Mobile Office Properties for Lease and For Sale Summer 2010 “Data you can use” “Education you can use” This report and others are found on the Center website: http://cres.southalabama.edu USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. Office Properties Summer 2010 Page 1 of 26 Introduction The following report is one of four commercial reports generated by the Mitchell College of Business, Center for Real Estate Studies. This report contains information for Summer 2010 Office properties. Readers should remember that the data covers advertised "for lease" and "for sale" data only. Final Sale information is excluded. The information source for the Industrial data is the Commercial Property Directory, www.commercialpropertydirectory.com Birmingham, AL. In addition to the Office report, three other commercial reports (Land, Industrial and Retail) can be found on the Center for Real Estate Studies website: http://cres.southalabama.edu For additional information, please contact: Don Epley, Director, Center for Real Estate Studies Mitchell College of Business, University of South Alabama Phone: 251.460.6735 Email: depley@usouthal.edu The data for this report was completed by: Shirley Harvey, MBA Student Mitchell College of Business Office Properties Summer 2010 Page 2 of 26 Mobile Office Properties For Lease and For Sale Table of Contents Introduction Page 2 Report Summary Page 4 List of Zip Codes Page 5 Table 1: Asking Lease Rate per Square Foot by Zip Code Pages 6 -8 Table 2: Calculated Vacancy Rate by Zip Code Pages 9 - 11 Table 3: Total Market of Office Properties Advertised for Lease Pages 12 - 19 Table 4: Advertised Sales Price and Square Foot by Zip Code Pages 20 - 21 Table 5: Sales Price per Square Foot by Zip Code Pages 22 - 23 Table 6: Total Market of Office Properties Advertised for Sale Pages 24 - 26 Center for Real Estate Studies Mitchell College of Business University of South Alabama Office Properties Summer 2010 Page 3 of 26 Report Summary 2010 Advertised Office Properties for Lease: Total Properties Listed ……………………………………80 Asking Lease Rate per S.F. ……………………………. Median $12.00 on 61 Properties Reporting Total Advertised S.F. ………………………………………Median 9,000 on 66 Properties Reporting Total Advertised S.F. ………………………………………2,340,949 on 66 Properties Reporting Total Available S.F. …………………………………………635,016 on 70 Properties Reporting Available S.F. …………………………………………….. Median 4,560 on 70 Properties Reporting 2010 Advertised Office Properties for Sale: Total Properties Listed ……………………………………32 Sales Price …………………………………………………. Median $450,000 on 31 Properties Reporting Building S.F. ……………………………………………………Median 5,896 on 26 Properties Reporting Sales Price per Building S.F. ……………………………Median $71.25 on 25 Properties Reporting Site S.F. ………………………………………………………… Median 25,700 on 13 Properties Reporting Sales Price per Site S.F. ……………………………………Median $11.40 on 13 Properties Reporting Note: This data covers only properties advertised for lease and for sale as an indication of current market activity. They do not represent the total inventory. For example, the building s.f. represents only buildings that are advertised with available space. Owner-occupied property is also excluded. Office Properties Summer 2010 Page 4 of 26 Mobile County Zip Codes Zip Code 36505 36509 36512 36521 36522 36523 36525 36528 36541 36544 36560 36568 36571 36572 36575 36582 36587 36590 36601 36602 36603 36604 36605 36606 36607 36608 36609 36610 36611 36612 36613 36615 36616 36617 36618 36619 36621 36622 36625 36628 36630 36633 City Area Code Axis 251 Bayou La Batre 251 Bucks 251 Chunchula 251 Citronelle 251 Coden 251 Creola 251 Dauphin Island 251 Grand Bay 251 Irvington 251 Mount Vernon 251 Saint Elmo 251 Saraland 251 Satsuma 251 Semmes 251 Theodore 251 Wilmer 251 Theodore 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 251 Mobile Mobile 251 Mobile 251 Mobile 251 Eight Mile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile 251 Mobile Office Properties Zip Code 36640 36641 36644 36652 36660 36663 36670 36671 36675 36685 36688 36689 36690 36691 36693 36695 City Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Area Code 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 58 Total 251 Summer 2010 Page 5 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Asking Lease Rate per S.F. by Zipcode Table 1. Office Properties Total Advertised S.F. Zipcode Asking Lease S.F. 36582 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36603 36604 36605 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 $4.50 $12.00 $3.50 $14.00 12,000 7,716 $14.00 $21.00 $18.00 $16.50 $5.00 $3.50 $5.00 12,132 9,000 $14.00 $16.00 $8.00 $3.00 $13.15 $17.50 $10.28 Summer 2010 94,500 9,200 14,500 8,360 40,000 8,360 3,317 282,745 284,000 1,500 200,000 1,500 55,276 55,276 55,276 55,276 55,276 55,276 55,276 1,929 80,000 2,040 1,400 Page 6 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Asking Lease Rate per S.F. by Zipcode Table 1. Office Properties Zipcode Asking Lease S.F. 36606 36606 36606 36606 36606 36606 36607 36607 36608 36608 36608 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36617 36617 36618 $14.00 $14.00 $6.85 $5.96 $4.50 $8.50 $10.75 $13.00 $13.00 $12.00 $10.50 $9.50 $10.00 $8.04 $12.50 $12.30 $10.00 $17.00 $13.50 $14.00 $14.00 $15.00 $5.00 $17.00 $16.50 $5.50 $11,000.00 $12.00 Summer 2010 Total Advertised S.F. 117,565 6,225 2,464 2,625 9,060 9,600 9,570 1,500 8,946 4,263 9,000 60,000 21,000 10,000 20,000 4,521 1,365 7,700 174,321 127,766 55,944 99,616 4,400 4,400 8,360 4,060 Page 7 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Asking Lease Rate per S.F. by Zipcode Table 1. Office Properties Total Advertised S.F. Zipcode Asking Lease S.F. 36619 36619 36619 36619 36688 36693 36693 36693 36693 36695 36695 36695 36695 36695 36695 36695 $7.00 $10.71 $9.99 $13.50 $18.00 $10.00 $10.00 $4.30 $10.42 $10.00 $9.00 $12.00 $12.00 $6.40 $100.00 9,600 7,500 15,000 7,500 Median $12.00 9,000 Properties Reporting 61 66 Summer 2010 7,500 1,344 1,442 1,125 5,000 770 6,000 3,696 29,070 Page 8 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Calculated Vacancy Rate by Zipcode Table 2. Zipcode 36582 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36602 36603 36604 36605 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 36606 Office Properties Total Advertised Advertised Calculated S.F. Available S.F. Vacancy Rate (%) 12,000 12,000 100% 7,716 7,716 100% 24,954 94,500 23,000 24% 9,200 18,000 12,132 12,132 100% 9,000 7,200 14,500 1,000 7% 8,360 8,360 100% 40,000 8,360 3,317 282,745 35,469 13% 284,000 60,000 21% 50,000 9,800 1,500 200,000 1,500 55,276 414 1% 55,276 661 1% 55,276 700 1% 55,276 782 1% 55,276 930 2% 55,276 1,249 2% 55,276 3,838 7% 1,929 1,929 100% 80,000 23,000 29% 2,040 2,040 100% 1,400 117,565 11,531 10% Summer 2010 Page 9 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Calculated Vacancy Rate by Zipcode Table 2. Zipcode 36606 36606 36606 36606 36606 36607 36607 36608 36608 36608 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36609 36617 36617 36618 Office Properties Total Advertised Advertised Calculated S.F. Available S.F. Vacancy Rate (%) 6,225 2,464 2,625 9,060 9,600 9,570 1,500 8,946 4,263 9,000 60,000 21,000 10,000 20,000 4,521 1,365 7,700 174,321 127,766 55,944 99,616 4,400 4,400 8,360 4,060 6,225 2,464 2,625 9,060 2,400 9,570 2,000 1,500 8,946 1,125 4,500 2,395 1,500 1,200 1,500 359 2,000 1,365 4,620 22,993 11,145 3,869 12,466 2,900 5,750 7,000 45,380 4,400 8,360 11,000 4,060 Summer 2010 100% 100% 100% 100% 25% 100% 100% 100% 26% 50% 4% 7% 12% 8% 8% 100% 60% 13% 9% 7% 13% 66% 100% 100% 100% Page 10 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Calculated Vacancy Rate by Zipcode Table 2. Zipcode 36619 36619 36619 36619 36688 36693 36693 36693 36693 36695 36695 36695 36695 36695 36695 36695 Total Median Properties Reporting Office Properties Total Advertised Advertised Calculated S.F. Available S.F. Vacancy Rate (%) 7,500 1,344 1,442 1,125 5,000 770 6,000 3,696 29,070 7,500 1,344 1,442 25,636 25,000 1,125 5,000 770 6,000 3,307 10,210 100% 100% 100% 100% 89% 35% 9,600 7,500 15,000 7,500 1,300 7,500 15,000 2,500 14% 100% 100% 33% 2,340,949 9,000 635,016 4,560 66 70 Summer 2010 100% 100% 100% Page 11 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone Free 12,000 $4.50 12,000 Marl Cummings, IV 251-476-6000 Not Available 7,716 $12.00 7,716 Ralph Neal, III 251-602-1403 $3.50 24,954 Alex Pate 251-345-1259 $14.00 23,000 Mike McAleer 251-473-7517 Location City 36582 Spanish Trail Court 6250 Spanish Trail Court Theodore 1 36602 3 Dauphin Street 3 Dauphin Street Mobile 2 300 North Water Street Mobile 36602 Commerce Building 118 North Royal Street Mobile 12 94,500 36602 401 Dauphin Street 401 Dauphin Street Mobile 2 9,200 36602 Parkview Plaza 182 Saint Francis Street, Ste 303 Mobile 36602 Fort Conde Village 200, 206 S Royal Street Mobile 36602 Title Insurance Building 164 St. Francis Street Mobile 163 St Emanuel Street Mobile 5 Dauphin Street Mobile 206 & 208 Government Street Mobile 36602 36602 Property Name Office Warehouse Downtown Mobile Historic Fort Conde Village 36602 THE BAYPORT BUILDING 36602 Downtown Office Complex Office Properties Free 12,132 $14.00 9,000 $21.00 Summer 2010 3 18,000 Todd Drummond 251-694-1180 12,132 Allan R. Cameron, Jr. 251-438-4312 John D. Peebles 251-438-4312 $18.00 7,200 Pete Riehm 251-438-4312 14,500 $16.50 1,000 Brian Metcalfe 251-432-2600 8,360 $5.00 8,360 Brian Metcalfe 251-432-2600 Free 1904 1985 Todd Drummond 251-694-1180 Page 12 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone 305 Delchamps Drive Mobile 40,000 $3.50 Brian Metcalfe 251-432-2600 206 & 208 Government Street Mobile 8,360 $5.00 Brian Metcalfe 251-432-2600 36602 Neville House 255 St. Francis Street Mobile 1896 36602 AmSouth Bank Building 107 St. Francis Building Mobile 1965 36602 Regions Bank Building 106 St. Francis Mobile 36602 305 Delchamps Dr. 36602 206 & 208 Government Street 36602 Government Street (304) 304 Government Street 36603 Church Street Office/Warehouse 36604 1775 Old Shell Road 36605 Dauphin Island Parkway & I-10 36606 Old Government Street 36606 CNI Center-Dauphin 65 Complex Office Properties Mobile Leased Leased 1929 Brian Metcalfe 251-432-2600 3,317 282,745 $14.00 35,469 Josh Hall 251-342-7229 284,000 $16.00 60,000 Josh Hall 251-342-7229 $8.00 50,000 Marl Cummings, IV 251-476-6000 9,800 John D. Peebles 251-438-4312 3 805 Church Street Mobile Free 1775 Old Shell Road Mobile 1 1600 Dauphin Island Parkway Mobile 1 200,000 2150 Old Government Street Mobile 1 1,500 3280 Dauphin Street Ste C 104 Mobile 1978 Summer 2010 1 Free Free John Vallas 251-665-3774 1,500 55,276 Matthew Garrard 251-476-6000 $3.00 John Vallas 251-665-3774 414 Mike McAleer 251-473-7517 Page 13 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 661 Mike McAleer 251-473-7517 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 700 Mike McAleer 251-473-7517 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 782 Mike McAleer 251-473-7517 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 930 Mike McAleer 251-473-7517 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 1,249 Mike McAleer 251-473-7517 36606 CNI Center-Dauphin 65 Complex 3280 Dauphin Street Ste C 104 Mobile 1978 1 Free 55,276 3,838 Mike McAleer 251-473-7517 36606 Union Planters Bank Bldg 851 I-65 Service Rd S Suite 600 Mobile 36606 Xante’ Center 2800 Dauphin Street Mobile 36606 2300 Airport Blvd. 2300-C Airport Boulevard Mobile 2 N Florida St. Mobile 3103 Airport Blvd. Mobile 36606 Dauphin and Florida Street 36606 Hilton Square Office Properties 1978 Free 1,929 $13.15 1,929 Angela McArthur 251-639-4007 80,000 $17.50 23,000 Brian Metcalfe 251-432-2600 2,040 Adam Metcalfe 251-432-2600 2,040 1 1985 Summer 2010 Free 1,400 $10.28 117,565 $14.00 Pratt Thomas 251-476-0808 11,531 Jason Scott 251-342-7229 Page 14 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone $14.00 6,225 Louise McCown 251-990-6622 36606 HRH Sublease 3200 Executive Park Cir Mobile 1 Free 6,225 36606 1201 Montlimar Blvd. 1201 Montlimar Blvd. Mobile 1 Free 2,464 2480 Commercial Park Drive 2480 Commercial Park Drive Mobile 1 Free 2,625 $6.85 2,625 36606 63 Midtown Park East 63 Midtown Park East Mobile 2 Ample 9,060 $5.96 9,060 36606 3350 Halls Mill Road 3350 Halls Mill Road Unit C Mobile 1 Ample 9,600 $4.50 2,400 262 Furr St Mobile 2 Free 9,570 $8.50 9,570 Don Parden 251-554-1941 36607 Florida St N (161) 161 N Florida St Mobile $10.75 2,000 Marl Cummings, IV 251-476-6000 36608 KMED BUILDING 10121 Airport Blvd Suite # 3 Mobile 1,500 1,500 Ty Irby 251-649-1000 36608 660 Zeigler Circle E 660 Zeigler Circle E Mobile 1987 1 8,946 8,946 David Cooper 251-639-4007 3475 Springhill Avenue Mobile 1973 1 1,125 Richard Mann 251-300-3396 36606 36607 36608 I-65 Service Road at Spring Hill Ave. Office Building on Springhill Avenue Office Properties 1990 2005 1 Ample Summer 2010 Free 4,263 2,464 $13.00 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Page 15 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone 9,000 $13.00 4,500 John Vallas 251-665-3774 60,000 $12.00 2,395 Mike McAleer 251-473-7517 Free 21,000 $10.50 1,500 David Stein 251-342-1968 36609 Montlimar Office 1218 Montlimar Drive Mobile 1 36609 Cottage Crest 6345 H Cottage Hill Road Mobile 1 4318 Downtowner loop North Suite E Mobile 1980 2003 750 Downtowner Loop West Suite A Mobile 1990 2004 1 Free 10,000 $9.50 1,200 David Stein 251-342-1968 36609 Downtowner North Building 36609 Loop West Building Free 36609 4318 Downtowner Loop North Suite E Mobile 1980 2005 1 Free 20,000 $10.00 1,500 David Stein 251-342-1968 36609 Boulevard Park Office Space 4320 Boulevard Park S Ste C Mobile 1994 1 Free 4,521 $8.04 359 Deepa Rajan 251-639-4007 36609 Office Space for Lease on 712 Oak Circle Dr. W Oak Circle 1 Free $12.50 2,000 Richard Mann 251-300-3396 Ample 1,365 $12.30 1,365 Angela McArthur 251-639-4007 7,700 $10.00 4,620 John Delchamps 251-476-0808 Mobile 36609 University Place 820 S. University Blvd #2K Mobile 1985 1 36609 Hillcrest Office Park 6414 Hillcrest Park Court Mobile 2004 1 36609 Montlimar Place 1110 Montlimar Drive Mobile 1986 174,321 $17.00 22,993 John Toomey 251-342-7229 36609 Bel Air Park 2970 Cottage Hill Road Mobile 1977 127,766 $13.50 11,145 Jason Scott 251-342-7229 Office Properties Summer 2010 Page 16 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Location City Yr Blt 36609 University Place 820 University Boulevard Mobile 1985 36609 Regions Bank Tower 851 East I-65 Svc. Rd. South Mobile 1970 2004 36609 Omni Park Drive 6170 Omni Park Dr Mobile 2009 Property Name 36609 753 Lakeside Drive Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone Free 55,944 $14.00 3,869 Jason Scott 251-342-7229 10 Free 99,616 $14.00 12,466 Jason Scott 251-342-7229 1 Free 4,400 $15.00 2,900 Brent Cumbest 251-633-5858 753 Lakeside Drive Mobile Free $5.00 5,750 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Free $17.00 7,000 Gavin Bender Free $16.50 45,380 Dawn Casey 334-277-1000 4,400 Joe Steen 251-607-7880 8,360 Bob Cooper 251-639-4007 36609 PARAMOUNT OFFICE CENTER 1141 Montlimar Drive Mobile 36609 Downtowner Corporate Center 1087 Downtowner Blvd Mobile 36609 Omni Park Office Complex 6170 Omni Park Drive Mobile 1 36617 1800 E I-65 Service Rd N 1800 E. I-65 Srv. Rd. N Mobile 1 3400 Georgia Pacific Mobile 3828 Moffett Road Mobile 36617 Warehouse Space for Lease 36618 Moffett Road (3828) Office Properties 2001 Free 4,400 8,360 $5.50 $11,000.00 11,000 1 Summer 2010 4,060 $12.00 4,060 Allan R. Cameron, Jr. 251-438-4312 Matt Cummings 251-476-6000 Page 17 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City Yr Blt Yr # Parking Reno Floors Avail S.F. Agent / Phone 7,500 $7.00 7,500 John Vallas 251-665-3774 1,344 $10.71 1,344 Richard Mann 251-300-3396 1,442 $9.99 1,442 Richard Mann 251-300-3396 4690 Rangeline Road Mobile Office for Lease Three Notch 6151 Three Notch Rd Mobile Commercial Bldg for 36619 lease 6201 Three Notch Rd 6201 Three Notch Rd Mobile 1 36619 Southern Way (1) 1 Southern Way Mobile 1 Free $13.50 25,636 Marl Cummings, IV 251-476-6000 2 Free $18.00 25,000 Jason Scott 251-342-7229 $10.00 1,125 Tony Cooper, CCIM 251-639-4007 5,000 Adam Metcalfe 251-432-2600 36688 USA Research & Technology Park 775 N. University Blvd Mobile 36693 Ofc Space for Lease on Gov't Blvd 4080B 4080-B Government Blvd Mobile 36693 1512 Azalea Road 1512 Azalea Road Mobile 36693 O'Neill Building 1540 West I-65 Service Road South Mobile 36693 3782 Halls Mill Road 3782 Halls Mill Road Mobile 1987 1 Mobile 2002 1 36695 Office Space for Lease on 6425 Hillcrest Rd. Hillcrest Ste. A Office Properties 2007 Free Price S.F. 36619 Rangeline Road Office 36619 1 Total S.F. 1 1,125 5,000 1 Summer 2010 Ample 770 $10.00 770 6,000 $4.30 6,000 3,696 $10.42 3,307 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Angela McArthur 251-639-4007 Page 18 of 26 Mobile Office Properties Advertised For Lease Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Code Property Name Location City 36695 Hillcrest Square 1000 Hillcrest Road Mobile 36695 876 Hillcrest Road 876 Hillcrest Road Mobile 1535 Schillinger Rd S Mobile 36695 Schillinger Professional Offices Yr Blt Yr # Parking Reno Floors Total S.F. Price S.F. Avail S.F. Agent / Phone 29,070 $10.00 10,210 John Toomey 251-342-7229 Ample 2003 1 Free Kate Irvine 251-342-7229 $9.00 9,600 $12.00 1,300 36695 1105 Hillcrest Road 1105 Hillcrest Road Mobile 2 Free 7,500 $12.00 7,500 36695 7883 Airway Drive 7883 Airway Drive Mobile 1 Ample 15,000 $6.40 15,000 36695 1105 Hillcrest Road 1105 Hillcrest Road Mobile 2 Free 7,500 $100.00 2,500 Office Properties Summer 2010 Brent Cumbest 251-633-5858 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Page 19 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Advertised Sale Price and Square Foot Zip Code Table 4. Office Properties Zip Code Advertised Sales Price 36601 36602 36602 36602 36602 36602 36602 36602 36604 36606 36606 36606 36606 36606 36606 36606 36607 36608 36608 36609 36609 36609 36609 36609 36618 36619 36619 36693 36693 36695 36695 36695 $2,950,000 $995,000 $500,000 $975,000 $1,500,000 $182,000 $469,000 $450,000 $995,000 $47,892 $225,000 $195,000 $234,000 $149,000 $495,000 $439,000 $165,000 $425,000 $849,900 Call For Pricing $262,500 $450,000 $290,000 $695,000 $399,000 $2,650,000 $490,000 $299,000 $285,000 $800,000 $400,000 $750,000 Summer 2010 Advertised S.F. 68,800 28,000 40,000 3,822 6,000 75,000 1,600 1,300 2,427 3,000 9,060 4,000 1,000 8,946 55,577 5,792 6,000 3,500 4,400 4,060 7,500 6,000 4,000 15,000 4,657 7,500 Page 20 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Advertised Sale Price and Square Foot Zip Code Table 4. Zip Code Median Properties Reporting Office Properties Advertised Sales Price Advertised S.F. $450,000 5,896 31 26 Summer 2010 Page 21 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Table 5. Advertised Sales Price per Square Foot by Zip Code Zip Code Advertised Sales Price Building S.F. 36601 36602 36602 36602 36602 36602 36602 36602 36604 36606 36606 36606 36606 36606 36606 36606 36607 36608 36608 36609 36609 36609 36609 36609 36618 36619 36619 36693 36693 36695 $2,950,000 $995,000 $500,000 $975,000 $1,500,000 $182,000 $469,000 $450,000 $995,000 $47,892 $225,000 $195,000 $234,000 $149,000 $495,000 $439,000 $165,000 $425,000 $849,900 Call For Pricing $262,500 $450,000 $290,000 $695,000 $399,000 $2,650,000 $490,000 $299,000 $285,000 $800,000 Office Properties Calculated Sales Price per Site S.F. $205.22 Calculated Sales Price per Bldg S.F. $42.88 $35.54 Site S.F. Acreage 68,800 28,000 14,375 0.33 40,000 3,822 82,764 1.9 0 $18.12 $37.50 $47.62 6,000 75,000 10,890 105,851 0.25 2.43 $41.32 $9.40 $75.00 $13.27 1,600 1,300 2,427 3,000 9,060 4,000 1,000 8,946 55,577 5,792 6,000 3,500 4,400 4,060 7,500 6,000 4,000 15,000 25,700 13,068 21,780 0.59 0.3 0.5 $9.10 $11.40 $22.73 55,321 1.27 $7.68 22,216 47,916 0.51 1.1 $11.82 $9.39 1,006,236 23.1 $2.63 23,958 0.55 $12.48 78,408 1.8 $10.20 Summer 2010 $140.63 $150.00 $96.42 $49.67 $54.64 $109.75 $165.00 $47.51 $45.32 $75.00 $82.86 $157.95 $98.28 $65.33 $49.83 $71.25 $53.33 Page 22 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Table 5. Advertised Sales Price per Square Foot by Zip Code Site S.F. Acreage Calculated Sales Price per Site S.F. 5,896 25,700 0.57 $11 $71 26 13 14 13 25 Zip Code Advertised Sales Price Building S.F. 36695 36695 $400,000 $750,000 4,657 7,500 Median $450,000 Properties Reporting 31 Median Sales per Site S.F. $11.40 Median Sales per Bldg S.F. Office Properties Calculated Sales Price per Bldg S.F. $85.89 $100.00 $71.25 Summer 2010 Page 23 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Table 6. Total Market of Office Properties Advertised for Sale Zip Property Name Address City Sale Price Total S.F. Total S.F. Agent / Phone Available Burton Clark 251-476-6000 Burton Clark 251-476-6000 36601 Van Antwerp Bldg (101) 101 Dauphin Street Mobile $2,950,000 68,800 36602 Staples Pake Building 100 N Royal St Mobile $995,000 28,000 36602 Kress Building 115 Dauphin Street Mobile $500,000 10,000 Burton Clark 251-476-6000 36602 Kress Building 18 Royal Street South Mobile $975,000 19,100 Burton Clark 251-476-6000 36602 305 Delchamps Dr. 305 Delchamps Drive Mobile $1,500,000 40,000 36602 Condo Development site 714 Dauphin St. Mobile $182,000 3,822 36602 Professional Office Space 5 N Claiborne Mobile $469,000 36602 Blood Plasma Center 550 Church Street Mobile $450,000 6,000 36604 951 Government Street 951 Government Street Mobile $995,000 75,000 36606 Azalea Road - Lot 5 563 Azalea Road - Lot 5 Mobile $47,892 36606 2718 Dauphin Street 2718 Dauphin Street Mobile $225,000 Office Properties Summer 2010 Brian Metcalfe 251-432-2600 3,822 Tony Cooper, CCIM 251-639-4007 3,600 Allan R. Cameron, Jr. 251-438-4312 6,000 Jeanne McKay 251-405-6400 John Vallas 251-665-3774 Marl Cummings, III 251-476-6000 1,600 Brian Metcalfe 251-432-2600 Page 24 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Table 6. Total Market of Office Properties Advertised for Sale Zip Property Name Address City Sale Price Total S.F. Total S.F. Agent / Phone Available Brian Metcalfe 251-432-2600 36606 2756 Dauphin Street 2756 Dauphin Street Mobile $195,000 1,300 36606 Historic Style Office Location 3154 Cottage Hill Rd. Mobile $234,000 2,427 2,427 36606 2479 Commercial Park Drive 2479 Commercial Park Drive Mobile $149,000 3,000 3,000 36606 63 Midtown Park East 63 Midtown Park East Mobile $495,000 9,060 9,060 36606 3116 Airport Blvd 3116 Airport Blvd Mobile $439,000 4,000 36607 Florida St N (26) 26 North Florida Street Mobile $165,000 1,000 1,000 36608 660 Zeigler Circle E 660 Zeigler Circle E Mobile $425,000 8,946 8,946 36608 GREAT 2-STORY OFFICE 771 Blackburn Mobile $849,900 Mobile Call For Pricing 55,577 Mobile $262,500 5,792 Mobile $450,000 6,000 36609 36609 36609 Downtowner Corporate 1087 Downtowner Blvd Center Investment Office Property 712 Oak Circle W 712 Oak Circle 1224 Hutson Drive Office Properties 1224 Hutson Drive Summer 2010 6,000 Angela McArthur 251-639-4007 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Todd Drummond 251-694-1180 Matt Cummings 251-476-6000 David Cooper 251-639-4007 Don Jones 251-209-5480 Dawn Casey 334-277-1000 Richard Mann 251-300-3396 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Page 25 of 26 Mobile Office Properties Advertised For Sale Summer 2010 Table 6. Total Market of Office Properties Advertised for Sale Zip Property Name Address City Sale Price Total S.F. Total S.F. Agent / Phone Available Angela McArthur 251-639-4007 36609 5920 Grelot Rd Bldg E 5920 Grelot Rd Bldg E Mobile $290,000 3,500 36609 Omni Park Office Complex 6170 Omni Park Drive Mobile $695,000 4,400 4,400 Joe Steen 251-607-7880 36618 Moffett Road (3828) 3828 Moffett Road Mobile $399,000 4,060 4,060 Matt Cummings 251-476-6000 36619 Southern Way (1) 1 Southern Way Mobile $2,650,000 36619 Rangeline Road Office 4690 Rangeline Road Mobile $490,000 7,500 7,500 36693 3782 Halls Mill Road 3782 Halls Mill Road Mobile $299,000 6,000 6,000 36693 OFFICE 4380 HALLS MILL ROAD MOBILE $285,000 4,000 36695 7883 Airway Drive 7883 Airway Drive Mobile $800,000 15,000 36695 6425 Hillcrest Park Court 6425 Hillcrest Park Court Mobile $400,000 4,657 36695 1105 Hillcrest Road 1105 Hillcrest Road Mobile $750,000 7,500 Office Properties Summer 2010 25,636 15,000 2,500 Marl Cummings, III 251-476-6000 John Vallas 251-665-3774 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 JERRY STEWART 251-666-2705 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Angela McArthur 251-639-4007 Joseph G. (Joey) Betbeze, Jr. 251-476-4111 Page 26 of 26