confidential offering memorandum exclusively presented … · this inormation has been secured rom...

EXCLUSIVELY PRESENTED BYConfidential Offering MemorandumVirginia College | Net-Leased InvestmentTulsa, OK$9,062,000 | 9.75% Cap Rate

Virginia College5154 South Peoria Avenue

Tulsa, OK 74105

EXECUTIVE SUMMARY 4• Investment Summary• Property and Lease Overview

PROPERTY DETAILS 7• Property Aerial • Tenant Overview• Lease Abstract• Submarket Aerial• Regional Map

MARKET OVERVIEW 15• Tulsa At A Glance• Demographic Summary• Tulsa Highlights• Demographic Maps • SUMMARY OF MAJOR DOCUMENTS 23• Confidentiality and Conditions of Sale• Procedures for Offers

Table of Contents

FOR MORE INFORMATION, CONTACT:

John ToppingAssociate, Investment Sales678.420.1384 | [email protected]

Robert Drake Analyst, Investment Sales678.420.1386 | [email protected]

Pierce MaysonVice President, Investment Sales404.231.4696 | [email protected]

Kyle Stonis, CCIM Senior Vice President, Investment Sales678.420.1393 | [email protected]

SRS Real Estate Partners - Atlanta3400 Peachtree Road NE, Suite 1100Atlanta, Georgia 30326404.231.2232

www.srsre.com/vctulsa

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This information has been secured from sources believed to be reliable, but SRS Real Estate Partners makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and shall bear all risk and responsibility for any inaccuracies. SRS Real Estate Partners

Exclusively Presented By

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Investment SummarySRS Real Estate Partners, as exclusive agent, is offering for sale a single-tenant-net-lease investment opportunity occupied by Virginia College. Virginia College is a private, proprietary institution of higher education that offers certificates, diplomas, and degrees in the areas of health and medical, information technology, business, office management, culinary arts, cosmetology, and criminal justice. Founded in 1983, Virginia College has grown to include 28 campuses in 11 southeastern and southwestern states. The Property has an attractive 15-year net lease which commenced January 14, 2012. The lease is guaranteed by Education Corp. of America, which operates 28 locations as Virginia College, as well as five locations for Golf Academy of America, nine locations for Culinard, the Ecotech Institute and Northeast College of Business & Finance.

Tulsa is the 2nd largest city in Oklahoma and the Tulsa MSA is home to over 950,000 people. This campus will primarily cater to the significant growth occurring in Tulsa’s healthcare industry. Students enrolled in healthcare programs will enjoy strong demand from several nearby award-winning hospitals and health systems, including Hillcrest Healthcare System- made up of 6 hospitals around Tulsa employing over 5,000 people, Oklahoma State University Medical Center- the nation’s largest osteopathic teaching facility, St. Francis Hospital- ranked in the top 5% nationally for clinical excellence, and St. John Medical Center- ranked as a top Oklahoma hospital in U.S. News & World Report’s 2012-2013 “Best Hospitals” list.

This 5.409+/- acre site is extremely well-located on Interstate 44, the main east-west interstate highway in the region, running through the heart of Tulsa and connecting it with Oklahoma City to the west and St. Louis, MO to the east. The 53,210+/- square foot building underwent a complete renovation of over $4 million in 2011. The strong tenant, attractive long term net lease, and excellent location will continue to offer benefits for investors for years to come.

Investment Highlights• Attractive Lease Terms: 13+ years remaining on 15-year net lease with two 5-year options• Rent Increases: 1% rent increases per year throughout the lease term and all options periods• Excellent location providing unmatched visibility and frontage on I-44 with 100,000+ vehicles per day• Very good density with 178,000+ people in a five-mile radius and 510,000 in a 10-mile radius• Perfectly situated in the heart of the region’s burgeoning healthcare industry• High Yielding Investment: Aggressively priced at a 9.25% cap rate

Virginia College | Tulsa, OKInvestment Summary



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Property Overview

List Price: $9,062,000

Cap Rate: 9.75%

NOI: $883,545.37

Renovations Completed in 2011: Over $4,000,000

Address: 5154 South Peoria Avenue, Tulsa, OK 74105Building Area: 53,210 +/- SF

Land Area: 5.409 +/- Acres

Year Built: 1989, completely renovated in December 2011

Occupancy: 100%

County: Tulsa County

Virginia College Lease Overview

Tenant Name: Virginia College, LLC

Guarantor: Education Corporation of America, Inc

Lease Type: Net Lease

Roof: Tenant responsibility

Structure: Landlord responsibility

Original Lease Term: 15 years with two 5-year options

Rent Commencement: January 14, 2012

Lease Expires: December 31, 2027

Remaining Lease Term: 13.5 years

Options: Two 5-year options

Rental Increases: 1% increase every year and in all option periods

Current Rent (Year 3): $883,545.37

Right of First Refusal: None

Virginia College | Tulsa, OK Property and Lease Overview

Annual Firm Term Rent Schedule

Year 1: $866,136.04

Year 2: $874,797.40

Year 3: $883,545.37*

Year 4: $892,380.83

Year 5: $901,304.64

Year 6: $910,317.68

Year 7: $919,420.86

Year 8: $928,615.07

Year 9: $937,901.22

Year 10: $947,280.23

Year 11: $956,753.03

Year 12: $966,320.56

Year 13: $975,983.77

Year 14: $985,743.61

Year 15: $995,601.04

*Current rent year

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Virginia College | Tulsa, OKProperty Aerial



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Education Corporation of America (Guarantor)Education Corporation of America (ECA) is a privately held company that owns and operates private accredited colleges across the United States as well as via the Internet from their corporate headquarters near Birmingham, Alabama. They offer associate degrees,

diploma/certificate courses, master’s degrees and baccalaureate degrees. Their schools serve the needs of thousands of students while giving employers an educated and skilled workforce in the markets where they are located. ECA’s schools include Virginia College, Golf Academy of America, Ecotech Institute, online programs of Virginia College, Culinard–The Culinary Institute of Virginia College, and New England College of Business andFinance (NECB).

ECA schools provide educational opportunities in business, administrative, management, medical, technical and professional programs that are designed to prepare students for direct entry into the job market in the career areas of their choice. It is their goal to specialize in those areas for which the job growth potential is expected to be the highest.

ECA was formed in 1999 with the acquisition of Virginia College. In 2000, Culinard, a culinary school was opened. They went on to purchase two Medical CareerCenters in Alabama in 2001 and rolled them into the Virginia College curriculum in 2004. Also in 2004, ECA was purchased in December by Chicago-based private equity investment firm Willis Stein & Partners. In 2006, ECA purchased San Diego Golf Academy and renamed it to Golf Academy of America in 2008.

Virginia College (Tenant)Virginia College, a wholly owned subsidiary of Education Corporation of America, is a private, proprietary institution of higher education committed to offering diplomas, associate’s degrees, bachelor’s degrees, and master’s degrees. Virginia College was founded in 1983. The first branch campus was opened in Birmingham, Alabama, in February 1992, and this became the main campus in 1995. The College system has grown to include 28 campuses in 11 states. Virginia College is accredited by the Accrediting Council

for Independent Colleges and Schools (ACICS).

Virginia College offers certificates, diplomas, and degrees in the areas of health and medical, information technology, business, office management, and criminal justice. Virginia College also offers online degree programs. The Virginia College campuses are structured to provide classrooms, a student lounge area, faculty and staff work areas, full administrative facilities, computer and networking labs, and a library. The College’s facility is custom designed to enhance the educational experience and to serve the needs of the Virginia College student.

Virginia College | Tulsa, OK Tenant Overview



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TenantVirginia College, LLC

GuarantorEducation Corporation of America, Inc.

Address5154 South Peoria Avenue, Tulsa, OK

Demised Premises53,210 +/- SF

Lease Commencement DateJanuary 14, 2012

Lease Expiration DateDecember 31, 2027

Base Rent Schedule Annual Rent Monthly RentYear 1 $866,136.04 $72,178.00Year 2 $874,797.40 $72,899.78Year 3 $883,545.37 $73,628.78Year 4 $892,380.83 $74,365.07Year 5 $901,304.64 $75,108.72Year 6 $910,317.68 $75,859.81Year 7 $919,420.86 $76,618.40Year 8 $928,615.07 $77,384.59Year 9 $937,901.22 $78,158.43Year 10 $947,280.23 $78,940.02Year 11 $956,753.03 $79,729.42Year 12 $966,320.56 $80,526.71Year 13 $975,983.77 $81,331.98Year 14 $985,743.61 $82,145.30Year 15 $995,601.04 $82,966.75

Virginia College | Tulsa, OK Lease Abstracts



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Additional RentAny and all payments due hereunder other than Minimum Rent, including without limitation, taxes, fees, charges, costs, expenses, insurance obligations, late charges, interest, assessments, operating expense adjustments, and all other payments, disbursements or reimbursements that are attributable to, playable by or the responsibility of Tenant under this Lease shall constitute “Additional Rent” for the purposes of this Lease.

OptionsTwo five (5) year options

Assignment and SublettingTenant shall not assign, sublease, transfer or encumber any interest in this lease or allow any third party to use any portion of the Premises (collectively or individually, a “Transfer”) without the prior written consent of Landlord, which consent shall not be unreasonably withheld or delayed.

UseSubject to the terms and conditions hereof, Tenant may use the Premises for a lawful general office and educational purposes (including a cosmetology salon, therapeutic massage facility and a café), together with an incidental uses reasonably related thereto and for no other purpose. Notwithstanding the foregoing, Tenant will use and occupy the Premises and appurtenances in a careful, safe and proper manner, and shall comply with the lawful requirements of the proper public authorities regarding the conduct of Tenant’s business. Tenant will not permit the Premises to be used for any unlawful purpose. Tenant shall not engage in any activity or permit any nature of construction by Tenant or any other condition at the Premises which would cause Landlord’s fir and extended or all-risk coverage insurance to be cancelled, or the rate thereof increased )or at Landlord’s option shall upon demand pay to the Landlord the amount of any such increase); and shall comply with such safety recommendations and loss prevention and loss reduction recommendations as Landlord or Landlord’s insurance carries (or both) may, from time to time, request, at no additional cost to Tenant except with respect to those recommendations that are necessitated by Tenant’s specific use of the Premises. Tenant further acknowledges that the Premises are leased subject to those matters affecting title, which are set forth on Exhibit G. Tenant shall take no action or omit to take any action which would cause Tenant, the Premises or Landlord to be in violation of the terms and conditions of the Permitted Exceptions. Landlord shall at its own cost and expense obtain the necessary zoning variances and consents, including consents of any landowner, developer or neighboring tenants, necessary for any such use. Landlord represents that as of the Commencement Date, such use by Tenant will comply with all local zoning codes and other local ordinances applicable to such use.

InsuranceLandlord will maintain and pay annually all insurance premiums for Special Form Property Insurance covering all structure and improvements in the Premises, including improvements made as part of Landlord’s Work, with coverage for perils as set forth on the Causes of Loss-Special For, with a coverage extension for



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the perils of flood and earthquake (if required by Landlord’s lender, in an amount equal to full replacement cost (“Property Insurance”). Tenant shall pay to Landlord as Additional Rent one-twelfth (1/12th) of such Property Insurance costs incurred during any Lease Year with each Minimum Rent installment.

Taxes Personal Property Tax- Tenant shall pay before delinquency all taxes, assessments, license fees, and other charges that are levied and assessed on Tenant’s business, personal property, alterations, and trade fixtures.

Real Property Tax- Landlord will pay annually all Real Property Taxes that may be levied or assessed by any lawful authority against the Premises (land and improvements) during any Lease Year. Tenant shall pay to Landlord, as Additional Rent, one-twelfth (1/12) of such Real Property Taxes with each Minimum Rent installment.

Repairs and MaintenanceTenant will operate, maintain, repair, and keep the roof of the Premises, and the interior and the exterior of the improvements on the Premises, together with the parking lots, all interior electrical outlets, plumbing fixtures, and any other utilities that exclusively serve the Premises up to the point of departure from the Premises, and all interior doors, in good order and condition in accordance with all applicable laws, rules and regulations, and make necessary repairs thereto whether or not required by Tenant’s particular use.

At Landlord’s sole cost and expense will make (i) all curative work necessary to correct any breach of the covenants and warranties provided in Sections 3(a) (Landlord’s Work) hereof and (ii) all necessary repairs and/or replacements to the structural elements (including the exterior walls, concrete slab, footing, and foundations of the Premises but excluding the roof) and any utility system components that are beyond the point of departure from the Premises and under such grounds and parking area (except as noted in Section 9(d)) (Tenant’s Repairs and Maintenance).

Utilities and ServicesTenant will directly pay the respective provider for all utilities directly procured and consumed by Tenant at the Premises during the Term.

Holding OverThis lease shall terminate without further notice at the expiration of the term. Any holding over by Tenant after expiration of the Term shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Premises except as expressly provided in this Lease. Any holding over after the expiration of the Lease without the consent of Landlord shall be construed to be a tenancy from month-to-month on the same terms and conditions herein specified except for Minimum Rent, which shall be one hundred fifty percent (150%) of the Minimum Rent payable prior to expiration.



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Virginia College | Tulsa, OK Submarket Aerial



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Virginia College | Tulsa, OK Regional Map

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Virginia College | Tulsa, OKTulsa At A Glance

OverviewThe second-largest city in Oklahoma and 45th largest in the U.S., Tulsa is the principal municipality of the Tulsa MSA, which is home to a population of over 950,000. Serving as the county seat for Tulsa County- the most densely populated county in the state- Tulsa was referred to throughout the 20th century as “The Oil Capital of the World”. Located on the banks of the Arkansas River at the foothills of the Ozark Mountains, Tulsa has utilized its location to create a modern, diversified economy based around energy, finance, aviation, health care, education, telecommunications and technology sectors. The Tulsa Port of Catoosa, at the head of the McClellan-Kerr Arkansas River Navigation System, is the most inland river port in the U.S. with access to international waterways. Additionally, Tulsa is situated along I-44, which connects the city with Oklahoma City and has its eastern terminus in St. Louis, MO and its western terminus in Wichita Falls, TX. Tulsa International Airport, located just five miles northeast of the city, provides added transportation and serves as the global maintenance headquarters for American Airlines.

With a burgeoning economy and well-established infrastructure, it is no wonder that Tulsa has been called “One of America’s Most Livable Large Cities” by Forbes Magazine, ranked number 8 on the list of “U.S. Cities of the Future” by FDI Magazine, and included in BusinessWeek’s “Top 50 Best Cities in America”.

EconomyThough the oil industry has historically dominated Tulsa’s economy, efforts in economic diversification have created a base in the sectors of aerospace, finance, health care, education, technology, and manufacturing. The Tulsa International Airport (TUL) and the Tulsa Port of Catoosa, the nation’s most inland seaport, connect the region with international trade and transportation. An American Airlines maintenance base at Tulsa International Airport is one of the city’s largest employers and the largest maintenance facility in the world, while the Tulsa Port of Catoosa and the Tulsa International Airport house extensive industrial parks, supporting logistics, manufacturing and the aerospace industry. The city is home to 70 aerospace companies and 14,000+ aerospace jobs, while products from Tulsa manufacturers account for about 60% of Oklahoma’s exports. In 2001, the city’s total gross product was in the top one-third of metropolitan areas, states, and countries, with more than $29 billion in total goods- growing at a rate of $250 million each year. In 2006, Forbes Magazine rated Tulsa as second in the nation in income growth, and one of the best cities in the country with which to do business.

Almost 60 of the Fortune 500 companies have offices in Tulsa, and a number of large financial corporations are headquartered in Tulsa, with the largest being the BOK Financial Corp. QuikTrip, Hilti, and Mazzio’s semi-national pizza chain also call Tulsa home. Going back to its oil heyday, many international oil and gas-related companies also have headquarters in Tulsa, including Williams Companies, SemGroup, Syntroleum, ONEOK, Samson and Excel Energy. There are 30 companies in Tulsa that employ more than 1,000 people.

Another major portion of Tulsa’s economy is comprised of healthcare. Hillcrest Healthcare System- made up of 6 hospitals around Tulsa employing over 5,000 people, Oklahoma State University Medical Center- the nation’s largest osteopathic teaching facility, St. Francis Hospital, and St. John Medical Center all make up a thriving healthcare system in Tulsa, which continues to grow providing job opportunities for Virginia College graduates around every corner.



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Virginia College | Tulsa, OKTulsa At A Glance

Culture & RecreationConsidered the cultural and arts center of Oklahoma, Tulsa houses two world-renowned art museums, a full-time professional opera and ballet company, and one of the nation’s largest concentrations of art deco architecture. Residents and visitors looking for a dose of Tulsa’s local culture can head to the Philbrook Museum- one of the top 50 fine art museums in the country- or take in the exhibits at the Gilcrease Museum, which holds the world’s largest, most comprehensive collection of art and artifacts of the American West. Additionally, the Sherwin Miller Museum of Jewish Art preserves the largest collection of Judaica in the Southwest United States, while other museums, such as the Tulsa Historical Society, the Tulsa Air and Space Museum, the Oklahoma Jazz Hall of Fame, and the Tulsa Geosciences Center, document histories of the region.

Those seeking outdoor entertainment have a plethora of options at their disposal. Tulsa is ranked 32nd on a list of the 50 Most Walkable Large Cities in the U.S. by Walk Score, and there are likewise some excellent walkable outdoor venues including the Tulsa Zoo, Tulsa Aquarium, Tulsa Garden Center, and a number of parks, trails and gardens. Sports enthusiasts can take in a college athletic event at the University of Tulsa or Oral Roberts University or attend a Tulsa Talons Arena League football game, a Tulsa Shock WNBA game, or a Tulsa Oilers minor league hockey game. Golfers also have some amazing opportunities in and around Tulsa, including Southern Hills Country Club, which has hosted three U.S. Opens and four PGA Championships.



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Virginia College | Tulsa, OKDemographic Summary

5154 S Peoria Ave, Tulsa, OK 74105 1 Mile Radius

3 Mile Radius

5 Mile Radius

7 Mile Radius

12,217 177,139 324,156 509,0412017 Projected Population 11,910 180,683 330,084

12,515 177,188 324,55713,537 183,158 322,429 487,713

-0.78 % -0.33 % 0.07 %-0.96 % -0.01 % -0.05 % 0.15 %-0.51 % 0.40 % 0.36 %

34.77 37.50 36.37 35.845,791 80,262 139,4245,662 81,847 141,955 212,0715,908 80,281 139,6256,510 82,217 139,192

-0.97 % -0.24 % 0.03 % 0.31 %-0.80 % -0.01 % -0.06 %-0.45 % 0.39 % 0.36 % 0.50 %

2.10 2.12 2.2667.25 % 74.04 % 68.88 % 67.29 %12.93 % 8.94 % 11.76 %

1.06 % 2.02 % 2.10 %18.75 % 15.00 % 17.26 % 17.90 %87.57 % 91.57 % 88.82 %12.43 % 8.43 % 11.18 % 11.72 %$52,440 $67,455 $64,314$35,860 $43,239 $42,111 $44,367$25,030 $31,153 $28,0613.91 % 3.19 % 4.32 %6.00 % 6.25 % 7.57 % 7.92 %

26.32 % 23.36 % 25.31 %28.51 % 22.70 % 22.63 %

6.93 % 7.62 % 7.54 % 7.57 %17.43 % 23.87 % 21.50 %10.90 % 13.01 % 11.13 % 9.65 %

468 9,494 13,7764,976 162,737 235,564 318,22910.64 17.14 17.1026.13 18.66 23.53

17.22Residential Population per Business 27.5524.83

15.8243,701

Business

Number of Businesses 18,478Total Number of Employees (FTE)Employees per Business

2,763

Bachelors Degree Only 20.02 %Graduate Degree 14.21 %

25.37 %

27.01 %Some CollegeAssociates Degree Only

23.33 %6.65 %

23.02 %22.53 %

$26,837

Education(A

ge 25+)

Elementary 4.50 %Some High SchoolHigh School Graduate

5.44 %2.79 %

Income

Average Household Income $65,292Median Household IncomePer Capita Income $33,727

$42,481$72,332

Non Hispanic or Latino Population 88.28 %Hispanic or Latino Population 8.05 %

91.95 %

12.39 %Asian & Pacific Islander 2.42 %Other Races 14.72 %

2.13 %10.35 %

Population per Household 2.41

Populationby R

ace

WhiteBlack or African American

72.79 %2.11

Estimated Annual Growth 2010 to 2012 0.11 %Projected Annual Growth 2012 to 2017 -0.20 %

-0.55 %

206,3002000 Census Households 200,083Historical Annual Growth 2000 to 2010 -0.59 %

33,69731,759

Households

Current Estimated Households 206,8852017 Estimated Households2010 Census Households

31,01131,328

Projected Annual Growth 2012 to 2017 0.52 %Median Age 37.14

-0.16 %

Historical Annual Growth 2000 to 2010 0.39 %Estimated Annual Growth 2010 to 2012 -0.52 %

-0.54 %

522,3652010 Census Population 507,1792000 Census Population 73,355

69,50568,052

10 Mile Radius

Population

Current Estimated Population 68,608

© 2012, Trade Area Systems 1 of 1 .5 The information contained herein was obtained from sources deemed to be reliable; however SRS Real Estate Partners makes no guarantees, warranties, or representations as to the completen



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Virginia College | Tulsa, OKTulsa Highlights

HealthcareTulsa is home to a budding center for healthcare:• Hillcrest Health System- 6 hospitals throughout Tulsa with over 5,000 employees• Oklahoma State University Medical Center- Nation’s largest osteopathic teaching facility with 11 residency programs and nine fellowship programs• St. Francis Hospital- Ranked in the top 5% nationally for clinical excellence• St. John Healthcare System- Ranked as a top Oklahoma hospital in U.S. News & World Report’s 2012-2013 “Best Hospitals” list, and was named a 2012

Consumer Choice Award Winner by the National Research Corporation.

EducationTulsa continues to improve education making quality education synonymous with the Tulsa region:• More than 64% of Tulsa area residents have a high school diploma or higher, while nearly 26% have a Bachelor degree or higher• Oklahoma ranks No. 1 in the nation in early childhood education• Programs such as Tulsa Community College’s Tulsa Achieves pays up to 100% of tuition and fees for eligible students living in Tulsa County• On March 2, 2010 Tulsa voters approved the largest school bond package in state history-a $354M bond package with a 20-year capital improvement plan to

pay for school building renovations, roof and window replacement, security systems, new libraries and books, computers, new textbooks, buses and music and art equipment.

Airports• Tulsa International Airport- American Airlines global maintenance HQ• Richard L. Jones Airport

Major Highways• Interstates 44, 244, and 444• US Routes 64, 75, 169, 412

Rail• Freight- Union Pacific & BNSF

Port• Tulsa Port of Catoosa- The most inland river port in the U.S. with access to international waterways

Rank Company No. of Employees1 Walmart Stores, Inc. 6,500-7,5002 Tulsa Public Schools 6,500-7,5003 American Airlines, Inc. 6,500-7,5004 St. John Medical Center 5,500-6,5005 Saint Francis Health System 5,500-6,5006 City of Tulsa 3,500-5,5007 Hillcrest Healthcare System 3,500-5,5008 Hard Rock Hotel & Casino Tulsa 2,000-3,5009 Reasor's 2,000-3,50010 BOK Financial Corp. 2,000-3,500

Tulsa’s Top 10 Employers



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Virginia College | Tulsa, OK Total Population Map



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Virginia College | Tulsa, OKMedian Household Income Map



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Virginia College | Tulsa, OKTotal Household Map

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Virginia College | Tulsa, OKConfidentiality and Conditions of Sale

This Offering Memorandum is not intended to constitute an offer, but is merely a solicitation of interest with respect to a possible sale of the Virginia College located at 5154 South Peoria Avenue, Tulsa, Oklahoma.

This Offering Memorandum has been prepared by SRS Real Estate Partners - Southeast, LLC and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser.

Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require.All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

Environmental matters can and do have dramatic impact not only on the physical conditions of a property but also on its economic performance and underlying value. If such substances exist, special governmental approvals and permits may be required. Purchasers are encouraged to engage qualified professionals to determine whether hazardous or toxic substances or wastes, including asbestos, PCB’s, petrochemicals or other contaminants or conditions are present at the property. Neither SRS nor the owner performs or conducts investigations or analyses of environmental matters. It is the sole responsibility of qualified purchasers to review all applicable laws and regulations applying to either the existence, transportation or removal of hazardous materials and to prudently have an on site investigation and inspection of the property conducted. The cost and removal of hazardous materials may be substantial; therefore, SRS strongly encourages qualified purchasers to engage legal counsel and appropriate technical professionals if any of these conditions are discovered during the inspection. No person, firm or entity is authorized to make or submit offers on behalf of anyone or divulge or reproduce the contents of this executive summary or discuss the availability or the purchase of the property without first having registered in writing the name of the party receiving the material and received written authorization to proceed from SRS. The owner and SRS reserve the right, at their discretion, to reject any or all expressions of interest with any party at any time with or without notice. The terms and conditions stated herein apply to all sections of the executive summary.

SRS is acting as exclusive disposition agent, and the owner reserves the right to withdraw the property from the market, to change the price and terms or sell the property at any time without notice being given.



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NotificationAll bidders will be notified in writing of their acceptance or rejection.

Offer Submission ProcessPlease use a non-binding form of letter of intent when submitting all offers for this property. A signed confidentiality agreement/broker registration will also be required. All letters of intent or inquiries should be directed to the individuals identified at the address, facsimile, telephone numbers and email addresses shown below.

John Topping Robert Drake Pierce Mayson Kyle Stonis, CCIM [email protected] [email protected] [email protected] [email protected] 678.420.1384 678.420.1386 404.231.4696 678.420.1393

Virginia College | Tulsa, OKProcedure for Offers

Qualified investors should direct offers to the exclusive disposition agent, SRS Real Estate Partners - Southeast, LLC. The offers should be in writing and delivered to the offices of SRS Real Estate Partners - Southeast, LLC in a letter of intent format.

The owner will consider only those letters of intent delivered at the prior invitation of the owner or its agent, SRS Real Estate Partners - Southeast, LLC. No consideration will be given to uninvited offers or offers submitted by real estate brokers or other intermediaries without prior written approval. The owner will not pay any real estate commission or other form of compensation to any real estate broker or intermediary unless the broker has signed a broker/principal confidentiality agreement that has been approved by the owner and SRS. The owner reserves the right to reject any or all proposals and to negotiate with any investor exclusively at any time.

Due Diligence DocumentsSeller will provide buyer with organized due diligence documents during buyer’s due diligence period. Specific documents will include, but are not limited to:• Lease Agreements• Title Report• ALTA Survey

Report updates, reliance letters and/or new reports shall be the responsibility of the buyer.

Important Selection CriteriaWhen submitting offers, please be advised that SRS Real Estate Partners -Southeast, LLC will give preference to buyers that:

• Can demonstrate their ability to close, lending source and required equity funds.

• Have since the offering visited and inspected the Property first hand.• Can complete their due diligence in a timely manner.• Have prior experience in similar property types and established lender

relationships• Have a track record of successful closings and can provide references from

previous sellers

Buyers are encouraged to provide written or electronic information about their background and experience when submitting offers.

www.srsre.com