<div id="situation" style:"position:relative;">
<strong>SITUATION:</strong>
<a href="http://www.prgim.com/wp-content/uploads/2013/08/ScenarioPic.png"><img class="alignleft size-medium wp-image-258" alt="ScenarioPic" src="http://www.prgim.com/wp-content/uploads/2013/08/ScenarioPic-300x200.png" width="300" height="200" /></a><b>•2006:</b>Seller acquired property and secured condo map for individual commercial/flex/industrial units with plan to sell units for $255/sq. ft. Seller’s total investment basis and outstanding loan balance was $165/sq. ft.
<b>•2011:</b> PRG acquired business park via short sale transaction at at $78/sq. ft., representing a 50% discount to outstanding loan balance
•Business Park was acquired via a friendly short sale transaction with borrower/seller and lender
•Business Park was 29% occupied by 3 month-to-month tenants at acquisition
•Broker sentiment was very negative due to lack of tenant demand and high vacancy at competing business parks.
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<div id="strategy" style:"position:relative;">
<strong>STRATEGY AND EXECUTION:</strong>
<a href="http://www.prgim.com/wp-content/uploads/2013/08/strategyPic.png"><img class="alignleft size-medium wp-image-259" alt="strategyPic" src="http://www.prgim.com/wp-content/uploads/2013/08/strategyPic-300x200.png" width="300" height="200" /></a>•Repositioning strategy included addressing deferred maintenance, improving appearance and presentation of the asset.
•Leasing strategy included competing for “market share” by offering tenants in competing properties the best deal (higher quality product at a discount).
•Personal relationships with brokers representing these tenants, based on 14 years of relationships.
•Aggressive campaign direct to tenants to demonstrate the leasing value proposition
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<div id="results" style:"position:relative; height:">
<strong>RESULTS:</strong>
<a href="http://www.prgim.com/wp-content/uploads/2013/08/resultsPic.png"><img class="alignleft size-medium wp-image-257" alt="resultsPic" src="http://www.prgim.com/wp-content/uploads/2013/08/resultsPic-300x286.png" width="300" height="286" /></a>•Occupancy of 98% was achieved in Month 9 of ownership (stabilization preformat occupancy was Month 18)
•Actual rents were significantly higher and capital costs were significantly lower than proforma.
•High quality tenant mix including NYSE company, bio-tech firms and industrial entrepreneurial companies.
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