Situation:
<a href="http://www.prgim.com/wp-content/uploads/2013/08/ScenarioPic.png"><img class="alignnone 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.
2011: Company acquired business park an a short sale basis 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 negative due to lack of tenant demand and historically high vacancy at competing business parks.

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