Wasatch 16 OM

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Located in thedynamic SaLt Lakecounty area

major,nationaLtenancieS

FreewayViSibLe,ProminentSiGnaGe

WASATCH 16

WASATCH 16 Capital Markets | Private Capital Groupoffg m | jl 2012SaLt Lake county area | utah78,978 rSF

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caPit

aLmarketSexPertS

el mlls

Senior Vice President

801.869.8029

[email protected]

t w

Senior Associate

801.869.8034

[email protected]

LocaLoFFicemarketexP

ertS

b jsFirst Vice President

801.869.8019

[email protected]

V Gls

First Vice President

801.869.8021

[email protected]

WASATCH 16

debt&equityFinancinG

t S

Vice President

801.869.8013

[email protected]

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Executive Summary

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theoFFerinG

CBRE, as exclusive advisor, is pleased to present the opportunity to acquire

the fee simple interest in the Class A multi-tenant ofce building known

as Wasatch Corporate Center 16 (Wasatch 16). Wasatch 16 is prominently

located on Interstate 15 in the Draper submarket of the Greater Salt Lake

City Ofce Market. The property has the highest parking ratio of any class A

building in the submarket and long term tenants that have a high probability ofrenewal in the future. The property is 92% leased to three national tenants.

This opportunity is being offered unpriced and on an as-is basis for the fee

interest in the building and the land there under.

oFFerin

GSummary

blg: Wasatch Corporate Center 16

ass: 121 West Election Road

Salt Lake City, Utah

rl a: 78,978 RSF

tpl Fl Pl: 26,000 RSF

y bl: 2007

op: 92%

Ss: 3

S a: 6.14(or 6.49) acres

Pg r: 6.45/1,000 RSF

offg P: Submit Price

i-Pl noi: $1,317,012

tenantS

t Ls ep Ls SF % f Pp

t-ml Oct 31, 2014* 20,639 26%

a is f Sl L Aug 31, 2017 39,811 51%

ags uvs** Aug 31, 2017 12,169 15%

tl op Sp 72,349 92%

* T-Mobile has the right to extend their lease to 2017, 2018 or 2019 until July 31, 2012.

The rent would be reduced to $22 PSF in the event the extension option is taken.

** Argosy University is under the same lease as Art Institute of Salt Lake, both schools are

a part of and the lease is guaranteed by Education Management LLC, a Delaware limited

liability company which had over $2.8 billion in annual sales in 2011. The company is traded

on the NASDQ under the ticker symbol EDMC.

Wasatch 16 | Draper | Utah4

executiVe Summary

The Offering | Offering Summary | Tenants | Investment Highlights | Local Maps | Area Description | Why Wasatch 16


ExEcutivE Summary AreA Overview ProPerty DescriPtion Tenancy FinancialsMarket Overview

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executiVe Summary

inVeStment

hiGhLiGhtS

Hih ima istitutiay d ad maitaid Cass A clg: Wasatch 16 is a high image well maintained property designedand built by CarrAmerica. The property has always been institutionallyowned and maintained to high institutional standards.

nl c ts:The Salt Lake Art Institute and Argosy Universityare a part of Education Management LLC (EDMC). NASDAQ: EDMC is one ofthe largest most diverse proprietary post-secondary education companies inthe U.S. EDMC has a 40 year operating history and a BB- S&P credit rating asof June 2012. In 2011 EDMC had strong sales of $2.89 billion and net incomeof $229.5 million. T-Mobile is a part of Telekom giant Deutsche Telekom (DT)headquartered in Germany. As of December 2011 DT had 236,000 employeeswith annual revenues of $73.3 billion and free cash ow of $7.9 billion.

Ssl ls g f sg s: The Art Institute andArgosy University both have a 5 year term remaining. T-Mobiles lease expires10/31/14. T-Mobile has the option to extend its lease expiration to 10/17, 10/18or 10/19. It has until 7/31/12 to exercise the lease extension and indicate oneof the expiration dates shown above or lose the reduced rate negotiated.

P f vsl ll f ss: Wasatch 16 hasexceptional visibility and signage on Interstate 15. Few of the buildings in the competitiveset have freeway visibility. None have the presence or visibility of Wasatch 16. TheSalt Lake Art Institute is presently planning to install a digital monitor on its existinglandmark sign to take advantage of the freeway visibility of the property. The visibilityand signage of the building on Interstate 15 gives Wasatch 16 a competitive advantageover other buildings. Approximately 142,000 cars pass by the property on I-15 per day.

Hihst paki ati cass A c uidis i Suth T/dp ss: Wasatch 16 has a parking ratio of 6.45/1,000rentable square feet. The property has the highest parking ratio of allclass A buildings in the Sandy South Towne & Draper submarkets.

hg pl f l f sg s plvsl, pg sg tis vs s: There is a high

likelihood of renewal from each of the tenants for the following reasons:

Sl L a is: Has 8/1,000 parking ratio, building signage,freeway sign which is soon to have a color monitor, signicantTI investment by tenant, costly relocation expense.

ags: 5.6/1,000 parking ratio, building signage, signicant TI, owned bythe same company as Salt Lake Art Institute, costly relocation expense.

t-ml: 5.0/1,000 parking ratio, limited number of opportunities forfreeway signage.

Sg Fls hg P G r: The Salt LakeOfce Market is projected by CBRE Econometric Advisors (formerly TortoWheaton) to experience an average annual growth rate of 4.8% over the next 5

years. The Draper submarket which Wasatch 16 is located within is projectedto experience an average annual rental growth rate of 5.38% over the next5 years. Pollina Corporate recently ranked Utah as having the #1 EconomicClimate in the U.S. Utah had the second fastest growing U.S. economy with3.5% growth annually over the past 5 years, verses the 1% national average.

Sg l f p : Wasatch 16 is a strong campus for theSalt Lake Art Institute. In 2010 the campus won the Platinum Award for mid andsmall sized markets within the school. This award is given to the campus that hasstrong enrollment and excellence in client satisfaction. Wasatch 16 is also a stronglocation for Argosy University. The two schools combined had a total enrollmentof over 1,000 students in May 2012. The location of the property is ideal as abase for both schools in Utah. As time continues they plan to expand into otherparts of Utah with Wasatch 16 as the base location. There is a high likelihood thatboth schools continue to occupy the property for many years to come. Once astrong location like Wasatch 16 is established they typically stay several years.

n sg pp: There is no existing debt on property,providing an investor with the opportunity to take advantage of theaggressive debt available on the market. Terms as favorable as 75% LTV,30 year amortization, 10 year call and 4.9% for non recourse debt hasbeen quoted for the property. For additional information on available debtspeak with Trent Snarr of CBRE Debt and Equity Finance Group.

P epls c L u: Many premier companies arelocating for the rst time or expanding their footprint in Utah. Salt Lake is hometo Goldman Sachs second largest ofce in the Americas, which is projected tobecome its fourth largest globally. Goldman Sachs Managing Director, David Langsaid, Weve had a history of success here in Salt Lake City. We hire fabulous

Wasatch 16 | Draper | Utah 5


AreA Overview Market Overview Financials

ExEcutivE Summary TenancyProPerty DescriPtion

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executiVe Summary

Wasatch 16 is located towards the south

end of Salt Lake County in Draper City which

is a part of the Sale Lake Metro area. The

location of Wasatch 16 is strategically located

to pull from the population, employers and

students of both Salt Lake and Utah counties.The south end of Salt Lake County and

the north end of Utah county is becoming

the high tech hub in Salt Lake.

Following are some of the larger high tech

companies that are in or about to locate

within the area. Adobe is currently building

a campus in the area. When completely

built out it is projected to be Adobes largest

facility besides their headquarters in San

Jose. Ebay is underway on a new 30 acre

campus to facilitate its continuing growthin Salt Lake. Exactware is close to nalizing

a new lease to relocate its headquarters.

Twitter is building a new data center in the

area and Microsoft has a presence as well.

I/M Flash, an Intel/Micron joint venture has a

facilty of over 1,000,000 square feet where

it manufactures NAND Flash memory. The

National Security Association is building

a 1,000,000 square foot data center. It

will be the biggest of its kind in the U.S.

when it opens in 2013. There are many

other tech companies that are now located

within or looking to enter into the south

Salt Lake County-north Utah County area.

The location of Wasatch 16 is in a

well established ofce market with

strong growth potential as well.

areadeS

criPtion



Wasatch 16 | Salt Lake County Area | Utah 7

AreA Overview FinancialsExEcutivE Summary TenancyMarket OverviewProPerty DescriPtion

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whywaS

atch16

F ts:

Highest parking ratio of Class A

ofce buildings in the submarket

Most prominent freeway visibility

in competitive building set Well located between two

freeway on/off ramps

Surrounded by retail services

Access to Salt Lake County and

Northern Utah County employees

Desirable location for employees

F ivss:

Long term leases with The Art

Institute and Argosy University

Scheduled rent increases

Salt Lake Ofce Market is projected

to have one of the highest rent

growth rates in the U.S.

High likelihood of renewal

from existing tenants due to

tenant invested capital in the

property, high moving costs

and difculty of replacing

freeway visibility and parking

Existing tenants are leaders

in their respective elds

Competitive advantage due to

parking ratio and freeway visibility



executiVe Summary AreA Overview FinancialsExEcutivE Summary ProPerty DescriPtion Market Overview Tenancy

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Area Overview

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Ppuati/Dmaphics

State of Utah Total Population: 2,763,885 (2010 Census)

Median Age is 29.1 - National Median age is 37.1

(Utah has the lowest median age in the U.S.)

90% of citizens have at least a high school

degree - National Average is 86.5%

65% of the population have college experience

28% of citizens have earned a Bachelors degree - National Average is 26.7%

Over 2,000,000 people, 75.9% of the States population, lives along the

Wasatch Front in a four county geographic area surrounding Salt Lake City.

area oVerViewexecutiVe Summary


State of Utah/Greater Salt Lake Area | Amenities Map

TenancyMarket OverviewProPerty DescriPtion FinancialsAreA OverviewExEcutivE Summary

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The state of Utah has become known for its dynamic economic

climate, well run state government, young highly educated

work force and business friendly environment.

Utahs economic performance is impressive on many levels and speaks to the

States ability to compete in global markets and attract new business during a

time of economic turmoil. The Salt Lake Chamber of Commerce reported, thatUtah was the only state in the U.S. to double exports during the last 5 years. The

following companies have recently expanded within or entered Utah: Adobe,

Ebay, Electronics Arts, Goldman Sachs, Fidelity and Twitter to name a few.

e a dls: The economic outlook for the state of Utah looks

promising. Utah continues to receive accolades from analysts and employers alike.

Below are some statistics and recent accolades:

e

Second fastest growing U.S. economy 3.5% annually over the past 5 years,

versus 1% national average

Fourth fastest rate of job growth - 1.5% annually over the past 5 years

Second fastest rate of job creation in the U.S. in 2011

Fastest growth of household incomes in the U.S. - 5% per year versus

2.6% nationally

Ranked #1 for business and careers in 2010 & 2011 by Forbes Magazine

Ranked #1 economic climate in 2010 by Pollina Corporate

Ranked Best State for Fiscal Health by Robert Novy-Marx of the

University of Chicago

The University of Utah is #1 nationally for company start-ups, bumping MIT to#2, and using one third of the funding according to a 2010 AUTM survey

Ranked #1 for Business Climate (Business Facilities) and Economic

Dynamism by Kauffman Foundation

Goldman Sachs CAO, Jeff Schroeder said, We are in a hundred cities around

the world and roughly 29 or 30 countries; Salt Lake has the fastest growth rate.

epl

Utahs labor force is characterized by high employment, low average wages

and workers who are younger and more educated than the national average.

During the 12 months ending in December 2011, the Bureau of Labor

Statistics reported job growth across all sectors of 3.6% in the Salt Lakemetro. Sectors related to ofce demand were particularly strong with

nancial services growing at 2.7% and professional and business services

expanding by 5.2% over the same period. The national job growth rate for

all sectors grew by 1.4% during the same time period. As of April 2012

Utahs unemployment rate is 6.0%, the U.S. unemployment rate is 8.1%.

CBRE Econometric Advisors projects that overall employment growth in

the Salt Lake area will average 3.4% annually from 2011-2015, while the

U.S. average employment growth is projected to be 1.8% annually over

that same time period.

CBRE Econometric Advisors projects that ofce employment growth will

average 4.1% per year from 2011-2016.

Utah is one of 22 U.S. states operating under a right-to-work law.

Union membership is low in Utah, with only about 6% of manufacturing

employees afliating with unions, compared to a national average of

about 12%.

According to the Utah Technology Council there are over 6,600 high tech

and life science companies located in Utah.

STATeof

uTAH/greATerSAlTlAkeAreA



ProPerty DescriPtion Market Overview TenancyAreA OverviewExEcutivE Summary Financials

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Sl tp epls G Sl L a

Adobe Systems CR England Trucking

Kennecott Utah Copper L3 Communications

CHG Healthcare Services American Express

Fidelity Merit Medical SystemsDelta Airlines Overstock.com

Discover Card Skywest Airlines

Ebay University of Utah (including hospitals)

Arup Laboratories Verizon Wireless

Goldman Sachs Zions First National Bank

Intermountain Health Care Internal Revenue Service

ATK Thiokol Convergys

Brigham Young University Wells Fargo Bank

Autoliv ASP (Motton Ints) Rocky Mountain Power

Energy Solutions Jetblue AirlinesHill Air Force Base The Church of Jesus Christ

of Latter-Day Saints

Source: Utah Department of Workforce Services

L



TenancyMarket OverviewProPerty DescriPtionAreA OverviewExEcutivE Summary Financials

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tsp

The Salt Lake area, or Wasatch Front, is known as the Crossroads of the

West, and is located equal distances from all major western markets.

Interstate 80, Interstate 15, Route 215 and Interstate 70 are vital to the

efcient movement of goods and materials throughout the region.

The Salt Lake City International Airport serves more than 21.5 million

passengers annually and is ranked among the top 25 largest airports in the

country. Thirteen airlines y into Salt Lake City International Airport.

The Salt Lake International Airport, situated approximately ve miles northwest

of downtown Salt Lake City, is located within a 2.5-hour ight of more than half

the population in the U.S. This has attracted many companies to Utah from other

close by more expensive markets.

Utah has approximately 1,700 miles of rail road track.

Salt Lake City is the western most point from which all west coast cities can

be served directly by rail without backtracking, with second-morning service to

approximately 90% of the Western U.S.

All rail lines converge in the Salt Lake City-Ogden metropolitan area. Utah is an

excellent interline switching route for west coast shipments and for eastern

and mid western terminals without having to back haul shipments. The merged

Southern Pacic and Union Pacic provide freight service in and through Utah.

Amtrak provides daily passenger service from Salt Lake City to and from points

throughout the United States.

With a 1,400 square mile service area spanning six counties, Utah Transit

Authority (UTA) provides public transit (bus, Trax light rail and the new Front

Runner commuter rail) to 75% of Utahs population and some of the states

largest communities including Salt Lake, Ogden, Provo, and Tooele.

Sl L c il ap udot F



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Property Description

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ass

121 West Election Road

Draper, Utah 84020

aPn

2725227003

2725276004

S a

6.14

Pg

509 stalls (6.45/1,000)

ds w

Draper City

el

Rocky Mountain Power

S

South Valley Reclamation District

S dg

Draper City

nl Gs

Questar

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SitedeSc

riPtion


ProPerty deScriPtionProPerty deScriPtion

Site Description | Build ing Description | F loor Plans


ProPerty deScriPtion


TenancyMarket OverviewAreA OverviewExEcutivE Summary FinancialsProPerty DescriPtion

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y bl

2007

Ss

3

dvlp

CarrAmerica

as

HFS Architects

Gss blg a

82,396 SF

rl blg a

78,979 SF

usl blg a

69,938 SF

L F

12.9%

Fp

25,664 26,806

cs

Steel frame with concrete lledmetal decking, EFIS exterior, 1

insulated high performance low

reective tinted glass. Built to

the State of Utah Energy code.

clg hg

Floor to oor heights are 14 6.

Floor to ceiling heights are 10. Two

story lobby at main entrance.

rf

EPDM System, 15 year warranty

beginning November 1, 2006.

L Fs

Granite and marble tileooring, marble and wood-

paneled walls, wood paneled

ceilings, carpeted ooring

hVac

270 tons capacity provided by three

(3) 90 ton roof top units. Packaged

VAV units with variable speed drives.

cl Sss

Direct Digital Control energy

management and environmental

controls with individual zone

control and after hours exibility.

ectica/lihti

2,500-amp, 480/277-volt,

3-phase, 4-wire service with

step down transformers

elvs

Two (2) hydraulic elevators with

3,500 lb capacity, 150ft/minute speed

fi/li Saty

Wet sprinkler system 100% coverage

buiLdinGdeScriPtion


Site Description | Building Description | Floor Plans

ProPerty deScriPtionProPerty deScriPtionProPerty deScriPtion Market Overview TenancyAreA OverviewExEcutivE Summary FinancialsProPerty DescriPtion

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ProPerty deScriPtionProPerty deScriPtionProPerty deScriPtion

2 Fl 3 Fl

1s Fl

Suite 110

Vacant4,590 SF

Suite 140

Vacant2,039 SF

T-Mobile

T-Mobile

Art Institute of

Salt Lake City

Art Institute ofSalt Lake City

ArgosyUniversity

FLoorPLa

nS

L elvators

S Lvl Lg

TenancyMarket OverviewAreA OverviewExEcutivE Summary FinancialsProPerty DescriPtion

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Market Overview

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gat Sat lak oc Makt

Base: 30,700,000 Square Feet

Overall Vacancy: 15.5%

Class A Suburban Vacancy: 6.36%

Average Asking Lease Rate: $19.29

Net Absorption 2011: 652,381

Net Absorption Q1 2012: 100,491

Under Construction: 481,500

Sdp S

Overall Base: 5,748,503

Overall Vacancy: 10.6%

Average Lease Rate: $20.24

Class A Base: 2,365,678 SF

Class A Vacancy: 4.7%

Average Asking Class A Lease Rate: $23.26

Net Absorption 2011: 134,747

Net Absorption Q1 2012: 76,160

Under Construction: 144,000

SaLtLake

oFFicemarketoVerView

SouTHTo

wne/DrAPerSubMArkeTSo

verview

Sat lak oc Makt

Salt Lakes ofce market is largely concentrated in the downtown area to the

north and the SandyDraper area to the south. Over 50% of the 30,700,000

square feet of ofce space that CBRE tracks in Salt Lake County is within the

four submarkets which encompass the area previously mentioned.

Downtown is near the state capitol and is the home to established nancial,

professional and business services rms, which boast a wide geographic

reach. Large ofce users downtown include Zions Bank, The Church of Jesus

Christ of Latter-Day Saints, Wells Fargo, Fidelity, Goldman Sachs, Questar

Gas and Kirton McConkie.

Sdp Ss

The SandyDraper area is on the southern end of the Salt Lake Ofce Market

and is the northern end of a developing tech corridor, which extends south

into part of Utah County. The tech corridor is home to ofces of recognizable

tech rms such as Adobe, Ebay, Microsoft, Oracle and I/M Flash (Intel &

Micron) in addition to many other smaller tech companies and promisingstartups. The emergence of the area as a developing tech center is enhancing

job growth and consequently, ofce demand.

The location of submarket allows employers, businesses and educators

such as The Art Institute of Salt Lake and Argosy University to pull from the

population of both Salt Lake and Utah counties.

As shown on tables, the submarket has a lower overall vacancy and Class A

vacancy than the market.


market oVerView

Salt Lake Ofce Market Overview | SandyDraper Submarkets Overview | Competitive Building Set | Comparable Sales

market oVerView TenancyProPerty DescriPtionAreA OverviewExEcutivE Summary FinancialsMarket Overview

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W 7800 S

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W 3100 S

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Submarket Building SF

TotalAvailability

%YTD

AbsorptionTotal

Vacancy %Avg LeaseRate (FSG)

UnderConstruction

(SF)*

Airport/

International Ctr

1 ,276 ,185 131 ,154 142 ,810 10 .0% $16 .56 -

CentralBusiness District

6 ,889 ,529 1 ,524 ,370 166 ,720 16 .3% $22 .30 -

CBD/Periphery 3,416,440 712,454 (27,674) 14.7% $16.74 103,540

West ValleyLake Park

1 ,892 ,357 489 ,337 5 ,653 25.0% $16 .68 -

Resear ch Park 1,130,364 23,950 13,993 1.5% $23.96 -

Interchange 701,693 66,525 36,632 9.3% $11.11 -

Sugarhouse 472,744 46,010 (18,327) 9.0% $19.75 -

Fo ot hi ll C or rid or 2 43 ,3 56 2 4, 72 4 2 0, 71 9 10 .2 % $ 16. 88 -

Central Valley 2,244,009 554,155 (29,264) 20.7% $18.46 -

CentralValley East

2 ,468 ,077 640 ,906 46,381 22 .9% $16 .28 -

Union ParkDistrict

2 ,084 ,960 404 ,898 81,659 19 .9% $18 .68 -

Cotto nwoo d 1,853,730 152,583 63,332 6.6% $24.53 234,000

SandySouth Towne

4 ,257 ,678 599 ,394 80,524 13 .1% $20 .14 -

So ut hw es t Va ll ey 1 80 ,0 00 - - 1 5, 00 0 - $ 23. 50 -

Draper 1,597,805 230,299 54,223 11.5% $18.09 144,000

Totals 30,708,927 5,600,759 652,381 15.3% $19.12 481,540

* Multi-tenant over 20,000 SF

SaLtLake

oFFicemarketoVerView

wasatch 16 is catd ithi th Suth T/Dap Sumakts oc Sumakt Map

Wasatch 16



market oVerViewmarket oVerViewProPerty DescriPtion TenancyAreA OverviewExEcutivE Summary FinancialsMarket Overview

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Suth T/Dap Cass A Cmptitiv St

ws 16Sl L c, ut

b f rlsS, ut

j csS, ut

j Gcp. c a

S j, utL P c

dp, utrvp i-xiV

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S Pc 1

S, ut

S tcp. c. 1&2

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dp, ut

wscps

F blg.S, ut

Ya buit/rv

n. fFls nra (SF) % Ls

asg rl rPSf/M.

FV s l P g r Maj Tats/Cmmts

ws 16121 W. Election Rd., Salt Lake City, UT

2007 3 78,978 92% $21.75 Yes 6.5/1000 T-Mobile, Art Institute, Argosy

b f rls9661 S. Monroe St., Sandy, UT

2007 5 105,300 100% $22.00 - 23.00/SF FSG Yes 4.66/1000 Salt Lake Board of Realtors

j cs9350 S. 150 E., Sandy, UT

1999 10 248,790 96.5% $22.00 - 23.00/SF FSG No 5/1000 Oracle, Larry H. Miller companies

j G cp. c a10225 S. Jordan Gateway, South Jordan, UT

2008 4 72,782 96% $21.00/SF FSG Yes 4/1000 University of Phoenix, Parsons

L P c11747 S. Lone Peak Parkway, Draper, UT

2007 3 87,785 75% $21.50/SF FSG No 5/1000 EMC

rvp i-xiVRiverfront Parkway, South Jordan, UT

2001-2010 3-6 1,272,203 96% $22.50 - $24.50/SF FSG No 4 - 5/1000 Boart Longyear

S P c 19815 S. Monroe St., Sandy, UT

2007 5 129,238 92% $22.00/SF FSG Yes 5/1000 Strayer University, Humana

S t cp. c. 1&2Civic Center Dr., Sandy, UT 2000/2006 6 247,980 95% $23.00/SF FSG Yes 4.5 - 5/1000 Secure Alert

t P i & ii15 W. Scenic Pointe Dr., Draper, UT

2008/2012 4 210,000 46% $22.85/SF FSG No 4.5/1000 Blue Coat, Health Equity

ws cps F blg.100 W. Townridge Parkway, Sandy, UT

2010 6 160,000 100% $24.00/SF FSG No 5/1000 Workers Compensation Fund, WG Bradley

1

2

3

4

5

6

7

8

9

1 2 3 4 5 6 7 8 9

* For properties with NNN leases a $7.00 PSF operating expense was assumed to convert to an FSG lease.

comPetitiVebuiLdinGSet



market oVerViewmarket oVerView TenancyProPerty DescriPtionAreA OverviewExEcutivE Summary FinancialsMarket Overview

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Competitive Set



market oVerViewmarket oVerViewProPerty DescriPtion TenancyAreA OverviewExEcutivE Summary FinancialsMarket Overview

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nv Sa/lasackPv, ut

Sl L hSl L c, ut

3098 ev PL, ut

blg Sz Sl PP P

Sq F cp r d f Sl cs

nv Sa/lasackNEC of South University Ave. & East 1860South, Provo, UT

405,699 $83,168,000 $205 7.8% May 31, 2012

Novell signed a 12 year sale/leaseback at the timethe transaction occurred. Commonwealth Partnerspurchased the asset.

cps ws 16: The Novell Building is also a class A building. It is also located on the freeway and has excellent visib ility. The property is located 30 minutes to the south of Wasatch 16 on the far end ofUtah County outside of the Salt Lake market.

Sl L h155 North 400 West, Salt Lake City, UT

202,972 $30,262,000 $149 7.68% May 2012Purchased by KBS out of California, it was purchasedby their REIT for long term cash ow.

cps ws 16: The Salt Lake Hardware Building is a class B building built in 1909 and renovated in 1996. It has a 3.8/1000 parking ratio and is located in the periphery of the Salt Lake CBD. It is a uniquebuilding that tenants really enjoy. It doesnt demand the same price per square foot of Wasatch 16 because of age, class, location and visibility.

3098 ev P3098 North Executive Parkway, Lehi, UT

61,728 $9,210,009 $149 8.00% March 8, 2011

Xango was the seller. It signed a 10 year master lease.The buyer was a local investor that was in a 1031exchange due to a sale of their business.

cps ws 16: 3098 Executive Parkway is a class B building located within Utah county at Thanksgiving Point. The property was built in 1998. It doesnt demand the same price per square foot of Wasatch16 because of age, location, class and visibility.

comParabLeSaLeS



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Tenancy

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e mg cp

www.edmc.edu/

The Art Institute of Salt Lake and

Argosy University are subsidiaries of

Education Management Corporation

(EDMC). Incorporated in 1962,

EDMC is publicly traded on the

NASDAQ under the symbol EDMC

and is also on the lease as an additional

guarantor. As a nationwide company

with a market capitalization of $1.16

billion and stockholder equity in excess

of $1.69 billion as of 5/18/12, it is

a leader in providing private post-

secondary education in North America.

As of the scal year ended June 30,

2011, the company had 109 primary

campus locations in 32 states and

Canada. Headquartered in Pittsburgh,

Pennsylvania, EDMC employs over

20,000 full-time, part-time and

adjunct faculty and staff, and serves

approximately 151,200 students as

of October 2011. EDMC is currentlyrated as BB- by Standard and Poors.

EDMCs strategies for growth include

adding new campuses and expanding

its academic offerings, including

its online and blended programs.

In 2011 the company opened four

new locations, developed 16 new

academic programs, and offered

more than 350 new or existing

academic programs to locations

that previously had not provided

such programs. EDMC also makes

capital investments in technology,

human resources, and upgrading its

facilities, including its infrastructure

and student interfaces and support

systems, to attract future students.

Fiscal 2011 was a strong year for

EDMC. The company had sales of

$2.89 billion, net income of $229.5

million, and earnings per share of

$1.67. The company saw signicant

growth over the year, as the 2011

sales, net income, and earnings per

share gures were 15.11%, 36.20%,

and 35.8% greater than those in 2010,

respectively. Average enrollment

growth at its schools in 2011 increasedby 14.3% compared to 2010, also a

positive sign for the company. Over

the past 3 scal years, net income

has grown for EDMC by 51.5%,

about double the industry 3-year

growth median of 25.8% growth

over 3 years, according to Hoovers.

On March 30, 2012, EDMC completed

a renancing of $348.6 million of its

$1.1 billion term loan that was due

to expire in June 2013 by replacingthe expiring debt with $350.0 million

of new term debt under the same

credit agreement. The new term

loan, which was issued with an

original issue discount at 97.0%,

matures in March 2018 and accrues

interest at a rate equal to the higher

of LIBOR or 1.25%, plus a margin

of 7.0%. The Company recorded a

loss on extinguishment of debt of

$9.5 million during the third scal

quarter as a result of the renancing.

For the twelve months ending June

30, 2012, net loss and diluted loss per

share are expected to be between

$316 million and $319 million and$2.48 and $2.50, respectively.

Net income, EBITDA and diluted

earnings per share are expected to

be between $143 million and $146

million, $505 million and $510 million,

and $1.12 and $1.14, respectively.

For scal 2012, capital expenditures

are projected to be approximately

4.0% of net revenues, compared to

4.8% of net revenues in scal 2011.

Each of EDMCs schools locatedin the United States is licensed or

permitted to offer post-secondary

programs in the state in which it is

located, accredited by a national or

regional accreditation agency and

certied by the U.S. Department

of Education, enabling students

to access federal student loans,

grants and other forms of public and

private nancial aid. The companys

academic programs are designed

with an emphasis on applied contentand are taught primarily by faculty

members who, in addition to having

appropriate academic credentials, offer

practical and relevant professional

experience in their respective elds.

EDMCs schools comprise a national

education platform that is designed

to address the needs of a broad

market, taking into consideration

various factors that inuence demand,

such as programmatic and degree

interest, employment opportunities,

requirements for credentials in

certain professions, demographics,

tuition pricing points and economic

conditions. Through their schools the

company is able to provide access to

a high quality education for potential

students, at a variety of degree levels

including undergraduate, graduate,

doctoral, and certain specialized non-

degree diplomas. The wide range of

disciplines EDMC offers to its students

are: media arts, design, fashion,

culinary arts, behavioral sciences,

health sciences, education, information

technology, legal studies and business.

The company offers academicprograms to its students through

campus-based and online instruction,

or through a combination of both.

educationmanaGementcorPoratio

n


Education Management Corporation | Art Institute/Argosy | T-Mobile

Market OverviewProPerty DescriPtionAreA OverviewExEcutivE Summary FinancialsTenancy

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t a is f Sl L (Subsidiary of Education Management

Corporation; NASDAQ: EDMC; S&P Credit Rating BB-)

www.artinstitutes.edu

Sq F: 39,811

t: 10 years

c: August 13, 2007

ep: August 31, 2017

al r ass: 3%

c r

(as 9/1/2012):

$ 78,461 / Mo. $23.65 PSF Modied Gross

n rl as(9/1/13):

$80,816/ Mo. $24.36 PSF Full Service

rl op: Two, ve-year options at 95% of FMR

rss: Tenant reimburses for electricity and after hours costs.Gas is separately metered.

Tenants pays janitorial for their internal space directly.

oth Siicat Tms: Tenant has 8/1000 parking ratio, exclusive on postsecondary and graduate

education, crown signage rights on east and south side ofthe building.

L S Lg

ArTinSTiT

uTe/ArgoSY

The Art Institutes offer programs

in the media arts, design, fashion

and culinary arts. The Art Institutes

consist of 40 schools in cities

throughout North America. In addition

to its physical campuses, The Art

Institute Online offers a broad suiteof bachelors, associates and other

diploma degree programs in the

creative elds. Art Institute programs

are designed to provide the knowledge

and skills necessary for employment

in various elds, including graphic

design, media arts and animation,

multimedia and Web design, game

art and design, animation, video and

digital media production, interior

design, industrial design, culinary

arts, photography and fashion. Theseprograms typically are completed

in 18 to 48 months and culminate

in bachelor or associate degrees.

The Art Institutes strives to have its

graduates employed by companies

and organizations of all types and

sizes, including some of the most

prominent companies in the country:

MTV, Time Warner, AT&T, Home

Depot/EXPO Center, Lockheed Martin,

Nordstrom, Nintendo of America, Walt

Disney & Afliates, Marriott, Yahoo

Broadcast Services, Ernst & Young,

Microsoft, Ford Motor Company,

and the Fox Entertainment Group.

In 2010, the Art Institute of Salt Lakereceived the Platinum Award for mid

and small sized markets. This award is

internal to the Art Institute. It is given

to the campus that has a high level

of enrollment and shows excellence

in client service and satisfaction. The

Salt Lake campus has been a strong

campus for the Art Institute. According

to the National Center for Education

Statistics (http://nces.ed.gov ) the Art

Institute of Salt Lake has enrollmentof 728 students as of May 2012.



L

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ArTinSTiT

uTe/ArgoSY

ags uvs (Subsidiary of Education Management

Corporation; NASDAQ: EDMC; S&P Credit Rating BB-)

www.argosy.edu

Sq F: 12,169

t: 10 years

c: August 13, 2007

ep: August 31, 2017

al r ass: 3%

c r(as 9/1/2012):

$25,281 / Mo. $24.93 PSF Full Service(As of 9/1/12)

n rl as(9/1/13):

$26,042/ Mo. $25.58 PSF Full Service

rl op: Two, ve-year options at 95% of FMR

rss: Tenant reimburses for electricity and afterhours costs. Gas is separately metered..

oth Siicat Tms: Tenant has 5.6/1000 parking ratio

Argosy University operates 19 locations in 13 states across the

U.S. It offers professional certication programs as well as doctoral,

masters and bachelors degrees in Psychology, Behavioral Sciences,

Education, Business, Health Sciences, and Undergraduate Studies.

According to the National Center for Education Statistics (http://nces.

ed.gov) Argosy University has 294 students as of May 2012. Argosy

University subleases its space from the Art Institute of Salt Lake.

clss clss

clss

L



Market OverviewProPerty DescriPtionAreA OverviewExEcutivE Summary FinancialsTenancy

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t-mobiLe

T-Mobile is a subsidiary of

Deutsche Telekom (DT) a German

telecommunications company. DT

is the largest telecommunications

company in Europe and one

of the leaders in worldwide

telecommunications. As of December

2011 DT had 236,000 employees

worldwide with 2011 revenues of 58.7

billion Euros ($73.3 billion). Adjusted

EBITDA in 2011 was 18.7 billion Euros

($23.4 billion) and free cash ow was

6.4 billion Euros ($7.9 billion). The leaseis signed by T-Mobile West Corporation

which is the T-Mobile entity covering

the western United States.

The currency conversion from Euros to Dollars utilized the

exchange rate as of June 6, 2012.

t-ml ws cp

www.t-mobile.com

Sq F: 20,377

t: 10 years

c: November 1, 2007

ep: October 31, 2014

al r ass: 3%

c r

(as 9/1/2012):

$ 42,893.72 / Mo. $25.27 PSF Modied Gross

nxt rta Adjustmt (11/1/12): $44,183.76/ Mo. $26.03 PSF Full Service

rl op: One, ve-year options at FMR, Tenant must give an 8 month notice to renew

oth Siicat Tms: Tenant has a 5/1000 parking ratio. So long as tenant leases 20,000 or more in the building it hasthe right to a crown sign on the easterly end of the south side of the building. In January 2012 the

Tenant negotiated a lease extension option and waived their cancelation right. Tenant has untilJuly 31, 2012 to extend its lease through 2017, 2018 or 2019. The Landlord reduced the Tenants

rent to $22 PSF until July 31, 2012 in exchange for removing the Tenants cancelation option. Inthe event T-Mobile exercises its extension option the lease rate will remain at $22 PSF with a 3%increase annually beginning August 1, 2013. Otherwise the rent will be $25.27 per square foot as

of 9/1/2012. The Argus analysis assumes the Tenant does not exercise its option.

L L



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Financials


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GLobaL

alss P

Commencement Date September 1, 2012

End Date August 31, 2022

Term 10 Years

a mss

Current Building Square Feet (NRSF) 78,978 SF

G rs

Consumer Price Index (CPI) 3.00%

Other Income Growth Rate 3.00%

Operating Expenses 3.00%

Property Taxes 3.00%

Market Rent Growth (CYE)

CYE Growth Rent CYE Growth Rent

2013 5.30% $23.17 2018 3.00% $29.45

2014 6.20% $24.60 2019 3.00% $30.33

2015 5.70% $26.00 2020 3.00% $31.24

2016 5.00% $27.30 2021 3.00% $32.18

2017 4.7% $28.59 2022+ 3.00% $33.14

Ava rt gth/Ya 4.18%

Gl V Lss 5.00% [1]

cpl rsvs (Fy 2013 Vl) $0.15 PSF

Vacant SPace LeaSinG

op asp

Projected Vacant at 09/01/12 6,629 SF

Currently Vacant as of 07/03/12 6,629 SF

Percentage Vacant at 07/03/12 8.39%

asp P 8 Month(s)

Absorption Period Start Date September 1, 2012

First Absorption Occurs On December 1, 2012

Last Absorption Occurs On April 1, 2013

Fl ts

2012 Annual Market Rent $22.00 PSF

Rent Adjustment 3% Increases

Lease Term 5 Years

Expense Recovery Type FSG

Rent Abatements 5 Months

Tenant Improvements

($/NRSF)

$20.00 PSF

Commissions 6.00%

exPenSeS

Operating Expense Source 2012 Budget

mg F (% f eGr)

Charged 2.00%

Cost 2.00%

Pp ts rssss No

Second Generation LeaSinG

$22.00 FSG AI $22.00 FSG

RSF 51,980 6,629

% of Total 65.82% 8.39%

r r

Market Retention 80% 70%

Fl ts

Market Rent $22.00 PSF [3] $22.00 PSF

Rent Adjustment 3% Increases 3% Increases

Lease Term 5 Years 5 Years

Expense Recovery Type Base Stop Base Stop

Rent Abatement (New) 0 Months 0 Months

Rent Abatement (Renewal) 0 Months 0 Months

tg css

Tenant Improvements ($/NRSF)

New $15.00 PSF $15.00 PSF

Renewal $0.00 PSF $7.50 PSF

Weighted Average $3.00 PSF $9.75 PSF

Commissions

New 6.00% 6.00%

Renewal 0.00% 3.00%

Weighted Average 1.20% 3.90%

Downtime

New 6 Month(s) 6 Month(s)

Weighted Average 1 Month(s) 2 Month(s)

All market rent rates are stated on a calendar-year basis.[1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and xturing downtime.[2] Electricit y estimated at $1.80/SF. After Hours HVAC expense is specic to AI/Argosy and they reimburse 100%. After Hours HVAC expense is deleted after 8/31/17.AI directly contracts janitorial and Janitorial Contract has been reduced to reect as such. Janitorial Contract expense will adjust to 100% ofce use after 8/31/17. Expenses need to be veried.[3] Renewal rent is 95% of FMV.

Summary

oFFinanciaLaSSumPtionS


Summary of Financial Assumptions | Cash Flow Projections | Rent Roll | Vacant Space Assumptions | Existing vs Market Rent Comparison | Expiration Schedule


Market OverviewProPerty DescriPtion Tenancy FinancialsAreA OverviewExEcutivE Summary

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caShFLow

ProjectionS

y: 1 2 3 4 5 6 7 8 9 10

bgs: Sp-12 Sp-13 Sp-14 Sp-15 Sp-16 Sp-17 Sp-18 Sp-19 Sp-20 Sp-21

Pp rSF: 78,978 es: ag-13 ag-14 ag-15 ag-16 ag-17 ag-18 ag-19 ag-20 ag-21 ag-22

Psl op 97.04% 100.00% 95.70% 100.00% 100.00% 93.12% 100.00% 95.70% 100.00% 100.00%

ovll e op [1] 92.54% 95.42% 95.42% 95.43% 95.44% 93.15% 95.08% 95.08% 95.10% 95.14%

wg avg m r $22.00 $23.17 $24.60 $26.00 $27.30 $28.59 $29.45 $30.33 $31.24 $32.18

wg avg i Pl r [2] $24.03 $24.70 $25.10 $25.80 $26.55 $28.40 $29.32 $30.34 $31.35 $32.29

rvs $/Sf/Yr [3]

Scheduled Base Rent

Base Rental Revenue $23.98 $1,893,635 $1,950,503 $1,980,575 $2,037,426 $2,096,979 $2,185,240 $2,254,197 $2,336,658 $2,410,996 $2,483,325

Absorption & Turnover Vacancy ($0.66) (52,007) 0 (83,521) 0 0 (151,086) 0 (106,051) 0 0

Base Rent Abatements ($0.78) (61,756) 0 0 0 0 0 0 0 0 0

TOTAL $22.54 $1,779,872 $1,950,503 $1,897,054 $2,037,426 $2,096,979 $2,034,154 $2,254,197 $2,230,607 $2,410,996 $2,483,325

Expense Reimbursement Revenue $2.07 163,342 180,673 179,534 192,582 200,741 19,067 34,519 38,412 51,925 72,872

tl Gss rv $24.60 $1,943,214 $2,131,176 $2,076,588 $2,230,008 $2,297,720 $2,053,221 $2,288,716 $2,269,019 $2,462,921 $2,556,197

General Vacancy ($0.50) (39,587) (97,525) (15,508) (101,871) (104,849) 0 (112,710) (10,782) (120,550) (124,166)

effv Gss rv $24.10 $1,903,627 $2,033,651 $2,061,080 $2,128,137 $2,192,871 $2,053,221 $2,176,006 $2,258,237 $2,342,371 $2,432,031

epss [4]

Janitorial Contract $0.35 $27,724 $29,152 $29,141 $30,927 $31,855 $52,668 $56,949 $56,876 $60,418 $62,230

Cleaning Supplies $0.28 22,267 22,935 23,623 24,331 25,061 25,813 26,587 27,385 28,207 29,053

Day Porter $0.05 4,316 4,445 4,578 4,716 4,857 5,003 5,153 5,308 5,467 5,631Waste Removal $0.08 6,190 6,376 6,567 6,764 6,967 7,176 7,392 7,613 7,842 8,077

Repairs & Maintenance $1.21 95,556 98,423 101,376 104,416 107,549 110,775 114,098 117,522 121,047 124,678

After Hours/Weekends HVAC $0.40 31,783 32,737 33,719 34,730 35,772 0 0 0 0 0

Electricity $1.80 142,040 149,354 149,296 158,449 163,203 160,126 173,142 172,918 183,686 189,197

Gas $0.04 3,061 3,153 3,247 3,345 3,445 3,549 3,655 3,765 3,878 3,994

Water $0.06 4,941 5,089 5,242 5,399 5,561 5,728 5,900 6,077 6,259 6,447

Sewer $0.04 2,956 3,045 3,136 3,230 3,327 3,427 3,530 3,635 3,745 3,857

RE Taxes $2.08 164,498 169,433 174,516 179,752 185,144 190,699 196,420 202,312 208,382 214,633

Insurance $0.15 11,870 12,226 12,593 12,970 13,359 13,760 14,173 14,598 15,036 15,487

Administrative $0.38 29,811 30,705 31,626 32,575 33,552 34,559 35,595 36,663 37,763 38,896

Management Fee (2%) $0.48 38,073 40,673 41,222 42,563 43,857 41,064 43,520 45,165 46,847 48,641

tl epss $7.41 $585,086 $607,746 $619,882 $644,167 $663,509 $654,347 $686,114 $699,837 $728,577 $750,821

n opg i $16.70 $1,318,541 $1,425,905 $1,441,198 $1,483,970 $1,529,362 $1,398,874 $1,489,892 $1,558,400 $1,613,794 $1,681,210

In-Place NOI (91.61% Occ.) $1,317,012

cpl css

Tenant Improvements $1.27 $100,353 $0 $217,013 $0 $0 $257,953 $0 $251,578 $0 $0

Leasing Commissions $0.55 $43,508 $0 $109,675 $0 $0 $131,303 $0 $131,752 $0 $0

Capital Reserves $0.15 12,084 12,446 12,820 13,204 13,600 14,008 14,428 14,861 15,307 15,766

tl cpl css $1.97 $155,945 $12,446 $339,508 $13,204 $13,600 $403,264 $14,428 $398,191 $15,307 $15,766

n cs Fl bf d $14.72 $1,162,596 $1,413,459 $1,101,690 $1,470,766 $1,515,762 $995,610 $1,475,464 $1,160,209 $1,598,487 $1,665,444

[1] This gure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.[2] This gure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on scal year

weighted-average physical occupancy.[3] Based on 78,978 rentable square feet.[4] Expenses are based on sellers budget. Buyers should conrm and model based on their own operating expense assumptions.



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Ls t c r r cgs

S t rSF bg e $/M. PSf/M. y d ml PSf/M. PSf/Y. rvtp

Fr

tisPSF

Lsgc

massps

100 Art Inst ituteof Salt Lake

39,811 3/1/08 8/31/17 $76,268 $1.92 $22.99 9/1/13 $78,623 $1.97 $23.70 AI $4.51 MG $22.00FSG AI

9/1/14 $81,045 $2.04 $24.439/1/15 $83,533 $2.10 $25.18

9/1/16 $86,121 $2.16 $25.96

Includes #100, #200 & #390 (198 SF). MG- Gas separately metered, elec reimbursed & directly contracts janitorial. 2008 BY. 95% GUP. Mgmt capped @ 3%. 50.41% TT share.Controllable operating expense increases capped @ 5%/year on a cumulative basis.Excludes Insurance, Utilities, Real Estate Taxes & snow removal. Two 5 yr options @ 95% FMR or one 6 months @ 110% FMR with minimum 270 days notice. 318 spaces free current term.

110 Vacant 4,590 12/1/12 11/1/17 $0 $0.00 $0.00 12/1/12 100%mkt

12/1/13 3 %Inc. Ann.

FSG 5Months

$15.00 6.00% $22.00 FSG

120 T-MobileWest

20,369 11/1/07 10/31/14 $42,894 $2.11 $25.27 11/1/12 $44,184 $2.17 $26.03 T-Mobile$5.50 FSG

$22.00 FSG

Includes #120 & #330. 2008 BY. 100% GUP. Mgmt capped @ 3.5%. TT's share of operating expense reimbursements calculated as follows: lessor of 1) TT's share of increases overprevious year or 2) sum of previous year's capped amount plus 5%.106 parking spaces free.

140 Vacant 2,039 4/1/13 3/1/18 $0 $0.00 $0.00 4/1/13 100%mkt

FSG 5Months

$15.00 6.00% $22.00 FSG

4/1/14 3 %Inc. Ann.

300 Argosy

(Art Institute)

12,169 8/1/08 8/31/17 $25,281 $2.08 $24.93 9/1/13 $26,042 $2.14 $25.68 Argosy

$4.85 MG

$22.00

FSG AI

9/1/14 $26,863 $2.21 $26.49

6/1/2015 $27,664 $2.27 $27.28

6/1/16 $28,496 $2.34 $28.10

MG-Electricity reimbursed & gas separately metered. 2008 BY. 95% GUP. Mgmt capped @ 3%. 15.41% TT share. Controllable operating expense increases capped @ 5%/year on acumulative basis. Excludes Insurance, Utilities, Real Estate Taxes & snow removal.Two 5 yr options @ 95% FMR or one 6 month @ 110% FMR with minimum 270 days notice. 68 spaces free during current & opt terms. Subleased by Argosy.

ToTAl rSf / rt: 78,978 $144,443

totaL V: 6,629 8.39%

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Market Overview FinancialsAreA OverviewExEcutivE Summary ProPerty DescriPtion Tenancy

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110 Vacant 4,590 4 12/01/12 11/30/17 60 Months $22.00 PSF 3% Increases 5 Months $15.00 6.00%

140 Vacant 2,039 8 04/01/13 03/31/18

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Market Overview FinancialsAreA OverviewExEcutivE Summary ProPerty DescriPtion Tenancy

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Aiatd busiss Discsu Ad Cdtiaity Amt

CBRE, Inc. operates within a global

family of companies with many subsid-

iaries and/or related entities (each an

Afliate) engaging in a broad range

of commercial real estate businessesincluding, but not limited to, broker-

age services, property and facilities

management, valuation, investment

fund management and development.

At times different Afliates may

represent various clients with compet-

ing interests in the same transaction.

For example, this Memorandum may

be received by our Afliates, including

CBRE Investors, Inc. or Trammell Crow

Company. Those, or other, Afliates

may express an interest in the propertydescribed in this Memorandum (the

Property) may submit an offer to

purchase the Property and may be the

successful bidder for the Property. You

hereby acknowledge that possibility

and agree that neither CBRE, Inc.

nor any involved Afliate will have

any obligation to disclose to you the

involvement of any Afliate in the

sale or purchase of the Property. In all

instances, however, CBRE, Inc. will act

in the best interest of the client(s) it

represents in the transaction described

in this Memorandum and will not act

in concert with or otherwise conduct

its business in a way that benets

any Afliate to the detriment of any

other offeror or prospective offeror,

but rather will conduct its business

in a manner consistent with the law

and any duciary duties owed to the

client(s) it represents in the transaction

described in this Memorandum.

This is a condential Memorandum

intended solely for your limited use and

benet in determining whether youdesire to express further interest in the

acquisition of the Property.

This Memorandum contains selected

information pertaining to the Property

and does not purport to be a repre-

sentation of the state of affairs of the

Property or the owner of the Property

(the Owner), to be all-inclusive or to

contain all or part of the information

which prospective investors may

require to evaluate a purchase ofreal property. All nancial projections

and information are provided for

general reference purposes only and

are based on assumptions relating to

the general economy, market condi-

tions, competition and other factors

beyond the control of the Owner and

CBRE, Inc. Therefore, all projections,

assumptions and other information

provided and made herein are subject

to material variation. All references to

acreages, square footages, and other

measurements are approximations.

Additional information and an op-

portunity to inspect the Property will

be made available to interested and

qualied prospective purchasers. In

this Memorandum, certain documents,

including leases and other materials,

are described in summary form.

These summaries do not purport to

be complete nor necessarily accurate

descriptions of the full agreements

referenced. Interested parties are

expected to review all such summaries

and other documents of whatevernature independently and not rely on

the contents of this Memorandum in

any manner.

Neither the Owner or CBRE, Inc,

nor any of their respective directors,

ofcers, Afliates or representatives

make any representation or war-

ranty, expressed or implied, as to

the accuracy or completeness of this

Memorandum or any of its contents,

and no legal commitment or obligationshall arise by reason of your receipt

of this Memorandum or use of its

contents; and you are to rely solely on

your investigations and inspections of

the Property in evaluating a possible

purchase of the real property.

The Owner expressly reserved the

right, at its sole discretion, to reject

any or all expressions of interest or

offers to purchase the Property, and/

or to terminate discussions with any

entity at any time with or without

notice which may arise as a result

of review of this Memorandum. The

Owner shall have no legal commitment

or obligation to any entity reviewing

this Memorandum or making an offer

to purchase the Property unless and

until written agreement(s) for the

purchase of the Property have been

fully executed, delivered and approved

by the Owner and any conditions to

the Owners obligations therein have

been satised or waived.

By receipt of this Memorandum, you

agree that this Memorandum and itscontents are of a condential nature,

that you will hold and treat it in the

strictest condence and that you will

not disclose this Memorandum or

any of its contents to any other entity

without the prior written authorization

of the Owner or CBRE, Inc. You

also agree that you will not use this

Memorandum or any of its contents in

any manner detrimental to the interest

of the Owner or CBRE, Inc.If after reviewing this Memorandum,

you have no further interest in purchas-

ing the Property, kindly return this

Memorandum to CBRE, Inc.

2012 CBRE, Inc. The information contained in this

document has been obtained from sources believed reliable.

While CBRE, Inc. does not doubt its accuracy, CBRE, Inc.

has not veried it and makes no guarantee, warranty

or representation about it. It is your responsibility toindependently conrm its accuracy and completeness. Any

projections, opinions, assumptions or estimates used are

for example only and do not represent the current or future

performance of the property. The value of this transactionto you depends on tax and other factors which should be

evaluated by your tax, nancial and legal advisors. Youand your advisors should conduct a careful, independent

investigation of the property to determine to your satisfaction

the suitability of the property for your needs.CBRE, CB

RICHARD ELLIS and the CBRE/CB RICHARD ELLIS logo are

service marks of CBRE, Inc. and/or its afliated or related

companies in the United States and other countries. All othermarks displayed on this document are the property of their

respective owners.

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WASATCH 16WASATCH 16 Capital Markets | Private Capital Groupoffg m | j 2012

Wasatch 16 OM

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