Welsh Special Asset Services

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Welsh Special Asset Services


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Integrated Services Platform

INTEGRATED SERVICESPLATFORM

Receivership Services

Asset Services Acquisitions

Asset Management

Dispositions

Property Management

Accounting Services

Asset Valuation

Brokerage

Industrial Office

Retail Land

Residential Multi-Family

Healthcare Senior Housing Hospitality

Investment Sales

Development, Construction,

Architectural Services

Finance

Welshs level of personal service and attention to detail are second to none. They

always made me feel like the most important client in the company. With the results

I got, it is obvious that keeping my best interests in mind was a top priority for them.

John Trautz, Principal,

Reliance Development Company L.L.P.

Welsh Companies has been opening doors since 1977 when we

began as a build-to-suit and speculative development firm.

Today, the Welsh Companies organization consists of more than

300 professionals whose expertise extends into virtually

every aspect of commercial real estate.

Welsh has distinguished itself from other commercial real

estate companies through its significant experience as a

full-service provider of commercial real estate solutions. The

principals of Welsh have transacted business in numerous

metropolitan areas, cultivating extensive relationships with

major institutions, investment banks, lenders, REITs, private

equity funds, and more. This type of approach enables us to

skillfully and efficiently deal with even the most

complicated issues facing our clients.


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8100 34th Ave S, Bloomington, MN 760,000 sf

8100 34th Avenue in Bloomington is a 760,000 square foot office property. The property consists o

buildings: three, 3-story office/tech buildings and one low-rise office tower. The total size of the cam

42 acres. HealthPartners occupied 65-75% of the property and the rest was occupied by small storag

leases. Welsh Companies managed the property for 18 months, and successfully sold it to an inves

firm.

7th Place Residence, St. Paul, MN 500,000 sf

7th Place Residence, the former Orpheum Theater, is a 500,000 square foot mixed use residential pro

in the heart of downtown St. Paul. The main floor consists of 21,000 square feet of retail space and th

idential portion is made up of 130 apartment units. Responsibilities after receiving the assignment inc

management, accounting and leasing of the property. Welsh Companies successfully positioned the

erty for sale.

1000 Valley Park Drive, Shakopee, MN 316,000 sf

1000 Valley Park Drive is a 316,000 square foot industrial building in Valley Green Business Park, Minne

largest industrial park. The company operating out of the facility went bankrupt and the receivership w

signed to an entity whom in turn hired Welsh Companies to sell and lease the space. Welsh Compani

the marketing effort and successfully sold the property to ADC Telecommunications.

Property Management

Property AccountingFacility Management

Healthcare

Brokerage

Receivership

Investment Sales

Design/Build

Tenant ImprovementsGeneral TradeConstruction

ConstructionManagement

Master Planning/Site Analysis

Programming

Space Planning

Architecture

Interior Design

General Maintenance

PlumbingElectrical

HVAC

Locksmith

Our membership with NAI Global

extends our brokerage expertise

around the world with global access to

325 offices in 55 countries.

Office

Residential

Industrial


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Special Asset Services

An increased demand for receivership services is a result of the recent turbulent economic climate;

however, Welsh has long been in the business of successfully preserving the value of numerous

properties on behalf of mortgage holders nationwide. Welshs experience with all product types,

throughout all markets and combined with their depth of service, provides clients with a one-of-a-kind

fully-integrated platform for receivership services.

Asset Management

The asset management team at Welsh takes a project from acquisition due diligence to full

implementation of the specific acquisition plan for assets to increase value during the hold period.

They also oversee the development of annual business plans and budgets, approve capital expenditures,

give hold/sell/refinance recommendations and manage the disposition progress. The management team

has a hands-on approach with personnel who direct and oversee leasing, marketing, periodic reporting,

tenant and property legal matters, and billing and collection issues for each asset. They are also

responsible for insurance reviews as well as real estate tax reviews and appeals. Currently, the asset

management group oversees assets totaling over 18 million square feet.

52%

16%

9%

10%

13%

Welsh Managed Property Summar

Welsh Current Receivership Square Footage 1.2 Million

Property Type Total Square Feet % of Portfolio Current Valu

Industrial 13,726,464 52% $823,587,84

Office 4,275,362 16% $534,420,25

Office/Tech 2,235,602 9% $201,204,18

Retail 2,623,360 10% $393,504,00

Residential/Other 3,404,722 13% $102,141,66

26,625,510 $2,054,857,930

The Benefits of Welshs Fully-Integrated Platform


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Welsh Offices

Managed Commercial Property

Owned Senior Housing &

Residential Property

Property Management

The Property Management Division of Welsh manages one of the largest portfolios of commercial real

estate in the upper Midwest. During real estate down cycles, we have managed and leased a

receivership portfolio of approximately 100 assets comprising more than 8 million square feet.

Our property managers are committed to preserving and enhancing the image of every property,

maximizing overall return. Property management teams provide the specific disciplines necessary for

each task. Every building is maintained in the best possible condition and is always ready to be viewed by

a potential tenant or buyer. We ensure client satisfaction by building a responsive relationship and delivering

prompt and conscientious service.


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Brokerage

Ranked in 2008 as the number one brokerage firm by the Minneapolis/St.

Paul Business Journal, NAI Welsh brokerage specialists have an intimate

knowledge of the Twin Cities market, which helps us to consistently identify and

secure the best space, property or land site for our clients.

Our brokers specialize by regional sub-market as well as by property type, so they

thoroughly understand the ins and outs of their target market. Whether it is office,

industrial or retail brokerage, land sales, healthcare, multi-family or mixed use, ourwealth of experience, comprehensive database, technological expertise and strong

market research enable us to quickly identify and target the right buyer or user, and

in turn, generate the greatest value for our clients.

Through our partnership with NAI Global, the worlds only

managed network of commercial real estate firms, our expertise extends around

the world with global access to over 5,000 real estate professionals in more than

325 offices and 55 countries.

Investment Sales

Welsh Companies provides capital market expertise through the acquisition and

disposition of investment real estate for our clients. Our team delivers a

comprehensive process utilizing aggressive market underwriting, as well as

detailed and well presented packagingto each client irrespective of the property

size and value. By providing creative market-based underwriting, coordinating the

due diligence process, assisting with the development of property pro rations and

reviewing closing statements for accuracy, we are able to maximize value andreturns.

Our investment services team is a member of NAI Globals Investment Services

Group, a dedicated group of the organizations top brokers in major markets

nationally. The NAI Global Investment Services Group shares a marketing platform

and operating strategy designed to obtain and execute business with institutional

and private equity property owners alike.


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Development, Construction & Architectural Services

Welsh Development With the support of our architecture, construction, leasing,

management and investment specialists, Welsh Development provides a full range of

development, redevelopment, project management and build-to-suit services. Our diverse

professional staff has experience with development of all commercial and residential

property typesincluding industrial, office, retail, apartments, senior and for-sale housing.

Whether a project is half-built, just a concept or needs a complete overhaul, Welsh

Development delivers the attention to detail that is necessary to make a project successful.

Genesis Architecture Genesis Architecture provides a full range of standard and

customized architectural servicesto a variety of clients. We approach all projects, large or

small, with each clients short and long-term goals, design priorities and financial

requirements in mind.

Welsh Construction The professionals at Welsh Construction specialize in building and

renovating space for institutional investors, individual property owners and businesses. Often

working with our affiliates at Welsh and Genesis Architecture, Welsh Construction offers a

complete range of construction servicesto meet the needs of each client.

The people at Welsh really strive to establish a team relationship with their customers.

They have clear and concise communication down to a science. They always deliver what

we need... which is why weve continued to work with them throughout the years.

Kathy Tucci, Vice President

Facilities & Administrative services,

Bremer Financial

Asset Valuation

Our Brokerage and Investment Sales Group understand your need to have a broker opinion of value, many times

in advance of deciding upon a prudent course of action and a real estate investment secured by a mortgage. We

are skilled and prompt at providing a detailed asset valuation supported by current market data for you to use

in your internal analysis.


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Accounting Services

The Welsh team of experienced Property Accounting and I/T professionals,

coupled with our wide array of accounting software experience, enables us

to easily comply with the requirements of our extensive, diverse portfolio of

property owners. We perform property accounting duties for large

institutions as well as locally owned, single-property owners, so we believe

that we are uniquely qualified to comply with our clients cash management,

reporting, and accounting requirements regardless of the size of the

portfolio.

On a daily basis, we provide high quality, accurate reports on time, and we

work with our property managers and brokerage specialists to enhance the

value of our clients assets.

Finance

Welsh Capital arranges three types of financing - construction, permanent

and equity - for clients. Providers include life insurance and finance

companies, pension funds, commercial banks and Wall Street investment

conduits. Welsh Capital provides the best financing services available for

all property types - retail, office, industrial and multi-family apartment

buildings.

Welsh Capital is a member of Strategic Alliance Mortgage

L.L.C. SAM is a unique company owned by 21 members

who are all individually owned, commercial real estate investment

banking/mortgage banking firms located coast to coast throughout theUnited States.

The goal of SAM is to provide local, proprietary expertise for borrowers and

lenders from individual member companies that are leading providers of the

best financing alternatives in their respective markets based upon their

knowledge and the collective wisdom of the group.

Welsh Institutional Relationships

Welsh Financial Relationships


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Welsh has implemented strong internal control

procedures designed to ensure reporting accuracy

and to protect the assets we manage on behalf of our

clients. We provide a variety of high quality, accurate

reports to ensure that our clients always have the

most up-to-date information. All reports are available

online, giving our clients access to the information they need 24 hours a day, 7 days per week. Tenant receipts

and delinquencies, vendor payments and liabilities, cash balances, and rent rolls can all be viewed.

Monthly Reports

Each month, our clients receive financial reports and

executive summaries to assist them with their investment

decisions. These reports are provided in an easy to read

electronic format, so they may be forwarded as needed.

Year-End Reports

Year-end expense reconciliations are designed to reimburse

or collect from tenants for actual operating expenses

incurred throughout the year as opposed to the assumed expenses that have already been paid. Our property

operating budgets are extremely detailed, and they serve as a guide throughout the year to help explain to

our clients any actual versus budget variances.

Direct Contact

Our property accountants handle every aspect of the financial

reporting for client properties, rather than focusing on a specific

function (such as cash receipts, accounts payable, etc.). This

approach makes them an integral part of the team. They are

readily accessible to our clients, and are encouraged to engage

in direct communication.

Reporting

4350 Baker Road

Suite 400

Minnetonka, MN 55343

0897 Minnetonka Business Plaza 32,200 3 1,000 96% 1,200 4%

0652 Cente rPark Indus tr ia l 1 5,30 0 6 ,0 00 3 9% 9 ,3 00 6 1%

0652 Penn Business Center

106 1,288 Tenant B $0.85 1095.00 8/1/2003 2/28/2009

202 1,450 Tenant C $0.92 1334.00 12/1/2003 2/28/2009

250 6,590 Tenant D $0.72 4745.00 4/1/2001 1/31/2009

252 12,000 Tenant E $0.70 8400 2/1/1999 3/31/2009


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Contact:

Jean Kane

President / Chief Operating Officer

952.897.7711

[email protected]

Mark Parten

Senior Vice President, Property Management

952.897.7814

[email protected]

Ted Jokerst

Vice President, Welsh Capital

952.897.7877

[email protected]

The Current Headquarters of Welsh

In May 2008, Welsh relocated its company headquarters to Baker Road Corporate Center. The project was

designed and built by Welsh Construction and Genesis Architecture and has been awarded Leadership in Energy

and Environmental Design - Core and Shell (LEED-CS) Gold Level pre-certification by the U.S. Green Building

Council. It is one of only a few buildings in Minnesota and

approximately 250 nationwide to achieve the Gold Level certification.

4350 Baker Road, Suite 400

Minnetonka, Minnesota 55343

952.897.7700

www.welshco.com

Welsh Special Asset Services

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