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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, 1998 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 .
--- ---
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FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
PAGE
----
PART I.
Item 1. Business................................................................................ 3
Item 2. The Properties.......................................................................... 6
Item 3. Legal Proceedings....................................................................... 28
Item 4. Submission of Matters to a Vote of Security Holders..................................... 28
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters................... 29
Item 6. Selected Financial Data................................................................. 30
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations... 33
Item 7a. Quantitative and Qualitative Disclosures About Market Risk.............................. 45
Item 8. Financial Statements and Supplementary Data............................................. 45
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 45
PART III.
Item 10. Directors and Executive Officers of the Registrant...................................... 46
Item 11. Executive Compensation.................................................................. 46
Item 12. Security Ownership of Certain Beneficial Owners and Management.......................... 46
Item 13. Certain Relationships and Related Transactions.......................................... 46
PART IV.
Item 14. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K.... 47
SIGNATURES............................................................................................ 51
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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 these 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 REITs), availability of capital, interest rates, competition, supply and
demand for industrial properties in the Operating Partnership's current and
proposed market areas, general accounting principles, policies and guidelines
applicable to REITs and status of Year 2000 compliance. 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.
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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 84.0% ownership interest at December 31, 1998. 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 16.0% interest in the Operating
Partnership at December 31, 1998.
The Operating Partnership is the sole member of limited liability
companies (the "L.L.C.'s"), owns a 95% economic interest in FR Development
Services, Inc., as well as 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 Partnership, L.P. (the "Pennsylvania Partnership"), First
Industrial Harrisburg Partnership, 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 wholly owned limited
liability companies in which it is the sole member, also owns a 10% equity
interest in, and provides asset and property management services to, a joint
venture which invests in industrial properties.
The general partners of the Other Real Estate Partnerships are separate
corporations, each with a one percent 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, 1998, the Operating Partnership, the L.L.C.'s and FR
Development Services, Inc. (hereinafter defined as "The Consolidated Operating
Partnership") owned 885 in-service industrial properties, containing an
aggregate of approximately 57.3 million square feet of gross leasable area
("GLA"). On a combined basis, as of December 31, 1998, the Other Real Estate
Partnerships owned 102 in-service industrial properties, containing an aggregate
of approximately 12.0 million square feet of GLA. Of the 102 industrial
properties owned by the Other Real Estate Partnerships at December 31, 1998, 23
are held by the Financing Partnership, 19 are held by the Securities
Partnership, 23 are held by the Mortgage Partnership, 23 are held by the
Pennsylvania 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 24,
1999, the Consolidated Operating Partnership had 236 employees.
The Consolidated Operating Partnership has grown and will seek to
continue to grow through the acquisition of additional industrial properties and
businesses, through the development of industrial properties and through joint
venture relationships with institutional partners to invest in industrial
properties.
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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 acquisition of portfolios of industrial
properties, industrial property businesses or individual properties
which meet the Consolidated Operating Partnership's investment
parameters; (ii) the development of industrial properties; (iii) the
expansion of its properties; and (iv) investments in industrial
properties through joint venture relationships with institutional
partners.
BUSINESS STRATEGIES
The Consolidated Operating Partnership utilizes the following seven
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 invests
mainly in markets where it can achieve size and economies of scale.
Based on the size of the Consolidated Operating Partnership's and the
Other Real Estate Partnerships' portfolios in their current markets,
which as of December 31, 1998 averaged approximately 2.2 million square
feet per market, and the experience of its managing directors, the
Consolidated Operating Partnership believes that it has sufficient
market presence and resources to compete effectively. As of December
31, 1998, the Consolidated Operating Partnership and the Other Real
Estate Partnerships owned portfolios in the metropolitan areas of
Atlanta, Georgia; Baltimore, Maryland; Baton Rouge, Louisiana; Chicago,
Illinois; Cincinnati, Ohio; Cleveland, Ohio; Columbus, Ohio; Dallas,
Texas; Dayton, Ohio; Denver, Colorado; Des Moines, Iowa; Detroit,
Michigan; Grand Rapids, Michigan; Hartford, Connecticut; Houston,
Texas; Indianapolis, Indiana; Louisville, Kentucky; Milwaukee,
Wisconsin; Minneapolis/St. Paul, Minnesota; Nashville, Tennessee; New
Orleans, Louisiana; Phoenix, Arizona; Portland, Oregon; Salt Lake City,
Utah; St. Louis, Missouri and Tampa, Florida, as well as the regional
areas of Long Island, New York and New Jersey.
- - 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.
- - Acquisition Strategy. The Consolidated Operating Partnership's
acquisition strategy is to acquire properties in its current markets to
capitalize on local market expertise and maximize operating
effectiveness and efficiencies.
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- - Development Strategy. Of the 987 properties in the Consolidated
Operating Partnership's and the Other Real Estate Partnership's
portfolio at December 31, 1998, 226 have been developed by either the
Consolidated Operating Partnership, the Other Real Estate Partnerships
or its former management. The Consolidated Operating Partnership will
continue to leverage the development capabilities of its management,
many of whom are leading developers in their respective markets. In
1996, the Consolidated Operating Partnership formed, First Industrial
Development Services, L.P., of which, the Operating Partnership has a
99% limited partnership interest, to focus on development activities.
- - Disposition Strategy. The Consolidated Operating Partnership
continually evaluates local market conditions and property-related
factors and is actively considering disposition of select assets.
- - Financing Strategy. The Consolidated Operating Partnership believes
that the size of its portfolio, the diversity of its properties and
tenants and the financial strength of the Consolidated Operating
Partnership allow the Operating Partnership and it's general partner,
the Company, access to the public capital markets which are not
generally available to smaller, less diversified property owners
because of the portfolio size and diversity requirements.
RECENT DEVELOPMENTS
In 1998, the Consolidated Operating Partnership acquired or completed
development of 227 properties and several parcels of land for a total estimated
investment of approximately $484.2 million (approximately $49.4 million of which
was issued as limited partnership interests in the Operating Partnership
("Units")). The Consolidated Operating Partnership also sold 36 in-service
properties and several parcels of land for approximately $77.7 million of gross
proceeds. In addition, on January 2, 1998, the Financing Partnership distributed
173 industrial properties with a net book value of approximately $387.6 million
to the Operating Partnership.
During 1998, the Consolidated Operating Partnership, through the
Operating Partnership, issued $300.0 million of senior unsecured debt with
maturity dates ranging from 2011 to 2028.
On February 4, 1998, the Company issued 5,000,000 Depositary shares,
each representing 1/100th of a share of the Company's 7.95%, $.01 par value,
Series D Cumulative Preferred Stock (the "Series D Preferred Stock") at an
initial offering price of $25 per depositary share. The net proceeds of $120.6
million received from the Series D Preferred Stock were contributed to the
Operating Partnership in exchange for 7.95% Series D Cumulative Preferred Units
(the "Series D Preferred Units") and are reflected in the Consolidated Operating
Partnership's financial statements as a preferred general partner unit
contribution.
On March 18, 1998, the Company issued 3,000,000 Depositary shares, each
representing 1/100th of a share of the Company's 7.90%, $.01 par value, Series E
Cumulative Preferred Stock (the "Series E Preferred Stock") at an initial
offering price of $25 per depositary share. The net proceeds of $72.1 million
received from the Series E Preferred Stock were contributed to the Operating
Partnership in exchange for 7.90% Series E Cumulative Preferred Units (the
"Series E Preferred Units") and are reflected in the Consolidated Operating
Partnership's financial statements as a preferred general partner unit
contribution.
On April 23, 1998, the Company issued, in a private placement,
1,112,644 shares of $.01 par value Common Stock (the "April 1998 Equity
Offering"). The net proceeds of approximately $33.1 million received from the
April 1998 Equity Offering were contributed to the Operating Partnership in
exchange for 1,112,644 Units in the Operating Partnership and are reflected in
the Consolidated Operating Partnership's financial statements as a general
partner unit contribution.
In 1998, the Operating Parthership issued in the aggregate, 1,515,983
Units valued at approximately $49.4 million.
On September 28, 1998, the Consolidated Operating Partnership, through
a wholly owned limited liability company in which the sole member is the
Operating Partnership, entered into a joint venture arrangement (the "September
1998 Joint Venture") with an institutional investor to invest in industrial
properties. The Consolidated Operating Partnership, through wholly owned limited
liability companies in which the sole member is the Operating Partnership, owns
a 10% equity interest in the September 1998 Joint Venture and provides property
and asset management services to the September 1998 Joint Venture. As of
December 31, 1998, the September 1998 Joint Venture owned 130 industrial
properties comprising approximately 6.3 million square feet of GLA.
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During the period January 1, 1999 through March 24, 1999, the
Consolidated Operating Partnership acquired or completed the development of
three industrial properties for a total estimated investment of approximately
$16.8 million. The Consolidated Operating Partnership also sold eight industrial
properties for approximately $19.1 million of gross proceeds.
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
acquisitions and developments of certain industrial properties located in the
Consolidated Operating Partnership's current markets.
The Consolidated Operating Partnership also has an active sales program
through which it is continually engaged in identifying and evaluating its
current portfolio for potential sales candidates in order to redeploy capital.
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.
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, 1998,
the occupancy rates for industrial properties in the United States have ranged
from 91.6% to 93.1%, with an occupancy rate of 91.8% at December 31, 1998.
ITEM 2. THE PROPERTIES
GENERAL
At December 31, 1998, the Consolidated Operating Partnership and the
Other Real Estate Partnerships owned 987 in-service properties (885 of which
were owned by the Consolidated Operating Partnership and 102 of which were owned
by the Other Real Estate Partnerships) containing an aggregate of approximately
69.3 million square feet of GLA in 25 states (57.3 million square feet of which
comprised the properties owned by the Consolidated Operating Partnership and
12.0 million square feet of which comprised the properties owned by the Other
Real Estate Partnerships), with a diverse base of more than 3,000 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 median age of the Consolidated
Operating Partnership's and the Other Real Estate Partnership's properties on a
combined basis as of December 31, 1998 was approximately 15 years.
The Consolidated Operating Partnership and the Other Real Estate
Partnerships classify their properties into five industrial categories: Light
Industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing.
While some properties may have characteristics which fall under more than one
property type, the Consolidated Operating
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Partnership and the Other Real Estate Partnerships have used what they feel is
the most dominant characteristic to categorize the property.
The following tables summarize certain information as of December 31,
1998 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, 1998.
CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY
Light Industrial R&D/ FLEX Bulk Warehouse Regional Warehouse Manufacturing
---------------------- -------------------- --------------------- --------------------- --------------------
Number of Number of Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties GLA Properties GLA Properties
- ----------------- ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- --------- ----------
Atlanta 398,882 7 --- --- 2,860,554 11 255,846 3 596,750 5
Baltimore 525,686 8 --- --- 171,000 1 --- --- --- ---
Baton Rouge 116,347 3 --- --- 108,800 1 --- --- --- ---
Chicago 1,500,265 25 165,170 4 2,973,558 14 87,548 2 1,069,167 6
Cincinnati 445,595 7 --- --- 800,080 3 --- --- 570,000 1
Cleveland 201,116 6 102,500 1 --- --- 51,525 1 --- ---
Columbus 56,849 1 217,612 2 1,653,534 4 --- --- 255,470 1
Dallas 753,653 21 118,618 4 698,543 4 65,700 1 224,984 2
Dayton 322,746 6 20,000 1 --- --- --- --- --- ---
Denver 1,887,857 46 1,856,512 48 202,939 2 301,131 5 --- ---
Des Moines 54,000 1 --- --- 879,043 5 --- --- --- ---
Detroit 2,495,896 97 656,092 21 2,486,937 14 777,451 18 17,240 1
Grand Rapids 514,816 11 10,000 1 1,436,855 7 --- --- 413,500 1
Hartford 441,800 10 --- --- 143,391 1 --- --- 84,000 1
Houston 484,981 7 95,073 1 1,521,877 11 372,585 5 --- ---
Indianapolis 727,980 16 62,200 5 1,319,965 7 211,360 6 54,000 1
Long Island 2,080,694 40 560,460 4 1,358,593 8 162,871 3 62,898 1
Milwaukee 347,259 7 37,765 1 --- --- 39,800 1 39,468 1
Minneapolis/St. Paul 1,276,669 24 805,494 12 976,594 4 537,033 5 1,134,931 15
Nashville 334,063 7 --- --- 1,175,376 6 --- --- 109,058 1
N. New Jersey 1,071,825 34 349,146 10 264,426 2 192,153 3 --- ---
New Orleans 342,287 9 169,801 5 --- --- 40,500 1 --- ---
Phoenix 87,462 2 99,418 1 174,854 1 261,156 3 --- ---
Portland 809,706 34 53,021 2 --- --- --- --- --- ---
Salt Lake City 590,853 40 91,152 5 --- --- --- --- --- ---
S. New Jersey 948,723 23 --- --- 321,406 2 129,971 2 22,738 1
St. Louis 540,180 11 --- --- 589,158 4 --- --- --- ---
Tampa 350,741 10 286,671 14 213,744 2 243,840 5 --- ---
Other (a) 25,254 1 --- --- 710,755 6 50,000 1 346,103 6
---------- ---------- --------- ---------- ---------- ---------- --------- ---------- --------- ----------
Total 19,734,185 514 5,756,705 142 23,041,982 120 3,780,470 65 5,000,307 44
========== ========== ========= ========== ========== ========== ========= ========== ========= ==========
(a) Properties are located in Denton and Abilene, Texas; Wichita, Kansas; West
Lebanon, New Hampshire; Green Bay, Wisconsin; Shreveport, Louisiana and
Clarion, Iowa.
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CONSOLIDATED OPERATING PARTNERSHIP
PROPERTY SUMMARY TOTALS
TOTALS
----------------------------------------------------------------------------------
AVERAGE GLA AS A % OF
NUMBER OF OCCUPANCY AT TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/98 PORTFOLIO
- --------------------- -------------- ---------------- ------------- ---------------
Atlanta 4,112,032 26 96% 7.2%
Baltimore 696,686 9 99% 1.2%
Baton Rouge 225,147 4 97% 0.4%
Chicago 5,795,708 51 94% 10.1%
Cincinnati 1,815,675 11 98% 3.2%
Cleveland 355,141 8 99% 0.6%
Columbus 2,183,465 8 98% 3.8%
Dallas 1,861,498 32 96% 3.2%
Dayton 342,746 7 96% 0.6%
Denver 4,248,439 101 97% 7.4%
Des Moines 933,043 6 100% 1.6%
Detroit 6,433,616 151 95% 11.2%
Grand Rapids 2,375,171 20 99% 4.1%
Hartford 669,191 12 94% 1.2%
Houston 2,474,516 24 92% 4.3%
Indianapolis 2,375,505 35 98% 4.1%
Long Island 4,225,516 56 93% 7.4%
Milwaukee 464,292 10 99% 0.8%
Minneapolis/St. Paul 4,730,721 60 96% 8.3%
Nashville 1,618,497 14 99% 2.8%
N. New Jersey 1,877,550 49 86% 3.3%
New Orleans 552,588 15 93% 1.0%
Phoenix 622,890 7 88% 1.1%
Portland 862,727 36 98% 1.5%
Salt Lake City 682,005 45 87% 1.2%
S. New Jersey 1,422,838 28 96% 2.5%
St. Louis 1,129,338 15 92% 2.0%
Tampa 1,094,996 31 94% 1.9%
Other (a) 1,132,112 14 96% 2.0%
-------------- ---------------- ------------- ---------------
Total or Average 57,313,649 885 95% 100%
============== ================ ============= ===============
(a) Properties are located in Denton and Abilene, Texas; Wichita, Kansas;
West Lebanon, New Hampshire; Green Bay, Wisconsin; Shreveport,
Louisiana and Clarion, Iowa.
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The following tables summarize certain information as of December 31,
1998 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 R&D/ FLEX Bulk Warehouse Regional Warehouse Manufacturing
---------------------- -------------------- --------------------- --------------------- --------------------
Number of Number of Number of Number of Number of
Metropolitan Area GLA Properties GLA Properties GLA Properties GLA Properties GLA Properties
- ----------------- ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- --------- ----------
Atlanta 59,959 1 153,508 4 --- --- --- --- --- ---
Baltimore 65,860 1 78,421 1 --- --- --- --- --- ---
Central 511,270 7 288,938 6 3,265,006 13 117,579 3 --- ---
Pennsylvania
Chicago 150,554 3 49,730 1 760,587 4 --- --- 323,425 1
Des Moines 75,072 3 --- --- --- --- 88,000 1 --- ---
Detroit 422,614 9 33,092 2 --- --- 66,395 1 --- ---
Grand Rapids 80,000 1 --- --- 822,500 5 --- --- 31,750 1
Indianapolis --- --- --- --- 1,763,853 5 --- --- --- ---
Louisville --- --- --- --- 532,400 1 --- --- --- ---
Milwaukee --- --- --- --- --- --- --- --- 468,000 1
Minneapolis/ 78,741 1 --- --- --- --- 75,939 1 541,193 3
St. Paul
Nashville --- --- --- --- 160,661 1 --- --- --- ---
Philadelphia 253,810 11 117,873 3 110,000 1 46,750 1 56,827 2
St. Louis --- --- --- --- 245,000 2 --- --- --- ---
Tampa --- --- 44,427 1 --- --- --- --- --- ---
---------- ---------- --------- ---------- ---------- ---------- --------- ---------- --------- ----------
Total 1,697,880 37 765,989 18 7,660,007 32 394,663 7 1,421,195 8
========== ========== ========= ========== ========== ========== ========= ========== ========= ==========
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OTHER REAL ESTATE PARTNERSHIPS
PROPERTY SUMMARY TOTALS
TOTALS
----------------------------------------------------------------------------------
AVERAGE GLA AS A%
NUMBER OF OCCUPANCY AT OF TOTAL
METROPOLITAN AREA GLA PROPERTIES 12/31/98 PORTFOLIO
- --------------------- -------------- ---------------- ------------- ---------------
Atlanta 213,467 5 94% 1.8%
Baltimore 144,281 2 100% 1.2%
Central Pennsylvania 4,182,793 29 93% 35.0%
Chicago 1,284,296 9 99% 10.8%
Des Moines 163,072 4 96% 1.4%
Detroit 522,101 12 100% 4.4%
Grand Rapids 934,250 7 100% 7.8%
Indianapolis 1,763,853 5 90% 14.8%
Louisville 532,400 1 100% 4.5%
Milwaukee 468,000 1 100% 3.9%
Minneapolis/St. Paul 695,873 5 97% 5.8%
Nashville 160,661 1 100% 1.3%
Philadelphia 585,260 18 89% 4.9%
St. Louis 245,000 2 41% 2.0%
Tampa 44,427 1 100% 0.4%
-------------- ---------------- ------------- ---------------
Total or Average 11,939,734 102 94% 100.0%
============== ================ ============= ===============
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PROPERTY ACQUISITION ACTIVITY
During 1998, the Consolidated Operating Partnership completed 39
separate property acquisition transactions totaling approximately 10.9 million
square feet of GLA at a total purchase price of approximately $447.0 million, or
$41.14 per square foot. The 220 properties acquired have the following
characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/98 ACQUISITION DATE
-------------------------- ----------- ---------- ---------------------------------- ------------- ----------------
Chicago, IL 1 53,500 Light Industrial 100% January 9, 1998
Chicago, IL 6 353,048 Light Industrial/Bulk Warehouse/ 88% January 12, 1998
Regional Warehouse/R&D Flex
Minneapolis, MN 4 318,013 Manufacturing 90% January 15, 1998
Chicago, IL 1 288,000 Bulk Warehouse 100% January 16, 1998
Salt Lake City, UT 9 183,772 Light Industrial/R&D Flex 84% January 28, 1998
Denver, CO 10 448,186 R&D Flex 100% January 29, 1998
Chicago, IL 4 309,386 Light Industrial/Bulk Warehouse 82% January 30, 1998
Cincinnati, OH 1 69,220 Light Industrial 100% February 11, 1998
Long Island, NY 1 42,700 Light Industrial 100% March 3, 1998
Grand Rapids, MI 2 75,200 Light Industrial 100% March 12, 1998
Chicago, IL 1 200,000 Manufacturing 100% March 17, 1998
Columbus, OH 2 217,612 R&D Flex 100% March 17, 1998
Long Island, NY 1 60,000 Light Industrial 100% March 23, 1998
Detroit, MI 1 66,132 Regional Warehouse 100% March 24, 1998
Detroit, MI 7 382,063 Light Industrial/Bulk Warehouse/ 100% March 25, 1998
R&D Flex
Atlanta, GA 1 123,808 Bulk Warehouse 100% March 27, 1998
Grand Rapids, MI 1 423,230 Bulk Warehouse 100% March 31, 1998
Long Island, NY 1 99,600 Light Industrial 100% April 1, 1998
Hartford, CT 11 525,800 Light Industrial/Manufacturing 98% April 1, 1998
Long Island, NY 1 325,000 Bulk Warehouse 100% April 1, 1998
Detroit, MI 39 856,910 Light Industrial/Manufacturing/ 92% April 3, 1998
R&D Flex/Regional Warehouse
Southern New Jersey (a) 29 1,531,588 Light Industrial/Bulk Warehouse/ 96% April 6, 1998
Manufacturing/Regional
Warehouse
Denver, CO 1 102,839 Bulk Warehouse 100% April 14, 1998
Columbus, OH 1 300,200 Bulk Warehouse 100% April 14, 1998
Baltimore, MD 9 696,686 Light Industrial/Bulk Warehouse 99% April 15, 1998
Chicago, IL 1 56,400 Light Industrial 100% May 14, 1998
Tampa, FL (b) 9 135,662 Light Industrial/R&D Flex N/A May 20, 1998
Detroit, MI (b) 5 147,725 R&D Flex N/A May 20, 1998
Chicago, IL (b) 1 191,145 Light Industrial N/A June 10, 1998
Denver, CO 1 292,471 Light Industrial 100% June 23, 1998
Chicago, IL (b) 1 84,760 Light Industrial N/A June 30, 1998
Atlanta, GA (b) 3 347,056 Light Industrial/Bulk Warehouse/ N/A July 7, 1998
Regional Warehouse
Chicago, IL (b) 1 200,000 Bulk Warehouse N/A July 24, 1998
Phoenix, AZ 2 87,462 Light Industrial 60% August 14, 1998
Long Island, NY (b) 1 50,338 Light Industrial N/A August 18, 1998
Portland, OR 36 856,516 Light Industrial/R&D Flex 98% August 31, 1998
Long Island, NY 1 52,329 Light Industrial 54% October 21, 1998
Dayton, OH 1 20,000 R&D Flex 100% October 30, 1998
Dallas, TX 12 291,168 Light Industrial/R&D Flex 99% November 4, 1998
----------- ----------
Total 220 10,865,525
=========== ==========
(a) One property comprising 109,771 square feet was sold on April 6, 1998.
(b) Properties were sold to the September 1998 Joint Venture in the fourth
quarter of 1998.
11
13
During 1998, the Other Real Estate Partnerships completed eight
separate property acquisition transactions totaling approximately 1.4 million
square feet of GLA at a total purchase price of approximately $44.5 million, or
$31.73 per square foot. The 27 properties acquired have the following
characteristics:
NUMBER OF OCCUPANCY
METROPOLITAN AREA PROPERTIES GLA PROPERTY TYPE AT 12/31/98 ACQUISITION DATE
-------------------------- ----------- ---------- ---------------------------------- ------------- ----------------
Indianapolis, IN 1 181,950 Bulk Warehouse 100% March 4, 1998
Philadelphia, PA 16 534,360 Light Industrial/Bulk Warehouse/ 89% March 12, 1998
Regional Warehouse/R&D Flex
/Manufacturing
Des Moines, IA 3 75,072 Light Industrial 92% April 1, 1998
Chicago, IL 1 284,135 Bulk Warehouse 100% April 9, 1998
Baltimore, MD 2 144,281 Light Industrial/R&D Flex 100% April 15, 1998
Des Moines, IA 1 88,000 Regional Warehouse 100% June 10, 1998
Tampa, FL 1 44,427 R&D Flex 100% July 16, 1998
Philadelphia, PA 2 50,900 Light Industrial 88% September 30, 1998
----------- ----------
Total 27 1,403,125
=========== ==========
PROPERTY DEVELOPMENT ACTIVITY
During 1998, the Consolidated Operating Partnership completed seven
developments totaling approximately 1.0 million square feet of GLA at a total
cost of approximately $37.2 million, or $36.50 per square foot. The developed
properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE at 12/31/98 ACQUISITION DATE
- -------------------------- ----------- -------------------------------- -------------- --------------------
Detroit, MI 268,800 Bulk Warehouse 100% June 22, 1998
Detroit, MI 77,508 Light Industrial 100% June 26, 1998
Hartford, CT 143,391 Bulk Warehouse 80% July 1, 1998
Tampa, FL 21,778 Light Industrial 100% September 1, 1998
Cincinnati, OH 112,500 Bulk Warehouse 79% September 15, 1998
Long Island, NY 215,000 Light Industrial 82% September 24, 1998
Atlanta, GA 180,000 Bulk Warehouse 100% October 1, 1998
------------
Total 1,018,977
============
During 1998, the Other Real Estate Partnerships completed five
developments and two expansions totaling approximately 1.6 million square feet
of GLA at a total cost of approximately $48.7 million, or $30.94 per square
foot. The developed properties have the following characteristics:
OCCUPANCY
METROPOLITAN AREA GLA PROPERTY TYPE at 12/31/98 ACQUISITION DATE
- -------------------------- ----------- -------------------------------- -------------- --------------------
Detroit, MI (a) 70,000 Light Industrial 100% February 1, 1998
Milwaukee, WI 466,301 Manufacturing 100% March 2, 1998
Jefferson, IN 532,400 Bulk Warehouse 100% May 1, 1998
Indianapolis, IN 60,000 Bulk Warehouse 100% September 30, 1998
Central, PA 242,824 Bulk Warehouse 100% September 30, 1998
Central PA (a) 101,620 Light industrial 100% October 1, 1998
Indianapolis, IN 100,000 Bulk Warehouse 100% November 1, 1998
-----------
Total 1,573,145
===========
(a) Expansion
At December 31, 1998, the Consolidated Operating Partnership had seven
projects under development, with an estimated completion GLA of .9 million
square feet and an estimated completion cost of approximately $30.3 million.
At December 31, 1998, the Other Real Estate Partnerships had 13 projects
under development, with an estimated completion GLA of 1.6 million square feet
and an estimated completion cost of approximately $71.6 million.
12
14
PROPERTY SALES
During 1998, the Consolidated Operating Partnership sold 36 in-service
properties totaling approximately 1.6 million square feet of GLA and several
land parcels. Total gross sales proceeds approximated $77.7 million. The sold
in-service properties have the following characteristics:
METROPOLITAN AREA GLA PROPERTY TYPE SALE DATE
----------------------------- ---------------- ------------------------- -------------------------
Livonia, MI 38,500 Light Industrial January 7, 1998
Cherry Hill, NJ 109,771 Bulk Warehouse April 6, 1998
Byron, MI 16,000 Light Industrial July 21, 1998
Madison Heights, MI 29,550 Light Industrial July 30, 1998
Chicago, IL 80,400 Light Industrial September 2, 1998
Denver, CO 43,720 R&D Flex September 8, 1998
Chicago, IL (a) 200,000 Bulk Warehouse October 6, 1998
Chicago, IL (a) 191,145 Light Industrial October 6, 1998
Detroit, MI (a) 147,725 R&D Flex November 5, 1998
Long Island, NY (a) 50,338 Light Industrial November 19, 1998
Chicago, IL (a) 84,760 Light Industrial November 19, 1998
Atlanta, GA (a) 347,056 Light Industrial/ November 19, 1998
Bulk Warehouse/
Regional Warehouse
Tampa, FL (a) 135,662 Light Industrial/ November 19, 1998
R&D Flex
Englewood, CO 64,733 Light Industrial December 11, 1998
Farmington Hills, MI 7,306 Light Industrial December 15, 1998
Hamilton, NJ 37,406 Light Industrial December 30, 1998
Olivette, MO 31,500 Manufacturing December 30, 1998
Denver, CO 28,600 Light Industrial December 31, 1998
---------------
Total 1,644,172
================
(a) Properties were sold to the September 1998 Joint Venture
During 1998, the Other Real Estate Partnerships sold five in-service
properties totaling approximately .4 million square feet of GLA and several land
parcels. Total gross sales proceeds approximated $22.2 million. The sold
in-service properties have the following characteristics:
METROPOLITAN AREA GLA PROPERTY TYPE SALE DATE
----------------------------- ---------------- ------------------------- -------------------------
Reading, PA 100,000 Bulk Warehouse March 5, 1998
Allentown, PA 101,750 Light Industrial March 5, 1998
Allentown, PA 43,425 Light Industrial March 5, 1998
Reading, PA 69,190 Bulk Warehouse March 5, 1998
Lebanon, PA 88,400 Bulk Warehouse March 11, 1998
---------------
Total 402,765
================
PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END
During the period January 1, 1999 through March 24, 1999, the
Consolidated Operating Partnership acquired or completed development of three
industrial properties for a total estimated investment of approximately $16.8
million. The Consolidated Operating Partnership also sold eight industrial
properties for approximately $19.1 million of gross proceeds.
During the period January 1, 1999 through March 24, 1999, the Other Real
Estate Partnerships acquired one industrial property and one land parcel for a
total estimated investment of approximately $11.2 million.
13
15
DETAIL PROPERTY LISTING
The following table lists all of the Consolidated Operating
Partnership's properties as of December 31, 1998, by geographic market area.
PROPERTY LISTING
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- ------------- ------- --- --------
ATLANTA
- -------
1650 GA Highway 155 McDonough, GA 1991 Bulk Warehouse 12.80 228,400 100%
415 Industrial Park Road Cartersville, GA 1986 Manufacturing 9.27 119,657 100%
434 Industrial Park Road Cartersville, GA 1988 Manufacturing 8.07 57,493 100%
435 Industrial Park Road Cartersville, GA 1986 Reg. Warehouse 8.03 71,000 100%
14101 Industrial Park Blvd. Covington, GA 1984 Light Industrial 9.25 92,160 100%
801-804 Blacklawn Road Conyers, GA 1982 Bulk Warehouse 6.67 111,090 100%
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 56,400 100%
800 Westlake Parkway Atlanta, GA 1991 Bulk Warehouse 7.40 132,400 80%
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 1,040,276 100%
370 Great Southwest Pkway (k) Atlanta, GA 1986 Light Industrial 8.06 150,536 80%
3495 Bankhead Highway (k) Atlanta, GA 1986 Bulk Warehouse 20.50 408,819 70%
955 Cobb Place Kennesaw, GA 1991 Reg. Warehouse 8.73 97,518 100%
6105 Boatrock Boulevard Atlanta, GA 1972 Light Industrial 1.79 32,000 100%
1640 Sands Place Marietta, GA 1977 Light Industrial 1.97 35,425 100%
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%
---------- -------
SUBTOTAL OR AVERAGE 4,112,032 96%
---------- -------
BALTIMORE
- ---------
3431 Benson Baltimore, MD 1988 Light Industrial 3.48 60,400 100%
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 86,234 100%
1820 Portal Baltimore, MD (g) 1982 Bulk Warehouse 6.55 171,000 100%
4845 Governers Way Frederick, MD 1988 Light Industrial 5.47 83,064 100%
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 89%
---------- -------
SUBTOTAL OR AVERAGE 696,686 99%
---------- -------
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 81%
11301 Industriplex Blvd. Baton Rouge, LA 1985 Light Industrial 2.50 38,396 100%
6565 Exchequer Drive Baton Rouge, LA 1986 Bulk Warehouse 5.30 108,800 100%
---------- -------
SUBTOTAL OR AVERAGE 225,147 97%
---------- -------
CHICAGO
- -------
1330 West 43rd Street Chicago, IL 1977 Bulk Warehouse 4.25 109,728 100%
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 63,050 62%
3600 West Pratt Avenue Lincolnwood, IL 1953/88 Bulk Warehouse 6.35 205,481 100%
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 81%
3505 Thayer Court Aurora, IL 1989 Light Industrial 4.60 64,220 100%
3600 Thayer Court Aurora, IL 1989 Light Industrial 6.80 67,058 100%
736-776 Industrial Drive Elmhurst, IL 1975 Light Industrial 3.79 80,520 100%
5310-5352 East Avenue Countryside, IL 1975 Light Industrial 4.77 88,042 100%
12330-12358 South LaTrobe Alsip, IL 1975 Light Industrial 3.71 85,390 92%
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 91%
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 77,031 100%
7200 S. Leamington Bedford Park, IL 1950 Bulk Warehouse 12.24 310,752 100%
14
16
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES -RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- ------------- ------- --- --------
CHICAGO (CONT.)
- -------
12301-12325 S. Laramie Alsip, IL 1975 Bulk Warehouse 8.83 100%
Avenue 204,586
6300 West Howard Street 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 6.40 100%
151,436
1001 Commerce Court Buffalo Grove, IL 1989 Light Industrial 5.37 84,956 100%
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%
2201 Lunt Elk Grove Village, IL 1963 Bulk Warehouse 7.98 212,040 85%
1010-50 Sesame Street Bensenville, IL (d) 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 Chicago, IL 1968 Light Industrial 8.66 74,685 100%
(k)
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 56,017 100%
7401 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 5.36 213,670 99%
3900 West 74th Street Chicago, IL 1975/86 Reg. Warehouse 2.13 66,000 100%
7501 South Pulaski Chicago, IL 1975/86 Bulk Warehouse 3.88 0%
145,714
396 Fenton Lane West Chicago, IL 1987 R&D/Flex 2.74 36,480 100%
400 Wegner Drive West Chicago, IL 1988 Light Industrial 1.33 22,480 100%
450 Fenton Lane West Chicago, IL 1990 R&D/Flex 2.74 35,880 61%
1275 Roosevelt Road West Chicago, IL 1986 R&D/Flex 5.50 54,660 85%
385 Fenton Lane West Chicago, IL 1990 Bulk Warehouse 6.79 182,000 100%
505 Wegner Drive West Chicago, IL 1988 Reg. Warehouse 1.92 21,548 0%
335 Crossroad Parkway Bolingbrook, IL 1996 Bulk Warehouse 12.86 288,000 100%
10435 Seymour Avenue Franklin Park, IL 1967 Light Industrial 1.85 53,500 100%
905 Paramount Batavia, IL 1977 Light Industrial 2.60 60,000 33%
1005 Paramount Batavia, IL 1978 Light Industrial 2.50 64,787 100%
34-45 Lake Street Northlake, IL 1978 Bulk Warehouse 5.71 124,804 100%
2120-24 Roberts Broadview, IL 1960 Light Industrial 2.30 60,008 73%
4309 South Morgan Street Chicago, IL 1975 Manufacturing 6.91 200,000 100%
405-17 University Drive Arlington Hgts, IL 1977 Light Industrial 2.42 56,400 100%
--------- -------
SUBTOTAL OR AVERAGE 5,795,708 94%
--------- -------
CINCINNATI
- ----------
9900-9970 Princeton Cincinnati, OH (a) 1970 Bulk Warehouse 10.64 185,580 98%
2940 Highland Avenue Cincinnati, OH (a) 1969/74 Bulk Warehouse 17.08 502,000 100%
4700-4750 Creek Road Blue Ash, OH (a) 1960 Light Industrial 15.32 265,000 96%
4860 Duff Drive Cincinnati, OH 1979 Light Industrial 1.02 15,986 100%
4866 Duff Drive Cincinnati, OH 1979 Light Industrial 1.02 16,000 100%
4884 Duff Drive Cincinnati, OH 1979 Light Industrial 1.59 25,000 70%
4890 Duff Drive Cincinnati, OH 1979 Light Industrial 1.59 25,018 100%
9636-9643 Interocean Drive Cincinnati, OH 1983 Light Industrial 4.13 29,371 100%
7600 Empire Drive Florence, KY 1964 Manufacturing 38.73 100%
570,000
12072 Best Place Springboro, OH 1984 Bulk Warehouse 7.80 112,500 86%
901 Pleasant Valley Drive Springboro, OH 1984 Light Industrial 7.70 69,220 100%
--------- -------
SUBTOTAL OR AVERAGE 1,815,675 98%
--------- -------
CLEVELAND
- ---------
6675 Parkland Boulevard Salon, OH 1991 R&D/Flex 10.41 102,500 100%
21510-21600 Alexander Rd. Oakwood, OH 1985 Light Industrial 5.70 106,721 98%
(l)
5405 & 5505 Valley Belt Rd. Independence, OH 1983 Light Industrial 6.23 62,395 100%
(k)
10145 Philipp Parkway Streetsboro, OH 1994 Reg. Warehouse 4.00 51,525 100%
4410 Hamann Willoughby, OH 1975 Light Industrial 1.40 32,000 100%
--------- -------
SUBTOTAL OR AVERAGE 355,141 99%
--------- -------
COLUMBUS
- --------
6911 Americana Parkway Columbus, OH 1980 Light Industrial 4.05 56,849 78%
3800 Lockbourne Industrial Columbus, OH 1986 Bulk Warehouse 43.60 404,734 100%
Pky
3880 Groveport Road Obetz, OH 1986 Bulk Warehouse 22.13 705,600 100%
1819 North Walcutt Road Columbus, OH 1973 Bulk Warehouse 11.33 243,000 88%
4300 Cemetery Road Hilliard, OH 1968 Manufacturing 62.71 255,470 100%
4115 Leap Road (k) 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 2,183,465 98%
--------- -------
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%
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%
15
17
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- ------------- ---------- --- ------------
DALLAS (CONT.)
- ------
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 (l) Dallas, TX 1981 Light Industrial 4.57 95,671 100%
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 60,000 100%
816 111th Street Arlington, TX 1972 Light Industrial 2.89 65,000 0%
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 20,000 100%
7370 Dogwood Park Richland Hills, TX (j) 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 26,208 92%
7450-70 Dogwood Park Richland Hills, TX (j) 1985 Light Industrial 0.88 18,000 100%
7423-49 Airport Freeway Richland Hills, TX (j) 1985 R&D/Flex 2.39 33,810 100%
7400 Whitehall Street Richland Hills, TX 1994 Light Industrial 1.07 21,750 100%
---------- -----
SUBTOTAL OR AVERAGE 1,861,498 96%
---------- -----
DAYTON
- ------
6094-6104 Executive Boulevard Huber Heights, OH 1975 Light Industrial 3.33 43,200 100%
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 79%
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 Moriane, 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 94%
7100 North Broadway - Bldg. 2 Denver, CO 1978 Light Industrial 16.90 32,500 77%
7100 North Broadway - Bldg. 3 Denver, CO 1978 Light Industrial 11.60 22,259 100%
7100 North Broadway - Bldg. 5 Denver, CO 1978 Light Industrial 15.00 28,789 97%
7100 North Broadway - Bldg. 6 Denver, CO 1978 Light Industrial 22.50 38,255 95%
10691 East Bethany Drive Aurora, CO 1979 Light Industrial 1.84 25,026 100%
20100 East 32nd Avenue Parkway Aurora, CO 1997 R&D/Flex 4.10 51,300 99%
15700 - 15820 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 52,758 89%
12850-15884 West 6th Avenue Golden, CO 1978 Light Industrial 1.92 31,856 100%
5454 Washington Denver, CO 1985 Light Industrial 4.00 34,740 88%
5801 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 15,500 70%
5805 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,358 23%
5815 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,765 100%
5825 West 6th Avenue Lakewood, CO 1980 R&D/Flex 1.03 20,748 100%
5835 West 6th Avenue Lakewood, CO 1980 Light Industrial 1.03 20,490 100%
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 88%
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 83%
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 23,820 100%
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 38,962 100%
6425 North Washington Denver, CO 1983 R&D/Flex 4.05 82,120 100%
3370 North Peoria Street Aurora, CO 1978 R&D/Flex 1.64 25,520 50%
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 34,775 100%
3350 North Peoria Street Aurora, CO 1978 R&D/Flex 2.16 33,573 96%
4785 Elati Denver, CO 1972 Light Industrial 3.34 34,777 100%
4770 Fox Street Denver, CO 1972 Light Industrial 3.38 26,565 100%
1550 West Evans Denver, CO 1975 Light Industrial 3.92 78,788 100%
12401-41 East 37th Avenue Denver, CO 1980 R&D/Flex 1.19 26,922 100%
3751 - 71 Revere Street Denver, CO 1980 Reg. Warehouse 2.41 54,666 100%
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 31,355 100%
5855 Stapleton Drive North Denver, CO 1985 Light Industrial 2.33 41,268 91%
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%
16
18
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- -------------- ----------- --- ------------
DENVER (CONT.)
- -------
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 50,160 100%
833 Parfet Street Lakewood, CO 1974 R&D/Flex 2.57 24,800 100%
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 97%
7100 North Broadway - 8 Denver, CO 1985 R&D/Flex 2.30 9,107 100%
6804 East 48th Avenue Denver, CO 1973 R&D/Flex 2.23 46,464 100%
445 Bryant Street Denver, CO 1960 Light Industrial 6.31 292,471 100%
East 47th Drive - A Denver, CO 1997 R&D/Flex 3.00 51,200 100%
Centennial Airport Business Pk 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 41,615 100%
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 67%
14190 East Jewell Aurora, CO 1980 R&D/Flex 1.84 29,442 92%
608 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 25,075 85%
610 Garrison Street Lakewood, CO 1984 R&D/Flex 2.17 24,965 100%
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 E Golden, CO 1995 R&D/Flex 2.29 42,832 100%
14998 West 6th Avenue F Englewood, CO 1995 R&D/Flex 2.29 20,424 100%
12503 East Euclid Drive Denver, CO 1986 R&D/Flex 10.90 97,871 100%
6547 South Racine Circle Englewood, CO 1996 Light Industrial 3.92 60,112 85%
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 33,267 62%
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 24,000 100%
8122 South Park Lane - A Littleton, CO 1986 R&D/Flex 5.09 43,987 100%
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 83%
14818 West 6th Avenue Bldg. A Golden, CO 1985 R&D/Flex 2.54 39,776 100%
14828 West 6th Avenue Bldg. B Golden, CO 1985 R&D/Flex 2.54 41,805 100%
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%
---------- ------
SUBTOTAL OR AVERAGE 4,248,439 97%
---------- ------
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 11.03 263,196 100%
4161 McDonald Avenue Des Moines, IA 1979 Bulk Warehouse 11.02 164,084 100%
5701 NE 17th Street Des Moines, IA 1968 Light Industrial 2.30 54,000 100%
---------- ------
SUBTOTAL OR AVERAGE 933,043 100%
---------- ------
DETROIT
- --------
12000 Merriman Road Livonia, MI 1975 Bulk Warehouse 9.28 180,000 67%
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%
17
19
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- -------------- ----------- --- ------------
DETROIT (CONT.)
- -------
501 Executive Drive Troy, MI 1984 Light Industrial 1.57 18,061 100%
645 Executive Drive Troy, MI 1972 Light Industrial 2.27 32,470 100%
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%
1902 Northwood Drive Troy, MI 1977 R&D/Flex 3.65 62,925 0%
1921 Northwood Drive Troy, MI 1977 Light Industrial 2.33 42,000 100%
2230 Elliott Avenue Troy, MI 1974 Light Industrial 0.90 12,612 100%
2237 Elliott Avenue Troy, MI 1974 Light Industrial 0.96 12,612 100%
2277 Elliott Avenue Troy, MI 1975 Light Industrial 0.96 12,612 100%
2291 Elliott Avenue Troy, MI 1974 Light Industrial 1.06 12,200 100%
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 Hills, MI 1983 Light Industrial 0.91 12,705 0%
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%
23149 Commerce Drive Farmington Hills, MI 1985 Reg. Warehouse 6.32 47,700 100%
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%
23370 Commerce Drive Farmington Hills, MI 1980 Light Industrial 0.67 8,741 100%
24492 Indoplex Circle Farmington Hills, MI 1976 Light Industrial 1.63 24,000 100%
24528 Indoplex Circle Farmington Hills, MI 1976 Light Industrial 2.26 34,650 100%
31800 Plymouth Road - Bldg. 1 Livonia, MI 1968/89 Bulk Warehouse 42.71 705,829 99%
31800 Plymouth Road - Bldg. 2 Livonia, MI 1968/89 Bulk Warehouse 11.81 184,614 100%
31800 Plymouth Road - Bldg. 3 Livonia, MI 1968/89 Bulk Warehouse 6.13 98,024 96%
31800 Plymouth Road - Bldg. 6 Livonia, MI 1968/89 Bulk Warehouse 9.06 183,959 100%
31800 Plymouth Road - Bldg. 7 Livonia, MI 1968/89 Light Industrial 1.64 26,836 100%
21477 Bridge Street Southfield, MI 1986 Light Industrial 3.10 41,500 86%
32450 N. Avis Drive Madison Heights, MI 1974 Light Industrial 3.23 55,820 0%
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 (k) Livonia, MI 1981 Light Industrial 6.10 85,086 89%
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 29,286 100%
9330-9358 Harrison Rd. Romulus, MI 1978 Light Industrial 2.53 29,280 63%
28420-28448 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,280 100%
18
20
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- -------------- ----------- --- ------------
DETROIT (CONT.)
- -------
28450-28478 Highland Rd Romulus, MI 1979 Light Industrial 2.53 29,340 88%
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 75%
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 50%
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 23,707 100%
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 29,287 100%
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 25,620 100%
29120-29134 Airport Drive Romulus, MI 1986 Light Industrial 2.53 29,282 100%
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 15,170 100%
21405 Trolley Industrial Road Taylor, MI 1971 Bulk Warehouse 11.25 180,986 98%
26980 Trolley Industrial Drive Taylor, MI 1997 Bulk Warehouse 5.43 102,400 100%
12050-12200 Farmington Road Livonia, MI 1973 Light Industrial 1.34 25,470 82%
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 8,480 100%
11862 Brookfield Avenue Livonia, MI 1972 Light Industrial 0.92 14,600 100%
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 0%
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 0%
1785 East Maple Troy, MI 1985 Light Industrial 0.80 10,200 100%
1807 East Maple Troy, MI 1984 R&D/Flex 2.15 28,100 100%
9800 Chicago Road Troy, MI 1985 Light Industrial 1.09 14,280 100%
1840 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 2.42 33,240 100%
1885 Enterprise Drive Rochester Hills, MI 1990 Light Industrial 1.47 19,604 100%
1935-55 Enterprise Drive Rochester Hills, MI 1990 R&D/Flex 4.54 53,324 100%
5500 Enterprise Court Warren, MI 1989 R&D/Flex 3.93 53,900 100%
5800 Enterprise Court Warren, MI 1987 Manufacturing 1.48 17,240 100%
750 Chicago Road Troy, MI 1986 Light Industrial 1.54 26,709 100%
800 Chicago Road Troy, MI 1985 Light Industrial 1.48 24,340 100%
850 Chicago Road Troy, MI 1984 Light Industrial 0.97 16,049 100%
2805 S. Industrial Highway Ann Arbor, MI 1990 R&D/Flex 1.70 24,458 100%
6833 Center Drive Sterling Heights, MI 1998 Reg. Warehouse 4.42 66,132 100%
22731 Newman Street Dearborn, MI 1985 R&D/Flex 2.31 48,000 100%
32201 North Avis Drive Madison Heights, MI 1974 R&D/Flex 4.19 50,000 100%
1100 East Mandoline Road Madison Heights, MI 1967 Bulk Warehouse 8.19 117,903 100%
30081 Stephenson Highway Madison Heights, MI 1967 Light Industrial 2.50 50,750 100%
1120 John A. Papalas Drive (1) Lincoln Park, MI 1985 Light Industrial 10.30 120,410 100%
36555 Ecorse Romulus, MI 1998 Bulk Warehouse 18.00 268,800 100%
6340 Middlebelt Romulus, MI 1998 Light Industrial 11.03 77,508 100%
---------- -------
SUBTOTAL OR AVERAGE 6,433,616 95%
---------- -------
GRAND RAPIDS
- ------------
2 84th Street Byron Center, MI 1986 Light Industrial 3.01 30,000 100%
19
21
LOCATION YEAR BUILT LAND AREA OCCUPANCY AT
BUILDING ADDRESS CITY/STATE ENCUMBRANCES RENOVATED BUILDING TYPE (ACRES) GLA 12/31/98
---------------- ---------- ------------ ---------- -------------- ----------- --- ------------
GRAND RAPIDS (CONT.)
- ------------
100 84th Street Byron Center, MI 1979 Light Industrial 4.20 81,000 100%
511 76th Street Grand Rapids, MI 1986 Bulk Warehouse 14.44 202,500 100%
553 76th Street Grand Rapids, MI 1985 R&D/Flex 1.16 10,000 100%
555 76th Street Grand Rapids, MI 1987 Bulk Warehouse 12.50 200,000 100%
2925 Remico Avenue Grandville, MI 1988 Light Industrial 3.40 66,505 100%
2935 Walkent Court Grand Rapids, MI 1991 Light Industrial 6.13 64,961