Description

The subject property is an approximate 11,600 square foot, single story, multi tenant, retail center located at 3318 North 14th Street in Bismarck, North Dakota. The building was built in 2006 and is situated on a 1.255 acre site. The property is located on an out parcel to a Home Depot location. The neighborhood is located on the northwest side of the city of Bismarck, approximately one mile west of Count Road 1804/State Highway 83 approximately three blocks to the north of the I-94 intersection.The site is generally rectangular and has adequate frontage along one primary thoroughfare, and oneneighborhood streets within the neighborhood. The primary frontage is along State Highway 83 and thesecondary frontage is along 14th Street North.The property is currently one hundred percent (100%) leased to three (3) tenants of regional and nationalcredit and primarily of designated retail and medical use. All existing tenants presently lease theirrespective suites on a true net leased basis with landlord reimbursement for the costs and expensesincurred in operating and maintaining the building and its common facilities including but not limited to real estate taxes, insurance, utilities, and the common areas.

Area Description

The subject property is located in Bismarck, Burleigh County, North Dakota. Bismarck is located insouthwest Burleigh County in central North Dakota. Bismarck is the capital of North Dakota, the seat ofBurleigh County, and part of the metropolitan statistical area that also includes Mandan which is situated in Morton County. The city of Bismarck lies at the intersection of Interstate 94 and U.S. Highway 83.Bismarck ranks consistently high in quality of life surveys. In 2003 Expansion Management magazine listedthe Bismarck MSA among its "Five Star Communities;" Bismarck also ranked second in a Harvard University study of "community attitudes and civic engagement." North Dakota was recognized as the safeststate in the nation in seven of the past eight years.Bismarck has a strong, diversified economy that has been continually expanding since the 1980s.Employment in Bismarck is provided by state and federal government, energy companies, trade,transportation, and health services. Growing fields include data processing and customer service. Statewide,agriculture and tourism are top industries.As the capital city of North Dakota, it serves as a major hub for government, business and finance; it is also a major distribution center for the agricultural industry. Services and retail trade continue to dominate the local market, together employing more than 50 percent of the non-agricultural workforce. The state government is Bismarck's largest employer with more than 4,300 workers. Bismarck Public Schools and the federal government each employ more than 1,000 people. The health care industry is the second primary employer; MedCenter One and St. Alexius hospitals and their related clinics employ more than 4,100. St. Medcenter One Health Systems offers a range of services, including nine primary care clinics, a home health agency, three long-term care facilities and a 238-bed hospital. The two institutions have combined resources to offer state-of-the-art cancer care at the Bismarck Cancer Center.The population within the neighborhood has shown significant growth over the past 10 years. Claritasestimates for 2007 that there are approximately 64,477 residents within a 5 mile radius of the property with an average family household income of $59,618.

Financing Notes:

Existing loan of $2,000,000; 10 year loan interest only at a rate of 5.67%Permanent financing was placed on the property in February 2008.The loan requires no Tenant Improvement/Leasing Commission Reserves. Loan must be assumed

Contacts

• Mr. Ryan O'Connell
  Vice President
  
  Acquisitions
  Phone 602-424-3419
  Fax 602-956-4494
  Mobile 602-790-9036
  E-Mail ryan.oconnell@arciterra.com

Company