INDIVIDUAL INVESTMENTS

BOBCAT RETAIL PORTFOLIO
Acquired three retail/service locations net leased to Bobcat for five years. The locations are in Marietta, Norcross, and Gainesville and represent three of the four Bobcat locations in the metro area. The transaction was structured with a five year fixed rate loan from Cornerstone Bank. These assets will be managed for current cash flow and long term appreciation.

DATE OF PURCHASE:April, 2008
PRICE:$3,675,000
DEBT:$2,800,000
EQUITY:$1,000,000

303 RESEARCH DRIVE
303 Research Drive is a two-story multi-tenant office building located in Technology Park in Norcross, Georgia. The property was purchased in February of 2008 and was 15% leased at the time of acquisition to two tenants. The building is listed either for lease or for sale. At the same time, we are undergoing a cosmetic upgrade with significant landscaping improvements, painting, signage and parking lot repair and resurface.

DATE OF PURCHASE:February, 2008
PRICE:$2,125,000
DEBT:$1,325,000
EQUITY:$835,000

3725 ZIP INDUSTRIAL BOULEVARD
3725 Zip Industrial Boulevard is a single-tenant warehouse property located in the airport submarket of Atlanta. It is leased to Atlanta Aviation through mid-year 2009 at a rate that is significantly below market. The property was purchased at an attractive $20 PSF and contains an adjoining two-acre paved lot. The strategy for this asset is to either renew the existing tenant at market rates or lease to one that can use the adjoining lot. The investment partnership that purchased this building also purchased 3851 Lakefield Drive.

DATE OF PURCHASE:November, 2007
PRICE:$1,100,000
DEBT:$800,000
EQUITY:$350,000

3851 LAKEFIELD DRIVE
This single building industrial property was acquired in September, 2007. The building had been vacant since the early part of the year and was in need of significant cosmetic improvements. The building comprises 60,000 SF with about 5,000 SF built out as office space. Since acquisition, approximately $225,000 has been invested in improvements including minor roof work, painting, re-landscaping and re-finishing the concrete floors in the warehouse. It is currently marketed for sale or lease. The investment partnership that purchased this property also purchased 3725 Zip Industrial Boulevard.

DATE OF PURCHASE:September, 2007
PRICE:$2,555,000
DEBT:$1,875,000
EQUITY:$800,000

COMMERCE BUSINESS PARK
Commerce Business Park comprises 68,491 SF in two buildings. It is a multi-tenant industrial property located off of two major commuter roads and convenient to I-75. The property had suffered from inattentive management and was less than 50% leased at the time of acquisition. Since acquisition, we invested $55,000 in painting and landscaping improvements. Additionally, since closing, we leased 40,500 SF, bringing occupancy to 100%. The property was refinanced in July, 2006 with a non-recourse loan fixed for 10 years at a rate of 5.88%. Though this property was intended to be held for long term appreciation, the robust market for commercial properties in 2007 warranted offering the property for sale. A sale of the property was closed in early May after a holding period of only 18 months. The investor IRR was 37%.

DATE OF PURCHASE:December, 2005
PRICE:$2,500,000
DEBT:$2,000,000
EQUITY:$750,000
DATE OF SALE:May, 2007
INVESTOR IRR:37.3%

LAVISTA INDUSTRIAL PARK
This three-building, multi-tenant industrial property comprises 216,310 square feet and was part of a three property package purchased from Highwoods Property Trust. This property was originally purchased with a strategy of a long-term hold. However, we sold this asset on the same date of our acquisition to a third party achieving a sizeable profit of 25% for our investors.

DATE OF PURCHASE:June, 2005
PRICE:$7,000,000
EQUITY:$650,000
DATE OF SALE:June, 2005
INVESTOR IRR:~

KENNESTONE CORPORATE CENTER
This five-building, single story office complex comprises 82,633 square feet and was part of a three property package purchased from Highwoods Property Trust. This property was poorly leased at acquisition, with only 66% of the space permanently occupied by tenants. Since acquisition, we renewed 16,147 SF and leased 25,825 SF, bringing total occupancy to 97%. The property was refinanced in June, 2006 returning all equity to the investors and capitalizing the company with new leasing capital. Responding to the aggressiveness of buyers, the property was marketed for sale in 2007. The sale of the property was closed in July, 2007.

DATE OF PURCHASE:June, 2005
PRICE:$4,250,000
DEBT:$3,725,000
EQUITY:$700,000
DATE OF REFINANCE:June, 2006
NEW DEBT AMOUNT:$5,200,000
DATE OF SALE:July 31, 2007
INVESTOR IRR:109.9%

CHATTAHOOCHEE AVENUE
This 61,860 square foot property was part of a three property package purchased from Highwoods Property Trust. This asset is located in a rapidly evolving area within the city limits of Atlanta. Once home to industrial buildings for light manufacturing, warehouse and distribution uses, it has seen a several-year resurgence and transformation to residential, retail showroom and office. Since acquisition, we have invested $60,000 in landscaping and cosmetic improvements providing the property with an updated look and better visibility. At the time of closing, the property was 35% vacant, with another 40% coming up for renewal in 12 months. The property is now 100% leased. The asset was recapitalized with long term debt in June of 2006.

DATE OF PURCHASE:June, 2005
PRICE:$2,000,000
DEBT:$2,000,000
EQUITY:$84,000
DATE OF REFINANCE:June, 2006
NEW DEBT AMOUNT:$2,100,000

INTERCHANGE BUSINESS CENTER
This asset consists of one multi-tenant, industrial building totaling 97,108 square feet with 11 tenants. Though the asset was subject to significant rollover over the first two years of ownership, it has an established roster of tenants and is well located in the Doraville submarket of NE Atlanta. It was acquired with the strategy of retaining its tenants and methodically increasing rents to provide steady and increasing cash on cash return to its investors. Since acquisition, six tenants comprising 52,605 SF have been renewed and four new tenants comprising 31,266 SF have been added. The original projected holding period for this asset was 10 years. In late 2007, it was decided to market the property for sale to take advantage of a selling window that we feared was soon to close. The property was sold in January of 2008.

DATE OF PURCHASE:August, 2004
PRICE:$4,200,000
DEBT:$3,200,000
EQUITY:$1,150,000
DATE OF REFINANCE:June, 2006
NEW DEBT AMOUNT:$5,200,000
DATE OF SALE:January 31, 2008
INVESTOR IRR:23.5%

PINE STREET COMPLEX
This asset consists of three industrial buildings totaling 60,000 square feet with 8 tenants. This was older industrial product with significant short term lease rollover (70%). Our investment strategy was to renovate the buildings (paint, new overhead and entrance doors, new signage, etc.) and stabilize the tenant base. We felt there also may be opportunities to sell individual buildings to users. The largest building, 30,000 square feet, was vacated in June 2002 and released to a user in July 2002 who purchased all three buildings in May of 2003.

DATE OF PURCHASE:March 2001
PRICE:$1,575,000
DEBT:$1,260,000
EQUITY:$315,000
DATE OF REFINANCE:May, 2003
INVESTOR IRR:48.9%

610 WATERFRONT DRIVE
This asset consists of a 75,000 square foot single tenant industrial building located in the Fulton Industrial District. Our strategy was to purchase the building, which was in very poor condition, make the necessary improvements and either lease or sell the building to a user. We spent $355,000 on building improvements, including a new roof, interior lighting, dock doors, parking lot and office renovation. We put the building under contract to a user and structured the closing to occur 1 year and a day after our purchase to realize long term capital gain treatment.

DATE OF PURCHASE:April, 2003
TOTAL INVESTMENT:$985,250
DEBT:$753,250
EQUITY:$232,000
DATE OF SALE:April, 2004
INVESTOR IRR:149%

NORTH DECATUR POINTE
This asset consists of two multi-tenant industrial buildings in the Decatur market totaling 36,000 square feet with 9 tenants. Our investment strategy was to buy the buildings, make deferred maintenance repairs, including a new roof, and grow the rent base over time. We felt there was an opportunity in 2003 to renovate the buildings and significantly increase cash flow with higher quality tenants. The buildings were refinanced in April 2003, pulling out $170,000 of which $70,000 was returned to the investors and $100,000 was spent on a complete exterior renovation of both buildings. A 16,000 SF building was sold in December, 2007 for $1,225,000. We anticipate that the remaining building will be a long term hold.

DATE OF PURCHASE:March 2000
PRICE:$970,000
DEBT:$770,000
EQUITY:$200,000

RIO/LAREDO PROPERTIES
This asset consists of nine single tenant industrial buildings ranging in size from 4,000 square feet up to 42,000 square feet. The buildings were 100% leased at the time of purchase and our strategy was to grow rates over time and potentially sell individual buildings to users and investors. We have sold five of the buildings and increased rents by an average of 18% on lease renewals and re-tenanting of vacant buildings as leases expire.

DATE OF PURCHASE:March, 2002
PRICE:$3,683,381
DEBT:$2,737,500
EQUITY:$945,881

NORCROSS BUSINESS PARK
This asset consists of two multi-tenant flex buildings totaling 78,839 square feet located in Norcross, GA. The buildings were 95% leased at the time of purchase but in need of major deferred maintenance. Our strategy was to purchase the buildings, make the necessary improvements including new roofs, landscaping and parking lot repairs and increase the occupancy and rental rates. We leased the vacancy and extended two other tenants then sold both buildings to a contiguous owner who occupied a portion of both buildings.

DATE OF PURCHASE:August, 2002
PRICE:$3,450,000
DEBT:$2,750,000
EQUITY:$700,000
DATE OF SALE:October, 2003
INVESTOR IRR:32.76%

2935 NORTH DECATUR ROAD
This asset consists of a 92,294 square foot multi-tenant industrial building with 4 tenants, located next to our North Decatur Pointe project in Decatur. The building was formerly the Munford Distribution Center that was converted to a multi-tenant facility by the previous owner. Our investment strategy was to operate the building as an industrial property for the short term and potentially convert it to a quasi-retail building in 3 to 5 years. One of the existing tenants purchased the property.

DATE OF PURCHASE:October, 2000
PRICE:$1,961,645
DEBT:$1,231,645
EQUITY:$730,000
DATE OF SALE:March, 2005
INVESTOR IRR:23.2%

279 OTTLEY DRIVE
This asset consisted of a single tenant 48,000 square foot industrial building located in the Armour/Ottley Industrial District and leased to Beverly Hall Interiors on a 10 year lease term. Our investment strategy was to hold the building for the firm lease term, which provided a 13% return on equity for 5 years increasing to a 15% return for 5 years and re-evaluate the use of the building at the lease expiration. The Armour/Ottley area is transforming from a distribution market to a quasi-retail/showroom market and we believed there would be a higher and better use for the property. We were approached by an investor with a 1031 tax free exchange in July of 2003 and sold the building in January of 2004.

DATE OF PURCHASE:October, 1998
PRICE:$1,715,000
DEBT:$1,279,000
EQUITY:$436,000
DATE OF SALE:January, 2004
INVESTOR IRR:17.6%