All data listed below is as of EOY 2007.

The Industrial Market Vacancy Rate in Las Vegas is 6.4%.

Total Industrial Inventory in the Las Vegas Valley is 99 million square feet.

3,128,000 square feet of industrial space is currently under construction.

Average Monthly Asking Base Rent for all categories of Industrial space is $.66 NNN per square foot per month.

Total Employment in the Las Vegas Valley increased by 3.5% over the past 12 months and is expected to increase by 2% in 2008.

PURCHASE LAND AND BUILD AN INDUSTRIAL WAREHOUSE

Approximate Total Cost to build a 20,000 square foot industrial building in Las Vegas (Q4, 2007):

20,000 square foot concrete tilt-up building
1,000 square feet of office space
19,000 square feet of warehouse space
24 foot clear height
8 grade level roll-up doors
Land Cost: $12.00 per square foot
Building Coverage Ratio: 35%

Disclaimer: Construction costs and land prices for industrial buildings in Las Vegas are subject to rapid change. Rely only upon written bids from licensed general contractors. Loan terms vary widely depending upon the terms of the loan and borrower's credit rating. The following numbers are supplied as general information only.

20,000 Square Foot Industrial Building		Q4 2007
Project Cost Summary	Square Feet or Lineal Feet	Cost Per Foot	Total Cost	Percent of Total Project Cost
Land Cost (35% Bldg Coverage)	57,143	$12.00	$685,716	26%

Off-site Cost (Per Lineal Foot of Street Frontage)	450	$275.00	$123,750	5%

On-Site Cost (Per Square Foot of Land)	57,143	$4.00	$228,572	9%

Building Cost (Per Square Foot of Building)
Shell: Concrete Tilt-Up	20,000	$60.00	$1,200,000	46%
Office Build-out	1,000	$65.00	$65,000	2%
Warehouse Build-out	19,000	$4.00	$76,000	3%
Total Building Cost			$1,341,000	51%

Soft Cost (Per Square Foot of Building)	20,000	$12.00	$240,000	9%

Total Project Cost (Per Sq Ft of Bldg)	20,000	$130.95	$2,619,038	100.00%

Vacant Land:

The lowest vacant land prices in the Valley are in North Las Vegas submarket: $10 - $14 / sq ft.
The highest vacant land prices in the Valley are in the Southwest submarket: $17 - $22 / sq ft.

Financing for 20,000 square foot Owner/User Industrial property in Las Vegas (May 1, 2008):

Construction Loan
Interest Rate	7.5% Interest Only (Prime plus 100-200 basis points)
Permanent Loan
Loan Balance	Up to 75% LTV
Interest Rate - 7 Yr Fixed	7.5% (10 Year T Note plus 400 Basis Points)
Transaction Costs	1.5% -2% of Loan Amount
Loan Term	2 - 25 Years
Amortization Period	Up To 25 Years
Recourse	Recourse