Automotive Industry Transaction Overview

Date of Investment	July 2001
Transaction Size	N/A
Remediation, Insurance and Redevelopment Costs	$25 Million
Type of Assets	Industrial
Gross Rentable Area	2.3 Million square feet
Location	Denver, CO

Transaction Background

Our client acquired 50-acres of land and improvements in Denver, CO plus the assumption of environmental liabilities from a subsidiary of the UK-based Tomkins PLC. The property is located at the intersection of I-25 and Broadway and has 14 industrial buildings with 2.3 million square feet of space. The property is divided by light rail and railroad tracks into two distinct parcels: the Broadway parcel and the Santa Fe parcel. Broadway consists of nine class "B" buildings totaling 1.5 million square feet on 23.4-acres and is adjacent to an existing light-rail transit stop that will soon be expanded. Sante Fe consists of five class "B" buildings totaling 800,000 square feet on 26.4-acres and is approximately 75% leased.

Environmental

The State of Colorado has approved the remediation under the Voluntary Cleanup Plan on a parcel-by-parcel basis, which allows for the integration of environmental remediation with demolition, entitlement and development.