.56 42,930 100%
19
21
OCCUP-
LOCATION ENCUM- YEAR BUILT LAND AREA ANCY AT
BUILDING ADDRESS CITY/STATE BRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/00
- ---------------- ---------- ------- ---------- ------------- ------- ------- --------
DETROIT (CONT.)
23370 Commerce Drive Farmington Hills, MI 1980 Light Industrial 0.67 8,741 100%
21477 Bridge Street Southfield, MI 1986 Light Industrial 3.10 41,500 80%
32450 N. Avis Drive Madison Heights, MI 1974 Light Industrial 3.23 55,820 100%
32200 N. Avis Drive Madison Heights, MI 1973 Light Industrial 6.15 88,700 100%
11813 Hubbard Livonia, MI 1979 Light Industrial 1.95 33,300 100%
11866 Hubbard Livonia, MI 1979 Light Industrial 2.32 41,380 100%
12050-12300 Hubbard (i) Livonia, MI 1981 Light Industrial 6.10 85,086 88%
38200 Plymouth Livonia, MI 1997 Bulk Warehouse 11.43 140,365 100%
38220 Plymouth Livonia, MI 1988 Bulk Warehouse 13.14 145,232 100%
38300 Plymouth Livonia, MI 1997 Bulk Warehouse 6.95 127,800 100%
12707 Eckles Road Plymouth, MI 1990 Light Industrial 2.62 42,300 100%
9300-9328 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,286 88%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 100%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 100%
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 100%
28421-28449 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,285 100%
28451-28479 Highland Rd Romulus, MI 1980 Light Industrial 2.53 29,280 63%
28825-28909 Highland Rd Romulus, MI 1981 Light Industrial 2.53 29,284 100%
28933-29017 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 63%
28824-28908 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
28932-29016 Highland Rd Romulus, MI 1982 Light Industrial 2.53 29,280 100%
9710-9734 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,925 100%
9740-9772 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,548 100%
9840-9868 Harrison Road Romulus, MI 1987 Light Industrial 2.53 29,280 100%
9800-9824 Harrison Road Romulus, MI 1987 Light Industrial 2.22 25,620 100%
29265-29285 Airport Drive Romulus, MI 1983 Light Industrial 2.05 23,707 58%
29185-29225 Airport Drive Romulus, MI 1983 Light Industrial 3.17 36,658 100%
29149-29165 Airport Drive Romulus, MI 1984 Light Industrial 2.89 33,440 100%
29101-29115 Airport Drive Romulus, MI 1985 R&D/Flex 2.53 29,287 50%
29031-29045 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,280 100%
29050-29062 Airport Drive Romulus, MI 1986 Light Industrial 2.22 25,837 100%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 75%
29200-29214 Airport Drive Romulus, MI 1985 Light Industrial 2.53 29,282 100%
9301-9339 Middlebelt Road Romulus, MI 1983 R&D/Flex 1.29 15,173 100%
26980 Trolley
Industrial Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
28055 S. Wick Road Romulus, MI 1989 Light Industrial 6.79 42,060 100%
12050-12200 Farmington Road Livonia, MI 1973 Light Industrial 1.34 25,470 57%
33200 Capitol Avenue Livonia, MI 1977 Light Industrial 2.16 40,000 100%
32975 Capitol Avenue Livonia, MI 1978 R&D/Flex 0.99 18,465 100%
2725 S. Industrial Highway Ann Arbor, MI 1997 Light Industrial 2.63 37,875 100%
32920 Capitol Avenue Livonia, MI 1973 Reg. Warehouse 0.47 8,000 100%
32940 Capitol Avenue Livonia, MI 1971 Light Industrial 0.45 8,480 0%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 0%
11923 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.76 14,600 100%
11965 Brookfield Avenue Livonia, MI 1973 Light Industrial 0.88 14,600 100%
34005 Schoolcraft Road Livonia, MI 1981 Light Industrial 1.70 26,100 100%
13405 Stark Road Livonia, MI 1980 Light Industrial 0.65 9,750 100%
1170 Chicago Road Troy, MI 1983 Light Industrial 1.73 21,500 100%
1200 Chicago Road Troy, MI 1984 Light Industrial 1.73 26,210 100%
450 Robbins Drive Troy, MI 1976 Light Industrial 1.38 19,050 100%
556 Robbins Drive Troy, MI 1974 Light Industrial 0.63 8,760 100%
1230 Chicago Road Troy, MI 1996 Reg. Warehouse 2.10 30,120 100%
12886 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 0%
12898 Westmore Avenue Livonia, MI 1981 Light Industrial 1.01 18,000 100%
33025 Industrial Road Livonia, MI 1980 Light Industrial 1.02 6,250 100%
2002 Stephenson Highway Troy, MI 1986 R&D/Flex 1.42 21,850 100%
47711 Clipper Street Plymouth Twsp, MI 1996 Reg. Warehouse 2.27 36,926 100%
32975 Industrial Road Livonia, MI 1984 Light Industrial 1.19 21,000 100%
32985 Industrial Road Livonia, MI 1985 Light Industrial 0.85 12,040 100%
32995 Industrial Road Livonia, MI 1983 Light Industrial 1.11 14,280 100%
12874 Westmore Avenue Livonia, MI 1984 Light Industrial 1.01 16,000 100%
33067 Industrial Road Livonia, MI 1984 Light Industrial 1.11 18,640 100%
1775 Bellingham Troy, MI 1987 R&D/Flex 1.88 28,900 100%
1785 East Maple Troy, MI