Commercial Property Acquisition Criteria

The following is the general acquisition criteria for Tyris Corporation. Please contact the appropriate Tyris personnel for more specific information and for property submittals.

Dollar Amount:	$500,000 to $5,000,000
Number of Properties:	1-4 Annually
Order of Preference:	Suburban Office-General Light Industrial-Multi-tenant R & D/Flex Space Development or redevelopment properties
Management Intensity:	Not passive, but not intensive Approximately 5-15 tenants/property
Location:	Prefer Northern California and northern Nevada, but will consider properties in the western U.S.
Class:	Generally B or better
Age:	New to 25 years; will consider older if well maintained and price reflects age.
Condition:	Generally good with little to no deferred maintenance, will consider rehab if price and location right.
Contingencies:	Due Diligence period of 90 days "free look" or whatever market and property dictate. All cash sales or leveraged at not more than 70%.
Rates of Return:	8% minimum initial Cash on Cash Return (which includes amortized amounts for leasing commissions, tenant improvements and replacement reserves - usually translates to a 9% capitalization rate or better - NOI/Purchase Price); IRR over 10 year hold of 10%-14% depending on market and circumstances; and Average Cash Return over 5 and 10 years of 10%+ (some variation depending on circumstances)
Anticipated Close Dates:	30 days after completion of Due Diligence
Deposits:	Earnest money will be deposited as deals move forward; anticipate having $50,000 minimum available for "hard" money as closing progresses. Initial deposits are $25,000.

Tyris Corporation

1220 Diamond Way, Suite 100

Concord, CA 94520

(925) 288-9200 (Voice)

(925) 288-9202 (Fax)