American Realty Advisors: Current and Former QPAM Client List

Current and Former QPAM Client List (Updated as of July 18, 2011)

ACRA Local 725 Pension Trust Fund

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida

AGC International Union of Operating Engineers Local 701 Pension Trust Fund

Evaluated and analyzed a potential $30 million equity or debt investment in a 120 acre mixed land use development adjacent to the Portland International Airport in Portland, Oregon

American Maritime Officers Safety & Education Plan

Evaluated and performed due diligence on the proposed purchase of a 46,524 square foot building in Dania Beach, Florida
Acted as an independent fiduciary to the client, evaluated and made recommendations with respect to the appropriate usage of the client's STAR training facility in Dania Beach, Florida by both parties in interest and independent third parties

Asbestos Workers Philadelphia Fund

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Bakery Drivers Local 802 Pension Plan

Managed the sale of the client's primary facility in Long Island City, New York
Managed the acquisition of a replacement facility for the client in Baldwin, New York

The Beach Waterpark Inc.

Analyzed the proposed sale of a waterpark located in Albuquerque, New Mexico in relation to the underlying land value of the asset

Buffalo Laborers Pension Fund

Evaluated and provided oversight for the disposition of the Fund's administrative office building located in Buffalo, New York
Reviewed, analyzed, and recommended proposals for the lease of 12,000 square feet of office space located in Buffalo, New York

Building Service 32BJ Connecticut District Pension Plan

Provided oversight for the disposition of an office building located in New Haven, Connecticut

Building Service Local 32BJ Pension Fund

Management oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location

Building Service Local 32BJ Health Fund

Obtained a $50 million line of credit for the Health Fund to provide adequate cash reserves during the transition period between collective bargaining agreements
Management oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location
Management oversight of the subleasing of 100,000 square feet of office space

Building Service Local 32BJ Supplemental Retirement Savings Fund

Management oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location

Building Service 32BJ Thomas Shortman Fund

Analysis of lease issues relating to a training location in Silver Springs, Maryland
Management oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location

Building Service 32BJ Legal Services Fund

Management oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location

Carpenters Local Union 225

Conducted due diligence and provided oversight for the acquisition of a 32,000 square foot industrial building at 3500 South Atlanta Industrial Drive in Atlanta, Georgia for use as a union hall

Carpenters Pension Trust for Southern California

Provided underwriting for a $40 million construction loan on a high-rise residential project in San Diego, California

Central Laborers Pension Trust

Evaluated a potential investment by the client in the development of an approximately 80,000 square-foot office facility located in Springfield, Illinois

Central/North Florida Carpenters Regional Council Pension Fund

Management of mezzanine debt on a condominium project in Tallahassee, Florida

Clark County Education Association Welfare Benefit Trust

Provided entitlement, design, and development services for a 40,000 square foot office building located in Las Vegas, Nevada

Edison Pension Trust

Evaluated and analyzed a potential $30 million equity or debt investment in a 120 acre mixed land use development adjacent to the Portland International Airport in Portland, Oregon

Education Support Employees Association Health and Welfare Trust

Provided market value analysis and oversight of the disposition of a development site located in Las Vegas, Nevada

Florida Trowel Trades Pension Fund

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida
Management of mezzanine debt on a condominium project in Tallahassee, Florida

Florida UBC Pension Fund

Management of mezzanine debt on a condominium project in Tallahassee, Florida

Fresno County Employees' Retirement Association

Provided analysis of options related to two office buildings owned by FCERA
Provided management oversight of a lot split to facilitate the sale of one of the buildings

General Building Laborers Local 66 Training Fund

Evaluated and provided oversight of the disposition of a training facility located in Medford, New York

IBEW Local 18 Pension Plan

Provided analysis and underwriting services for a $2.75 million construction loan from the pension plan to the union, which is secured by a new office building in Los Angeles, California

IBEW Local 477 Southern Sierras Chapter, NECA Educational and Training Trust

Provided analysis and management of the sale of a portion of the equity interest in an office building located in San Bernardino, California

Imperial County Employees Retirement System

Provided lease and build or buy analysis for the Fund's office located in Imperial County, California

Indiana State Council of Carpenters Pension Fund & Indiana State Council of Plasterers & Cement Masons Pension Fund

Provided site acquisition, design and development oversight for the construction of a two-phased 312,000 square foot industrial project located in South Bend, Indiana

International Brotherhood of Electrical Workers Union No. 98

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Iron Workers Mid America Pension Fund

Represented the client in connection with the redevelopment of a headquarter office building in Chicago, Illinois

Joint Industry Engineers Union Local 30 Pension Trust Fund

Represented the client in connection with a possible acquisition or development of an office building in Queens, New York

Kern County Electrical Pension Fund

Provided analysis of a land sale from the Pension Fund to the related Union & Apprenticeship Funds
Oversight of the development of a new Apprenticeship training facility in Bakersfield, California

Kern County Employees' Retirement Association

Assisted the client with a lease, build and buy analysis related to the occupancy of their offices
Management of the land acquisition, entitlement and development of a new office building in Bakersfield, California

Laborers District Council Construction Pension Fund

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Laborers National Pension Fund

Provided analysis relating to the Pension Funds ongoing management of its investment in a troubled real estate fund

Laborers National (Industrial) Pension Fund and LIUNA Local and District Council Pension Fund

Conducted an evaluation of $25 million portfolio of office and industrial properties in Florida and Ohio
Evaluated the investment of the Funds in an office building in Ohio that was managed on behalf of the Funds by ULLICO

Laborers International Union of North America Local 773

Provided analysis of land acquisition and development of a three-building office campus located in Marion, Illinois

Local 210 Health & Insurance Fund

Evaluated and provided oversight of the disposition of the client's office building, located in Manhattan, New York

Mason Tenders Training Fund

Acquisition services related to the purchase of building in Long Island City, New York

Marco Consulting Group

Provided analysis of the merger of a group of real estate investment funds into a single investment fund

Michigan Carpenters' Pension Fund

Evaluated and made a recommendation to the client concerning a possible equity and/or debt investment in a proposed multi-use resort development located in Leelanau County, Michigan

Mid-Jersey Trucking Industry and Teamsters of Local 701 Pension and Annuity Fund

Evaluated and provided oversight for the disposition of a golf course property located in Franklin, North Carolina
Evaluated and provided oversight for the disposition of a vacant development parcel in North and South Brunswick, New Jersey

Midwest Operating Engineers Pension Trust Fund

Represented the client in connection with the redevelopment of its existing headquarter facility in Chicago, Illinois

NECA-IBEW 1205 Pension Fund

Management of mezzanine debt on a condominium project in Tallahassee, Florida

New Jersey Carpenters Pension Fund

Analysis of a new Apprenticeship facility to be constructed in New Jersey

New Mexico Development Foundation

Provided management services for the sale of a 1.60 acre parcel of land owned by various pension plans to a trustee of one of the plans
Provided due diligence and oversight of the acquisition of 35.27 acres of land in Albuquerque, New Mexico for development of Phase I of the Sandia Science and Technology Park
Provided due diligence and oversight of the acquisition of 2.663 acres of land in Albuquerque, New Mexico for infrastructure, site development and re-sale to retail users
Conducted underwriting and due diligence related to the acquisition of a $1.3 million retail center in Albuquerque, New Mexico for redevelopment

New Mexico District Council of Carpenters

Provided analysis and documentation of the purchase of 6.59 acres of land in Albuquerque, New Mexico

New Mexico Laborers Training and Apprenticeship Fund

Management of the sale of a commercial lot in Albuquerque, New Mexico
Management of a selection of a general contractor to construct a new apprenticeship building in Albuqueque, New Mexico

New York City District Council of Carpenters Pension Fund

Asset management of the Carpenters' 600,000 square foot office building in New York City

Office and Professional Employees Local 153

Represented the client in connection with the possible acquisition or development of an office building in the Chelsea submarket of Manhattan, New York

Operating Engineers Local Union No. 542 Pension Fund

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

The Oregon Hospitality Trust

Evaluated a purchase offer for the clients' equity interest in the Gresham Square Retail Center located in Gresham, Oregon

Painters District Council 30 Pension Fund

Provided site selection, land acquisition, entitlement design and construction oversight for the development of the client's 73,000 square foot Union, Funds & Apprenticeship facility in Aurora, Illinois
Provided disposition management services for an office building in St. Charles, Illinois and an industrial facility in Aurora, Illinois

Pavers & Road Builders District Council Welfare Fund

Rent survey and valuation of an office building in Flushing, New York
Lease restructuring involving the expansion and extension of the major tenant in the building

Pipe Trades District Council #36 Pension Trust Fund

Provided work out and asset management services for a troubled loan secured by vacant land located in Fresno, California

Plumbers Local 130

Analysis of a complex land swap between the Union and the Apprenticeship Fund to accommodate the construction of a new Apprenticeship facility
Independent fiduciary services related to an application for a Prohibited Transaction Exemption to allow the land swap

Plumbers Local Union No. 690 Fund

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Plumbers Local Union No. 519 Pension Trust Fund

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida

Plumbers and Pipefitters Local 592 Pension Fund

Management of mezzanine debt on a condominium project in Tallahassee, Florida

Plumbers and Pipefitters National Pension Fund

Evaluated and provided oversight for the disposition of a retail property located in Albuquerque, New Mexico

Retail Drug Employees' Pension Trust

Evaluated the partial payoff and conversion to equity of the client's loan secured by the Gresham Square Retail Center located Gresham, Oregon
Evaluated a purchase offer for the clients' equity interest in the Gresham Square Retail Center located in Gresham, Oregon

Riverside/San Bernardino Joint Electrical Apprenticeship and Journeyman Training Fund

Performed due diligence investigation and provided oversight of an acquisition of an office building located in San Bernardino, California
Equity valuation for the owning entity in an office building in San Bernardino, California in anticipation of a potential partial sale

St. Joseph Valley Building Trades Council

Evaluated the potential development of a new headquarters facility for a client located in South Bend, Indiana

San Diego County Laborers' Construction Trust Fund

Provided oversight for the acquisition of entitled land for the construction of an Apprenticeship training facility

San Mateo County Electrical Pension Trust

Evaluated the possible purchase by the client of vacant land in San Mateo, California for the development of a union hall, an Apprenticeship training facility and speculative office development

Service Employees International Union

Represented SEIU in the acquisition of a 194,141 square foot office building in Washington, D.C. for use as its international headquarters

Service Employees International Union Local 32BJ

Analysis of union property located in Long Island City, New York
Managed oversight of real estate alternatives relating to the occupancy of the Manhattan headquarters location
Relocation of Manhattan headquarters location

Sheetmetal Workers' Pension Trust Fund of Local Union No. 19

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Sheetmetal Workers Local Union No. 32 Pension Trust Fund

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida

South Florida Carpenters Pension Plan

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida

South Florida Electrical Workers Pension Plan

Provided management and analysis of mezzanine debt on a condominium project in Miami, Florida

Southern California Cement Masons Pension Fund

Representation of the Fund in the redevelopment of an office building in Arcadia, California for occupancy by the Pension Fund and Apprenticeship funds
Provide takeover and asset management services for the assets in the Fund's real estate portfolio

Southern California-Nevada Regional Council of Carpenters Pension Fund

Prepared a highest and best use analysis for the development of a 26.52 acres parcel of primarily vacant land owned by the client in Las Vegas, Nevada. Assist in the sale of 17 acres of this land to the Clark County School District
Provided entitlement, design, and development services in connection with a 40,000 square foot union hall and office building located in Las Vegas, Nevada
Evaluated and provided oversight for the acquisition of the client's headquarters office building in Downtown, Los Angeles

Southern California United Food & Commercial Workers Union and Food Employers Joint Pension Trust Fund

Represented the client in connection with the possible acquisition or development of an office building in Orange County, California

Southern & Central Illinois Laborers' District Council

Provided analysis of a land acquisition and development of a three-building office campus located in Marion, Illinois

Southern Nevada Laborers Training Trust

Negotiated a lease on behalf of the Training Trust for a new location in Las Vegas, Nevada
Provided market analysis to support negotiation of a lease for the Training Trust for a new location in Las Vegas, Nevada

Southern Nevada Laborers Health & Welfare Trust Fund and Joint Trust Funds

Negotiated a lease on behalf of the Funds for a new facility in Las Vegas, Nevada
Provided market analysis to support negotiation of a lease for the Funds for a new facility in Las Vegas, Nevada

Steam Filters Local Union NO. 420 Pension Fund

Provide third-party analysis of the Fund's investment in a troubled investment portfolio

Suburban New York Regional Council of Carpenters Pension Fund

Evaluated a potential investment in the Long Island Aquarium in Bayshore, New York

Teamsters Local 631 Construction and Convention Training Trusts

Conducted market rent analysis for a proposed training facility located in Las Vegas, Nevada
Conducted construction budget, operating budget, and market analysis for a proposed training facility in Las Vegas, Nevada

Teamsters Local 868 Welfare Fund

Conducted market value analysis of an office building located in Floral Park, New York

The Everett Clinic Profit Sharing Plan and 401(k) Employee Savings Plan

Management of compliance with the terms and conditions of a Prohibited Transaction Exemption ("PTE") received from the Department of Labor relating to the sale and leaseback of real estate in Everett, Washington

UFCW Local Union #174 Pension Fund

Reviewed and analyzed recommendation for the lease of office space located in New York, New York

UFCW Local #770

Represented the Union with respect to the possible disposition of the Union's property located in Los Angeles, California

Union Savings Bank Mortgage Company

Reviewed the underwriting for a union-owned savings bank of the sale and seller financing of the Holley Building located in Albuquerque, New Mexico
Conducted underwriting review of a $3.5 million participation in an $8.0 million construction loan on a 50,000 square foot office building in Los Alamos, New Mexico
Provided underwriting and due diligence services related to a $1.5 million mezzanine loan for an office building in Santa Fe, New Mexico

United Association Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry Pension Plan

Performed evaluation and analysis of a potential $30 million equity or debt investment in a 120 acre mixed land use development adjacent to the Portland International Airport in Portland, Oregon

United Brotherhood of Carpenters and Joiners of America

Provided entitlement, design, and development services for a trophy class 500,000 square foot office building located at 101 Constitution Avenue, Washington D.C.
Provided site selection, land acquisition, entitlement, design and construction oversight for the development of the client's 186,000 square foot International Training Center in Las Vegas, Nevada
Conducted due diligence and provided oversight for the acquisition of 30.11 acres of land at 6855 Bermuda Road in Las Vegas, Nevada. This property is leased on a long-term basis as a car rental lot
Conducted due diligence and provided oversight for the acquisition of two parcels of land totaling 5.0 acres in Las Vegas, Nevada including the relocation of the occupants of one parcel to the second parcel
Conducted due diligence and provided oversight for the acquisition of a 25,000 square foot industrial building located at 6885 Placid Street in Las Vegas, Nevada. This $2.8 million building is a training building for the Millwrights union

Upstate New York Carpenters Pension Fund

Provided underwriting and management services for a construction & permanent loan for a hotel project in Syracuse, New York

It is not known whether the listed clients approve or disapprove of American or the QPAM services provided.