Baker-Cal Venture, L.P.

Purchase Price

$37,800,000

Purchase Date

06/18/07

Projected Cash Flow

8%

Holding Period

8 Years

This property consists of two multi-tenant office buildings totaling 198,975 square feet located in downtown Bakersfield.

Hamilton

Purchase Price

$14,735,000

Purchase Date

03/06/07

Projected Cash Flow

8%

Holding Period

8 Years

This 66,825 square foot 2-story office building is leased entirely to the County of Los Angeles.

Fiesta Venture, L.P.

Purchase Price

$37,700,000

Purchase Date

03/08

Projected Cash Flow

8%

Holding Period

7 Years

These are two single-tenant office buildings totaling approximately 243,370 square feet located in Gilbert, Arizona.

Aerovault Venture, L.P.

Purchase Price

$27,885,000

Purchase Date

12/01/06

Projected Cash Flow

8%

Holding Period

8 Years

This property consists of two office buildings: one 35,735 square feet and one 101,590 square feet located in Kearny Mesa, California

Michael Angelo

Purchase Price

$15,965,000

Purchase Date

03/08

Projected Cash Flow

8%

Holding Period

5 Years

This is a single-tenant building totaling approximately 131,000 square feet located in Austin Texas.

Civic View Loan Venture

Purchase Price

$1,050,000

Purchase Date

1/07

Projected Cash Flow

8%

Holding Period

8 Years

This is a construction loan for a 96,000 square foot Class “A” Multi-tenant office building located in San Marcos, California.

Latham

Purchase Price

$4,700,000

Purchase Date

7/31/2003

Projected Cash Flow

10%

Holding Period

8 Years

This newly acquired office building is performing above expectation.  The building is 100% leased to both medical and office clientele.

Carson Cold Storage

Purchase Price

$20,000,000

Purchase Date

9/30/05

Projected Cash Flow

8%

Holding Period

7-9 Years

This 177,000 square foot Cold Storage facility has two major tenants comprised of KT Kitchens and Western Star Transportation.  Both these tenants are on long-term leases and this project produces a cash flow of approximately 8% per annum for our investors.

Yellow Pages.com

Purchase Price

$17,700,000

Purchase Date

4/20/06

Projected Cash Flow

8%

Holding Period

5-7 Years

Purchased in April 2006, this 80,000 square foot office building is fully leased to YellowPages.com.

Lancaster Spectrum

Purchase Price

$2,100,000

Purchase Date

5/2004

Projected Annual Return

15%

Holding Period

7 Years

14.7 acre parcel of land in Lancaster, California with 1500 feet of frontage along 20th street with excellent freeway visibility from both north and south bound 14 Freeway.

New York Max Venture

Purchase Price

$27,000,000

Purchase Date

9/19/05

Projected Cash Flow

8%

Holding Period

5-7 Years

This 161,000 square foot office-industrial building was purchased in September 2005.  Fidelity Investments and Leon Max Designs comprise the two tenants occupying the entire building.

15th Street Partners

Purchase Price

$950,000

Purchase Date

1/6/06

Projected Annual Return

15%

Holding Period

8 Years

This is 7.5 acres of commercial land along the 14 Freeway in Lancaster, California. Although this property was recently purchased, we have received quite a bit of interest and an offer to sell this parcel at substantially more than we paid for it. We are presently negotiating with the prospective
buyer.

Nomel Venture

Purchase Price

$16,950,000

Purchase Date

11/18/05

Projected Cash Flow

8%

Holding Period

5-7 Years

This 69,000 square foot office building is located in Riverside, California.  Purchased in November of 2005, this fully leased building produces an 8% cash-on-cash return.

Valencia

Purchase Price

$6,750,000

Purchase Date

7/31/2001

Projected Cash Flow

12%

Holding Period

15 Years

Bank of America anchors this beautiful fully leased office building in the heart of downtown Valencia.