PSI Prop Cond Report - 2200 Lucien - Final

REPORT OF
PROPERTY CONDITION ASSESSMENT
for
FORMER ALLTEL BUILDING

2200 LUCIEN WAY
MAITLAND, FLORIDA 32751
Prepared for:
Florida Retail Development, LLC

P.O. Box 1360
Winter Park, Florida 32790-1360
And
Midland Loan Services, Inc.

10851 Mastin, Suite 300
Overland Park, Kansas 66210
Prepared by:
Professional Service Industries, Inc.

1748 33rd Street
Orlando, Florida 32839
PSI Project No: 878-5F004 (753-L5T016)
March 7, 2005
1.0 SUMMARY
Project Summary
Client Name Florida Retail Development, LLC
Project Number 383-5F001
Contract ID, Date PSI proposal No. 383-50-017
Project Name Former Alltel Building
Current Use or Property Type Office Buildings
Address 2200 Lucien Way
City, County, State, ZipCode Maitland, Orange, Florida 32751
Area of Site (acres) 4.1116
Number of Buildings/Area (sf) 1/65,916 Gross
Number of Stories 4
Subgrade Spaces? 0
Year(s), First Dev’d for Current Use 1984
Year(s) Additional Phases None reported
Years Significant Renovations None
Current Adjoining Uses: General Commercial
Applicable Building Code(s): Original Standard Building Code 1982
Applicable Building Code(s): Current 2001 Florida Building Code
No outstanding code violations were reported by the City of Maitland
Outstanding Code Violations? Building or Fire Departments
Zone OC Professional Office

Analysis Term 10 years
Inflation Factor 3 percent
Opinion of Cost: Immediate Needs
$2,225
Opinion of Cost: Needs Over Term
$407,511
Uninflated
$446,653
Inflated
$0.62
Uninflated , $/sf/yr.
Opinion of Cost: Needs Over Term $0.68
Inflated, $/sf/yr.
Probable Maximum Loss (Seismic) N/A
Please refer to the appended Needs Over-the-Term Spreadsheet for details about the project.
1 PSI Project 878-5F004

TABLE OF CONTENTS
1.0 SUMMARY........................................................................................................................ 1
2.0 USE AND QUALIFICATIONS .......................................................................................... 3
2.1 RELIANCE ............................................................................................................ 3
2.2 USE BY OTHER PARTIES ................................................................................... 3
2.3 STANDARD OF CARE AND WARRANTIES ........................................................ 3
2.4 QUALIFICATIONS ................................................................................................ 4
3.0 CONTRACT AND PURPOSE OF SERVICES.................................................................. 6
3.1 CONTRACT .......................................................................................................... 6
3.2 PURPOSE OF SERVICES.................................................................................... 6
4.0 SCOPE, METHODOLOGY AND RESOURCES .............................................................. 7
4.1 SCOPE OF SERVICES......................................................................................... 7
4.2 METHODOLOGY .................................................................................................. 7
4.3 RESOURCES...................................................................................................... 10
4.4 ASSESSMENT LIMITATIONS ............................................................................ 12
4.5 SIGNIFICANT ASSUMPTIONS........................................................................... 12
5.0 SITE DESCRIPTION AND CONDITION......................................................................... 13
5.1 GENERAL DESCRIPTION.................................................................................. 13
5.2 SITE IMPROVEMENTS ...................................................................................... 13
5.3 STRUCTURE, FOUNDATION AND EXTERIOR WALLS ................................... 15
5.4 ROOF .................................................................................................................. 17
5.5 MECHANICAL, ELECTRICAL, & PLUMBING SYSTEMS .................................. 18
5.6 VERTICAL TRANSPORTATION SYSTEMS....................................................... 21
5.7 FIRE, LIFE SAFETY AND SECURITY SYSTEMS.............................................. 21
6.0 NON-ASTM SCOPE CONSIDERATIONS...................................................................... 23
6.1 DISABLED PERSON ACCESSIBILITY ASSESSMENT ..................................... 23
6.2 LIMITED MOLD ASSESSMENT ......................................................................... 24
6.3 PROBABLE MAXIMUM LOSS ESTIMATE ......................................................... 24
APPENDICES

2.0 USE AND QUALIFICATIONS
This report was prepared pursuant to the contract between PSI and Florida Retail
Development, LLC. The contractual relationship included an exchange of information that was
unique and between PSI and Florida Retail Development, LLC and serves as the basis upon
which this report was prepared.
2.1 RELIANCE
This report was prepared for and may be relied upon by Florida Retail Development, LLC, and
Midland Loan Services, Inc. its successors with respect to any loans placed upon the property
described in the report. Any rating agency or issuer or purchaser of any security collateralized
or otherwise backed by such loans may further rely upon the reports. We also consent to the
inclusion of this report in any form, whether in paper or digital format, including any electronic
media such as CD-ROM or the internet, in the Prospectus Supplement relating to any
“Securitization” (defined as an offering of debt securities that, as applicable, are registered with
the Securities Exchange Commission pursuant to the Securities Act of 1933, as amended (the
“Act”), or are privately placed pursuant to an exemption from the Act, in which the property
reported upon may be part of a pool of properties owned by various non-affiliated owners
collateralizing such offering), and we consent to the reference to our firm under the caption
“Experts” in such Prospectus Supplement.
2.2 USE BY OTHER PARTIES

This report was prepared pursuant to the contract PSI has with Florida Retail Development, LLC
and Midland Loan Services, Inc. That contractual relationship included an exchange of
information about the subject site that was unique and between PSI and Florida Retail
Development, LLC and serves as the basis upon which this report was prepared. Reliance or
any use of this report by anyone other than Florida Retail Development, LLC and Midland Loan
Services, Inc. for whom it was prepared, is prohibited and therefore not foreseeable to PSI.
Reliance or use by any such third party without explicit authorization in the report does not make
said third party a third party beneficiary to PSI's contract with Florida Retail Development, LLC.
and Midland Loan Services, Inc.
Any such unauthorized reliance on or use of this report, including any of its information or
conclusions, will be at the third party's risk. For the same reasons, no warranties or
representations, expressed or implied in this report, are made to any such third party.
2.3 STANDARD OF CARE AND WARRANTIES

PSI performed the Property Condition Assessment (PCA) using methods and procedures and
practices generally conforming to ASTM E 2018-01, Standard Guide for Property Condition
Assessments: Baseline Property Condition Assessment Process. The guide describes these
methodologies as representing good commercial and customary practice for performing a PCA
of a parcel of property. Findings and conclusions derived from the methodologies described in
the guide contain all of the limitations inherent in the methodologies that are referred to in the
guide.

PSI warrants that the findings contained in this report have been prepared in general
accordance with accepted professional practices at the time of report preparation as applied by
similar professionals. Future changes in the state of the art or in regulations cannot be
anticipated and have not been addressed.
The methodologies include reviewing information provided by other sources. PSI treats
information obtained from the record reviews and interviews concerning the property as reliable
and the ASTM guide does not require PSI to independently verify the information. Therefore,
PSI cannot and does not warrant or guarantee that the information provided by these other
sources is accurate or complete.
No other warranties are implied or expressed.
2.4 QUALIFICATIONS
Our services were not intended to be technically exhaustive. There is a possibility that even
with proper application of methodologies, conditions may exist on the property that could not be
identified within the scope of the assessment(s) or that were not reasonably identifiable from the
available information.
Our services were not intended to be an instrument of professional architectural or engineering

service, and PSI did not develop architectural or engineering findings, conclusions or
recommendations, nor did PSI verify designs or design capacities. PSI's recommended
remedies may have been developed under time constraints. Our observations and resulting
report are not intended to warrant or guarantee the performance of any building components or
systems nor adequacy of design.
PSI did not gain access to all areas, perform any exploratory probing or discovery, perform
tests, operate any specific equipment or take measurements or samples. The PCA was not a
building code, safety, regulatory or environmental compliance inspection.
No PCA can wholly eliminate uncertainty regarding repair and maintenance needs in connection
with the property. The PCA was intended to reduce, but not eliminate uncertainty regarding
such needs.
The observations and recommendations presented in this report are time dependent, and
conditions will change. This report speaks only as of its date.
As directed by the Florida Retail Development, LLC for this PCA, PSI performed a limited
assessment for the presence of visible mold. The assessment did investigate other biological
contaminants in or around any structure, and our service was not designed or intended to
prevent or lower the risk of the occurrence of the amplification of the same. Client
acknowledges that mold is ubiquitous to the environment with mold amplification occurring when
building materials are impacted by moisture. Client further acknowledges that site conditions
are outside of PSI's control, and that mold amplification will likely occur, or continue to occur, in
the presence of moisture. As such, PSI cannot and shall not be held responsible for the
occurrence or recurrence of mold amplification.

Respectfully Submitted:
PROFESSIONAL SERVICE INDUSTRIES, INC
Darrell Jacobs, EI Henry F. Holman, Jr. PE

Field Observer Principal Consultant
February 22, 2005

3.0 CONTRACT AND PURPOSE OF SERVICES
3.1 CONTRACT
Summary
Client Name Florida Retail Development, LLC
Authorizing Person’s Name Gary M. Ralston
Authorizing Person’s Title President
Contract Identification Signed Proposal PO-878-5F0057
Authorization Date February 22, 2005
3.2 PURPOSE OF SERVICES

PSI understands that Florida Retail Development, LLC purpose for having the PCA performed is
to conduct a baseline survey of the general physical condition of the improvements located on
the subject property. Florida Retail Development, LLC also requested assessment of other
conditions that are beyond the scope of ASTM E 2018-01.

4.0 SCOPE, METHODOLOGY AND RESOURCES
4.1 SCOPE OF SERVICES

4.1.1 PROPERTY CONDITION ASSESSMENT
PSI performed a Property Condition Assessment of the subject property that generally conforms
to the scope and limitations of ASTM Guide E 2018-01. The assessment included a walk-
though survey, records review, and interviews. Our services did not include sampling or testing
of any kind.
4.1.2 NON-ASTM SCOPE CONSIDERATIONS
PSI assessed other conditions that are beyond the consideration of ASTM E 2018-01. They are
tabulated below:
Summary
Performed?
Yes No
Disabled Person Access Assessment
Limited Mold Assessment
Probable Maximum Loss Estimation
4.2 METHODOLOGY
4.2.1 PROPERTY CONDITION ASSESSMENT
The Property Condition Assessment includes:
• Conducting a walk-through survey of readily accessibly portions of the property
• Observing conspicuous conditions
• Researching readily available information relating to the property
• Recommending reasonable remedies
• Developing Opinions of Probable Costs (Opinions of Cost) associated with the remedies.
WALK-THROUGH SURVEY
Mr. Henry F. Holman, Jr. and Mr. Darrell Jacobs PSI employees from our PSI Orlando, office
conducted the walk-through survey on February 24, 2005. Our observers were escorted by Mr.
Jim Casey during our survey.
The walk-through survey consisted of observing obvious, easily visible items from the periphery
of the property and from accessible adjacent public thoroughfares, as well as representative
portions of the property's interior and building systems. These items were conspicuous, patent,
and which may be observed without intrusion, removal of materials, exploratory probing, use of
special protective clothing, or use of special equipment.

Visual reconnaissance of adjoining properties was limited to areas and facilities that were
readily observable from the subject property or from public access areas. Photographs were
taken to document the features observed during the walk-through, where possible.
RESEARCH
PSI reviewed pertinent portions of practically reviewable documents. In addition, the PCA
normally includes interviews with persons knowledgeable about the site. Sources information
that PSI reviewed are listed in the subsequent section of this report.
ESTIMATION OF CONDITION
PSI used its experience and judgment to evaluate items observed and assigns a condition
assessment to them. The condition descriptions used in this report are described below:
• Good: Component or system is sound and performing its function. Although it may
show signs of normal wear and tear, commensurate with its age, some minor remedial
work may be required.
• Fair: Component or system is performing adequately at this time but: exhibits deferred
maintenance, evidence of previous repairs, workmanship not in compliance with
commonly accepted standards, is obsolete, or is approaching the end of its typical
expected useful life. Repair or replacement is required to prevent further deterioration,
restore it to good condition, prevent premature failure, or to prolong its remaining useful
life. Component or system exhibits an inherent deficiency of which the cost to remedy is
not commensurate with the deficiency but that is best remedied by a program of
increased preventive maintenance or periodic repairs.
• Poor: Component or system has either failed or cannot be relied upon to continue
performing its original function as a result of having realized or exceeded its typical
expected useful life, excessive deferred maintenance, a state of disrepair, and inherent
design deficiency or workmanship. Present condition could contribute or cause the
deterioration of contiguous elements or systems. Repair or replacement is required.
It should be noted that a condition term applied overall to a system does not preclude that a
part, section, or component of the system may differ in condition. The items will also be
affected by circumstances that occur after the date of the walk-through survey.
ESTIMATION OF AGE
PSI used information gathered about the property to estimate the Expected Useful Life (EUL)
and Remaining Useful Life (RUL) of items observed. The use of these terms in this report is
described below:
• Expected Useful Life (EUL): an estimate of the average amount of time, in years, that in
item, component of system may function when installed new, assuming routine
maintenance is practiced
• Remaining Useful Life (RUL): a subjective estimate of the number of remaining years
that an item, component or system is able to function in accordance with is intended

purpose before warranting replacement, based upon observation or average estimates
of similar items, components, or system or a combination thereof.
ESTIMATION OF QUANTITIES
PSI used the information gathered to estimate quantities of items or materials exhibiting similar
conditions or characteristics. These estimates are not exact and were used to understand the
magnitude of the representative conditions.
RECOMMENDED REMEDIES
PSI used information and the estimated age to develop a list of recommended remedies or
Physical Needs for the property. PSI segregated the needs into two categories:
• Immediate Needs: Items that require immediate action as a result of any of the
following:
− Material existing or potential unsafe conditions
− Material building or fire code violations
− Conditions that if left un-remedied have the potential to result in or contribute to

critical element of system failure within one year or will most probably result in a
significant escalation of its remedial cost.
• Needs Over-the-Term: Items requiring repair and replacement which are beyond the
scope of regular maintenance, but which are considered necessary to maintain the
overall condition of the property.
OPINIONS OF PROBABLE COST
PSI developed Opinions of Probable Cost (Opinions of Cost) for the recommended remedies.
PSI developed the costs using a combination of sources, typically including one or more of the
following:
• Commercially available published cost information:
− Means Repair and Remodeling Cost Data
− Means Facilities Maintenance and Repair Cost Data
• Site-Specific historical experience costs
• User provided unit costs
• PSI’s experience, databases or files
• Third party cost information from contractors, vendors, or suppliers.

The costs assume repair and replacements to be “in-kind” with those existing and do not
anticipate an upgrade or improvement of existing conditions.
The Opinions of Cost are preliminary budgets for the need or remedy. The actual cost of
recommended repairs will likely vary based on such factors as the amount of or work competed
at one time, the quality of material used, the quality of workmanship as well as amount of work
which may be accomplished by qualified and capable in house maintenance staff.
Note that our assessment does not identify minor, inexpensive repairs or maintenance items
that are clearly part of the property owner’s current operating budget so long as these items
appear to be taken care of on a regular basis. The assessment does include infrequently
occurring maintenance items, such as exterior paint, deferred maintenance repairs and
replacements that normally involve significant expense or outside contracting.
Our Opinions of Cost are presented on the Needs Over-the-Term spreadsheet that is appended
to this report.
4.2.2 NON-ASTM SCOPE ASSESSMENTS
Additional assessment services are described in Section 6.
4.3 RESOURCES
Information sources are listed or referenced in subsequent sections of the report. Our
interpretation of that information is discussed in the appropriate sections of this report. Selected
excerpts of the information obtained are appended.
4.3.1 BASIC PROPERTY INFORMATION
Mr. Gary M. Ralston of Florida Retail Development, LLC and Ms. Dee Figliolia of Realvest
Partners, Inc. provided information regarding the size, age and location of the subject property
and instructions regarding access to the site.
4.3.2 CLIENT PROVIDED INFORMATION
PSI requested information regarding the property, including:
Summary
Provided/Sent to PSI
Obtained during Walk-Through Survey
Resource Comments
Complete Design original construction drawings,
Record Construction Drawings
except site and civil drawings
Maintenance Logs Elevator service logs
Certificate of Occupancy None provided for review
Prior Property Condition Report (PCRs) None provided for review

Summary
Provided/Sent to PSI
Obtained during Walk-Through Survey
Resource Comments
Building, Fire, Life Safety and
None provided for review
Zoning Violations
Safety inspection records None provided for review
Appraisal None provided for review
Warranty Information: Roof None provided for review

Warranty Information: Boiler,
chillers, cooling towers, etc.
Property specific historical repair
and replacement cost information
Pending proposals or contracts for material
Anticipated short term improvements
repairs/replacements
ADA accessibility survey None provided for review
Building rent roll, occupancy
percentage, and turnover ration
Marketing and/or
Leasing Information
Information reported to PSI is incorporated into and discussed in appropriate sections of the
report.
4.3.3 PRIOR REPORTS
PSI was not provided with prior reports of prior assessments of the site.
4.3.4 INTERVIEWS
PSI interviewed the parties tabulated below during this assessment.
Summary
Name Title/Function Affiliation
Ms. Dee Figliolia Manager Realvest Partners, Inc.
Fire Marshall and Building Staff City of Maitland
Department Staff
Mr. Jim Casey Maintenance Supervisor Realvest Partners, Inc
4.3.5 OTHER RESOURCES
Other resources and information accessed for purposes of this site assessment are discussed
in corresponding sections of the report. Published sources used to complete this PCA but not
previously listed are cited at the point they are referenced.

4.4 ASSESSMENT LIMITATIONS
ASTM E 2018-01 sets forth limitations in the assessment process. Limitations to the accuracy
and completeness of this report are tabulated below.
Summary
Limitation?
Yes No
Access Limitations
Physical Obstructions to Observations
Other
• Most spaces had acoustical ceilings limiting observations of the structure.
4.5 SIGNIFICANT ASSUMPTIONS

PSI made the following assumptions in developing our findings and conclusions:
• Extrapolation - PSI extrapolated observations and findings actually made to all typical
areas or systems of the subject property for the purposes of describing such condition
within the report and preparing opinions of probable costs for suggested remedies.
• Regulatory Information - PSI considers all other information obtained from regulatory or
enforcement agencies, such as building departments, to be complete, accurate and
current.
• Interviews - PSI considers all information provided through interviews to be complete

and unbiased.

5.0 SITE DESCRIPTION AND CONDITION
5.1 GENERAL DESCRIPTION

Project Summary
Project Name Former Alltel Building
Current Use or Property Type Office Buildings
Address 2200 Lucien Way
City, County, State, ZipCode Maitland, Orange, Florida 32751
Area of Site (acres) 4.1116
Number of Buildings/Area (sf) 1/65,916 Gross
Number of Stories 4
Occupied Subgrade Spaces? 0
Year(s), First Dev’d for Current Use 1984
Year(s) Additional Phases None reported
Years Significant Renovations None reported
Past Property Uses (Year(s)) None reported
Current Adjoining Uses: General Commercial
The property consists of a 4 story building constructed in 1984 located west of interstate 4. The
site is paved with asphalt and can be accessed from a two uncontrolled entrances from Lucien
Way and a single entrance from Lake Destiny Road. Surface parking is generally located to the
north, west and south of the building. There are retention ponds with fountains on the east and
west sides of the building. The buildings are equipped with fire sprinkler systems. The interiors
are painted gypsum board walls, acoustical ceilings and carpet or VCT flooring.
5.2 SITE IMPROVEMENTS

5.2.1 TOPOGRAPHY/LANDSCAPING/SITE ACCESS/FENCING
The site is relatively flat with minimal sloping away from the building. The property
perimeter and drive lanes are sloped to drop inlets throughout the site. The site occupies a
reported 4.117 acres. The site has two uncontrolled entrance from Lucien Way to the north
and one from Lake Destiny Road to the east. Landscaping at the site consists of mature
trees, areas with turf grass and shrubs. There are wet retention ponds on the east and
west sides of the building with fountains. There is an irrigation system with a well located at
the northwest corner of the building. There is wood fencing around the dumpster and
emergency generator areas that are located on the west side of the site.
Observations/Comments: The topography and access to the site appears to be in

generally good condition with no observable distress. The landscaping and fencing
was also in overall good condition.
No Recommended Immediate Needs or Physical Needs Over-the-Term were observed

or reported at the time of our walk-through.

5.2.2 STORM WATER DRAINAGE
The asphalt pavement to the west north and south of the buildings primarily slopes slightly
to drop inlets that provide the primary drainage for the site. The inlets are routed to
retention areas located on the east and west sides of the building prior to entering the
municipal system. There is also a drainage swale located at Lake Destiny Road and
Lucien Way. The retention ponds have fountains and the water level is maintained by
the irrigation system’s well.
Observations/Comments: The site storm water system appears to be adequate

and functioning properly. There is an area of pavement near the emergency
generator where a pot hole is forming that is in line with the underground
drainage system. This area may be the result of damage to the drainage system
and should be investigated.
Recommended Immediate Needs:
• Investigate drainage at the pot hole area west of the emergency generator.
No Physical Needs Over-the-Term were observed or reported at the time of our walk-
through.
5.2.3 CONCRETE SITE FEATURES
The building has concrete walkways from the building to the parking areas. Concrete
parking curbs, island areas and light pole bases also exist on the site. The emergency
generator and fuel tank are located in a fenced area on the west side of the building, and
the dumpster enclosure is located on the southwest corner of the site. These areas
have concrete pads that the equipment rest upon. There is also a concrete pad for the
electrical transformer on the west side of the building.
Observations/Comments: The concrete work generally appears to be in overall

good condition.
No Recommended Immediate Needs or Physical Needs Over-the-Term were

observed or reported at the time of our walk-through.
5.2.4 PAVEMENT
Asphalt pavement is located at the parking/drive areas on the west, south and north side
of the building. There is a circular landscape area at the main (north) entrance to the
property. The asphalt pavement areas at this site contain approximately 8,000 square
yards.
Observations/Comments: The asphalt pavement at the site appears to be in

generally poor to fair condition. Areas of the parking and drive lanes are thin and
are deteriorated. There are longitudinal and isolated areas with alligator cracking
of various degrees. The property manager provided us with an estimate from
April 2004 to overlay the pavement. This estimate is provided in the supporting
documentation.

No Recommended Immediate Needs were observed or reported at the time of our walk-
through.
Recommended Physical Needs Over-the-Term:
• Repair isolated areas and overlay the asphalt pavement. (Year 1)

• Seal and restripe the pavement. (Year 6)
5.2.5 PARKING
There appears to be adequate parking at the site. The site contains 210 surface parking
spaces around the building with two being handicap accessible. The parking areas are
illuminated by metal halide pole mounted lights.
Observations/Comments: Parking generally appears adequate for the sites

present use. PSI counted 210 surface parking spaces at the site which includes 2
ADA spaces. PSI did observed some issues pertaining to the sites ADA parking
spaces. These issues will be addressed in Section 6.1 of this report.
through.
• Restripe the parking spaces following the overlay. (Year 1)
5.3 STRUCTURE, FOUNDATION AND EXTERIOR WALLS

5.3.1 SUBSTRUCTURE
The original construction drawings were available for review and the foundations
consist of shallow foundations which consist of piers at columns and thickened slabs at
load bearing locations such as elevator shafts and equipment rooms. The building’s
floor is a 4-inch reinforced concrete slab on grade.
Observations/Comments: The buildings foundations appeared to be in good

condition. We observed no evidence of distress that would indicate a subsurface
problem.

5.3.2 STRUCTURE
The buildings structure is reinforced concrete and steel construction. The roof and floor
slabs of the building have a metal deck supported by steel joists and a rigid frame. The

floor slabs at the buildings are a reinforced concrete floor slabs. The load bearing
walls at the elevators, equipment rooms and stair wells are CMU.
Observations/Comments: The structural systems for the building appeared to be

in good condition.

5.3.3 EXTERIOR WALLS
The building has a glass and metal frame EIFS curtain wall system that has isolated
areas with split faced CMU walls. The windows are tinted single pane glass.
Observations/Comments: The exterior wall systems for the building appeared to

be in overall fair condition. Management indicated there were some leaks
associated with the hurricanes at the building and repairs to the building are
completed at some areas and in progress. The CMU at the south stairwell has
been tuck pointed, sealed and painted and repairs to the sealant joints and
DryVit (EIFS) at the parapet walls have been completed. There is a crack in the
EIFS at the northwest corner of the building that should be repaired prior to
painting. This cost was provided as part of the waterproofing estimate provided
by Structural waterproofing Company of Florida, Inc.
through.
• Repair EIFS at northwest corner of the building. (Year 1)

• Paint the remainder of the building. (Year 1)
• Paint the building. (Year 7)
5.3.4 DOORS/WINDOWS
The entry doors to the building are aluminum framed glass store front doors that match
the window mullions. Hollow core steel doors in steel frames are generally located at
the exterior service entrances, interior storage and restrooms. The interior doors to
tenant spaces are solid wood in metal frames. The windows in the building are single
pane tinted windows. The entrances have canopies that provide protection from the
elements.
Observations/Comments: The doors and windows appeared to be in good

condition. The canopy at the south side of the building reportedly blew away
during the 2004 hurricanes and was to be replaced the week following our site
visit. Management reported that there once was a rodent problem at the facility
and it was believed that the entry point for the rodents was the uncapped
window mullions. To combat the intrusions the mullions were reportedly
plugged with steel wool and wood blocks. It was reported that the rodent

problem no longer exists however PSI recommends fabricating and installing
sheet metal mullion caps for the lower level windows.
No Recommended Immediate Needs were observed or reported at the time of our

walk-through.
• Fabricate and install sheet metal caps. (Year 1)
5.4 ROOF
5.4.1 ROOF TYPE
The roof of the building is an aggregate surface built-up roof. The roof has interior
drains and through wall emergency scuppers. The roof is accessed through the south
stair well. There is an approximate 3-foot high parapet wall that surrounds the roof
that is covered with EIFS. The roofing terminates under a stainless steel “Z” flashing
approximately 6-inches up the parapet wall. The roof is approximately 16,479 square
feet.
Observations/Comments: The roof is in generally good condition. The roof

reportedly was replaced in 1992 following a hail storm in the Orlando area. The
BUR roof has an expected useful life of 20 years and will therefore require
replacement late in the term.

walk-through.
• Replace the roof. (Year 9)
5.4.2 ROOF DRAINAGE
Roof drainage is accomplished by the roof having a low slope to internal drains that
are routed into the sites storm water system. Emergency drainage is accomplished by
through wall scuppers located at the parapet wall (one per side of the building).
Observations/Comments: The drainage of the roof areas appears to be adequate

and we observed no indications of drainage problems.


5.4.3 ROOF ACCESSORIES
The rooftop equipment and penetrations observed included HVAC unit supports, roof
drains, pitch pans, HVAC lines and vent pipes.
Observations/Comments: Roof accessories appear to be in generally good

condition except that most of the pitch pans require filling.

walk-through.
Physical Needs Over-the-Term:
• Fill pitch pans at the roof. (Year 1)
5.4.4 ROOF FLASHINGS
The parapet walls are generally flashed with a granulated surface cap sheet
terminating under a stainless steel “Z” flashing. Roof accessories are also flashed with
either a continuation of the field membrane or the granulated cap sheet and metal
counter flashings.
Observations/Comments: The parapet wall flashing generally appears to be in

good condition except two areas where the “Z” flashing is loose. Flashings
should be replaced when the roof is replaced.
• Repair “Z” flashing at the parapet walls.

5.5 MECHANICAL, ELECTRICAL, & PLUMBING SYSTEMS
5.5.1 UTILITIES
Summary
Electricity Progress Energy Florida, Inc
Natural Gas None
Fuel Oil None
Telephone Sprint
Potable Water City of Maitland
Sewer City of Maitland

5.5.2 MECHANICAL SYSTEMS
Building areas are provided conditioned air by roof mounted electrical package HVAC
units for the fourth floor and an air cooled chilled water system for the first through third
floors. The chilled water is supplied to an air handler on each floor as well as VAV
boxes throughout the space. The VAV boxes provide adjustments to the air
temperature by increasing or decreasing air flow only according to the maintenance
supervisor. The unit model and serial numbers are listed below:
Manufacturer Model Number Serial Tonnage Year

Number Built
Carrier 50TFF006-A-611 2404G20113 5 2004
Carrier 50TFF006-A-611 5001G30133 5 2001
Carrier 50TFF006-A-611 2404G20110 5 2004
York D2RF048A46A MNNM320230 4 1983
York DM090C00A4AAA1 NLKM123730 7.5 2001
York D4PF060A46A NMNM299183 5 1983
York D2PF048A46A NNNM320228 4 1983
York D2PF048A46A MNNM320234 4 1983
York D2PF048A46A MNNM320236 4 1983
York D4PF060A46A NMNM299209 5 1983
York DM090C00A4AAA3A NLMM118282 7.5 2004
Trane CGAA120RD51AA4C403610 L83E12131 120 1983
Observations/Comments: The HVAC units were operating while on site and

appeared to be in overall good condition. Based on the age and condition of the
units, and a 15 year EUL, PSI is anticipating the older units will need replacing
during the term. The Chiller is reportedly scheduled for replacement in March
2005. The building owners are responsible for the maintenance and
replacement of the units. Attached in the supporting documentation is a
proposal for replacement of HVAC units and upgrades to the controls and VAV
systems by Encompass dated June 2002.
through.
• Replace older HVAC package systems on the building. (Years 1)
• Replace air cooled chiller, controls and VAV boxes. (Year 1)
5.5.3 ELECTRICAL SYSTEM
Progress Energy Florida, Inc supplies electrical power to the building. The electricity is
fed underground from pole mounted transformers at Lucien Way underground to a pad
mounted transformer at the west side of the building to the main switch gear. The
electrical service is 408/277 volt, three phase, 4 wire service at 1,000 amps.

Secondary transformers are located throughout the building for lights and outlets.
Lighting is generally provided by fluorescent fixtures with some incandescent lights at
the building interiors. There is an Onan diesel powered emergency generator that
serves the building at 75 KVA. The generator operates one of the elevators, the life
safety systems and emergency lighting.
Site lighting is provided by ground and building mounted HID accent lighting and pole
mounted HID lights on approximately 20 foot poles. The lights are reportedly on a
timer. When observed at night the lighting is relatively poor due to the trees
throughout the parking areas. Management reported the trees are scheduled to be
trimmed in April 2005.
Observations/Comments: The electrical system appears to be adequate for the

site’s present use.

walk-through.

• Trim trees at the site for improved lighting. (Year 1)
5.5.4 PLUMBING SYSTEMS
The typical supply piping for domestic water is copper. The sanitary sewer lines are
PVC and are routed to the north of Lucien Way. The plumbing fixtures for restroom
areas are of typical commercial grade vitreous china with associated hardware. The
majority of hardware is metal. Water service enters the west side of the building.
Observations/Comments: The plumbing systems generally appear to be in good

condition.

5.5.5 DOMESTIC WATER HEATERS
The hot water heaters are located at each floor and are 30 gallon electric units.
Observations/Comments: The hot water heaters appeared to be in good

condition. Replacement is anticipated throughout the term but is generally
considered a maintenance or operational expense.


5.6 VERTICAL TRANSPORTATION SYSTEMS
There are two hydraulic elevators manufactured by Dover Elevator. The elevators
have a capacity of 2,500 pounds and are serviced by Thyssen Krupp. The service
contract reportedly includes parts and service except for emergency service calls.
Observations/Comments: The elevators were observed to be in good condition

and with continued maintenance should last the term.
No Recommended Immediate Needs or Physical Needs over the term were observed
5.7 FIRE, LIFE SAFETY AND SECURITY SYSTEMS
5.7.1 FIRE SUPPRESSION SYSTEMS
The buildings are equipped with wet pipe sprinkler systems. Flow alarms and a
backflow preventor are located at the building. The building has a fire alarm panel.
Fire extinguishes and hose connections are located throughout the building and there
are fire hydrants throughout the site. The fire panel is monitored off site and notifies
the fire department in the event of an emergency. There is an emergency fire pump in
the ground level mechanical room. The fire pump has a 50 HP motor and operates at
750 GPM at 85 PSI.
Observations/Comments: The City of Maitland Fire Department reported that the

site does not have any current code violations.

5.7.2 LIFE SAFETY SYSTEMS
Lighted exit signs mark the emergency exits and emergency lights are located at the
entrance. Smoke detectors were evident. There were audible and visual alarms. The
emergency generator supplies electricity to the life safety systems and the fire alarms.
Observations/Comments: The life safety systems found appeared to be in good

condition. No problems with the life safety were reported or observed during our
walk-through.

5.7.3 SECURITY SYSTEM
The property has a security system consisting of an alarm system with code access for
after hours entry. Security cameras are located at all entrances to the building and the
building is unlocked at 7:00 AM and locked at 6:00 PM.

Observations/Comments: The security systems appeared to be in good
condition.

5.7.4 INTERIOR FINISHES
The building interior finishes include painted gypsum wallboard, vinyl wall paper at
hallways, acoustical ceilings, and fluorescent lighting. Floor finishes vary between
vinyl composition tile, ceramic and marble tile and carpet.
Observations/Comments: The interior finishes are generally in good condition.

No costs have been associated with interior remediation due to being a tenant
expense. We did observe some stained ceiling tiles in the building that needs
replacing. Some of the tiles appear to be from condensate and others appear to
be from past leaks.


6.0 NON-ASTM SCOPE CONSIDERATIONS
6.1 DISABLED PERSON ACCESSIBILITY ASSESSMENT
6.1.1 BACKGROUND
The Americans with Disabilities Act, (ADA) is a Federal Law effective on January 26,
1992. As defined under Title III of the ADA, existing facilities considered to be “public
accommodations” must take steps to remove architectural and communication barriers
that are deemed “readily achievable” under the retroactive requirements.
6.1.2 SCOPE OF SERVICES
This assessment included a limited review of the “common” exterior path of travel area
of the property. Significant item of non-conformance were noted without regard as to
whether or not they are “readily achievable.” Factors to be considered in determining
whether or not an action is readily achievable include the nature and cost of the action,
the number of person employees at the subject property and the financial resources
available of ownership. The decision as to which action are to be undertaken as
readily achievable is to be determined by building owner in consultation with its
accountants attorneys and design/ construction professionals. PSI recommends a full
scale ADA survey to be performed if addition adapt is required.
6.1.3 RESULTS
The site currently contains two surface ADA accessible parking spaces of which none
which are not designated as “Van Accessible”. The accessible entrance is located on
the south side of the building; however there is no signage directing persons to the
accessible entrance. There were 210 parking spaces counted. The sidewalk to the
buildings entrance and existing curb ramps appear to comply. The restrooms at the
building are located beside the elevators and were observed to be generally compliant.
The entrance doors appear to meet ADA requirements.
Observations/Comments: The accessible ADA spaces needs to be modified to

meet “Accessible” requirements and seven spaces are required to be accessible
with one “Van Accessible” space. Due to the age of the building, the building is
grandfathered in and does not require major item upgrading. However, if future
renovations are planned a full ADA assessment should be performed.

• Provide seven accessible spaces in the parking area to meet the State of Florida
ADA accessible requirements and designate one space “Van Accessible” when the
striping and pavement work is performed.
• Insure signage at the ADA locations is a minimum of 80-inches above grade. (no
cost performed in-house).

6.2 LIMITED MOLD ASSESSMENT
6.2.1 SCOPE OF SERVICES
The limited mold assessment that PSI performed consisted of looking for indications of
mold growth and indications of water intrusion and accumulation conspicuously visible
within the during our walk-through buildings.
6.2.2 RESULTS
The microbial growth and mold evaluation performed pursuant to the scope of this
assessment found no indications of mold growth. We did observe areas with staining
from moisture intrusion due to prior roof leaks.
Management and maintenance did not report any current areas of known microbial
growth or mold. It was also reported that all prior roof leaks were repaired. Musty or
stale odors were present during our initial entry into the building during our
walkthrough; however we observed no evidence of mold growth.
Observations/Comments: As part of the building walk-through, general

observations were made for evidence of water/moisture intrusion or damage,
water staining or building material dampness, visible mold growth, and evidence
of noticeable musty/mildew odors. Areas of past water intrusion were observed.
No evidence of mold/mildew growth was present. We did smell a musty odor
when first entering the building. The waterproofing and painting of the building
should prevent any further water intrusion into the building. The musty odor
could have been due to the previous water intrusion into the south stairwell.
• Monitor musty odor in lobby.
No Recommended Physical Needs Over-the-Term were observed or reported at the

time of our walk-through.
6.3 PROBABLE MAXIMUM LOSS ESTIMATE
PSI did not perform a seismic evaluation of the property because it is not located in
Zones 4/Alpha as defined by the Uniform Building Code (1997) and International
Building Code (2000) respectively. These zones are areas of high probability of
damaging ground motion in earthquakes.

APPENDIX A – RECOMMENDED NEEDS SPREADSHEET
PSI Proj. No.: 878-5F004 RECOMMENDED NEEDS SPREADSHEET Property Age 21 Years
Prop. Name Former Alltel Building Number of Buildings/Units 1
Address: 2200 Lucien Way Units 65,916 Square Feet
City, State Maitland, Florida Reserve Term 10.0 Years
Walk-Thru: February 24, 2005 Total IMMEDIATE NEEDS 2,225 $
Reserve UNINFLATED 0.62 $/SF/Year
Reserve INFLATED 0.68 $/SF/Year
REF. IDENTIFICATION ESTIMATES NEEDS DISTRIBUTION ($)

IMMED. NEEDS OVER THE TERM
Item Rpt. Qty. Unit Unit RUL NEEDS 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total
No. Sec. Building Component Costs ($) Years Year 0 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 over Term
Investigate drainage at the pot hole area west of the emergency
1 5.2.2 1 LS 1,500.00 - 1,500 0
generator.
2 5.2.4 Repair isolated areas, overlay and restripe asphalt pavement. 8,000 SY 36,505.00 1 36,505 36,505
3 5.2.4 Seal and restripe the pavement. 8,000 SY 1.30 5 10,400 10,400
4 5.2.5 Restripe the parking spaces following the overlay. 210 EA 8.00 - 1,680 1,680
5 5.3.3 Repair EIFS at northwest corner of the building. 40 LF 10.00 - 400 400
6 5.3.3 Paint the remainder of the building. 1 LS 31,500.00 - 31,500 31,500
7 5.3.3 Paint the building. 1 LS 42,000.00 6 42,000 42,000
8 5.3.4 Fabricate and install sheet metal caps 1 LS 1,500.00 1 1,500 1,500
9 5.4.1 Replace the roof. 16,479 SF 4.50 8 74,156 74,156
10 5.4.3 Fill pitch pans at the roof. 19 EA 25.00 - 475 475
11 5.4.4 Repair "Z" flashing at the parapet walls. 2 EA 100.00 - 200 0
12 5.5.2 Replace older HVAC package systems on the building. 26 Tons 800.00 - 20,800 20,800
12 5.5.2 Replace air cooled chiller, controls and VAV boxes 1 LS 179,200.00 - 179,200 179,200
13 5.5.3 Trim trees at the site for improved lighting. 1 LS 8,895.00 8,895 8,895
Provide seven accessible spaces in the parking area to meet the
State of Florida ADA accessible requirements and designate one
14 6.1.3 7 LS 75.00 525 0
space "Van Accessible" when striping and pavement work is
performed.
Insure signage at the ADA locations is a minium of 80-inches
15 6.1.3 7 DM - 0 0
above grade. (No cost performed in-house)
16 6.2.2 Monitor musty odor in lobby. 1 LS - 0 0
Notes LS - Lump Sum Yearly Total, UNINFLATED 2,225 280,955 0 0 0 0 10,400 42,000 0 74,156 0 407,511
EA - Each Inflation Factor, w/ Inflation Rate = 3.0 Percent N/A 1.030 1.060 1.090 1.120 1.150 1.180 1.210 1.240 1.270 1.310 N/A
SF - Square Foot Yearly Total, INFLATED 2,225 289,384 0 0 0 0 12,272 50,820 0 94,177 0 446,653
SY - Square Yard
LF - Linear Foot
NA - Not Applicable
Page 1 of 1
APPENDIX B – PHOTOGRAPHS
Photo 1: Front entrance to building.
Photo 2: North west entrance.
PSI Project No. 878-5F004

Photo 3: South entrance to building.
Photo 4: West entrance to building.

Photo 5: Entrance from Lake Destiny Road.
Photo 6: Front entrance from Lucien Way.

Photo 7: South parking area.
Photo 8: Distressed pavement typical.

Photo 9: Fountain and emergency generator enclosure.
Photo 10: Crack in wall.

Photo 11: Typical side of building windows.
Photo 12: Air cooled chiller.

Photo 13: Loose flashing at roof.
Photo 14: Typical EPDM roof area.

Photo 15: Interior roof area.
Photo 16: Water supply to building.

Photo 17: Typical air handler.
Photo 18: Fire pump.

Photo 19: Chilled water pump.
Photo 20: Tank for emergency generator.

Photo 21: Emergency generator.
Photo 22: Well west side of building.

Photo 23: Typical structure.
Photo 24: Fire extinguisher and hose cabinet.

Photo 25: Typical stairwell.
Photo 26: Vacant interior space.

Photo 27: Typical office interior.
Photo 28: Fountain pump.

Photo 29: Emergency generator.
Photo 30: Typical restroom finishes.

APPENDIX C – SUPPORTING DOCUMENTS

PSI Prop Cond Report - 2200 Lucien - Final

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REPORT OF

PROPERTY CONDITION ASSESSMENT

FORMER ALLTEL BUILDING

Florida Retail Development, LLC

Midland Loan Services, Inc.

Professional Service Industries, Inc.

PSI Project No: 878-5F004 (753-L5T016)

Zone OC Professional Office

1 PSI Project 878-5F004

2 PSI Project 878-5F004

2.2 USE BY OTHER PARTIES

2.3 STANDARD OF CARE AND WARRANTIES

3 PSI Project 878-5F004

No other warranties are implied or expressed.

Our services were not intended to be an instrument of professional architectural or engineering

4 PSI Project 878-5F004

PROFESSIONAL SERVICE INDUSTRIES, INC

Darrell Jacobs, EI Henry F. Holman, Jr. PE

February 22, 2005

5 PSI Project 878-5F004

3.2 PURPOSE OF SERVICES

6 PSI Project 878-5F004

4.1 SCOPE OF SERVICES

4.1.2 NON-ASTM SCOPE CONSIDERATIONS

The Property Condition Assessment includes:

• Conducting a walk-through survey of readily accessibly portions of the property

• Observing conspicuous conditions

• Researching readily available information relating to the property

• Recommending reasonable remedies

7 PSI Project 878-5F004

8 PSI Project 878-5F004

− Material existing or potential unsafe conditions

− Material building or fire code violations

− Conditions that if left un-remedied have the potential to result in or contribute to

OPINIONS OF PROBABLE COST

• Commercially available published cost information:

− Means Repair and Remodeling Cost Data

− Means Facilities Maintenance and Repair Cost Data

• Site-Specific historical experience costs

• User provided unit costs

• PSI’s experience, databases or files

• Third party cost information from contractors, vendors, or suppliers.

9 PSI Project 878-5F004

4.2.2 NON-ASTM SCOPE ASSESSMENTS

Additional assessment services are described in Section 6.

4.3.1 BASIC PROPERTY INFORMATION

4.3.2 CLIENT PROVIDED INFORMATION

PSI requested information regarding the property, including:

Certificate of Occupancy None provided for review

Prior Property Condition Report (PCRs) None provided for review

10 PSI Project 878-5F004

Safety inspection records None provided for review

Appraisal None provided for review

Warranty Information: Roof None provided for review

4.3.3 PRIOR REPORTS

PSI interviewed the parties tabulated below during this assessment.

4.3.5 OTHER RESOURCES

11 PSI Project 878-5F004

4.5 SIGNIFICANT ASSUMPTIONS

• Interviews - PSI considers all information provided through interviews to be complete

12 PSI Project 878-5F004

5.1 GENERAL DESCRIPTION

5.2 SITE IMPROVEMENTS