Crescent Resources, LLC Sale of Land – Ten Acres

Crosstown Center Office Park Tampa, Florida September, 2007

I. Executive Summary

Crescent proposes to sell 10 acres within our Crosstown Center development to an office/laboratory user known as LifeLink of Florida for a gross selling price of $4,000,000. LifeLink, a non profit tissue bank, intends to develop their 120,000 square foot headquarters building on this property. This sale was included in the revised projections for the 2007 commercial plan. Exhibits: Exhibit A - Tampa Map Exhibit B - Aerial Photograph Exhibit C - Site Plan Exhibit D - Comparable Sales Exhibit E – Comparable Sales Aerial Map Proposed Transaction

The proposed gross selling price for the 10 acre site is $4,000,000 or $9.18 per square foot. Terms would be cash at closing, targeted for December 2007. Additionally, we propose to grant LifeLink a seven year modified option to purchase a contiguous 1.6 acre site. The option price would be $9.18 per square foot, for the first two years and then escalates annually at 10% thereafter. If at any time during the option term we notify LifeLink of our intent to develop or sell the site, LifeLink must either elect to purchase under their option terms or to pass in which case we are free to pursue development or sale at our discretion.

A. Description The buyer is LifeLink of Florida a 501c(3) not for profit community service organization dedicated to the recovery of high quality human organs and tissue for transplantation therapy. LifeLink intends to construct a 120,000 commercial building consisting of 90,000 square feet of office space and 30,000 square feet of laboratory space on land currently owned by Crescent in the East/I-75 submarket of Tampa Florida. The company has been in existence since 1982 and had revenue of $74.0 million in 2006. The use is compatible and complimentary within the Crosstown Center office Park. The property is known as “The Crosstown Center” office park. The property is bordered by State Road 301 on the west, Faulkenburg and I-75 on the east and above the “Crosstown Center Expressway” to the south (see exhibits A&B). Crescent purchased the property in 1997. Crescent developed a 453-unit multifamily complex in 2001 which was sold in 2005. Crescent sold approximately five acres for two hotels to McKibbon Hotel Group for $1,466,000 ($7.00 per square foot). We amended the development order in 2005 adding 380 multifamily units to the project and extending the build out dates until 2014. Crescent’s Multi-Family division is developing a 300+- unit development on block C, Lot 1, a 16-acre portion of the property. The market has matured significantly and Crosstown has become prime location for commercial development.

MacDill Federal Credit Union purchased Lot 3, Lot B consisting of 25.39 acres for $3,594,000.00 ($3.25 per square foot) in December 2003 for their corporate headquarters. They developed a 140,000 square foot class A building in 2005. Crescent was approved for its first speculative office building in January of 2007. The 90,000 square foot building “Crosstown One” is currently in the design and permitting stage.

B. Summary of Key Contract Provisions Buyer: LifeLink of Florida Price: $4,000,000 cash at closing Deposit: $100,000 Due Diligence Period: 90 days (from July 31) Closing: By 12/31/2007

C. Financial Parameters The proposed gross purchase price for the subject property is $4,000,000. The current historical basis in the property is $2,668,700 (which includes an allocation of infrastructure for a future road) A gain of approximately $1,011,000 is projected. Gross Price $ 4,000,000 Selling Expenses 320,000 Net Sale Price $ 3,680,000 Historical Basis $ 2,668,700 Projected EBIT (historical) $ 1,011,300

D. Land Comparables:

Exhibit D is a table of comparable sales for this property. As this user preferred the Crosstown location, we were able to negotiate a price for this site that was higher than other comparable land.

II. Quantifiable Benefits The key quantifiable benefits are:

• The above market sales price for office land. (see exhibit D, comparable sales) • “Activity Breeds Activity”: LifeLink will employ approximately 600 people in this

location creating population synergy etc. • LifeLink is one of the largest providers of organs and tissue in the southeast. This

location may spur additional biomedical interest from related entities. Tampa’s Committee of 100 and Tampa Bay Partnership (the economic development agencies for our region) have made the biomedical industry their main target for business recruitment.

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Exhibit A

Exhibit B

Crosstown Center Aerial Map

PROPERTY NAME LOCATIONSITE ON

MAP PRICETOTAL ACRES $/SF LAND

POTENTIAL BUILDING SF $/FAR

YEAR SOLD COMMENTS

Tampa Intellicenter Building Phase I

SW quadrant of Telcom Drive, adjacent to 12501 Telecom Drive

(Tampa Telecom Park)1 $4,600,000 16.0 $6.60 199,276 $23.08 Jul-07

This site was recently purchased by Koll Development. They are planning

a 200,000 sf four story office building.

Tampa Intellicenter Building Phase 2

SW quadrant of Telcom Drive, adjacent to 12501 Telecom Drive

(Tampa Telecom Park)2 $3,165,000 12.1 $6.00 150,000 $25.35 Jul-07

This site was recently purchased by Koll Development. They are planning

a 150,000 sf building.

Ramco DevelopmentWest side of Telecom Drive, just south of Fletcher Avenue (Tampa

Telecom Park)3 $2,400,000 10.54 $5.23 89,000 $26.97 Nov-06

This site contains 12.46 gross acres with 10.54 usable acres. The site was assembled from 2 adjacent

parcels with separate sellers. The buyer intends to develop 8 single

story buildings ranging from 7,000 to 16,000 sf.

Brandon Crosstown Apartments, LLC

West side of Falkenburg Road and southside of Lee Roy Selmon

Expressway (MetroCrossings)4 $9,000,000 31.07 $6.64 Mixed-use N/A Jul-06

This is a mixed-use town center project with apartments, full-service

hotel and spa, retail space and a limited amount of office space above

the retail.

Waterford Construction SE Corner of US Hwy 301 & Hackney Road (Waterford Coast) 5 $2,150,000 8.5 $5.81 Office $25.29 Aug-06

Waterford is planning to develop mulitple office buildings totaling

85,000 sf

FCD Development

NW & NE corners and SE quadrant of Falkenburg Road and

Progress Blvd. (Faison Magnolia Park)

6 $5,500,000 30.3 Gross $4.17 Retail $35.48 Aug-06 Slated for Retail Development

Subject Property Within Crosstown Center Subject $4,000,000 10.0 $9.18 Office $33.33 Dec-07 Buyer intends to build 120,000 sf Office Building for it's headquarters

EXHIBIT D

COMPARABLE LAND SALES

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Comparable Land SalesExhibit E

SITE 4

SITE 5

SITE 6

Tampa Telecom Park Sites

MetroCrossings Site

Faison Magnolia Park Site

Waterford Coast Site

Crosstown Center