120501-03 2108 Virginia Beach VA - John Dixon & Associates...The above information is believed to be accurate but is not warranted. Offer subject to errors, changes, omissions, prior

1The above information is believed to be accurate but is not warranted. Offer subject to errors, changes, omissions, prior sales and withdrawals without notice.200 Cobb Parkway North, Suite 120, Marietta, Georgia •• 30062 •• offi ce: 770.425.1141 •• fax: 770.425.4413 •• toll-free: 800.479.1763

770.425.1141or 800.479.1763johndixon.com

NO. OF FLOORS: 2 NO. OF FLOORS: 2

BUILT: 1973 BUILT: 1973

LAND AREA: 0.75± acresLAND AREA: 0.75± acres

BUILDING SIZE: 3,443± square feetBUILDING SIZE: 3,443± square feet

TAX ID: 1456-33-6782-0000 TAX ID: 1456-33-6782-0000

TAXES: $ 4,705 TAXES: $ 4,705 ZONED: B-2 ZONED: B-2 Community Business District Community Business District

ENVIRONMENTAL: Visit johndixon.comENVIRONMENTAL: Visit johndixon.com

OCCUPANCY STATUS: VacantOCCUPANCY STATUS: Vacant

FeaturesFeatures

A

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Property 21086213 Indian River Road, Virginia Beach, VA

Wednesday, May 2, 11:00 A.M. EDTSelling On-Site

Contact auctioneer for inspection and pre-auction offer

CALL FOR CALL FOR INFORMATIONINFORMATION

VAAL #2908 000490VAAL #2908 000490

2

Environmental Executive Summary Phase 1 (part 1) ..........................3-4

Environmental Executive Summary Phase 1 (part 2) ........................5-10

Title ..................................................................................................11-26

Zoning ..............................................................................................27-87

Survey ...................................................................................................88

Deeds ................................................................................................89-93

Financial Information .......................................................................94-97 2009 NOI Report ...................................................................................94 2010 NOI Report ....................................................................95 2011 NOI Report ....................................................................96 Rent Roll .................................................................................97

TABLE OF CONTENTS

3

Privileged and Confidential Environmental Site Assessment

3653 – Indian River Express / Virginia Beach, VA

iii

SUMMARY OF ENVIRONMENTAL FINDINGS

Property ID and Property Name: 3653 – Indian River Express Property Address: 6213 Indian River Road Property Town, County, State: Virginia Beach, Virginia Site Assessment Date: January 11, 2008 Construction Date(s): 1973 Property Owner: American Financial Realty Property Status: Unoccupied No. Buildings: One building No. of Stories: Two stories Building Square Footage: 3,443 s.f. Property Size: 0.75 acre Property Historical Use: Undeveloped prior to 1944. From approximately 1944 through 1973,

the Subject Property appeared to have been utilized for residential purposes. A television repair/retail facility was listed as occupying a portion of the Subject Property in 1971.

Section Heading Section No Further Action REC HRECNon-ASTM

Env.Concern

Site Operations 3.0 X Chemical, Hazardous Substances and Petroleum Products Storage and Use 4.1 X

Waste Generation, Storage, and Disposal 4.2 X Aboveground Storage Tanks 4.3 X Underground Storage Tanks and Inground Vehicle Lifts 4.4 X

Wells 4.5 X Wastewater Management 4.6 X Pits, Ponds, and Lagoons 4.7 X Potential Asbestos-Containing Materials 4.8 (1) Potential Polychlorinated Biphenyl-Containing Equipment 4.9 X

Mold 4.10 X Radon 4.11 Housekeeping 4.12 X Other Site-Specific Conditions: 4.13 X Regulatory Agency Database Review 5.0 X User Provided Information 6.0 X Historical Use Information 7.0 X Interviews 8.0 X

4

Privileged and Confidential Environmental Site Assessment

3653 – Indian River Express / Virginia Beach, VA

iv

ASTM RECOGNIZED ENVIRONMENTAL CONDITIONS (REC):

Recognized Environmental Condition: Based on Tetra Tech’s January 11, 2008 site assessment and review of current regulatory database information, no RECs were identified.

Recommendation:

No further assessment activities appear to be warranted at this time.

ASTM HISTORICAL ENVIRONMENTAL CONDITIONS (HREC):

Historical Recognized Environmental Condition: Based on Tetra Tech’s January 11, 2008 site assessment and review of current regulatory database information, no HRECs were identified.

Recommendation:

No further assessment activities appear to be warranted at this time.

NON-ASTM ENVIRONMENTAL CONDITIONS:

Non-ASTM Environmental Condition: (1) Based on the date of construction of site building (prior to 1981), ACMs may have been used during

construction of the building. Potential ACMs were visually identified at the Subject Property, including pipe insulation, 12” x 12” vinyl floor tiles and mastic, 2’ x 2’ ceiling tiles, textured plaster, drywall and joint compound. The ceiling tiles and drywall in the first floor break room/kitchen and second floor conference room appeared to have localized water/moisture damage during the Tetra Tech site assessment.

Recommendation:

An Asbestos Operations and Maintenance (O & M) program should be implemented at the Subject Property. An asbestos survey should be conducted to determine the presence of friable and non-friable ACMs. Should any significant demolition or renovation activities be conducted at the Subject Property, ACMs should be removed by a qualified asbestos abatement contractor according to local and state regulations and guidelines.

5

EXECUTIVE SUMMARY

TC2114697.2s EXECUTIVE SUMMARY 1

A search of available environmental records was conducted by Environmental Data Resources, Inc (EDR).The report was designed to assist parties seeking to meet the search requirements of EPA’s Standardsand Practices for All Appropriate Inquiries (40 CFR Part 312), the ASTM Standard Practice forEnvironmental Site Assessments (E 1527-05) or custom requirements developed for the evaluation ofenvironmental risk associated with a parcel of real estate.

TARGET PROPERTY INFORMATION

ADDRESS

6213 INDIAN RIVER ROADVIRGINIA BEACH, VA 23464

COORDINATES

36.813450 - 36˚ 48’ 48.4’’Latitude (North): 76.207370 - 76˚ 12’ 26.5’’Longitude (West): Zone 18Universal Tranverse Mercator: 392306.2UTM X (Meters): 4074655.5UTM Y (Meters): 16 ft. above sea levelElevation:

USGS TOPOGRAPHIC MAP ASSOCIATED WITH TARGET PROPERTY

36076-G2 KEMPSVILLE, VATarget Property Map:1994Most Recent Revision:

TARGET PROPERTY SEARCH RESULTS

The target property was not listed in any of the databases searched by EDR.

DATABASES WITH NO MAPPED SITES

No mapped sites were found in EDR’s search of available ("reasonably ascertainable ") governmentrecords either on the target property or within the search radius around the target property for thefollowing databases:

FEDERAL RECORDS

NPL National Priority ListProposed NPL Proposed National Priority List SitesDelisted NPL National Priority List DeletionsNPL LIENS Federal Superfund LiensCERCLIS Comprehensive Environmental Response, Compensation, and Liability Information SystemCERC-NFRAP CERCLIS No Further Remedial Action PlannedLIENS 2 CERCLA Lien InformationCORRACTS Corrective Action ReportRCRA-TSDF RCRA - Transporters, Storage and DisposalRCRA-LQG RCRA - Large Quantity Generators

6

EXECUTIVE SUMMARY


RCRA-CESQG RCRA - Conditionally Exempt Small Quantity GeneratorUS ENG CONTROLS Engineering Controls Sites ListUS INST CONTROL Sites with Institutional ControlsERNS Emergency Response Notification SystemHMIRS Hazardous Materials Information Reporting SystemDOT OPS Incident and Accident DataUS CDL Clandestine Drug LabsUS BROWNFIELDS A Listing of Brownfields SitesDOD Department of Defense SitesFUDS Formerly Used Defense SitesLUCIS Land Use Control Information SystemCONSENT Superfund (CERCLA) Consent DecreesROD Records Of DecisionUMTRA Uranium Mill Tailings SitesDEBRIS REGION 9 Torres Martinez Reservation Illegal Dump Site LocationsODI Open Dump InventoryMINES Mines Master Index FileTRIS Toxic Chemical Release Inventory SystemTSCA Toxic Substances Control ActFTTS FIFRA/ TSCA Tracking System - FIFRA (Federal Insecticide, Fungicide, & Rodenticide

Act)/TSCA (Toxic Substances Control Act)HIST FTTS FIFRA/TSCA Tracking System Administrative Case ListingSSTS Section 7 Tracking SystemsICIS Integrated Compliance Information SystemPADS PCB Activity Database SystemMLTS Material Licensing Tracking SystemRADINFO Radiation Information DatabaseFINDS Facility Index System/Facility Registry SystemRAATS RCRA Administrative Action Tracking System

STATE AND LOCAL RECORDS

SHWS This state does not maintain a SHWS list. See the Federal CERCLIS list and FederalNPL list.

SWF/LF Solid Waste Management FacilitiesAST Registered Petroleum Storage TanksVA Spills Pollution Complaint DatabaseENG CONTROLS Engineering Controls Sites ListingINST CONTROL Voluntary Remediation Program DatabaseVA VRP Voluntary Remediation ProgramDRYCLEANERS Drycleaner ListBROWNFIELDS Brownfields Site Specific AssessmentsENF Enforcement Actions DataCEDS Comprehensive Environmental Data SystemAIRS Permitted Airs Facility List

TRIBAL RECORDS

INDIAN RESERV Indian ReservationsINDIAN LUST Leaking Underground Storage Tanks on Indian LandINDIAN UST Underground Storage Tanks on Indian Land

EDR PROPRIETARY RECORDS

Manufactured Gas Plants EDR Proprietary Manufactured Gas Plants

7

EXECUTIVE SUMMARY


SURROUNDING SITES: SEARCH RESULTS

Surrounding sites were identified in the following databases.

Elevations have been determined from the USGS Digital Elevation Model and should be evaluated ona relative (not an absolute) basis. Relative elevation information between sites of close proximityshould be field verified. Sites with an elevation equal to or higher than the target property have beendifferentiated below from sites with an elevation lower than the target property.Page numbers and map identification numbers refer to the EDR Radius Map report where detaileddata on individual sites can be reviewed.

Sites listed in bold italics are in multiple databases.

Unmappable (orphan) sites are not considered in the foregoing analysis.

FEDERAL RECORDS

RCRA-SQG: RCRAInfo is EPA’s comprehensive information system, providing access to data supportingthe Resource Conservation and Recovery Act (RCRA) of 1976 and the Hazardous and Solid Waste Amendments (HSWA)of 1984. The database includes selective information on sites which generate, transport, store, treat and/ordispose of hazardous waste as defined by the Resource Conservation and Recovery Act (RCRA). Small quantitygenerators (SQGs) generate between 100 kg and 1,000 kg of hazardous waste per month.

A review of the RCRA-SQG list, as provided by EDR, and dated 09/11/2007 has revealed that there is 1 RCRA-SQG site within approximately 0.25 miles of the target property.

PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________8A3ESE1/8 - 1/4 6084 INDIAN RIVER RD-TA EXXON CO USA #27065

RCRA-NonGen: RCRAInfo is EPA’s comprehensive information system, providing access to data supportingthe Resource Conservation and Recovery Act (RCRA) of 1976 and the Hazardous and Solid Waste Amendments (HSWA)of 1984. The database includes selective information on sites which generate, transport, store, treat and/ordispose of hazardous waste as defined by the Resource Conservation and Recovery Act (RCRA). Non-Generators donot presently generate hazardous waste.

A review of the RCRA-NonGen list, as provided by EDR, and dated 09/11/2007 has revealed that there is 1 RCRA-NonGen site within approximately 0.25 miles of the target property.

PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________12B6SE1/8 - 1/4 929 LEVEL GREEN BOULEVA ALBANO CLEANERS INCORPORATED -

STATE AND LOCAL RECORDS

LUST: The Leaking Underground Storage Tank Database.

A review of the LUST list, as provided by EDR, and dated 05/18/2004 has revealed that there are 11 LUST sites within approximately 0.5 miles of the target property.

PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________10A4ESE1/8 - 1/4 6084 INDIAN RIVER RD EXXON 2706515C9E1/4 - 1/2 6016 PROVIDENCE ROAD VIRGINIA BEACH CITY - WOODSTOC16D10ESE1/4 - 1/2 6029 INDIAN RIVER ROAD Not reported

8

EXECUTIVE SUMMARY


PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________18D13ESE1/4 - 1/2 6016 INDIAN RIVER RD RACECO SERVICE CENTER28E15ESE1/4 - 1/2 6004 EAST INDIAN RIVER TEXACO #23-194-000628E16ESE1/4 - 1/2 6001 INDIAN RIVER RD. INDIAN RIVER THRIFT STORE

PageMap IDDist / Dir Address Lower Elevation ____________________ ________ ____________________3017NW1/4 - 1/2 6399 INDIAN RIVER ROAD MEINEKE MUFFLER3118E1/4 - 1/2 5950 PROVIDENCE RD ROBBINS NURSERY AND LANDSCAPE 31F19NW1/4 - 1/2 848 S MILITARY HWY BP AMOCO STATION #848283721NW1/4 - 1/2 840 SOUTH MILITARY HIGH WEBSTER CITGO SERVICE40G23W1/4 - 1/2 930 SOUTH MILITARY HIGH PAPCO MILITARY HWY FLEET FUELI

LTANKS: The Leaking Tanks Database contains current Leaking petroleum tanks. The data comes fromthe Department of Environmental Quality.

A review of the LTANKS list, as provided by EDR, and dated 09/04/2007 has revealed that there are 14 LTANKS sites within approximately 0.5 miles of the target property.

PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________10A4ESE1/8 - 1/4 6084 INDIAN RIVER RD EXXON 27065

Facility Status: Closed

14C8E1/4 - 1/2 6016 PROVIDENCE ROAD WOODSTOCK ELEMENTARY SCHOOLFacility Status: Closed

16D10ESE1/4 - 1/2 6029 INDIAN RIVER ROAD Not reportedFacility Status: Closed

18D11ESE1/4 - 1/2 6016 INDIAN RIVER RD SHELL SERVICE STATIONFacility Status: Closed

18D12ESE1/4 - 1/2 6016 INDIAN RIVER RD MILLER STORE 2216Facility Status: Closed

18D13ESE1/4 - 1/2 6016 INDIAN RIVER RD RACECO SERVICE CENTERFacility Status: Closed

23E14ESE1/4 - 1/2 6004 EAST INDIAN RIVER TEXACO (23-194-0006) (100592)Facility Status: Closed

28E16ESE1/4 - 1/2 6001 INDIAN RIVER RD. INDIAN RIVER THRIFT STOREFacility Status: Closed

PageMap IDDist / Dir Address Lower Elevation ____________________ ________ ____________________3017NW1/4 - 1/2 6399 INDIAN RIVER ROAD MEINEKE MUFFLER


3118E1/4 - 1/2 5950 PROVIDENCE RD ROBBINS NURSERY AND LANDSCAPE Facility Status: Closed

35F20NW1/4 - 1/2 848 S MILITARY HWY Not reportedFacility Status: ClosedFacility Status: Closed

3721NW1/4 - 1/2 840 SOUTH MILITARY HIGH WEBSTER CITGO SERVICEFacility Status: ClosedFacility Status: Closed

40F22NW1/4 - 1/2 841 S MILITARY HWY EXXON S/S #2-6899Facility Status: Closed

9

EXECUTIVE SUMMARY


PageMap IDDist / Dir Address Lower Elevation ____________________ ________ ____________________42G24W1/4 - 1/2 930 SOUTH MILITARY HIGH SOUTHERN STATES


UST: The Underground Storage Tank database contains registered USTs. USTs are regulated underSubtitle I of the Resource Conservation and Recovery Act (RCRA). The data come from the Department ofEnvironmental Quality’s Underground Storage Tank Data Notification Information.

A review of the UST list, as provided by EDR, and dated 09/04/2007 has revealed that there are 4 UST sites within approximately 0.25 miles of the target property.

PageMap IDDist / Dir Address Equal/Higher Elevation ____________________ ________ ____________________61NNE0 - 1/8 6216 INDIAN RIVER RD. PARDUE HARRIS M72NW0 - 1/8 6265 INDIAN RIVER ROAD JIFFY LUBE11A5ESE1/8 - 1/4 6084 INDIAN RIVER RD WOODSTOCK SHELL14B7SE1/8 - 1/4 929 LEVEL GREEN BOULEVA ALBANO CLEANERS INC

10

EXECUTIVE SUMMARY


Due to poor or inadequate address information, the following sites were not mapped:

Database(s)Site Name ________________________

DRYCLEANERSALBANO CLEANERS - KEMPS RIVERBROWNFIELDSMILITARY HIGHWAY SITELUST, VA Spills, CEDSKEMPSVILLE ROADLUSTHT WW FERRELL PARKWAY LLC PROPERTYLTANKSBELL ATLANTICLTANKSHT WW FERRELL PARKWAY LLC PROPERTY (PROPUSTVIRGINIA BEACH CITY - PROVIDENCE ROAD SITEERNSEASTERN BRANCH OF ELIZA- BETH RIVER WEST OFERNSEASTERN BRANCH ELIZABETH RIVERERNSEASTERN BRANCH OF ELIZABETH RIVERERNSINDIAN RIVER RDERNSINDIAN RIVER RDERNSINDIAN RIVER ROAD AT THE INTERSECTION OF MILITARY HWYERNSLONG CREEK OF LYNNHAVEN RIVERERNSYORK RIVERVA Spills6399 INDIAN RIVER RDVA Spills5346 INDIAN RIVER ROADVA Spills848 INDIAN RIVER ROADVA Spills6528 INDIAN RIVER ROADVA SpillsLYNNHAVE PKWY & INDIAN RIVER RDVA SpillsNORTH LANDING RIVERCEDSWESTERN BRANCH OF THE LYNNHAVEN RIVER ANCEDSVIRGINIA BEACH CITY - LYNNHAVEN RIVER AN

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Documents

120501-03 2108 Virginia Beach VA - John Dixon & Associates...The above information is believed to be accurate but is not warranted. Offer subject to errors, changes, omissions, prior