Description

Marcus and Millichap is pleased to present for sale this single tenant net
leased office supply store in Iowa City, IA. The tenant is Staples
(Nasdaq: SPLS), the world's largest office products company.

Construction was just completed on the property and the store recently
opened for business. The property is leased to Staples on a Double Net
(NN) lease for an initial 10 year term, with four additional 5 year
options. Staples has been in this market since 1997 and has decided to
relocate their store to this location to be closer to the University and
Downtown. The price of the property is $4,300,000 at an 8.75 percent
cap rate on annual rent of $376,321.

Staples carries a BBB rating by Standard & Poors. In 2008, the company
had sales in excess of $23 billion serving businesses and consumers in
more than 27 countries. In July 2008, Staples acquired Corporate
Express, one of the world's leading suppliers of office products to businesses and institutions, furthering their foothold as the leader in the Office Supply arena.

Iowa City is home to the University of Iowa. There are 30,000+ students
attending the University every year. The asset is ideally located less
than 5 minutes (1.5 miles) from the University. The proximity to the
University insures long-term residual value.