The property was acquired from an affiliate of Mellon Bank on June 1, 1995 in partnership with Angelo, Gordon & Co. At the time of the acquisition the property was 91% leased with major leases expiring in 1995 and 1996. Additionally, the seller was concerned that the property may have had environmental issues that would have made it difficult to sell. Prior to acquiring the asset, Amerimar Enterprises performed extensive Phase II environmental tests and discovered that there was no contamination. This analysis allowed Amerimar to understand and eliminate any unknown risks inherent in the property. The purchase price was less than 50% of the 1996 development cost. Ownership stabilized the rent roll by signing two long term leases for 74,000 square feet with creditworthy tenants. Although the property was purchased on an all-cash basis, first UNUM Life Insurance placed a first mortgage on the property for 98% of AE's purchase price. The Triad was sold in October of 1997 for a significant profit.