0

1

2

3

4

5

6

7

8

9

10

$-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

$100,000,000

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Num

ber o

f Dea

ls

Sale

s Vo

lum

e

Volume < $5m Volume > $5m # Deals < $5m # Deals > $5m

Cleveland Investment Report | February 2010

OVERVIEW:

23240 Chagrin Blvd., Suite 250 | Cleveland, Ohio | 216 831 3310 | www.naidaus.com

TRANSACTIONS:

February Market SatisticsMonth % Change YTD

S Volume (All) $1.23m -72.2% $5.69m# Properties (All) 1 -50.0% 3S Volume ($5m+) $0m NA $0m# Properties ($5m+) 0 NA 010-yr Treasury 3.414% 2.5% -

Rolling 18 Month Volume

Everyone was feeling pretty good about the investment market at the end of last year. And for good reason. The overall sales volume was more than doubled for 2010 as compared to 2009, more ‘market’ buyers were looking at properties, more properties were being offered for sale and more lenders were creeping back into the action. Top that off with solid sales volumes over the last three months of 2010 and the overall result was a renewed optimism for 2011. So, who stopped the ride? For the second straight month, closed investment transactions were noticeably off the pace. After seeing just two total sales in January, there was a whopping single sale in February. Although it’s too early to proclaim this to be an anomaly or a trend, it is clear that the recovery is not as strong as everyone thought a few months ago.

Midway Square – This 38,000 square foot strip center was sold for $1.23 million or $32 per square foot. Located in the Midway Mall retail hub in Elyria, the center is anchored by a Dollar General and supplemented by a variety of local tenants. The corresponding cap rate was in excess of 13 percent.

Sales by Sector

Average Sale Price PSF

Office 0%

Retail 100% Industrial

0%

Apartment 0%

STNL 0%

Other 0%

$-

$32

$- $- $- $-

$0

$0

$0

$0

$1

$1

$1

$1

$1

$1

$-

$5

$10

$15

$20

$25

$30

$35

Pric

e P

er U

nit

Pric

e P

er S

F

Office Retail Industrial STNL Apartment