In June of 2003 VJ created a partnership to purchase a 43,221 sf athletic club located on 5.8 acres of land within a business park in Tempe, Arizona. The club, located near VJ’s industrial building on 14th Street, had recently closed. During escrow VJ secured a lease with Cox Communications for 50% of the building. Tenant and site improvements were completed and the tenant’s long-term lease commenced in February 2004. The remainder of the building was subsequently leased to a school owned by Career Education Corp. Improvements were done. Improvement cost exceeded purchase price of the property.