Halsey is a grocery-anchored neighborhood shopping center of approximately 99,438 square feet and was acquired for $7.0 million. It is anchored by Safeway and is currently 89.6% leased and subject to a ground lease that expires on June 1, 2069.  Halsey is located in an area with approximately 275,215 people within a five mile radius, with an average household income of approximately $62,078.  

California Loan Portfolio

On December 16, 2010, the Company acquired four loans (the "Loans") for an aggregate purchase price of $50.0 million, which represents approximately a 14% discount to the aggregate outstanding principal amount owed under the Loans. The Loans are currently in default and provide for a default interest rate of 5.0% over the regular interest rate of LIBOR +350 basis points to +450 basis points. The Loans are cross-collateralized and are secured by: (i) Desert Springs Marketplace, a shopping center located in Palm Desert, CA (ii) Mills Shopping Center, a shopping center located in Rancho Cordova, CA, and (iii) Nimbus Winery Shopping Center, a shopping center located in Rancho Cordova, CA. The line of credit facility is secured by a second mortgage on an office building in Kirkland, WA.    Notices of Default have been filed for all the Loans. [More information on the Loans can be found in the company's 8K filing.]

Desert Springs Marketplace is a grocery-anchored neighborhood shopping center of approximately 105,157 square feet that is anchored by Ralphs "Fresh Fare" Grocer (Kroger Co.) and Rite Aid Pharmacy. It is currently 99.1% leased and located in an area with approximately 100,315 people within a five mile radius, with an average household income of approximately $86,886.

Mills Shopping Center is a grocery-anchored neighborhood shopping center of approximately 252,912 square feet that is anchored by Raley's supermarket, Sears and Dollar Tree. It is currently 77.9% leased and located in an area with approximately 223,563 people within a five mile radius, with an average household income of approximately $71,156.