Daytona Beach

DAYTONA BEACH

Advanced Technology Center

Sans Parc Apartments

N WILLIAMSON BLVD

OUTLET BLVD

53,000 SF Under Construction

LPGA BLVD

TOMOKA NORTH BEST I-95 DEVELOPMENT SITE FROM JACKSONVILLE TO MIAMI ±177 ACRES DAYTONA BEACH, FLORIDA VOLUSIA COUNTY

OFFERING MEMORANDUM INVESTMENT OPPORTUNITY

Jones Lang LaSalle Americas (JLL) is marketing Tomoka North to a select group of qualified investors. The property is being offered free and clear of existing financing. The prospective purchaser will be selected by the Owner in consultation with JLL on the basis of, among other things, (i) price, (ii) certainty of closing, (iii) financial strength, (iv) level of discretion to invest funds, and (v) industry reputation.

The Offering will be conducted according to the following timetable:

TBD - OFFERS DATE

The Owner reserves the right to accept and offer prior to this date or to modify any and all time-frames within the schedule

INVESTMENT ADVISORY

JAMIE SMITHSON BRAD PETERSON ZACH NOLAN ZACK DROZDA BRET FELBERG MIKE GARBERS Land Advisory Retail Advisory Multifamily Advisory Medical Office Advisory Industrial Advisory Senior Housing Advisory Senior Director Senior Managing Director Senior Director Director Director Managing Director 404.942.2213 407.745.3910 813.387.9906 704.526.2812 407.982..8629 241.265.0880 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

CONOR WELTON Real Estate Analyst 919.942.2222 [email protected]

EXECUTIVE SUMMARY THE INVESTMENT OPPORTUNITY Prime development acreage directly off I-95 amongst highly amenitized LPGA Blvd corridor - Daytona Beach, Florida

Tomoka North is a ±177 acre development opportunity strategically located at Interstate 95 and LPGA Blvd in Daytona Beach, FL. The site benefits from immediate proximity to lifestyle amenities and retail growth nearby at Tomoka Town Center and Tanger Outlets. Just across I-95 from the subject opportunity are a number of larger master planned communities providing over 8,000 existing single family homes and 4,000 planned homes. With an additional 4,700 multifamily units surrounding the property and immediate proximity to major regional employers and thoroughfares, Tomoka North stands to benefit as a unique epicenter of future development.

OVERVIEW TOMOKA NORTH SURROUNDING DEMOGRAPHICS Address N Williamson Blvd Daytona Beach, FL 32117 RADIUS 3-MILE 5-MILE 10-MILE Volusia County Parcel ID 5204-00-00-0010 2020 Population 36,452 99,286 217,919 Municipality Daytona Beach Census Population (2010) 32,065 90,019 198,082 Water/Sewer Daytona Beach Water Utilities Department Historical Population CAGR (2010-2020) 13.7% 10.3% 10.0% Gross Acreage (approx.) 177 Acres Avg Household Income $56,131 $59,907 $67,141 Useable Acres 90 Acres Median Household Income $39,571 $40,081 45,935 Zoning PD-G (Planned Development - General) 2019 Median Home Value $120,405 $167,637 $195,124 Future Uses Commercial, Industrial, Multifamily, Townhomes Median Age 42.0 43.2 48.0

Site Conditions Vacant Land % HH Incomes over $100,000 14.2% 16.2% 19.0% Pricing Contact broker for pricing guidance Source: Pop-Facts Site Under Contract +/- 275 units Construction 4Q2020 324 Bed Hospital 3,000+ Employees 400+ Physicians Advanced Technology Center

Owned by Unicorp Nation Dev. 30 Acres

Sans Parc Apartments

Owned by

N WILLIAMSON BLVDUnicorp Nation Dev. 53,000 SF 9 Acres Under Construction Expected 2021 LPGA BLVD

Owned by Unicorp Nation Dev. 12 ACRES 21 Acres PLANNED FUTURE DEVELOPMENT

FUTURE TOMOKA TOWN CENTER DEVELOPMENT TOMOKA NORTH SITE: PROPERTY DETAILS Acreage (approximate) 177 Acres (Gross), 90 Acres (Usable) Jurisdiction City of Daytona Beach Site Conditioning Vacant land Utilities Existing water and sewer utilities Zoning PD-G (Planned Development - General) Permitted Uses Commercial, Industrial, Multifamily, TOMOKA NORTH Medical Office Access The property is accessible from N Williamson Blvd and Technology Blvd INVESTMENT HIGHLIGHTS Tax Parcel #: 5204-00-00-0010

Located directly off of I-95 in the exploding LPGA Blvd 01 corridor LOCATION Surrounded by new residential developments that will 02 total over 12,000 single-family homes and over 4,500 • Site is located before the I-95 south turn off to I-4 for multifamily units Orlando, Disney World, and Tampa

Immediate access to healthcare provided by Advent • The first Latitude Margaritaville age restricted 03 Health and Halifax Health community is located just 1 mile from the site • The Buc-ee’s that is currently under construction Entitled for PD-G (planned development). Seller complete is the first to be built in Florida. It is a 110 pump, 04 environmentally permitting with federal and state 50,000+ sf store agencies • The I-95 / LPGA Blvd intersection is home to the first Located across from highly sought lifestyle amenities Tanger Outlets built in Florida 05 including Tomoka Town Center, Tanger Outlets, and grocery and dining options

PROFILE 6 6 | PROPERTY EXECUTIVE SUMMARY TOMOKA NORTH ENTITLEMENT AND PRELIMINARY SITE PLAN PLANNED DEVELOPMENT - GENERAL

ALLOWABLE LAND USES LOT COVERAGE

LAND USE MAX UNITS/AREA USE COMMERCIAL INDUSTRIAL RESIDENTIAL MULTIFAMILY 600 DU MAXIMUM BUILDING COVERAGE 50% 80% 50% HOTEL 300 ROOMS MINIMUM OPEN SPACE 10% 10% 10% MEDICAL OFFICE BUILDING 400,000PROPERTY SF MAXIMUM SITE IMPERVIOUS PLAN S.A. 90% 90% 75% RETAIL/COMMERCIAL 600,000 SF *Uses exchangeable to meet market demand INDUSTRIAL 1,500,000 SF

WILLIAMSON BLVD.

PARCEL 7 PARCEL 8 1.11 ACRES 1.16 ACRES ADVANCED Under TECHNOLOGY Contract CENTER VA CLINIC 14 ACRES

LPGA BLVD.

PARCEL 13 7.32 ACRES

STRICKLAND RANGE RD. ±5 ACRES PARCEL 12 3.14 ACRES

PARCEL 5 PARCEL 1 PARCEL 2 PARCEL 3 1.6 ACRES 8.31 ACRES 7.43 ACRES 7.78 ACRES PARCEL 4 5.82 ACRES HOTEL 19 ACRES PARCEL 6 1.6 ACRES

7 95

CONSOLIDATED-TOMOKA LAND CO. 177 ACRES AT I-95 AND LPGA BLVD. 5 EXECUTIVE SUMMARY HOUSING UNITS LPGA BLVD. & I-95 CORRIDOR ROOFTOP MIGRATION TO TOMOKA NORTH IN DAYTONA BEACH

Hunter’s Breakaway Ridge Trails 1

2 3

Avalon Park 5

6 10 SINGLE FAMILY UNITS 4 3,400 Latitude Margaritaville Subject 7 9 1,000 Mosaic Property 1,200 LPGA International 8 11 6,000 Avalon Park 12 1,100 Hunter’s Ridge 1,000 Breakaway Trails 13,700 TOTAL 14 MULTIFAMILY UNITS Latitude Margaritaville 1 260 San Marco Apartments 13 2 272 Crowne Apartments 3 380 Frameworks Apartments 4 700 TBD 15 5 288 Integra Shores Apartments 6 170 TBD 7 406 Edison Apartments 8 264 Sands Parc Apartments 9 300 TBD 10 300 Emerson Apartments 11 300 500 East Apartments LPGA Mosaic International 12 280 Ellison Apartments Daytona 13 276 Tomoka Pointe Apartments 14 240 Madison Pointe Apartments 15 2908 TBD 4,726 TOTAL EXECUTIVE SUMMARY RETAIL RELOCATION TENANT MIGRATION TO TOMOKA NORTH IN DAYTONA BEACH

9 EXECUTIVE SUMMARY TRADER JOES AND AMAZON MARKET ACTIVITY DISTRIBUTION CENTERS AND LAST MILE FACILITIES

DAYTONA 177 ACRES Latitude BEACH Margaritaville LPGA BLVD.

WILLIAMSON BLVD.

INDUSTRIAL DEVELOPMENT

Trader Joe’s has opened an 800,000 square foot regioinal distribution center, while Amazon has built a 70,000 square foot last mile facility just south of the Subject Property. Distribution centers and last-mile facilities will continue to come to the I-95 / LPGA Blvd Interchange as distribution companies need to service the strong retail centers at Tomoka Town Center and the Tanger Outlets. MASON AVE.

10 EXECUTIVE SUMMARY I-95 / LPGA BOULEVARD INTERCHANGE DEVELOPMENT CORRIDOR CONTINUES EXPLOSION OF RETAIL AND MULTIFAMILY DEVELOPMENT

DAYTONA Latitude BEACH Margaritaville

WILLIAMSON BLVD.

177 ACRES

LPGA BLVD.

MADISON POINTE APARTMENTS 240 UNITS

TOMOKA POINTE APARTMENTS 276 UNITS

11 EXECUTIVE SUMMARY PROXIMAL MASTER PLANNED COMMUNITIES OVER 14,000 HOMES EXPECTED BETWEEN 3 COMMUNITIES

APPROXIMATELY 1,600 ACRES • Age-Restricted Planned Residential Community • Across from LPGA International Golf Club • >3,400 single-family homes APPROXIMATELY 2,600 ACRES • Golf-cart friendly lifestyle • Master Planned Community • Publix recently opened last November Borders Latitude Margaritaville to the • • 837 home sales to date northwest and S.R. 40 • Will be home to 10,000 residents when • 568 homes completed and closed complete • Almost 1,100 people living and playing • Development will include approx- in Latitude Margaritaville imately 6,000 homes, including • Resort-style town center with club- single-family houses, apartments and house, restaurants, recreational and townhouses, as well as restaurants, fitness facilities shops, grocery store, schools, medical facilities, churches, and offices • Project 300+ homes developer per year • When fully built out, will add more than $2 billion in ad valorem tax revenues for the City of Daytona Beach and Volusia County

LAND SALE - ICI HOMES • Closed December 2016 • Approximately 604 acre parcel • Planned residential community • Adjacent to Bayberry Lakes Community/ LPGA home development • +/-1,150 single-family homes

12 PROXIMAL MASTER PLANNED COMMUNITIES

LATITUDE MARGARITAVILLE CLUBHOUSE AVALON PARK

MOSAIC DAYTONA MOSAIC DAYTONA 13 LOCATION OVERVIEW DAYTONA BEACH, FLORIDA

DAYTONA BEACH OVERVIEW

Daytona Beach, often referred to as the “The World’s Most Famous Beach” is the most prominent tourism hub in Volusia County, Florida, sitting a short distance northeast of Orlando and abutting the Atlantic Ocean. This seaside community is famous for its beaches and motorsports, but the area also offers an abundance of shopping, nightlife, cultural and business events, and sporting activities, making it a year-round destination for leisure and business travelers.

Daytona Beach has established itself as one of the most visited destinations on the East Coast, offering continuous sunshine, miles of pristine beaches, and an endless array of family-friendly, outdoor activities and events. This diversified city not only offers its natural beauty, but also continues to be one of the most recognizable motorsports capitals in the world. Each year hundreds of thousands of race fans from around the globe descend upon the city for its impressive list of major motorsports events. Kicking off in mid-February, Daytona Speedweeks, the pinnacle of motorsports events, is a series of auto races held at the Daytona International Speedway, headlined by the iconic Daytona 500. Other major events include the Rolex 24 Hours of Daytona endurance race in January, Bike Week in early March, the NASCAR Coke Zero 400 race in July, and Biketoberfest in late October.

Beyond just a favorite destination for tourists, Daytona Beach also has a thriving business community. Benefiting from its central location, pleasant year-round climate, highly skilled workforce and low cost of living, Daytona Beach has been a preferred location for several corporate businesses in such industries as aerospace and defense products, healthcare, educational services, automotive, insurance, manufacturing and land development. The city is home to the headquarters of NASCAR, the International Speedway Corporation, Costa Del Mar, Brown and Brown Insurance, and the LPGA.

In 2015 a Trader Joe’s distribution center was completed in Daytona Beach on the east side of Interstate 95 just north of Dunn Avenue. The center services Trader Joe’s Southeastern United States region and employs 450 workers and 100 delivery drivers. The Tanger Factory Outlet Center was also completed in 2016, which was the first outlet mall in Volusia and Flagler counties. The mall consists of 10 buildings and 380,000 square feet of retail space near Interstate 95 and LPGA Boulevard.

14 DAYTONA RANKINGS NO. 4

TOP HOUSING MARKET

2018 News Journal Online

NO. 3

HOTTEST HOUSING TOMOKA TOWN CENTER MARKET

2017 Trulia

NO. 7

BEST PLACES PEOPLE ARE AVALON PARK MOVING TO

US News 2018 I-95/LPGA BOULEVARD CORRIDOR HOTTEST GROWTH AREA IN DAYTONA BEACH NO. 8 TANGER OUTLETS Since 2015, the I-95/LPGA area has seen the opening of three shopping centers NEXT URBAN - Tanger Outlets, Tomoka Town Center, and Latitude Landings. It has added POWERHOUSE regional distribution centers for Trader Joe’s and B.Braun as well as a last-mile

2018 Realtor.com delivery station for Amazon. Projects under construction include a Buc-ee’s next to the interchange. When it opens next year, the 120-fuel pump facility NO. 1 will be the largest gas station in Florida. It will include a 53,000 square-foot travel convenience center. Tomoka Town Center continues to add new shops

MOST IMPROVED and restaurants, making the area the hottest growth area along Interstate 95 MSA between Melbourne and Jacksonville.

2016 Bestcities.org BUC-EE’S 15 LARGEST EMPLOYERS DAYTONA BEACH ATTRACTIONS AND AMENITIES

CULTURAL AMENITIES STATE-OF-THE-ART HOSPITAL SYSTEMS ADVENT HEALTH OCEAN CENTER FLORIDA HOSPITAL EMPLOYEES 5,585 CICI AND HYATT BROWN MUSEUM HALIFAX HOSPITAL MARINE SCIENCE CENTER

PEABODY AUDITORIUM UNIVERSITIES HALIFAX EMBRY-RIDDLE AERONAUTICAL UNIVERSITY HEALTH SYSTEM BETHUNE PERFORMING ARTS CENTER DAYTONA BEACH BAND SHELL STETSON UNIVERSITY EMPLOYEES 4,050 MUSEUM OF ARTS AND SCIENCES BETHUNE-COOKMAN UNIVERSITY UNIVERSITY OF CENTRAL FLORIDA CAMPUS DAYTONA STATE PROFESSIONAL SPORTS DAYTONA STATE COLLEGE College HOME OF NASCAR/DAYTONA INTL SPEEDWAY 1,490 EMPLOYEES LADIES PROFESSIONAL GOLF ASSOCIATION MINOR LEAGUE SINGLE A TEAM (REDS) EMBRY-RIDDLE Aeronautical NATURAL SURROUNDINGS University INTRACOASTAL WATERWAY (HALIFAX RIVER) EMPLOYEES 23 MILES OF BEACHES 1,405 LOCAL MARINAS

DAYTONA BEACH FERRIS WHEEL ADVENTHEALTH 16 TOP EMPLOYERS AND JOB FORCE

VOLUSIA COUNTY Covering approximately 1,100 square miles, Volusia County boasts 47 miles of sandy beaches stretching along the Atlantic Ocean. Roughly the size of Rhode Island, Volusia County is situated 50 miles northeast of Orlando, 60 miles north of the Kennedy Space Center, and 90 miles south of Jacksonville. Volusia County has 16 cities including principal cities Daytona Beach, Deltona and Ormond Beach. Each year, new residents are attracted to the area by appealing and increasing employment opportunities, relatively low cost of living, and the family-friendly atmosphere. In 2015, Volusia County attracted a record number 9.5 million visitors.

57.9% 56.8% $67,013 WHITE COLLAR COLLEGE AVERAGE HOUSEHOLD JOBS EDUCATED INCOME

EMPLOYMENT Volusia County is a regional marketplace, giving way to a diverse group of retail businesses, manufacturing plants, and associations. Volusia County is also situated along the I-4 high-tech corridor at a critical crossroads with I-95 with specialized industries in aerospace, automotive, and manufacturing heavily concentrated in the immediate vicinity. Healthcare also plays a pivotal role in the economy comprising two of the top five employers in the county. Companies and their employees profit from a business-friendly environment and steady economic growth. Volusia County’s labor force is approximately 290,000 people with a current unemployment rate of 5.0%, which is lower than the state and national rate. HALIFAX HEALTH

17 DAYTONA INTERNATIONAL SPEEDWAY OCEAN CENTER

Located in the heart of Daytona Beach, the Ocean Center is the area’s convention, entertainment and sports complex. Following an $82 million expansion in 2009 that doubled the facility’s size, the Ocean Center is now the fifth largest convention center in Florida. The Ocean Center consists of a 93,000 square foot exhibit hall, a 42,000 square foot arena, 32,000 square feet of meeting rooms and a 12,000 square foot ballroom. On a yearly basis the convention center hosts nearly 250,000 attendees of numerous events including conventions/tradeshows, sporting events, concerts, competitive arts, consumer shows, community events and much more. The Ocean Center also welcomes more than 10,000 student athletes, coaches and spectators from 35 states, Japan, Canada, and Costa Rica for the National Cheerleading Association and National Dance Association’s Daytona Beach International Championship. Additionally, the Ocean Center had 68 events and over $1.1 MM in revenue already on the books as of May 2015 through fiscal year 2018. In 2017, Shriners International has selected Ocean Center to host its annual convention for a second year, the Imperial Session, a five-day event expected to draw approximately 20,000 attendees and have an estimated impact of $8 million per year

OCEAN CENTER DAYTONA BEACH

Centennial Campus: A public-private research campus where 60+ corporate, government and non-profit partners work alongside 70+ NC State research and academic units

18 DAYTONA INTERNATIONAL SPEEDWAY

Daytona International Speedway is the home of “The Great American Race” - the DAYTONA 500. Though the season-opening NASCAR Sprint Cup event garners most of the attention - as well as the largest audience in motorsports - the enormous 480-acre motorsports complex boasts the most diverse schedule of racing on the globe, thus earning it the title of “World Center of Racing.” While this 480-acre motorsports complex hosts eight major weekends of racing activity each year, a weekend rarely goes by when the facility is not in use for events including civic and social gatherings, car shows, photo shoots, production vehicle testing and police motorcycle training. Daytona Rising, a $400 million construction project completed in early 2016, is a re-imagining of an American icon – Daytona International Speedway. Five expanded and redesigned entrances, or “injectors,” lead fans to a series of escalators and elevators, transporting them to three different concourse levels. Each level features spacious social areas, or “neighborhoods,” along the nearly mile-long front stretch. The Daytona International Speedway now has approximately 101,000 permanent, wider and more comfortable seats, twice as many restrooms and three times as many concession stands. In addition, the Speedway features over 60 luxury suites with track side views and a completely revamped hospitality experience for corporate guests. The goal of the redevelopment is to attract numerous additional events outside of solely racing, including concerts, additional sporting, and other special events.

DAYTONA BEACH BANDSHELL

19 TOMOKA NORTH

INVESTMENT ADVISORY

CONOR WELTON Real Estate Analyst 919.942.2222 [email protected]