The Platinum Building: Offering Memorandum

THE PLATINUM BUILDING
DUBUQUE, IA
OFFERING MEMORANDUM
DUBUQUE, IA
CONFIDENTIALITY AND DISCLAIMER

CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the property,
the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements
thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue
its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from
sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information
provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make 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 bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2009 Marcus & Millichap
DUBUQUE, IA
TABLE OF CONTENTS
SECTION ONE
.........................................................INVESTMENT OVERVIEW
SECTION TWO
.....................................................PROPERTY OVERVIEW
SECTION THREE
.............................................MARKET OVERVIEW
SECTION FOUR
............................................RECENT SALES
SECTION FIVE
...............................RENT COMPARABLES
INVESTMENT OVERVIEW
DUBUQUE, IA
DUBUQUE, IA
INVESTMENT OVERVIEW
Investment Overview
INVESTMENT The Platinum Building is a single-tenant asset leased to a nationally

recognized insurance company in Dubuque, Iowa.
HIGHLIGHTS
Profitable Insurance Tenant
The tenant, Platinum Services Inc, is a supplemental insurance company
that specializes in accident, disability, cancer, heart attack, stroke, and
long-term care. They are the largest independent long term care
Award Winning Building
provider in the Midwest, one of the top 10 in the nation, and were
recently recognized by Forbes as one of the most dependable insurance
companies in the country. They are financially strong, with over $20
Strong Secondary Market million in sales, and continue to grow staff, customers, and sales each
year.
2% Annual Increases The building was originally built in 1906, but was completely renovated
in 2003 as the new headquarters for Platinum Services. It was taken
down to its shell and restored in a way that preserved its historical
75% Financing Available significance but added all the modern amenities. The project has won
numerous awards including the Main Street Iowa Association’s award
for adaptive reuse and the Iowa Historical Society’s award for
9.01% Cap Excellence in Historic Preservation.
US Secretary of Commerce Gary Locke recently said that Dubuque

12.29% Cash-on-Cash “represents the best and brightest in 21st century economic
development” which summarizes the market as concisely as possible.
Job growth has continued during the recession, real estate fundamentals
17.43% Total Return are as strong as anywhere in the country, and the city is poised for
continued expansion well into the future.
This deal offers an investor a stabilized income stream from a fiscally

sound tenant and a building, recognized for its excellence, in a market
that continues to see strong and consistent economic growth.
1
DUBUQUE, IA
INVESTMENT OVERVIEW
Financing
EXISTING FINANCING
Loan Type Non-Assumable
PROPOSED FINANCING
FIRST TRUST DEED

Loan Amount $3,937,500
Loan Type Proposed New
Interest Rate 6.25%
Amortization 25 Years
Debt Coverage Ratio 1.53
2
DUBUQUE, IA
INVESTMENT OVERVIEW
Financial Overview
ACQUISITION ASSUMPTIONS FINANCING ASSUMPTIONS

Price $5,250,000 Price $5,250,000
Acquisition Date January 1, 2010 Down Payment $1,312,500 (25%)
Cap rate 9.01%
Principle $3,937,500 (75%)
Cash-on-Cash 12.29%
Interest Rate 6.25%
Origainal Lease Term / Remaining 8 years /7 years
Amortization 25 years
Debt Service Coverage Ratio (Rent Only) 1.53
Monthly Payment $25,975
Annual Payment $311,694
INCOME STATEMENT
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Base Rent * $478,200 $487,764 $497,519 $507,469 $517,619 $527,971 $538,530 $549,301 $560,301 $571,493
- Reserves ** $5,243 $5,243 $5,243 $5,243 $5,243 $5,243 $5,243 $5,243 $5,243 $5,243
Net Operating Income $472,957 $482,521 $493,276 $502,226 $512,376 $522,728 $533,287 $544,058 $555,058 $566,250
Debt Service $311,694 $311,694 $311,694 $311,694 $311,694 $311,694 $311,694 $311,694 $311,694 $311,694
Before Tax Cash Flow $161,263 $170,827 $181,582 $190,532 $200,682 $211,034 $221,593 $232,364 $243,364 $254,556
Principal Reduction $67,512 $71,854 $76,477 $81,396 $86,631 $92,203 $98,134 $104,447 $111,164 $118,315
Total Return $228,775 $242,681 $258,059 $271,928 $287,313 $303,237 $319,727 $336,811 $354,528 $372,871
* Base Rent increases 2% annually through both the initial term and all option periods.
** Reserves of $0.15 per sf annually.
RETURNS
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Cap Rate 9.01% 9.19% 9.40% 9.57% 9.76% 9.96% 10.16% 10.36% 10.57% 10.79%
10-year Cap Rate Average 9.88%
Cash-on-Cash 12.29% 13.02% 13.83% 14.52% 15.29% 16.08% 16.88% 17.70% 18.54% 19.39%
10-year C-o-C Average 15.75%
Total Return 17.43% 18.49% 19.66% 20.72% 21.89% 23.10% 24.36% 25.66% 27.02% 28.41%
10-year Total Return Average 22.67%
This information has been secured from sources we believe to be reliable, but we make 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 bears all risk for any inaccuracies. Marcus & Millichap Real Estate
Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Des Moines © 2009 Marcus & Millichap
3
DUBUQUE, IA
INVESTMENT OVERVIEW
Lease Abstract
Tenant Platinum Services Inc
Guarantor Platinum Services Inc
Corporate Guarantee Yes
Lease Term 8 years
Lease Commencement 2/1/2009
Lease Expiration 1/31/2017
Initial Rent $478,200 (Annual)
Escalations 2% Annually
Renewal Options (2) 5 year options
Renewal Notice 90 days
Lease Type NNN
Maintenance & Repairs

- Cleaning & Maintenance Tenant
- Taxes Tenant
- Insurance Tenant
- Parking Lot Maintenance Tenant
- Parking Lot Repair Owner
- Roof & Structure Owner
- HVAC Maintenance Tenant
- HVAC Replacement Owner
Early Termination None
Purchase Option None
First Right of Refusal Yes
Assignment & Subletting Only with Landlord consent
4
DUBUQUE, IA
INVESTMENT OVERVIEW
Tenant Overview
Company Name Platinum Services Inc
Ownership Private
Founder Wayne Briggs

COMPANY OVERVIEW
Years in business 15 years
Platinum Services Inc is a supplemental insurance
company, headquartered in Dubuque, IA, that Headquarters Dubuque, IA
specializes in accident and disability, cancer, heart Website www.Pltnm.com
attack, stroke, and long-term care.
No. of Locations 45
Founded in 1995 by Wayne Briggs the company No. of Employees 180+

was established to help rural midwesterners cover Customers 50,000+
the cost of long term care for aging parents. The
company's products are underwritten by Annual Revenues $20 million +
Guarentee Trust Life Insurance Company of Better Business Rating A+

Glenview, IL. Guarentee Trust has been in
Products Supplemental Insurance:
business since 1936 and has over $190 million in
Accident & Disability
assets. Cancer
Heart Attack
Platinum has grown to become the largest Stroke
independent long term care provider in the Long-term Care
Midwest, and one of the top 10 in the nation. They
were recently honored by Goldline Research and States Colorado
Forbes as one of the top ten most dependable Iowa
insurance professionals in the United States. This Illinois
award is given to companies that have no Indiana
unresolved lawsuits or grievances, excellent client Kansas
references, and high client retention rates. This is Minnesota
the second consective year Platinum Services has Missouri
Nebraska
received this honor.
New Mexico
Oklahoma
Platinum continues to see strong and steady year-
South Dakota
over-year growth in both customers and sales. In
Texas
addition, the company's staffing levels have
Wisconsin
grown 15% this year alone. With plans to continue Wyoming
expanding both their product offerings and
geographical foot print, the long term prospects of Insurance Underwriter Guarantee Trust Life
the company are promising. Insurance Company
5
DUBUQUE, IA
INVESTMENT OVERVIEW
Goldline Award 2009
6
DUBUQUE, IA
INVESTMENT OVERVIEW
Goldline Award 2008
7
DUBUQUE, IA
INVESTMENT OVERVIEW
Forbes Article
LOCATION
Tenant Trade Name Platinum Services Inc.
ANNUALIZED OPERATING DATA
Ownership Private
Tenant Private Company

137 Main
Dubuque,
Lease GuarantorPrice
IA 52001 Base
$5,250,000 $478,200
BaseCorporate
Year
2.00% Guarantee
Down 25% Capital Thereafter
2.00%
Rentable 34,950 Net
Rent
Net
Rent
Debt 1
$478,200
$5,243
$472,957
311,694
Lease Type Price/SF
Payment $150.21 Debt
$1,312,500
Net 1.53
12.29%
Operating
Triple Net (NNN)
CAP
SquareRate 9.11% Principal
Reserves
Total
Cash
Growth
Service
67,512
($13.68/SF)
17.43%
Year 1906/2004
Coverage
Lot
Feet Size 0.17 Cash
Income $161,263
Reduction
Return
Flow
Rate $228,775
Type
Built of Fee
FIRST TENANT
RoofTRUST
and Structure
DEED (acres) Ratio
Landlord Responsible
Flow
Before
/Total After
Loan SUMMARY
Amount
Lease Term Renovation Debt $3,937,500
8 years
Debt
Loan Type Service Proposed New
Loan information
Lease is time
Commencement Service
sensitive and subject to change.
Date 2/1/2009
Interest Rate
Contact your local Marcus & Millichap Capital Corporation 6.25%
Rent Commencement Date
representative.
Amortization 2/1/2009
25 Years
Lease Expiration Date

FINANCING 1/31/2017
Term Remaining on Lease 7 years
Increases 2% Annually
Options (2) 5 year options
8
PROPERTY OVERVIEW
DUBUQUE, IA
DUBUQUE, IA
PROPERTY DESCRIPTION
Property Summary
THE OFFERING
Property The Platinum Building
Property Address 137 Main Street
Dubuque, IA 52001
Assessor's Parcel Number 1025281013
OVERVIEW
Zoning Commercial
SITE DESCRIPTION
Number of Stories 5
Year Built/Total 1906 / 2004
Rentable Square Feet 34,950
Lot Size 0.17 (acres)
Type of Ownership Fee Simple
Parking * 22
Landscaping None
Topography Flat
CONSTRUCTION
Foundation Concrete
Exterior Brick
Parking Surface Concrete
Roof Flat - Rubber Membrane
MECHANICAL
HVAC Forced Air
Fire Protection Sprinklers
INTERIOR DETAIL
Walls Brick & Drywall
Floor Coverings Tile & Carpet
* Most downtown Dubuque buildings have no on-site parking, so tenants

use street parking and the numerous city ramps. Platinum Services utilizes
the 22 space parking lot tied to this building, leases a lot behind the building,
and uses street parking for the few additional spots they need.
10
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Platinum Sign:
The Platinum Building is one of the tallest in
the area so the sign on the East side of the
building can be seen from far away.
11
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Entrance:
The building's main entrance is on Main Street, the
hub of downtown Dubuque activity.
Building Lobby:
In addition to welcoming visitors, the lobby
corridor also pays homage to those companies that
once occupied the building.
12
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Building Pillars:
During the renovation of the Platinum Building the owners,
architects, consultants, and construction companies all
decided that the pillars should be the "heroes" of the building.
Before & After:

The Pillars before and after the renovation.
13
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Platinum Services Lobby:
The main lobby of Platinum Services is on the 4th
floor and opens up through the fifth floor to the
impressive skylight.
5th Floor:
From the fifth floor of the Platinum Building you can
look up through the skylight, down to the office
lobby, or out upon the Port of Dubuque.
14
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
15
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Lobby Area
Cubicle Area
Kitchen Area
16
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Typical Office:
Many of the Platinum Building's offices have
both finished and unfinished walls to
highlight the original character of the
building.
Cubicle Area
New Space:
Platinum Services recently took over new
space on the second floor to handle their
rapid expansion.
17
DUBUQUE, IA
PROPERTY OVERVIEW
Property Photos
Rooftop Deck:
In addition to the
luxurious interior the
building also has an
expansive rooftop deck
for tenants to enjoy.
Great Views:
From both inside the building and up on the rooftop deck tenants have a great view of the Dubuque area.
Port of Dubuque
Bridge from Illinois to Iowa Recently Renovated Julien Inn
18
DUBUQUE, IA
PROPERTY OVERVIEW
Area Maps
AERIAL MAP
AREA MAP
19
MARKET OVERVIEW
DUBUQUE, IA
DUBUQUE, IA
MARKET OVERVIEW
Market Summary
MARKET DRIVERS +
Five New 4 Lane Highways since 1999
Prior to 1999, Dubuque wasn’t connected with any
of the major regional cities by highway. The
construction of these roads has driven a vast
majority of the market’s growth.
Low Cost of Doing Business

The city of Dubuque was founded in 1788 by French Canadian fur Dubuque’s low housing and commercial real estate
trader and early entrepreneur Julien Dubuque. Since the early costs, low taxes, and college educated workforce
1800s the area has prospered as a vibrant river community with have made it the ideal location for financial service
strong ties to the shipping, industrial, and manufacturing firms, call-centers, and back-office operations.
industries. Greater Dubuque Development Council
The assistance the government and the non-profit
Like many other Midwest industrial cities, Dubuque suffered a
Greater Dubuque Development Council provide to
significant economic downturn in the 1970s and 80s. By 1983 the the local business community is virtually
city was in a state of disrepair with a blighted downtown area, unmatched by any other midwest location.
bleak riverfront, aging infrastructure, and unemployment nearing Whether it be the successful recruitment of outside
25%. businesses, catering to the needs of local operations,
or helping to obtain city, state, and federal funds
Roughly 15 years ago the citizens of Dubuque decided to embark for new projects, it’s clear that this city is
on an aggresive plan to recreate itself as a center for personal and executing a well orchestrated plan of active and
commercial prosperity. managed growth.
Today the area is experiencing a period of unprecedented

revitalization and growth:
• The new highways and infrastructure have put Dubuque on the

map and made it a viable location for regional, national, and QUICK FACTS +
international firms. Dubuque accounted for 17% of Iowa's job growth
in 2007, but only accounts for 3% of Iowa's total
• The low cost of doing business and educated community have population
led to the creation of thousands of jobs and helped to lower the
Since 1985 there has been $161,000,000 in new
unemployment rate to below 6%. construction in downtown Dubuque, 88% has
happened since 2000.
• Tourist attractions such as the two new casinos, Missippi River
Museum, indoor water park, and regional conference center are Dubuque is averaging over 1,000,000 sf of non-
attracting tens of thousands of visitors to the area each year. residential construction annually over the last
eight years.
• The city's proactive nature has led to many successful projects Vacancy Rates:
including: the Port of Dubuque, the Technology Office Park, the Multifamily = 4% Retail = 6% Office = 3%
Warehouse District, and Industrial Park West.
Dubuque's property tax rate is the lowest among
These are but a few examples of how the area has succeeded in the 10 largest cities in Iowa.
recreating itself. There are four local colleges including Loras
College, University of Dubuque, Clarke College,
The commercial real estate fundamentals of this market are very and the Northeast Iowa Community College.
strong and every indicator points towards continued stable
growth in both the near and long term future. Assessed values in downtown Dubuque are 78%
higher today than they were in 2000.
21
DUBUQUE, IA
MARKET OVERVIEW
Recent Developments
With developments ranging from build-to-suits and downtown revitalization projects to new
infrastructure, conference centers, and casinos its clear that Dubuque is handling its unprecedented
growth in a way that ensures a smooth transition from Midwest industrial town to a regional hub for jobs,
retail, transportation, and tourism. Some of the areas recent projects include:
Grand River Conference Center

• $39 million dollar development
• City-owned conference center
• 174,000 sq ft
• 1,000+ seat Outdoor Ampitheather
Grand Harbor Resort & Waterpark

• Connected to Grand River Conference Center
• 200+ rooms
• 25,000 sq ft Indoor Water Park
Dubuque Technology Park

• City acquired land and provided infrastructure
• City, state, & federal TIF & Grant money available.
• All Build-to-suit
• 10+ Companies already relocated
McGraw-Hill Companies
• 140,000 sq ft, 4-story office complex
• College Textbook Headquarters
• 400+ Employees
22
DUBUQUE, IA
MARKET OVERVIEW
Rankings & Awards
Dubuque is consistently ranked very highly, by some of this country’s premier authorities, among the measures that
lead to economic growth and prosperity.
Compliments like "The city of Dubuque represents the best and brightest in 21st century economic development", as
US Commerce Secretary Gary Locke was recently quoted saying, are not uncommon descriptions of the market.
Below is a sample of some of the recognition the city has received:
"2009 Excellence in Economic Development Award"

US Department of Commerce - 2009
"Best Small Places for Business & Careers" (Ranked 18th in nation)
Forbes Magazine - March 2008
"Most Livable Small City in the United States"

The United States Conference of Mayors - 2008
"Top 25 Boomtowns" (Ranked 22th among 393 largest metro areas)

Inc. Magazine - 2007
"Job Growth" (Ranked #22 out of 387. Only midwest city in the top 25)
Moody's | Economy.com - 2007
"Cost of Doing Business" (Dubuque ranked 13th out of 168 metros)

Forbes Magazine - 2006
"5-Star Public School Metros" (Dubuque was #7 of 2,200 school districts)

Expansion Management - 2006
"High Tech Output Growth" (Dubuque ranked 1st for 1998-2003)

Miliken Institute - 2004
"International Outstanding City Manager of the Year - Mike Van Milligen"

International City Management Association - 2003
"Third Most Beautiful Place in America" (Upper Missippi River)

USA Weekend - May 2003
23
DUBUQUE, IA
MARKET OVERVIEW
Dubuque Area Map
Item Highlighted Located within

1 Port of Dubuque Conference center, Casino, McGraw-Hill, Grand Harbor Hotel, etc. . .
2 Downtown area Government, Julien Hotel, Warehouse district, Prudential, etc . . .
3 Main retail corridor Regional mall, movie theater, restaurants, big box, etc . . .
4 Technology Park McLeaod USA, CarteGraph, McKesson, Entegee, etc . . .
5 Regional Airport Recent $25 million expansion, 6 daily non-stop flights, private traffic, etc. . .
6 Illinois Bridge crosses into Illinois. Tourist town of Galena within 15 miles
7 Wisconsin Routes 151 & 61 cross the Missippi river into Wisconsin
24
RECENT SALES
DUBUQUE, IA
DUBUQUE, IA
RECENT SALES
CAP Rate & Price/SF
Very few office properties have traded in the Dubuque market in recent years. The area's consistent economic growth
has led to solid fundamentals including low vacancy rates (currently ~3%), rising rental rates (up ~4% this year), and a
backlog of tenants looking for space. The market did not see any significant cap rate compression in the most recent
national boom. Higher values have, and continue to, be tied to increasing NOIs.
Cap rates consistently fall in the 8-10% range based on the quality of both the asset and the tenant base.
Price/sf averages are hard to find due to the low transaction velocity, but can generally be tied to the replacement cost
and quality of the asset.
AVERAGE CAP RATE

10.00
9.00 Avg 8.79%
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Subject Durrant Tech Eagle
Headquarters Park Point
AVERAGE PRICE/SF
400.00
360.00
320.00
280.00
240.00
Avg $204.81
200.00
160.00
120.00
80.00
40.00
0.00
Subject Durrant Tech Eagle
Headquarters Park Point
26
DUBUQUE, IA
RECENT SALES
Recent Sales
137 Main Street
Dubuque, IA 52001
Rentable Square Feet: 34,950 Sales Price: $5,250,000
Year Built/Total 1906/2004 Down Payment: $1,312,500

CAP Rate: 9.11%
Price/SF: $150.21
SUBJECT PROPERTY
1 DURRANT HEADQUARTERS
400 Ice Harbor Drive
Dubuque, IA 52001
Close of Escrow: 5/2009 Sales Price: $7,200,000

Rentable SF: 18,000 Down Payment: 25%
Year Built: 2007 CAP Rate: 8.56%
Price/SF: $400.00
COMMENTS
The Durrant Headquarters was built-to-suit for a local architecture firm in 2007. The building is the first Platinum LEED Certified
asset in the state of Iowa. The additional investment needed to obtain that certification is what led to the high price/sf.
2 TECH PARK
301 Data Court
Dubuque, IA 52003
Close of Escrow: On Market Sales Price: $7,750,000
Rentable SF: 54,190 Down Payment: 25%
Price/SF: $143.00
COMMENTS
The Teck Park building is a call center for a local telecom company and would be considered solid b space in the market. The
asset is located in the Dubuque Research Park about 15 minutes from town.
27
DUBUQUE, IA
RECENT SALES
Recent Sales
3 EAGLE POINT
4131 Westmark Drive
Dubuque, IA 52001
Close of Escrow: 8/2008 Sales Price: $5,500,000
Rentable SF: 77,000 Down Payment: 825,000%

Price/SF: $71.42
COMMENTS
The Eagle Point building would be considered low class b or high class c in the Dubuque market. Its typical use is as a call center.
The price per sf was dragged down to $71 because one third (1/3) of the 77,000 sf is in the basement and used for storage.
28
RENT COMPARABLES
DUBUQUE, IA
DUBUQUE, IA
RENT COMPARABLES
Average Rent/SF
33.00
30.00
27.00
24.00
21.00 Avg $20.00

18.00
15.00
12.00
9.00
6.00
3.00
0.00
Subject Dubuque Star Eagle Durrant
Building Brewery Point Headquarters
COMMENTS
Class A office space in Dubuqe is typically owner occupied, single-tenant space. With an office market vacancy rate of just 3%, and a
waiting list of companies looking for space, rents are forecasted to rise across all classes.
30
DUBUQUE, IA
RENT COMPARABLES
Rent Comparables
137 Main Street
Dubuque, IA 52001
Date Surveyed: 9/2009
Year Built/Total 1906/2004
Rentable Square Feet: 34,950
Rent/SF: $13.68
Lease Type: Triple Net (NNN)
SUBJECT PROPERTY
COMMENTS
The Platinum Building is among the nicest office space in the Dubuque market. The property could easily be converted to multi-
tenant space if the need ever arises.
1 DUBUQUE BUILDING
700 Locust
Dubuque, IA 52001
Year Built/Renovated: 1929/2008
Rent/SF: $16.00
COMMENTS
The Dubuque Building is a few blocks from the subject and has been recently renovated for IBM who will be taking floors 3-9.
Location: Comparable - Quality: Slightly Inferior
2 STAR BREWERY
600 Star Brewery Drive
Dubuque, IA 52001
Year Built/Renovated: 1898/2007
Rent/SF: $18.00
COMMENTS
The Star Brewery was renovated in 2007 and now houses both retail and office operations. The quoted lease rates are for the office
portion of the building. This building is in a comparable location and of comparable quality to the subject.
Location: Comparable - Quality: Comparable
31
DUBUQUE, IA
RENT COMPARABLES
Rent Comparables
3 EAGLE POINT
4131 Westmark Drive
Dubuque, IA 52001
Year Built: 1992
Rent/SF: $13.00
COMMENTS
The Eagle Point Software Building is class b/c space typically occupied by telemarketing firms.
Location: Comparable - Quality: Inferior
4 DURRANT HEADQUARTERS
400 Ice Harbor Drive
Dubuque, IA 52001
Year Built: 2007
Rent/SF: $33.00
Lease Type: Absolute Net
COMMENTS
400 Ice Harbor Drive is the headquarters for the Durrant Group,a prominent local architecture firm. It was built for the company in
2007 and is the first Platinum LEED Certified building in the state of Iowa, which explains the high rental rate.
Location: Comparable - Quality: Comparable
32
DUBUQUE, IA
OFFERING MEMORANDUM
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THE PLATINUM BUILDING

CONFIDENTIALITY AND DISCLAIMER

INVESTMENT The Platinum Building is a single-tenant asset leased to a nationally

US Secretary of Commerce Gary Locke recently said that Dubuque

This deal offers an investor a stabilized income stream from a fiscally

FIRST TRUST DEED

ACQUISITION ASSUMPTIONS FINANCING ASSUMPTIONS

Guarantor Platinum Services Inc

Corporate Guarantee Yes

Lease Term 8 years

Lease Commencement 2/1/2009

Lease Expiration 1/31/2017

Initial Rent $478,200 (Annual)

Renewal Options (2) 5 year options

Renewal Notice 90 days

Lease Type NNN

Maintenance & Repairs

- Parking Lot Maintenance Tenant

- Parking Lot Repair Owner

- Roof & Structure Owner

- HVAC Maintenance Tenant

- HVAC Replacement Owner

Early Termination None

Purchase Option None

First Right of Refusal Yes

Assignment & Subletting Only with Landlord consent

Company Name Platinum Services Inc

Founder Wayne Briggs

Founded in 1995 by Wayne Briggs the company No. of Employees 180+

Guarentee Trust Life Insurance Company of Better Business Rating A+

Tenant Private Company

Lease Expiration Date

Term Remaining on Lease 7 years

Options (2) 5 year options

* Most downtown Dubuque buildings have no on-site parking, so tenants

Before & After:

Bridge from Illinois to Iowa Recently Renovated Julien Inn

Low Cost of Doing Business

Today the area is experiencing a period of unprecedented

• The new highways and infrastructure have put Dubuque on the

Grand River Conference Center

Grand Harbor Resort & Waterpark

Dubuque Technology Park

Below is a sample of some of the recognition the city has received:

"2009 Excellence in Economic Development Award"

"Most Livable Small City in the United States"

"Top 25 Boomtowns" (Ranked 22th among 393 largest metro areas)

"Cost of Doing Business" (Dubuque ranked 13th out of 168 metros)

"5-Star Public School Metros" (Dubuque was #7 of 2,200 school districts)

"High Tech Output Growth" (Dubuque ranked 1st for 1998-2003)

"International Outstanding City Manager of the Year - Mike Van Milligen"

"Third Most Beautiful Place in America" (Upper Missippi River)

Item Highlighted Located within

AVERAGE CAP RATE

9.00 Avg 8.79%

Year Built/Total 1906/2004 Down Payment: $1,312,500

Close of Escrow: 5/2009 Sales Price: $7,200,000

Year Built: 2007 CAP Rate: 8.56%

Close of Escrow: On Market Sales Price: $7,750,000

Rentable SF: 54,190 Down Payment: 25%

Year Built: 1999 CAP Rate: 9.00%

Close of Escrow: 8/2008 Sales Price: $5,500,000