No Debt Fund I

In September 2003, we launched our first No Debt Real Estate Investment Fund.  In October 2004 the Fund was closed to new investment having created a portfolio that is fully-invested in high-quality retail and industrial properties in Denver and Dallas.

Four properties have been sold from the Fund, the South Federal Business Center in June 2006, the Parkway Shopping Center in June 2007, the Broadway Industrial property in May 2008, and the Havana Street property in July 2008.  All met return expectations to investors.  The remaining holdings in the Fund include:

West 6th, Denver
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15700 - 15884 West 6th Avenue, Lakewood, Colorado

Known as Interstate Warehouse Park, this property consists of two buildings totaling 84,623 square feet. Built in 1978 with frontage on west 6th Avenue, the building features 12-20 foot clear height ceilings, both dock-high and drive-in loading, and ample parking and electrical service. Like the Havana Street property, these characteristics fit a wide variety of industrial uses. A diverse tenant base occupies the building, with spaces ranging from 1,991 square feet to 13,448 square feet. Because of the wide variety of space characteristics and tenant base, this property provides a fully diversified income stream. Moreover, because of the property's excellent location adjacent to an interstate highway, tenants will continually seek to rent space in the property.

Regal Row, Dallas
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310 Regal Row, Dallas, Texas

The Sponsor purchased this property in June 2004. The Sponsor worked directly with the seller to purchase this property using its local relationships in Dallas, Texas. The property was not listed for sale. As such, the purchase price was attractive as stable, cash flowing properties of this character and location are in high demand. If this property had been marketed to the general public, the Sponsor believes the purchase price would have been higher. The property is centrally located in the Dallas/Fort Worth Metroplex. It was built in 1985 and consists of 37,743 square feet. This property is in a stable industrial area that has low vacancy rates. This area is adjacent to an interstate highway and represents one of Dallas' core industrial zones.