Bradford Commercial Real Estate Services 3100 Mckinnon Street, Suite 400 Dallas, Texas 75201

Market Insights Dallas/Fort Worth Industrial 3Q 2019

Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, Texas 75201

DALLAS-FORT WORTH INDUSTRIAL MARKET INSIGHTS 3Q2019 Table of Contents

BRADFORD DALLAS-FORT WORTH INDUSTRIAL TEAM 1

DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2

SUBMARKET EXPERTISE • DFW Airport • East Dallas • Great Southwest 3 • North Fort Worth • Northeast Dallas • Northwest Dallas • South Dallas • Stemmons Freeway

• Bradford Corporate Office

• Bradford Field Offices

2 BinformedINDUSTRIAL MARKET EXPERTS

Susan Singer, CCIM Michael W Spain Brian Pafford, CCIM Brock Wilson Executive Vice President Executive Vice President Senior Vice President Senior Vice President Brokerage Services Managing Partner Managing Partner Managing Partner 972.776.7043 Great Southwest Stemmons Corridor DFW Airport 972.337.9325 972.389.9002 972.776.7081

Nick Talley Michael T Grant Joe Santaularia Jim Ferris Senior Vice President Senior Vice President First Vice President Vice President Managing Partner Managing Partner DFW Airport Great Southwest Tarrant County Northeast Corridor 972.337.9336 972.337.9334 817.921.8177 972.776.7062

Erik Blais Shane Benner Jason Finch Josh Meraz Vice President Vice President Senior Associate Broker Associate Greater Fort Worth Greater Fort Worth Stemmons Corridor Great Southwest 817.921.8179 817.921.8174 972.389.9006 972.776.7037

Brandon Alexander Katherine Graham Charlie Hawkins Noah Dodge Broker Associate Broker Associate Broker Associate Broker Associate Greater Fort Worth Greater Fort Worth DFW Airport Northeast Corridor 817.921.8180 817.921.8178 972.776.7044 972.776.7101 3 DFW AIRPORT INDUSTRIAL OVERALL MARKET INSIGHTS

DFW Industrial Markets (Flex, Shallow-Bay, Bulk) Binformed

Existing Inventory Vacancy Delivered Inventory Under Construction Net Leasing Period Under # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Activity Overall DFW Industrial Vacancy Overall DFW Industrial Net Absorption Construction 2016 Q2 9,858 765,504,201 48,546,996 6.3% 2,607,172 16622108 17 5321711 112 28,036,461 6.6% 10,000,000 2016 Q3 9,878 770,730,998 43,930,078 5.7% 9,843,715 15306057 20 5226797 113 27,248,926 6.4% 9,000,000 2016 Q4 9,907 777,502,247 43,860,685 5.6% 6,840,642 14441594 29 6771249 111 28,043,541 6.2% 8,000,000 2017 Q1 9,955 788,889,067 49,057,488 6.2% 6,190,017 13347520 48 11386820 87 23,260,806 7,000,000 6.0% 2017 Q2 9,980 795,297,922 48,975,335 6.2% 6,491,008 17617249 25 6408855 91 23,210,733 6,000,000 2017 Q3 9,999 800,933,523 49,235,518 6.1% 5,375,418 14446083 19 5635601 98 26,223,897 5.8% 5,000,000 2017 Q4 10,033 808,420,666 48,656,586 6.0% 8,066,075 12280861 34 7487143 92 25,186,911 DFW Industrial Markets (Flex, Shallow-Bay, Bulk) 5.6% 4,000,000 2018 Q1 10,053 810,715,029 48,730,668 6.0% 2,220,092 17228013 20 2294363 97 28,196,353 3,000,000 5.4% 2018 Q2 10,076 818,054,842 50,214,354 6.1% 5,856,316 14111275 23 7339813 103 29,214,772 2,000,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 10,112 826,469,126 53,181,048 6.4% 5,447,590 22648931 36 8414284 95 28,720,390 5.2% 1,000,000 Net Leasing 2018 Q4 10,139 833,070,746 52,445,299 6.3% 7,337,369 15764080 27 6601620 103 30,125,208 Period 0 Under 5.0% Absorption Activity Overall DFW Industrial Vacancy Overall DFW Industrial Net Absorption 2019 Q1 10,173 840,510,555 54,277,921 6.5% 5,607,187 12679001 34 7439809 113 33,086,276 # Bldgs Total RBA Vacant SF Vacant % 2016 2016 2016 2017 2017 #2017 Bldg2017 2018 2018Delivered2018 2018 2019 2019#2019 Bldgs 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Construction 2019 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10,197 847,613,668 54,395,563 6.4% 6,954,421 9508588 23 7072063 114 33,220,541 2016 Q2 9,858 765,504,201 48,546,996 6.3% 2,607,172 16622108 17 5321711 112 28,036,461 6.6% 2019 Q3 10,220 850,240,539 53,790,827 6.3% 3,231,607 13278093 23 2626871 127 39,437,322 10,000,000 2016 Q3 9,878 770,730,998 43,930,078 5.7% 9,843,715 15306057 20 5226797 113 27,248,926 6.4% 9,000,000 2016 OverallQ4 DFW Industrial9,907 Leasing777,502,247 Activity43,860,685 5.6% Overall6,840,642 DFW Industrial14441594 Construction29 6771249 111 28,043,541 DFW Industrial Statistics by Market 6.2% 8,000,000 45,000,000 Existing Inventory Vacancy Net Under Leasing 2017 Q1 9,955 788,889,067 49,057,488 6.2%140 6,190,017 13347520 48 11386820 87 23,260,806 Market Deliveries 7,000,000 # Blds Total RBA Direct SF Vac % Absorption Const SF Activity 40,000,000 120 6.0% 2017 Q2 9,980 795,297,922 48,975,335 6.2% 6,491,008 17617249 25 6408855 91 23,210,733 6,000,000 DFW Airport Ind 634 79,871,571 5,997,145 7.5% 569,210 0 5,180,669 1,709,159 35,000,000 100 East Dallas Ind 615 45,974,034 2,418,902 5.3% (366,393) 0 2,270,452 752,208 2017 Q3 9,999 800,933,523 49,235,518 6.1% 5,375,418 14446083 19 5635601 98 26,223,897 5.8% 30,000,000 80 5,000,000 GSW/Arlington Ind 1,133 112,157,359 6,464,891 5.8% (785,081) 520,901 2,179,203 1,719,320 2017 Q4 10,033 808,420,666 48,656,586 6.0% 8,066,075 12280861 34 7487143 92 25,186,911 25,000,000 60 4,000,000 Henderson Cnty Ind 18 1,204,851 29,387 2.4% 0 0 0 0 5.6% 20,000,0002018 Q1 10,053 810,715,029 48,730,668 6.0%40 2,220,092 17228013 20 2294363 97 28,196,353 North Ft Worth Ind 707 98,386,454 5,888,756 6.0% 1,737,177 653,950 13,780,880 1,957,925 3,000,000 15,000,000 20 5.4% Northeast Dallas Ind 1,487 108,437,881 6,822,668 6.3% 470,835 667,416 1,831,388 932,057 2018 Q2 10,076 818,054,842 50,214,354 6.1% 5,856,316 14111275 23 7339813 103 29,214,772 2,000,000 10,000,000 NW Dallas Ind 1,356 109,064,726 4,638,370 4.3% 278,155 377,364 1,845,930 1,682,521 2018 Q3 10,112 826,469,126 53,181,048 6.4%0 5,447,590 22648931 36 8414284 95 28,720,390 NW Dallas Outly Ind 8.7% 5,000,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 5.2% 1,000,000 29 2,285,659 199,086 (91,023) 0 0 10,063 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 South Dallas Ind 691 100,691,287 10,846,324 10.8% 2,205,996 320,000 4,479,992 1,238,036 20180 Q4 10,139 833,070,746 52,445,299 6.3% 7,337,369 15764080 27 6601620 103 30,125,208 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 5.0% South Ft Worth Ind 1,447 79,808,434 3,944,990 4.9% (62,968) 325,000 1,581,827 771,263 Delivered Under Construction 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 Q2Q1 Q3 Q4 Q1 10,173Q2 Q3 Q4 840,510,555Q1 Q2 Q3 Q4 Q154,277,921Q2 Q3 6.5% 5,607,187 12679001 34 7439809 113 33,086,276 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 South Stemmons Ind 2,080 110,264,199 5,433,586 4.9% 18,419 1 8 5,122,216 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 10,197 847,613,668 54,395,563 6.4% 6,954,421 9508588 23 7072063 114 33,220,541 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Totals 10,197 848,146,455 52,684,105 66.9% 3,974,327 2,864,632 33,150,349 15,894,768 2019 Q3 10,220 850,240,539 53,790,827 6.3% 3,231,607 13278093 23 2626871 127 39,437,322

Overall DFW Industrial Leasing Activity Overall DFW Industrial Construction *** NW Dallas Outly & Henderson and there isn't a tab DFW Industrial Statistics by Market 45,000,000 Existing Inventory Vacancy Net Under Leasing 140 Market Deliveries # Blds Total RBA Direct SF Vac % Absorption Const SF Activity 40,000,000 120 DFW Airport Ind 634 79,871,571 5,997,145 7.5% 569,210 0 5,180,669 1,709,159 35,000,000 100 East Dallas Ind 615 45,974,034 2,418,902 5.3% (366,393) 0 2,270,452 752,208 30,000,000 80 GSW/Arlington Ind 1,133 112,157,359 6,464,891 5.8% (785,081) 520,901 2,179,203 1,719,320 25,000,000 60 Henderson Cnty Ind 18 1,204,851 29,387 2.4% 0 0 0 0 20,000,000 40 North Ft Worth Ind 707 98,386,454 5,888,756 6.0% 1,737,177 653,950 13,780,880 1,957,925 15,000,000 Northeast Dallas Ind 1,487 108,437,881 6,822,668 6.3% 470,835 667,416 1,831,388 932,057 20 NW Dallas Ind 1,356 109,064,726 4,638,370 4.3% 278,155 377,364 1,845,930 1,682,521 10,000,000 0 NW Dallas Outly Ind 8.7% 5,000,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 29 2,285,659 199,086 (91,023) 0 0 10,063 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 South Dallas Ind 691 100,691,287 10,846,324 10.8% 2,205,996 320,000 4,479,992 1,238,036 0 South Ft Worth Ind 1,447 79,808,434 3,944,990 4.9% (62,968) 325,000 1,581,827 771,263 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Delivered Under Construction Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 South Stemmons Ind 2,080 110,264,199 5,433,586 4.9% 18,419 1 8 5,122,216 Totals 10,197 848,146,455 52,684,105 66.9% 3,974,327 2,864,632 33,150,349 15,894,768

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 4 *** NW DallasThe presentation Outly of this property& Henderson is submitted subject to and errors, omissions, there change isn't of price a ortab conditions prior to sale or lease or withdrawal without notice. DFW Overall Industrial

DFW Overall Industrial Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity DFW Airport Industrial Vacancy DFW Airport Industrial Net Absorption Construction 2016 Q2 10.0% 587 69,430,938 5,938,765 8.6% (85,307) 0 0 13 1,494,826 2,215,846 2,500,000 2016 Q3 589 69,598,734 5,530,495 7.9% 576,066 2 167796 15 1,631,973 2,524,840 9.0% 2016 Q4 593 70,196,459 3,693,424 5.3% 2,434,796 4 597,725 19 3,101,294 2,487,963 8.0% 2,000,000 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing 2017Period Q1 605 71,375,172 4,509,001 6.3%Net Absorption363,136 12 1,178,713 Under 7 1,922,581 2,803,726 7.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity DFW Airport Industrial Vacancy DFW Airport Industrial1,500,000 Net Absorption 2017 Q2 606 71,487,455 4,954,930 6.9% -333,646 1 112,283Construction9 2,194,552 2,039,458 6.0% 2016 Q2 587 69,430,938 5,938,765 8.6% (85,307) 0 0 13 1,494,826 2,215,846 10.0% 2017 Q3 608 71,991,811 4,431,000 6.2% 1,028,286 2 504,356 11 2,836,992 2,041,458 2,500,000 2016 Q3 589 69,598,734 5,530,495 7.9% 576,066 2 167796 15 1,631,973 2,524,840 9.0% 5.0% 1,000,000 2017 Q4 612 73,282,115 3,961,580 5.4% 1,759,724 4 1,290,304 10 1,765,623 1,154,060 2016 Q4 593 70,196,459 3,693,424 5.3% 2,434,796 4 597,725 19 3,101,294 2,487,963 8.0% 4.0% 2,000,000 2018 Q1 615 73,682,007 4,358,941 5.9% 2,531 3 399,892 16 4,047,654 1,956,173 500,000 2017 Q1 605 71,375,172 4,509,001 6.3% 363,136 12 1,178,713 7 1,922,581 2,803,726 7.0% 3.0% DFW 2018AIRPORT Q2 1,500,000 2017 Q2 606616 71,487,45574,182,0074,954,9304,144,1356.9% 5.6%-333,646 714,8061 112,2831 500,0009 2,194,55217 2,039,4584,153,044 1,912,136 6.0% 2.0% 0 20172018 Q3 Q3 608622 71,991,81174,839,9274,431,0004,264,6796.2% 5.7%1,028,286 537,3762 504,3566 657,92011 2,836,99212 2,041,4585,031,644 3,924,1355.0% 1,000,000 INDUSTRIAL OVERALL MARKET INSIGHTS 1.0% SUBMARKET20172018 Q4 Q4 612626 73,282,11576,600,2843,961,5805,392,8735.4% 7.0%1,759,724 632,1634 1,290,3044 1,760,35710 1,765,6238 1,154,0603,271,287 2,569,8914.0% (500,000) 2018 Q1 615 73,682,007 4,358,941 5.9% 2,531 3 399,892 16 4,047,654 1,956,173 0.0% 500,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 Q1 630 77,479,349 6,132,520 7.9% 139,418 4 879,065 9 4,730,687 1,817,7683.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2018 Q2 616 74,182,007 4,144,135 5.6% 714,806 1 500,000 17 4,153,044 1,912,136 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 634 79,871,571 6,566,355 8.2% 1,958,387 4 2,392,222 7 2,578,936 1,072,1602.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 Q1 Q2 Q3 DFW Industrial Markets (Flex, Shallow-Bay, Bulk) Binformed 2018 Q3 622 74,839,927 4,264,679 5.7% 537,376 6 657,920 12 5,031,644 3,924,135 2019 Q3 634 79,871,571 5,997,145 7.5% 569,210 0 0 17 5,180,669 1,709,1591.0% 2018 Q4 626 76,600,284 5,392,873 7.0% 632,163 4 1,760,357 8 3,271,287 2,569,891 (500,000) Existing Inventory Vacancy Delivered Inventory Under Construction 0.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Net Leasing 2019 Q1 630 77,479,349 6,132,520 7.9% 139,418 4 879,065 9 4,730,687 1,817,768 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Period Under Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Activity Overall DFW Industrial Vacancy Overall DFW Industrial Net Absorption 2019 Q2 634 79,871,571 6,566,355 8.2% 1,958,387 4 2,392,222 7 2,578,936 1,072,160 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DFWQ1 Q2 AirportQ3 Q4 IndustrialQ1 Q2 Q3 Leasing Activity DFW Airport Industrial Construction Construction DFW Airport Overview 2016 Q2 9,858 765,504,201 48,546,996 6.3% 2,607,172 16622108 17 5321711 112 28,036,461 6.6% East DFW Airport/Las Colinas is one of the premier 2019 Q3Absorption634 79,871,571 5,997,145 7.5% 569,210 0 0 17 5,180,669 1,709,159 10,000,000 vs Previous Qtr vs 12 Months Ago 4,500,000 2016 Q3 9,878 770,730,998 43,930,078 5.7% 9,843,715 15306057 20 5226797 113 27,248,926 industrial submarkets in the metroplex. In addition 2,500,000 6.4% 9,000,000 569,210 1,958,387 537,376 2016 Q4 9,907 777,502,247 43,860,685 5.6% 6,840,642 14441594 29 6771249 111 28,043,541 to its proximity to the airport, the submarket’s DFW 4,000,000Airport Industrial Leasing Activity DFW Airport Industrial Construction 6.2% 8,000,000 Vacancy 2017 Q1 9,955 788,889,067 49,057,488 6.2% 6,190,017 13347520 48 11386820 87 23,260,806 easy access to State Highway 114, State Highway vs Previous Qtr vs 12 Months Ago 7,000,000 Absorption vs Previous Qtr vs 12 Months Ago 4,500,000 2,000,000 2017 Q2 9,980 795,297,922 48,975,335 6.2% 6,491,008 17617249 25 6408855 91 23,210,733 6.0% 121, and the LBJ Freeway makes it a favorite of 7.5% 8.2% 5.7% 3,500,000 2,500,000 6,000,000 569,210 1,958,387 537,376 2017 Q3 9,999 800,933,523 49,235,518 6.1% 5,375,418 14446083 19 5635601 98 26,223,897 5.8% developers and tenants. It also boasts a high U/C SF 4,000,000 5,000,000 Vacancy vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 2017 Q4 proportion of newer buildings, with more than half 3,000,000 10,033 808,420,666 48,656,586 6.0% 8,066,075 12280861 34 7487143 92 25,186,911 4,000,000 2,000,000 5.6% of its industrial inventory—and roughly two-thirds 5,180,6697.5% 8.2%2,578,936 5.7% 5,031,644 3,500,000 1,500,000 2018 Q1 10,053 810,715,029 48,730,668 6.0% 2,220,092 17228013 20 2294363 97 28,196,353 3,000,000 5.4% of its big-box stock—built since 2000. As a result, DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 2,500,000 2018 Q2 10,076 818,054,842 50,214,354 6.1% 5,856,316 14111275 23 7339813 103 29,214,772 2,000,000 3,000,000 2018 Q3 10,112 826,469,126 53,181,048 6.4% 5,447,590 22648931 36 8414284 95 28,720,390 1,000,000 the submarket has a high concentration of efficient 5,180,6690 2,578,9362,392,222 5,031,644 657,920 1,500,000 5.2% 2,000,000 1,000,000 2018 Q4 10,139 833,070,746 52,445,299 6.3% 7,337,369 15764080 27 6601620 103 30,125,208 0 product with clear heights and dock configurations Delivered SF vs Previous Qtr vs 12 Months Ago 2,500,000 5.0% Leasing Activity vs Previous Qtr vs 12 Months Ago 2019 Q1 10,173 840,510,555 54,277,921 6.5% 5,607,187 12679001 34 7439809 113 33,086,276 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 suitable for modern distribution. 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 2,392,222 657,920 1,500,000 1,000,000 2019 Q2 10,197 847,613,668 54,395,563 6.4% 6,954,421 9508588 23 7072063 114 33,220,541 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1,709,159 1,072,160 3,924,135 2,000,000 Leasing Activity vs Previous Qtr vs 12 Months Ago 500,000 2019 Q3 10,220 850,240,539 53,790,827 6.3% 3,231,607 13278093 23 2626871 127 39,437,322 West DFW Airport/Grapevine has performed well 1,709,159 1,072,160 3,924,135 1,500,000 1,000,000 as of late. Vacancies have remained below the 500,000 metro average due to steady absorption in existing DFW Airport Vital Statistics Overall DFW Industrial Leasing Activity Overall DFW Industrial Construction 1,000,000 500,000 0 DFW Industrial Statistics by Market inventory and strong leasing for new speculative DFW Airport Vital Statistics 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 45,000,000 3,000,000 10.0% 500,000 0 Existing Inventory Vacancy Net Under Leasing 140 projects. Rents are pricier than nearby submarkets, 2016 2016 2016 2017 2017 2017 2017 2018 2018Q22018Q32018 Q42019 2019Q1 2019Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Market Deliveries 3,000,000 10.0% 9.0% 0 # Blds Total RBA Direct SF Vac % Absorption Const SF Activity 40,000,000 120 but rent growth remains well above historical 2,500,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018Q22019Q32019Q4 2019Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9.0% 8.0% 0 Delivered Under Construction DFW Airport Ind 634 79,871,571 5,997,145 7.5% 569,210 0 5,180,669 1,709,159 35,000,000 100 norms. 2,500,000 2016 2016 2016 2017 2017 2017Q22017Q32018Q42018 Q12018 2018Q2 2019Q3 2019Q42019Q1 Q2 Q3 Q4 Q1 Q2 Q3 2,000,000 8.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction East Dallas Ind 615 45,974,034 2,418,902 5.3% (366,393) 0 2,270,452 752,208 30,000,000 7.0% 80 2,000,000 7.0% GSW/Arlington Ind 1,133 112,157,359 6,464,891 5.8% (785,081) 520,901 2,179,203 1,719,320 The Dallas/Fort Worth International Airport is 6.0% 25,000,000 60 1,500,000 6.0% Henderson Cnty Ind 18 1,204,851 29,387 2.4% 0 0 0 0 the major driver of demand for this submarket. 1,500,000 5.0% 20,000,000 40 5.0% North Ft Worth Ind 707 98,386,454 5,888,756 6.0% 1,737,177 653,950 13,780,880 1,957,925 The airport is not only one of the busiest in the 1,000,0001,000,000 15,000,000 4.0% 4.0% Northeast Dallas Ind 1,487 108,437,881 6,822,668 6.3% 470,835 667,416 1,831,388 932,057 20 U.S. for passenger travel, but it also ranks as one 500,000500,000 3.0% 3.0% NW Dallas Ind 1,356 109,064,726 4,638,370 4.3% 278,155 377,364 1,845,930 1,682,521 10,000,000 0 of the largest cargo airports in the country, and 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2.0% 2.0% NW Dallas Outly Ind 29 2,285,659 199,086 8.7% (91,023) 0 0 10,063 5,000,000 roughly one third of the submarket’s inventory 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.0% 1.0% South Dallas Ind 10.8% is within its boundaries. Though most major 691 100,691,287 10,846,324 2,205,996 320,000 4,479,992 1,238,036 0 (500,000) 0.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Delivered Under Construction (500,000) 0.0% South Ft Worth Ind 1,447 79,808,434 3,944,990 4.9% (62,968) 325,000 1,581,827 771,263 airport-related distribution facilities and tenants 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 South Stemmons Ind 2,080 110,264,199 5,433,586 4.9% 18,419 1 8 5,122,216 are in the neighboring East DFW Airport/Las Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Totals 10,197 848,146,455 52,684,105 66.9% 3,974,327 2,864,632 33,150,349 15,894,768 Colinas Submarket, many large tenants in West Net Absorption Delivered Vacant % DFW Airport/Grapevine are dependent on air Net Absorption Delivered Vacant % transportation and the logistics industry. This submarket’s location also gives tenants access to major arteries including Highway 360, Highway 114, *** NW Dallas Outly & Henderson and there isn't a tab Highway 121, and Highway 183/I-820. Due to its central location, virtually anywhere in the metroplex can be reached within one hour, even in heavy traffic.

Leasing Facilities in the East DFW Airport/Las Colinas Submarket are well positioned to take full advantage of the superb population growth in North Texas. The submarket runs the gamut in terms of building quality and type, ranging from smaller warehouse/distribution facilities, to larger tenant occupied buildings. East DFW Airport/Las Colinas holds its fair share of third-party logistics tenants, as well as companies involved in air cargo logistics. Notably, part of the submarket is designated as a Triple Freeport tax exemption zone.

Fundamentals in West DFW Airport/Grapevine are strong. Vacancies typically trend below the metro average as well as neighboring submarkets like East DFW Airport/Las Colinas and Upper Great Southwest. The main drawback to this submarket is price—rents are significantly higher than nearby submarkets since the majority of industrial zoned land here falls within the boundaries of the Dallas/Fort Worth International Airport itself. The most common way to build in the submarket is to lease land from the airport, something that can be prohibitively expensive for developers. Also of note, some of that land falls within the airport’s Foreign Trade Zone.

Movers & Shakers Largest Vacancies: Tenant SF Building DFW Commerce Center Bldg 1 – 1,000,584 sf DFW Airport American Airlines 394,143 1071 N 24th Avenue Gateway Logistics – Building 3 – 375,400 sf XPO Logistics 298,341 2425 Esters Rd Gateway Logistics Bldg 5 - 267,575 sf Alphabroder 169,050 1040 Trade Avenue DFW Distribution Center – 252,400 sf DFW Airport

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 5 DFW Overall Industrial Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity East Dallas Industrial Vacancy East Dallas Industrial Net Absorption Construction 2016 Q2 7.0% 609 44,012,804 2,760,288 6.3% (287,298) 0 0 0 0 141,751 1,400,000 2016 Q3 609 44,012,804 2,556,268 5.8% 204,020 0 0 0 0 490,401 6.0% 1,200,000 2016 Q4 609 44,012,804 2,535,665 5.8% 20,603 0 0 1 351,874 547,655 Existing Inventory Vacancy Delivered Inventory Under Construction 1,000,000 2017 Q1 609 44,012,804 2,569,682 5.8% (34,017) 0 0 1 Leasing351,874 194,838 5.0% Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity East Dallas Industrial Vacancy East Dallas Industrial800,000 Net Absorption 2017 Q2 609 44,012,804 2,353,728 5.3% 215,954 0 0 Construction1 351,874 692,308 4.0% 2016 Q2 7.0% 600,000 2017 Q3 609610 44,012,80444,364,6782,760,2882,484,2576.3% 5.6%(287,298) 221,3450 01 351,8740 0 0 141,751 0 165,450 1,400,000 2016 Q3 609 44,012,804 2,556,268 5.8% 204,020 0 0 0 0 490,401 2017 Q4 610 44,364,678 2,319,067 5.2% 165,190 0 0 2 943,790 205,9786.0% 3.0% 1,200,000 400,000 2016 Q4 609 44,012,804 2,535,665 5.8% 20,603 0 0 1 351,874 547,655 2018 Q1 610 44,364,678 2,359,006 5.3% (40,128) 0 0 3 1,430,990 534,429 1,000,000 200,000 2017 Q1 609 44,012,804 2,569,682 5.8% (34,017) 0 0 1 351,874 194,838 5.0% 2.0% EAST DALLAS GREAT SOUTHWEST 800,000 0 20172018 Q2 Q2 609610 44,012,80444,364,6782,353,7282,090,3395.3% 4.7%215,954 268,8560 00 1 0 351,8746 692,3082,408,869 964,008 4.0% 20172018 Q3 Q3 610612 44,364,67844,918,4382,484,2572,056,3415.6% 4.6%221,345 587,7581 351,8742 553,7600 0 5 165,4501,888,575 779,048 1.0% 600,000 (200,000) SUBMARKET20172018 Q4 Q4 610613 44,364,67844,951,9042,319,0672,474,5985.2% 5.5%165,190 (384,791)0 01 33,4662 943,7904 205,9781,855,109 380,3923.0% 400,000 (400,000) 0.0% 20182019 Q1 Q1 610614 44,364,67845,829,1342,359,0062,056,2475.3% 4.5% (40,128) 1,295,5810 01 877,2303 1,430,9904 534,4291,215,352 377,334 200,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20182019 Q2 Q2 610615 44,364,67845,974,0342,090,3392,052,5094.7% 4.5%268,856 148,6380 01 144,9006 2,408,8694 964,0082,270,452 574,752 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 Q1 Q2 Q3 2018 Q3 612 44,918,438 2,056,341 4.6% 587,758 2 553,760 5 1,888,575 779,048 1.0% (200,000) 2019 Q3 615 45,974,034 2,418,902 5.3% (366,393) 0 0 4 2,270,452 752,208 2018 Q4 613 44,951,904 2,474,598 5.5% (384,791) 1 33,466 4 1,855,109 380,392 (400,000) 0.0% East Dallas Overview 2019 Q1 614 45,829,134 2,056,247 4.5% 1,295,581 1 877,230 4 1,215,352 377,334 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EastQ3 Q4 DallasQ1 Q2 Q3Industrial Construction Vacancies in East Dallas/Mesquite have remained 2019 Q2 615 45,974,034 2,052,509 4.5% 148,638 1 144,900 4 2,270,452 574,752 Q2 Q3 Q4 Q1 Q2 Q3 Q4EastQ1 DallasQ2 Q3 Q4IndustrialQ1 Q2 Q3Leasing Activity above the metro average this cycle but now closely 2019 Q3Absorption615 45,974,034vs Previous2,418,902 Qtr 5.3% vs(366,393) 12 Months Ago 0 0 4 2,270,452 752,208 1,200,000 900,000 align with the submarket’s historical average. In (366,393) 148,638 587,758 terms of construction, a large portion of recent new- Vacancy East Dallas Industrial Leasing Activity East Dallas Industrial800,000 Construction builds were build-to-suits, including a 352,000-SF vs Previous Qtr vs 12 Months Ago 1,000,000 Absorption vs Previous Qtr vs 12 Months Ago 1,200,000 facility for FedEx Ground and a 877,000-SF facility 5.3% 4.5% 4.6% 900,000 700,000 (366,393) 148,638 587,758 for Ashley Furniture. In 18Q2, Exeter Property Group U/C SF Vacancy vs Previous Qtr vs 12 Months Ago 800,000 600,000 broke ground on a four-building industrial park just vs Previous Qtr vs 12 Months Ago 1,000,000 800,000 2,270,452 2,270,452 1,888,575 west of the intermodal, totaling more than 1 million 5.3% 4.5% 4.6% 700,000 500,000 SF. All of the buildings were speculative, and the DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 800,000 600,000 600,000 400,000 project is scheduled to complete in mid-2019. 2,270,4520 2,270,452144,900 1,888,575 553,760 500,000 LeasingDelivered Activity SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 300,000 The submarket centers on the Union Pacific 600,000 400,000 0 144,900 553,760 Railroad’s intermodal hub in Mesquite. After 752,208 574,752 779,048 400,000 200,000 Leasing Activity 300,000 largely ignoring East Dallas/Mesquite in the ’90s, vs Previous Qtr vs 12 Months Ago 100,000 developers ramped up construction in the early 752,208 574,752 779,048 400,000 200,000 East Dallas Vital Statistics 200,000 2000s, when the intermodal was being constructed. 100,000 0 Nearly half of total inventory here has delivered 1,400,000 East Dallas Vital Statistics 7.0% 200,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 since 2000, though almost all of that came prior to 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1,400,0001,200,000 7.0% 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 the current cycle. 6.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018Q22019Q3 2019Q4 2019Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1,200,0001,000,000 0 6.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction 1,000,000800,000 5.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction 800,000 5.0% Leasing 600,000 4.0% East Dallas/Mesquite is one of four submarkets 600,000400,000 4.0% containing an intermodal terminal in the Dallas- 400,000 3.0% 200,000 3.0% Fort Worth metroplex. Unsurprisingly, the majority 200,000 0 2.0% of submarket’s inventory is clustered around 0 2.0% (200,000) the intermodal. Due to the presence of freight (200,000) 1.0% (400,000) 1.0% rail, and the vast amount of light industrial and (400,000) manufacturing space here and in the surrounding (600,000)(600,000) 0.0% 0.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 area, a large portion of the tenant base consists of 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3PLs and manufacturing parts suppliers. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % Most tenant movement involves relatively smaller spaces. However, FedEx moved into its new 352,000-SF facility in September 2017, and Elements International took 487,000 SF at the Skyline Trade Center in 18Q3. Also, Ashley Furniture opened a 877,000 SF distribution hub in 19Q1. In terms of move-outs, Shippers Warehouse vacated 420,000 SF at the Eastpoint Business Center in early 2018 for a new facility in the SE Dallas/I-45 Submarket (which also contains a Union Pacific intermodal facility).

Vacancies in East Dallas/Mesquite have trended slightly above the metro average for the past few years. With plenty of speculative supply on the way, vacancies could remain elevated over the next few quarters

Movers & Shakers Largest Vacancies: Tenant SF Building 3000 Skyline Drive - 753,000 sf Hayes Retail Services 208,750 1201 Big Town Blvd Prologis Mesquite 1 – 442,035 sf Carlisle Construction 112,400 3000 Apache Trail 1515 Big Town Blvd - 232,124 sf Materials Peachtree Distribution Center – 156,293 sf World Communication 24,000 706 Rand Rd 11202 Russell St - 50,000 sf Towers Distribution Mgmt 191,360 4695 Clover Haven St East Dallas

East Dallas

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity Great Southwest Industrial Vacancy Great Southwest Industrial Net Absorption Construction 10.0% 2016 Q2 1,078 95,989,177 4,991,463 5.2% 151,220 2 597,455 20 6,297,386 2,354,296 2,500,000 2016 Q3 1,083 97,229,925 5,761,986 5.9% 470,225 5 1,240,748 20 7,039,146 1,800,553 9.0% 2016 Q4 1,089 99,043,559 6,517,177 6.6% 1,058,443 6 1,813,634 18 6,462,574 1,927,415 8.0% 2,000,000 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period2017 Q1 1,097 101,250,499 8,120,890 8.0%Net Absorption603,227 8 2,206,940 Under15 5,527,773 2,509,226 7.0% 1,500,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity Great Southwest Industrial Vacancy Great Southwest Industrial Net Absorption 2017 Q2 1,103 104,269,071 8,708,909 8.4% 2,430,553 6 3,018,572 Construction12 3,929,741 3,185,386 6.0% 2016 Q2 1,078 95,989,177 4,991,463 5.2% 151,220 2 597,455 20 6,297,386 2,354,296 10.0% 1,000,000 2017 Q3 1,105 105,074,611 8,778,504 8.4% 735,945 2 805,540 14 5,052,777 2,452,453 5.0% 2,500,000 2016 Q3 1,083 97,229,925 5,761,986 5.9% 470,225 5 1,240,748 20 7,039,146 1,800,553 9.0% 2017 Q4 1,113 106,833,812 9,230,565 8.6% 1,307,140 8 1,759,201 7 3,788,094 2,948,731 500,000 2016 Q4 1,089 99,043,559 6,517,177 6.6% 1,058,443 6 1,813,634 18 6,462,574 1,927,415 8.0% 4.0% 2,000,000 2018 Q1 1,114 106,859,348 8,648,106 8.1% 607,995 1 25,536 11 4,839,374 4,341,221 2017 Q1 GREAT1,097 101,250,499 8,120,890 8.0% SOUTHWEST603,227 8 2,206,940 15 5,527,773 2,509,226 7.0% 3.0% 1,500,000 0 2018 Q2 1,116 107,927,388 7,562,647 7.0% 2,153,499 2 1,068,040 10 3,943,454 2,724,198 2017 Q2 1,103 104,269,071 8,708,909 8.4% 2,430,553 6 3,018,572 12 3,929,741 3,185,386 6.0% 2.0% 1,000,000 (500,000) 20172018 Q3 Q3 1,1051,116 105,074,611107,927,3888,778,5046,071,8348.4% 5.6% 735,945 1,490,8132 805,5400 140 5,052,77715 2,452,4535,133,009 3,315,184 5.0% 1.0% SUBMARKET 500,000 20172018 Q4 Q4 1,1131,118 106,833,812108,532,3749,230,5655,076,4108.6% 4.7%1,307,1401,600,4108 1,759,2012 604,9867 3,788,09420 2,948,7315,463,747 3,321,5074.0% (1,000,000) 0.0% 2018 Q1 1,114 106,859,348110,469,2858,648,106 8.1% 607,995 1 25,536 11 4,839,374 4,341,221 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 Q1 1,124 4,744,896 4.3% 2,268,425 6 1,936,911 17 3,711,547 1,000,8233.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 20190 2019 2019 2018 Q2 1,116 107,927,388 7,562,647 7.0% 2,153,499 2 1,068,040 10 3,943,454 2,724,198 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 1,127 111,636,458 5,158,909 4.6% 753,160 3 1,167,173 15 2,700,104 883,422 2.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 Q3 1,116 107,927,388 6,071,834 5.6% 1,490,813 0 0 15 5,133,009 3,315,184 (500,000) 2019 Q3 1,133 112,157,359 6,464,891 5.8% (785,081) 6 520,901 9 2,179,203 1,719,3201.0% 2018 Q4 1,118 108,532,374 5,076,410 4.7% 1,600,410 2 604,986 20 5,463,747 3,321,507 (1,000,000) 0.0% 2019 Q1 1,124 110,469,285 4,744,896 4.3% 2,268,425 6 1,936,911Great Southwest17 3,711,547 Overview1,000,823 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4GreatQ1 Q2 SouthwestQ3 Q4 Q1 Q2 IndustrialQ3 Construction 2019 Q2 1,127 111,636,458 5,158,909 4.6% 753,160 3 1,167,173Upper Great15 Southwest2,700,104 is one of 883,422the largest Q2 Q3 Q4 Q1 Q2 GreatQ3 Q4 SouthwestQ1 Q2 Q3 Q4IndustrialQ1 Q2 Q3Leasing Activity 2019 Q3Absorption1,133 112,157,359vs Previous6,464,891 Qtr 5.8% vs (785,081)12 Months Ago 6 520,901industrial submarkets9 2,179,203 in the metroplex1,719,320 and is often a 5,000,000 3,500,000 (785,081) 753,160 1,490,813 hotspot for speculative supply. Though occupancies have recovered from the most recent supply wave, 4,500,000 Great Southwest Industrial Construction Vacancy vs Previous Qtr vs 12 Months Ago Great Southwest Industrial Leasing Activity with 1.5 M SF under construction, another round 3,000,000 Absorption vs Previous Qtr vs 12 Months Ago 5,000,000 4,000,000 5.8% 4.6% 5.6% of spec projects is set to deliver over the next few 3,500,000 (785,081) 753,160 1,490,813 2,500,000 U/C SF vs Previous Qtr vs 12 Months Ago quarters, so fundamentals are likely to take another 4,500,000 3,500,000 Vacancy vs Previous Qtr vs 12 Months Ago 3,000,000 2,179,203 2,700,104 5,133,009 hit, at least temporarily. The submarket is attractive 5.8% 4.6% 5.6% 4,000,000 3,000,000 2,000,000 Delivered SF to national retailers and 3PLs, as well as companies 2,500,000 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 3,500,000 focused on local distribution; it offers easy access 2,500,000 1,500,000 2,179,203520,901 2,700,1041,167,173 5,133,009 0 to the Dallas/Fort Worth International Airport and to 3,000,000 2,000,000 LeasingDelivered Activity SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago highways in all parts of the metroplex. Upper Great 2,000,000 2,500,000 1,000,000 520,901 1,167,173 0 1,500,000 1,719,320 883,422 3,315,184 Southwest is bound by Texas State Highway 183 (to 1,500,000 Leasing Activity vs Previous Qtr vs 12 Months Ago 2,000,000 the north), I-30 (to the south), Texas State Highway 1,000,000 500,000 1,000,000 1,719,320 883,422 3,315,184 360 (to the west) and the President George Bush 1,500,000 Great Southwest Vital Statistics Turnpike (to the east). 500,000 0 1,000,000 500,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 3,500,000 Great Southwest Vital Statistics 10.0% Vacancies in Lower Great Southwest are well below 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3,000,000 9.0% 500,000 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 3,500,000 10.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 8.0%the submarket’s historical average and have leveled Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DeliveredQ1 Q2 Q3 Under Construction 3,000,0002,500,000 9.0% 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 off in recent years after compressing dramatically 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 8.0% 7.0% 2,500,0002,000,000 early this cycle. The submarket hasn’t seen as much Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction 7.0% 6.0% 2,000,0001,500,000 new supply as neighbor Upper Great Southwest, 6.0% 5.0% 1,500,0001,000,000 but a handful of major projects have delivered in 5.0% 4.0% 1,000,000 recent years. Lower Great Southwest was one of the 500,000 4.0% 3.0% 500,000 original industrial nodes in North Texas, and is home 0 3.0% 2.0% 0 2.0% to a high concentration of manufacturing tenants. (500,000) 1.0% (500,000) 1.0% However, what this submarket lacks in modern space, (1,000,000) 0.0% (1,000,000) 0.0% it makes up for with location: Its proximity to the 20162016201620172017201720172018201820182018201920192019 20162016201620172017201720172018201820182018201920192019 metro’s manufacturing core is attractive to many Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 tenants, and the submarket has east/west access to Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % major population centers via I-20 and I-30 and direct access to the Dallas/Fort Worth International Airport via Highway 360 and the President George Bush Turnpike. The Arlington Submarket is a secondary distribution node between Fort Worth and Dallas. While industrial inventory is scattered throughout the submarket, most higher-quality stock built since 2000 is at the intersection of I-20 and State Highway 360, which is roughly 20 miles from Dallas, Fort Worth and the D/FW International Airport. After a supply-driven vacancy spike in 2017, occupancies have recovered in recent quarters due to a number of major leases. Leasing Similar to in the D-FW metro as a whole, construction in Upper Great Southwest has ramped up in recent years. With about 10 million SF of space delivering since 2015, accounting for about 20% of the total inventory, making this submarket has been one of the most active in terms of construction. Unlike submarkets in South Dallas and North Fort Worth, where massive single-tenant facilities make up the bulk of new supply, new construction in Upper Great Southwest generally consists of multi-tenant properties that target tenants seeking 100,000–300,000 SF. More recently, the General Motors Assembly Plant expansion and two additional industrial projects completed earlier in 2019, totaling 2.2 million SF. Few other projects have entered the market since. Lower Great Southwest is one of the largest industrial submarkets in the metroplex. But despite its location and transportation advantages, the submarket was historically plagued with structurally high vacancies and low asking rents. This cycle has been different, though, as the demand for space with access to both sides of the metroplex and to Dallas/Fort Worth International Airport, has helped vacancies compress to unprecedented lows.

The Arlington Submarket may be large in geographical size, but compared to its neighbors Lower Great Southwest and Upper Great Southwest, it’s relatively small in terms of inventory. Other than the area at the intersection of I-20 and State Highway 360, this submarket is primarily residential. However, the submarket’s location, directly between Dallas and Fort Worth, makes it attractive for distribution throughout the metroplex. Great Southwest Movers & Shakers Largest Vacancies: Tenant SF Building 14601 Sovereign Rd - 494,518 sf Capstone Global, LLC 248,096 1900 Timberlake Drive 1102 State Highway 161 - 322,824 sf Great Southwest Rooms To Go 242,370 4925 New York Avenue 14900 Trinity Blvd - 310,000 sf Builders FirstSource 111,509 1750 Westpark Drive 2911 S Great Southwest Parkway - 271,794 sf 4925 New York Avenue - 242,370 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 7 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity North Fort Worth Industrial Vacancy North Fort Worth Industrial Net Absorption Construction 2016 Q2 12.0% 643 82,282,053 7,884,338 9.6% 47,401 3 586,063 15 5,535,394 3,587,668 2,500,000 2016 Q3 645 84,106,099 7,237,303 8.6% 2,471,081 2 1,824,046 15 3,769,948 3,320,256 10.0% 2016 Q4 Existing652 Inventory85,384,926 6,683,426Vacancy 7.8% 1,832,704Delivered Inventory7 1,278,827Under Construction12 3,781,368 1,507,567 2,000,000 Leasing Period Net Absorption 2017 Q1 658 87,297,838 6,788,733 7.8% 1,807,605 6 1,912,912 Under14 Activity4,750,345 2,946,635 North Fort Worth Industrial Vacancy North Fort Worth Industrial Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs 8.0% 1,500,000 2017 Q2 660 87,876,047 5,620,310 6.4% 1,746,632 2 578,209 Construction22 4,898,248 2,329,834 2016 Q2 12.0% 643 82,282,053 7,884,338 9.6% 47,401 3 586,063 15 5,535,394 3,587,668 2,500,000 20162017 Q3 Q3 645665 84,106,09989,296,4327,237,3034,953,7528.6% 5.5%2,471,081 2,086,9432 1,824,0465 1,420,38515 3,769,94820 3,320,2563,748,738 515,067 6.0% 1,000,000 10.0% 20162017 Q4 Q4 652669 85,384,92689,967,2066,683,4264,477,0317.8% 5.0%1,832,704 1,147,4957 1,278,8274 670,77412 3,781,36821 1,507,5674,727,247 1,756,788 2,000,000 20172018 Q1 Q1 658673 87,297,83890,077,9066,788,7333,370,2587.8% 3.7%1,807,605 1,217,4736 1,912,9124 110,70014 4,750,34522 2,946,6355,287,047 2,076,086 4.0% 500,000 8.0% 1,500,000 NORTH FORT2017 Q2 660 87,876,047 WORTH5,620,310 6.4% 1,746,632 2 578,209 22 NORTH4,898,248 2,329,834 FORT WORTH 2018 Q2 678 91,077,732 3,398,965 3.7% 971,119 5 999,826 23 7,081,743 674,719 0 20172018 Q3 Q3 665687 89,296,43293,254,8254,953,7525,688,8545.5% 6.1%2,086,943 (112,796)5 1,420,3859 2,177,09320 3,748,73819 515,0675,577,729 895,0786.0% 2.0% 1,000,000 2017 Q4 669 89,967,206 4,477,031 5.0% 1,147,495 4 670,774 21 4,727,247 1,756,788 SUBMARKET2018 Q4 693 95,310,449 7,106,029 7.5% 638,449 6 2,055,624 16 4,280,105 667,821 (500,000) 2018 Q1 673 90,077,906 3,370,258 3.7% 1,217,473 4 110,700 22 5,287,047 2,076,086 4.0% 0.0% 500,000 2019 Q1 699 97,255,504 7,445,251 7.7% 1,605,833 6 1,945,055 16 6,671,471 2,057,911 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2018 Q2 678 91,077,732 3,398,965 3.7% 971,119 5 999,826 23 7,081,743 674,719 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 20182019 Q3 Q2 687703 93,254,82597,732,5045,688,8546,971,9836.1% 7.1%(112,796) 950,2689 2,177,0934 477,00019 5,577,72924 895,07810,535,816 746,6922.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20182019 Q4 Q3 693707 95,310,44998,386,4547,106,0295,888,7567.5% 6.0%638,449 1,737,1776 2,055,6244 653,95016 4,280,10528 667,82113,780,880 1,957,925 (500,000) 0.0% 2019 Q1 699 97,255,504 7,445,251 7.7% 1,605,833 6 1,945,055 16 6,671,471 2,057,911 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 North Fort Worth Overview 2019 Q2 703 97,732,504 6,971,983 7.1% 950,268 4 477,000 24 10,535,816 746,692 Q2 Q3 Q4 Q1 Q2 Q3NorthQ4 Q1 FortQ2 WorthQ3 Q4 IndustrialQ1 Q2 Q3 Leasing Activity North Fort Worth Industrial Construction 2019 Q3 707 98,386,454 5,888,756 6.0% 1,737,177 4 653,950 28 13,780,880 1,957,925 The NE Tarrant/Alliance Submarket is dominated Absorption vs Previous Qtr vs 12 Months Ago 4,000,000 by Hillwood’s 26,000-acre, master-planned 2,500,000 AllianceTexas development. Alliance has emerged 1,737,177 950,268 -112,796 North Fort Worth Industrial Leasing Activity North Fort Worth Industrial Construction Vacancy 3,500,000 as one of Dallas-Fort Worth’s primary industrial Absorption vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 nodes, featuring some of North Texas’s newest, 6.0% 7.1% 6.1% 2,500,000 2,000,000 1,737,177 950,268 -112,796 3,000,000 most-efficient warehouse product. The submarket is 3,500,000 VacancyU/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago also home to the Fort Worth Alliance Airport, which 6.0% 7.1% 6.1% 2,000,000 is dedicated exclusively to air cargo. The success 13,780,880 10,535,816 5,577,729 3,000,000 2,500,000 1,500,000 U/C SF of the airport spurred an expansion of its runway, Delivered SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago which completed in early 2018. The extension 13,780,880 10,535,816 5,577,729 2,500,000 2,000,000 1,500,000 653,950 477,000 2,177,093 1,000,000 enables long-haul flights to take off fully fueled, Delivered SF vs Previous Qtr vs 12 Months Ago Leasing Activity vs Previous Qtr vs 12 Months Ago 2,000,000 under almost any weather conditions, increasing 653,950 477,000 2,177,093 1,500,000 1,000,000 air cargo capacity at the airport. Also, not far from Leasing1,957,925 Activity 746,692 895,078 vs Previous Qtr vs 12 Months Ago 1,500,000 500,000 the airport is another primary demand driver, the 1,957,925 746,692 895,078 1,000,000 Alliance Global Logistics Hub (built around the 500,000 North Fort Worth Vital Statistics 1,000,000 BNSF Alliance Intermodal Facility), which serves as North Fort Worth Vital Statistics 500,000 0 one of the nation’s foremost inland ports. 3,000,000 12.0% 500,000 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 3,000,000 12.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018Q22018Q32018 2019Q4 2019Q1 2019Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 This submarket has been one of the most active in 2,500,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2,500,000 10.0% 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 the metroplex in terms of new supply this cycle, 10.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Delivered Under Construction 2,000,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Delivered Under Construction 2,000,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 and the newest construction is speculative. Due to 8.0% 8.0% all of this spec construction, vacancies generally 1,500,0001,500,000 trend above the metro average, even when net 6.0% 6.0% 1,000,000 absorption continues to outperform historical 1,000,000 4.0% 4.0% norms. Similar to the metro as a whole, year- 500,000500,000 over-year rent growth averages just about 6%. 0 2.0% 2.0% The high proportion of big-box inventory in NE 0 (500,000) 0.0% Tarrant/Alliance makes the submarket attractive to (500,000) 0.0% institutional investors, and buildings often change 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q22016Q32016Q42016Q1 2017Q2 2017Q3 Q42017Q12017Q22018Q32018Q4 2018Q1 2018Q2 2019Q3 2019 2019 hands as part of national or multi-market portfolio Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 sales. Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % Meacham Field/Fossil Creek is a large, dynamic industrial submarket north of Fort Worth. The submarket has added a great deal of modern, efficient product in recent building cycles, and close to half of its total big-box inventory has delivered since 2000. Most of this submarket’s big-box inventory is located either just east of the Fort Worth Meacham International Airport or at the intersection of I-35W and I-820.

The submarket saw a massive supply spike in 2016, but fundamentals have recovered since then. Vacancies have trended below the metro average in recent years and rent growth continues to well outperform historical norms. Meacham Field/Fossil Creek is one of the more liquid submarkets in the metroplex, as roughly 10% of the submarket’s inventory has changed hands on average annually in recent years.

Leasing NE Tarrant/Alliance serves as a significant super-regional distribution hub in the northwestern part of Dallas-Fort Worth. While other developers are active in the submarket, it is dominated by Hillwood, which owns and continues to develop a substantial portion of the land here. Over the years, Hillwood has transformed this former prairie into a bustling mixed-use development, including residential, retail, office, and industrial components.

Most of the recent big-tenant moves here have involved significant retailers, e-commerce firms, consumer goods, and regional distribution operations. Both Walmart and Amazon have taken about 2 million SF in recent years, and companies like 3M (603,000 SF in 18Q1) and Stanley Black & Decker (1.2 million SF in 19Q1) have signed on for substantial facilities as well. Amazon Air is planning a major air cargo hub in Alliance, which could spur even more activity at the recently expanded Alliance Airport.

Robust construction has created large blocks of space to proliferate in the submarket, with tenants seeking massive facilities of half a million SF or North Fort Worth more often look here or in south Dallas. Including existing facilities and projects under construction, as of early 2019, 12 spaces containing 200,000 SF or more were available for lease, and there were four spaces with 500,000 SF or more. Metro wide, roughly 90 spaces of 200,000 SF and larger and about 25 blocks of 500,000 SF or more were available.

North Fort Worth

Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity North Fort Worth Industrial Vacancy North Fort Worth Industrial Net Absorption Construction 2016 Q2 12.0% 643 82,282,053 7,884,338 9.6% 47,401 3 586,063 15 5,535,394 3,587,668 2,500,000 2016 Q3 645 84,106,099 7,237,303 8.6% 2,471,081 2 1,824,046 15 3,769,948 3,320,256 10.0% 2016 Q4 652 85,384,926 6,683,426 7.8% 1,832,704 7 1,278,827 12 3,781,368 1,507,567 2,000,000 2017 Q1 658 87,297,838 6,788,733 7.8% 1,807,605 6 1,912,912 14 4,750,345 2,946,635 8.0% 1,500,000 2017 Q2 660 87,876,047 5,620,310 6.4% 1,746,632 2 578,209 22 4,898,248 2,329,834 2017 Q3 665 89,296,432 4,953,752 5.5% 2,086,943 5 1,420,385 20 3,748,738 515,067 6.0% 1,000,000 2017 Q4 669 89,967,206 4,477,031 5.0% 1,147,495 4 670,774 21 4,727,247 1,756,788 2018 Q1 673 90,077,906 3,370,258 3.7% 1,217,473 4 110,700 22 5,287,047 2,076,086 4.0% 500,000 2018 Q2 678 91,077,732 3,398,965 3.7% 971,119 5 999,826 23 7,081,743 674,719 0 2018 Q3 687 93,254,825 5,688,854 6.1% (112,796) 9 2,177,093 19 5,577,729 895,078 2.0% 2018 Q4 693 95,310,449 7,106,029 7.5% 638,449 6 2,055,624 16 4,280,105 667,821 (500,000) 0.0% 2019 Q1 699 97,255,504 7,445,251 7.7% 1,605,833 6 1,945,055 16 6,671,471 2,057,911 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 703 97,732,504 6,971,983 7.1% 950,268 4 477,000 24 10,535,816 746,692 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q3 707 98,386,454 5,888,756 6.0% 1,737,177 4 653,950 28 13,780,880 1,957,925 North Fort Worth Industrial Leasing Activity North Fort Worth Industrial Construction Absorption vs Previous Qtr vs 12 Months Ago 4,000,000 2,500,000 1,737,177 950,268 -112,796 3,500,000 Vacancy vs Previous Qtr vs 12 Months Ago 6.0% 7.1% 6.1% 2,000,000 3,000,000 U/C SF vs Previous Qtr vs 12 Months Ago 13,780,880 10,535,816 5,577,729 2,500,000 1,500,000 Delivered SF vs Previous Qtr vs 12 Months Ago 2,000,000 653,950 477,000 2,177,093 1,000,000 Leasing Activity vs Previous Qtr vs 12 Months Ago 1,500,000 1,957,925 746,692 895,078 500,000 1,000,000 North Fort Worth Vital Statistics 500,000 0 3,000,000 12.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2,500,000 0 10.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Delivered Under Construction 2,000,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 8.0% 1,500,000 6.0% 1,000,000 4.0% 500,000 Meacham Field/Fossil Creek is typically one of the tightest submarkets in the metroplex: Its historical average vacancy is below 6%, while the 0 2.0% metro average is north of 8%. Vacancies have generally trended about 2% below the metro average the past two years. Overall the submarket (500,000) 0.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 has been experiencing solid rental rate increases after a wave of speculative supply that came to the area in 2016 and 2017. Fundamentals have Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 also been helped by a few build-to-suits for Lego Systems (1.44 million SF in 2016), TTI (600,000 SF in 2017), and Andrews Distributing (538,000 Net Absorption Delivered Vacant % SF in 2019).

Tenants seeking large footprints often opt for build-to-suits due to the scarcity of large blocks of space within the submarket. As of 19Q2, there were two buildings in Meacham Field/Fossil Creek with more than 200,000 SF of contiguous availability. In comparison, northern neighbor NE Tarrant/Alliance had 10 buildings that fit that criteria.

Movers & Shakers Largest Vacancies: Tenant SF Building Trammell Crow at 35 Eagle Bldg A – 1,089,642 sf CTDI 705,955 1753 Chaplin Dr Alliance Northport 1 – 500,555 sf Stanley Black & Decker 425,000 N Beach Street Elizabeth Creek Gateway Bldg B – 494,041 sf WestRock 362,670 5180 N Railhead Rd 4801 Westport Parkway – 400,000 sf Schluter Systems 500,555 17505 I-35 W N Frontage Rd Bombardier 234,277 15301 Heritage Pkwy Walmart Stores 213,000 1201 NE Loop 820 CEVA Logistics 202,000 1101 Interstate 35W

North Fort Worth

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 9 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity Northeast Dallas Industrial Vacancy Northeast Dalllas Industrial Net Absorption Construction 2016 1q 101,701,927 6.8% 1,437 6,003,901 5.9% 1,055,801 3 175,686 10 1,643,551 2,158,685 1,200,000 2016 2q 1,438 101,823,762 6,214,722 6.1% (88,986) 1 121,835 22 2,166,787 1,460,412 6.6% Existing Inventory Vacancy Delivered Inventory Under Construction 1,000,000 2016 3q 1,439 101,861,858 5,761,231 5.7% 491,587 0 0 22 Leasing2,196,691 1,001,578 Period Net Absorption Under 6.4% 2016 4q # Bldgs1,442 Total102,340,004 RBA Vacant5,896,968 SF Vacant % 5.8% 342,409# Bldg Delivered3 #478,146 Bldgs 22 Activity2,872,107 1,725,956 Northeast Dallas Industrial Vacancy Northeast Dalllas Industrial800,000 Net Absorption Construction 6.2% 20172016 1q1q 1,451 101,701,927103,448,799 6,966,777 6.7% 38,986 9 1,108,795 20 2,354,638 1,480,3036.8% 1,437 6,003,901 5.9% 1,055,801 3 175,686 10 1,643,551 2,158,685 1,200,000 600,000 20172016 2q2q 1,4381,454 101,823,762103,584,4606,214,7226,647,9826.1% 6.4% (88,986) 454,456 1 121,8355 461,75022 2,166,78715 1,460,4121,892,888 1,977,1086.6% 6.0% 20172016 3q3q 1,4391,455 101,861,858103,854,4765,761,2316,807,4175.7% 6.6% 491,587 110,581 0 10 270,01622 2,196,69118 1,001,5782,411,859 1,492,709 1,000,000 400,000 6.4% 5.8% 20172016 4q4q 1,442 102,340,004105,062,0225,896,968 5.8% 342,409 3 478,146 22 2,872,107 1,725,956 800,000 NORTHEAST1,462 DALLAS6,991,317 6.7% 1,023,646 5 618,546NORTHWEST18 2,279,564 2,206,489 DALLAS 200,000 2017 1q 1,451 103,448,799 6,966,777 6.7% 38,986 9 1,108,795 20 2,354,638 1,480,303 6.2% 5.6% 2018 1q 1,469 105,348,609 6,506,297 6.2% 771,607 7 286,587 12 2,014,977 1,460,900 600,000 2017 2q 1,454 103,584,460 6,647,982 6.4% 454,456 5 461,750 15 1,892,888 1,977,108 2018 2q 1,471 105,439,083 6,436,381 6.1% 160,390 3 212,326 11 2,470,067 2,490,6806.0% 0 SUBMARKET2017 3q 1,455 103,854,476 6,807,417 6.6% 110,581 1 270,016 18 2,411,859 1,492,709 5.4% 400,000 2018 3q 1,476 106,388,391 6,274,060 5.9% 1,111,629 5 949,308 11 2,468,440 1,868,9315.8% (200,000) 2017 4q 1,462 105,062,022 6,991,317 6.7% 1,023,646 5 618,546 18 2,279,564 2,206,489 5.2% 2018 4q 1,480 107,241,734 6,298,355 5.9% 829,048 4 853,343 9 1,784,183 969,061 200,000 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2018 1q 1,469 105,348,609 6,506,297 6.2% 771,607 7 286,587 12 2,014,977 1,460,900 5.6% 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 2019 1q 1,484 107,739,415 6,626,087 6.2% 169,949 4 497,681 12 2,123,804 1,050,544 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 0 4q 1q 2q 2018 2q 1,471 105,439,083 6,436,381 6.1% 160,390 3 212,326 11 2,470,067 2,490,680 5.4% 20192018 3q2q 1,4761,487 106,388,391108,437,8816,274,0606,822,6685.9% 6.3%1,111,629 470,835 5 949,3082 667,41611 2,468,44011 1,868,9311,831,388 932,057 (200,000) 5.2% 2018 4q 1,480 107,241,734 6,298,355 5.9% 829,048 4 853,343 9 1,784,183 969,061 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q Northeast Dallas Overview 2019 1q 1,484 107,739,415 6,626,087 6.2% 169,949 4 497,681 12 2,123,804 1,050,544 1q 2q 3q 4q 1q 2qNortheast3q 4q 1q Dalllas2q 3q Industrial4q 1q 2q Leasing Activity Northeast Dalllas Industrial Construction As one of Dallas’ major industrial nodes, NE 2019 2q 1,487 108,437,881 6,822,668 6.3% 470,835 2 667,416 11 1,831,388 932,057 Absorption vs Previous Qtr vs 12 Months Ago 3,000,000 Dallas/Garland contains a wide variety of 1,200,000 inventory. The submarket comprises a mix of 470,835 169,949 160,390 Northeast Dalllas Industrial Leasing Activity Northeast Dalllas Industrial Construction Vacancy vs Previous Qtr vs 12 Months Ago ‘80s and ’90s multi-tenant product, in addition to Absorption vs Previous Qtr vs 12 Months Ago 3,000,000 2,500,000 1,000,000 6.3% 6.2% 6.1% 1,200,000 newer, single-tenant buildings with clear heights 470,835 169,949 160,390 and dock configurations suitable for modern VacancyU/C SF vs Previous Qtr vs 12 Months Ago 800,000 vs Previous Qtr vs 12 Months Ago 2,500,000 2,000,000 1,000,000 distribution. Fundamentals in NE Dallas/Garland 1,831,3886.3% 6.2%2,123,804 6.1% 2,470,067 are in a solid position, with vacancies staying DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 800,000 600,000 2,000,000 1,500,000 below the submarket’s historical average for the 1,831,388667,416 2,123,804497,681 2,470,067 212,326 past few years. LeasingDelivered Activity SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 600,000 400,000 1,500,000 667,416932,057 497,6811,050,544 212,3262,490,680 1,000,000 Richardson, home to the Telecom Corridor, serves Leasing Activity vs Previous Qtr vs 12 Months Ago 400,000 200,000 as a primary suburban office submarket in Dallas. 932,057 1,050,544 2,490,680 1,000,000 Northeast Dallas Vital Statistics 500,000 200,000 While the submarket is not much of a warehouse/ 0 distribution node, it does hold an abundance of 1,200,000 Northeast Dallas Vital Statistics 6.8% 500,000 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 specialized industrial and flex space. Data Centers 0 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 1,000,0001,200,000 6.8% 6.6% 0 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 have accounted for virtually all new construction 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 20181q 2q20193q20194q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 1,000,000 6.6% 6.4% 0 Delivered Under Construction since 2010, but there are a few smaller speculative 800,000 2016 2016 2016 2016 2017 20171q20172q20173q2018 20184q 20181q 20182q 20193q 20194q 1q 2q 3q 4q 1q 2q 6.4% Delivered Under Construction non-data center projects that opened in recent 800,000 6.2% 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 600,000 6.2% quarters. Due to the flex-heavy inventory, rents 600,000 6.0% 400,000 6.0% are some of the highest in the metroplex. 400,000 5.8% 200,000 5.8% 200,000 5.6% Plano is not often thought of as an industrial hub, 5.6% 0 5.4% as most of the growth in the area is concentrated 0 5.4% in the office, retail, and residential sectors. (200,000)(200,000) 5.2% 5.2% 20162016201620162016201620162016201720172017 2017 2017201720182017201820182018201820182018201920182019 2019 2019 However, this submarket does contain significant 1q1q 2q2q3q 3q4q 4q1q 1q2q 3q2q 4q3q 1q4q 2q 1q3q 2q4q 3q1q 4q2q 1q 2q industrial inventory, most of which is in the NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % northeast corner of the North Central Expressway and President George Bush Turnpike. Plano’s location in the heart of the affluent northern Dallas suburbs also makes it ideal for tenants seeking space for last-mile distribution.

Leasing The tenant base in NE Dallas/Garland is made up of a mix of consumer packaged goods firms, manufacturers and 3PLs. Virtually the entire big box inventory in NE Dallas/Garland is located just north of the LBJ Freeway (I-635) and west of Shiloh Road. This location gives tenants access to Kansas City Southern’s Zacha Junction.

Fundamentals in Richardson have strengthened in recent years. The submarket underperformed the metro benchmark for years, but aside from a recent supply-driven spike, vacancies have roughly matched the metro average since early 2016. Large- scale speculative construction in Richardson is non-existent, most available industrial space in Richardson caters to smaller manufacturing tenants or local businesses. Nearly all tenant footprints within the submarket are smaller than 100,000 SF as well. Due to strong demand and a lack of speculative supply, vacancies have compressed and now sit close to the metro average. In the long run, the Plano Submarket stands to benefit from the continuing emergence of e-commerce and, more specifically, last- mile distribution operations, because it is near some of the most-affluent and fastest-growing suburbs in the metroplex. Since it includes the northern part of the Telecom Corridor, the submarket has a base of high-tech manufacturing tenants, with firms like Texas Instruments, Qorvo, Flextronics, and Raytheon operating facilities here.

Movers & Shakers Largest Vacancies: Northeast Dallas Tenant SF Building 3000 W Kingsley Rd – 341,840 sf KVP International 120,000 Corporate Drive Garland Logistics Center – 329,091 sf Carousel Industries 100,000 1801 10th Street 2922 S Jupiter Rd – 300,000 sf Northeast Dallas The Home Depot 84,948 8655 Corporate Drive Parc NorthEast Building I – 136,216 sf At Home Stores LLC 555,331 4030-4040 Forest Lane The Rock on Frisco Park 25 – 187,108 sf HEI Rigging & Crating 109,209 910 10th Street

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 10 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity Northwest Dallas Industrial Vacancy Northwest Dallas Industrial Net Absorption Construction 2016 Q2 102,166,359 8.0% 1,316 7,737,459 7.6% (324,663) 2 578,560 16 3,642,622 3,458,804 2,000,000 2016 Q3 1,318 102,504,714 6,290,399 6.1% 1,785,415 2 338,355 17 3,506,475 2,294,995 7.0% 2016 Q4 Existing1,321 Inventory103,243,312 6,075,086Vacancy 5.9% 953,911Delivered Inventory3 Under738,598 Construction15 3,237,877 2,100,873 Leasing 6.0% 1,500,000 2017Period Q1 104,927,712 Net Absorption Under # Bldgs1,326 Total RBA Vacant6,005,877 SF Vacant % 5.7% 1,753,609# Bldg Delivered5 #1,684,400 Bldgs 11 Activity1,883,577 1,433,293 Northwest Dallas Industrial Vacancy Northwest Dallas Industrial Net Absorption 2017 Q2 1,330 105,270,935 5,784,286 5.5% 564,814 4 343,223 Construction9 1,698,160 2,042,271 5.0% 2016 Q2 102,166,359 8.0% 1,000,000 1,316 7,737,459 7.6% (324,663) 2 578,560 16 3,642,622 3,458,804 2,000,000 2017 Q3 1,331 105,392,693 5,256,785 5.0% 649,259 1 121,758 9 1,697,590 1,897,613 2016 Q3 1,318 102,504,714 6,290,399 6.1% 1,785,415 2 338,355 17 3,506,475 2,294,995 7.0% 4.0% 20162017 Q4 Q4 1,3211,334 103,243,312106,075,5816,075,0864,743,9105.9% 4.5%953,911 1,195,7633 738,5983 682,88815 3,237,87712 2,100,8731,659,455 1,293,181 500,000 6.0% 3.0% 1,500,000 20172018 Q1 Q1 1,3261,334 104,927,712106,075,5816,005,8774,981,3505.7% 4.7%1,753,609 (237,440)5 1,684,4000 11 0 1,883,57713 1,433,2931,682,105 2,076,432 2017 Q2 NORTHWEST1,330 105,270,935106,412,0755,784,286 5.5% 564,814 4 DALLAS343,223 9 1,698,160 2,042,271 5.0% 2.0% 2018 Q2 1,339 4,631,904 4.4% 685,940 5 336,494 13 2,444,315 1,820,734 1,000,000 0 2017 Q3 1,331 105,392,693 5,256,785 5.0% 649,259 1 121,758 9 1,697,590 1,897,613 4.0% 2018 Q3 1,345 107,101,493 5,164,230 4.8% 157,092 6 689,418 8 1,906,073 3,023,410 1.0% 2017 Q4 1,334 106,075,581 4,743,910 4.5% 1,195,763 3 682,888 12 1,659,455 1,293,181 500,000 2018 Q4 1,348 107,708,993 4,859,992 SUBMARKET4.5% 911,738 3 607,500 12 2,424,541 3,076,0543.0% (500,000) 2018 Q1 1,334 106,075,581 4,981,350 4.7% (237,440) 0 0 13 1,682,105 2,076,432 0.0% 2019 Q1 1,351 108,052,798 4,801,392 4.4% 402,405 3 343,805 17 2,718,998 2,081,900 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2018 Q2 1,339 106,412,075 4,631,904 4.4% 685,940 5 336,494 13 2,444,315 1,820,734 2.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 02019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 1,352 108,687,362 4,539,161 4.2% 896,795 1 634,564 18 2,133,394 1,826,438 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 Q3 1,345 107,101,493 5,164,230 4.8% 157,092 6 689,418 8 1,906,073 3,023,410 1.0% 20182019 Q4 Q3 1,3481,356 107,708,993109,064,7264,859,9924,638,3704.5% 4.3%911,738 278,1553 607,5004 377,36412 2,424,54115 3,076,0541,845,930 1,682,521 (500,000) 0.0% 2019 Q1 1,351 108,052,798 4,801,392 4.4% 402,405 3 343,805 17 2,718,998 2,081,900 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 1,352 108,687,362 4,539,161 4.2% 896,795 1 634,564Northwest18 Dallas2,133,394 Overview1,826,438 Q2 Q3 Q4 Q1 Q2 Q3NorthwestQ4 Q1 Q2 DallasQ3 Q4 IndustrialQ1 Q2 Q3 Leasing Activity Northwest Dallas Industrial Construction 2019 Q3 1,356 109,064,726 4,638,370 4.3% 278,155 4 377,364 15 1,845,930 1,682,521 Absorption vs Previous Qtr vs 12 Months Ago Fundamentals in North Stemmons/Valwood 4,000,000 1,800,000 278,155 896,795 157,092 are strong, as tenants have gobbled up Northwest Dallas Industrial Leasing Activity Northwest Dallas Industrial Construction nearly all large blocks of space. Though 3,500,000 Vacancy vs Previous Qtr vs 12 Months Ago 1,600,000 Absorption vs Previous Qtr vs 12 Months Ago new supply has picked up in recent years, 4,000,000 1,800,000 1,400,000 278,1554.3% 896,7954.2% 157,092 4.8% demand continues to keep pace with new 3,000,000 3,500,000 1,600,000 VacancyU/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago deliveries, which should keep vacancies 1,200,000 1,400,000 1,845,9304.3% 4.2%2,133,394 4.8% 1,906,073 below the metro and historical averages in 3,000,000 2,500,000 U/C SF 1,000,000 Delivered SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago the near term. Although sales volume has 1,200,000 1,845,930 2,133,394 1,906,073 2,500,000 2,000,000 800,000 377,364 634,564 689,418 slowed in recent years, North Stemmons/ 1,000,000 Delivered SF vs Previous Qtr vs 12 Months Ago Valwood is still one of the most actively Leasing Activity vs Previous Qtr vs 12 Months Ago 2,000,000 800,000 600,000 377,364 634,564 689,418 traded submarkets in the metro, and many 1,500,000 Leasing1,682,521 Activity 1,826,438 3,023,410 600,000 400,000 vs Previous Qtr vs 12 Months Ago deals involve national or institutional buyers 1,500,000 1,000,000 1,682,521 1,826,438 3,023,410 and sellers. 400,000 200,000 Northwest Dallas Vital Statistics 1,000,000 500,000 200,000 0 Northwest Dallas Vital Statistics North Stemmons/Valwood emerged as a 2,000,000 8.0% 500,000 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2,000,000 8.0% major industrial hub during the late 1970s 2016 2016 2016 2017 2017 2017 2017 2018 2018Q22018Q32018 2019Q4 2019Q1 2019Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 7.0%and early ’80s, thanks partially to its north/ 0 1,500,000 7.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 1,500,000 6.0%south accessibility via the Stemmons 2016 2016 2016 2017 2017 2017Q22017Q32018Q42018 Q12018 2018Q2 2019Q3 2019Q42019Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction 6.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction Freeway and east/west access via the LBJ 1,000,000 5.0% 5.0% 1,000,000 Freeway. The submarket’s robust highway 4.0% 4.0% infrastructure and the growing importance 500,000500,000 3.0% 3.0%of the Dallas/Fort Worth International 2.0% 2.0% 0 0 Airport during that era led to a building 1.0% 1.0%boom. However, this submarket is almost (500,000) 0.0% completely built-out, and large-scale (500,000)2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 0.0% Q22016Q32016Q4 2016Q1 2017Q2 2017Q3 Q42017Q12017Q22018Q32018Q4 2018Q1 2018Q2 2019Q3 2019 2019 construction in this area of the metroplex Q2Net AbsorptionQ3 Q4 Q1 Q2 Q3DeliveredQ4 Q1 Q2 Q3VacantQ4 % Q1 Q2 Q3 has shifted to submarkets like E DFW Net Absorption Delivered Vacant % Airport/Las Colinas and Upper Great Southwest in recent building cycles.

The Metropolitan/Addison Submarket has a dense concentration of both office and industrial product. Its location near many of Dallas’s population nodes makes it an attractive option for industrial tenants seeking access to some of the most affluent and fastest growing suburbs of Dallas. Metropolitan/Addison is largely built out, and only a few buildings have been constructed since 2000. Due to strong demand and a complete lack of new supply this cycle, vacancies in Metropolitan/Addison are below the submarket’s historical average.

Leasing Vacancies in North Stemmons/Valwood trended above the metro average through much of its history. That’s changed this cycle, as the submarket has coupled strong demand with a lack of supply, leading to impressive vacancy compression for years. Vacancies on assets larger than 200,000 SF peaked north of 20% in 2009, but after years of steady absorption, they have hovered near 3% since the start of 2017. As of mid-2019 the submarket is experiencing strong positive net absorption, on pace to top 2018. Though much of the submarket’s inventory consists of older, lower-functioning assets, its location makes it an attractive option for tenants seeking 20,000–100,000-SF blocks of space in northern Dallas. The existing tenant base is made up of manufacturers, parts and materials distributors, and small businesses.

Movers & Shakers Largest Vacancies: Tenant SF Building 1900 N Josey Lane – 259,900 sf Stanton Wholesale 200,042 4530-4552 Simonton Rd 1625 Hutton Drive – 235,900 sf Northwest Dallas Carrier Enterprise 184,317 2000 Luna Rd 14325 Gillis Rd – 175,300 sf Universal Display 148,000 1650 Lakeside Parkway 2099 Valley View – 150,000 sf Ericsson 306,280 2601 W Valley Parkway Benjamin Moore 237,926 2525 E State Highway 121 Northwest Dallas Maevn Uniforms 68,000 13950 Senlac Drive

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 11 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity South Dallas Industrial Vacancy South Dallas Industrial Net Absorption Construction 16.0% 2016 Q2 649 81,063,103 6,739,309 8.3% 2,615,460 8 3,414,306 16 7,296,268 973,016 3,000,000 2016 Q3 655 82,630,412 5,679,104 6.9% 2,627,514 6 1,567,309 13 7,199,962 1,514,021 14.0% 2,500,000 2016 Q4 Existing657 Inventory83,724,241 7,081,048Vacancy 8.5% (308,115)Delivered Inventory2 1,093,829Under Construction15 7,053,530 1,503,894 Leasing 12.0% 2017Period Q1 Net Absorption Under # Bldgs662 Total86,455,060 RBA Vacant8,798,449 SF Vacant % 10.2% 1,013,418# Bldg Delivered5 #2,730,819 Bldgs 12 Activity5,621,060 390,231 South Dallas Industrial Vacancy South Dallas Industrial2,000,000 Net Absorption Construction 10.0% 2017 Q2 664 87,750,202 9,622,637 11.0% 470,954 2 1,295,142 13 6,847,873 3,001,52516.0% 2016 Q2 649 81,063,103 6,739,309 8.3% 2,615,460 8 3,414,306 16 7,296,268 973,016 3,000,000 1,500,000 2017 Q3 670 89,892,874 10,654,262 11.9% 1,111,047 6 2,142,672 15 8,699,994 3,852,598 2016 Q3 655 82,630,412 5,679,104 6.9% 2,627,514 6 1,567,309 13 7,199,962 1,514,021 14.0% 8.0% 20162017 Q4 Q4 657672 83,724,24190,997,7407,081,0489,464,6028.5% 10.4%(308,115) 2,294,5262 1,093,8292 1,104,86615 7,053,53015 1,503,8948,731,694 647,448 2,500,000 1,000,000 12.0% 6.0% 20172018 Q1 Q1 662675 86,455,06092,112,1208,798,44910,664,52410.2% 11.6%1,013,418 (85,542)5 2,730,8193 1,114,38012 5,621,06013 390,2317,867,314 2,233,289 2,000,000 500,000 SOUTH2017 Q2 DALLAS664 87,750,202 9,622,637 11.0% 470,954 2 1,295,142 13 6,847,873 SOUTH3,001,525 10.0% DALLAS4.0% 2018 Q2 679 95,470,971 12,901,815 13.5% 1,121,560 4 3,358,851 12 5,859,469 1,083,975 1,500,000 2017 Q3 670 89,892,874 10,654,262 11.9% 1,111,047 6 2,142,672 15 8,699,994 3,852,598 0 2018 Q3 685 98,766,756 14,041,189 14.2% 2,156,411 6 3,295,785 8 3,972,533 3,764,9168.0% 2.0% 2017 Q4 672 90,997,740 9,464,602 10.4% 2,294,526 2 1,104,866 15 8,731,694 647,448 1,000,000 SUBMARKET2018 Q4 687 99,266,434 12,707,091 12.8% 1,833,776 2 499,678 8 4,343,709 1,866,5196.0% (500,000) 2018 Q1 675 92,112,120 10,664,524 11.6% (85,542) 3 1,114,380 13 7,867,314 2,233,289 0.0% 2019 Q1 687 99,266,434 12,607,337 12.7% 99,754 0 0 13 5,448,845 2,307,873 500,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2018 Q2 679 95,470,971 12,901,815 13.5% 1,121,560 4 3,358,851 12 5,859,469 1,083,975 4.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 689 100,371,287 12,732,320 12.7% 979,870 2 1,104,853 14 4,799,992 1,884,885 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40 Q1 Q2 Q3 2018 Q3 685 98,766,756 14,041,189 14.2% 2,156,411 6 3,295,785 8 3,972,533 3,764,916 2.0% 20182019 Q4 Q3 687691 99,266,434100,691,28712,707,09110,846,32412.8% 10.8%1,833,776 2,205,9962 499,6782 320,0008 4,343,70912 1,866,5194,479,992 1,238,036 (500,000) 0.0% 2019 Q1 687 99,266,434 12,607,337 12.7% 99,754 0 0 13 5,448,845 2,307,873 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 South Dallas Overview 2019 Q2 689 100,371,287 12,732,320 12.7% 979,870 2 1,104,853 14 4,799,992 1,884,885 Q2 Q3 Q4 Q1 Q2 Q3 SouthQ4 Q1 Q2DallasQ3 Q4IndustrialQ1 Q2 Q3 Leasing Activity South Dallas Industrial Construction Several interstates bisect the submarket: I-20 2019 Q3 691 100,691,287 10,846,324 10.8% 2,205,996 2 320,000 12 4,479,992 1,238,036 Absorption vs Previous Qtr vs 12 Months Ago 4,500,000 runs east-west, and I-35E, I-45, and Texas 3,500,000 2,205,996 979,870 2,156,411 South Dallas Industrial Construction State Highway 175 all connect the Dallas South Dallas4,000,000 Industrial Leasing Activity Vacancy CBD to southern portions of the metroplex. Absorption vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,500,000 3,000,000 3,500,000 These highways provide access to both 2,205,99610.8% 979,87012.7% 2,156,411 14.2% 3,500,000 4,000,000 2,500,000 coasts, Mexico and the Port of Houston. VacancyU/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 3,000,000 3,000,000 Highlighting this submarket’s importance 4,479,99210.8% 12.7%4,799,992 14.2% 3,972,533 3,500,000 2,500,000 2,000,000 as a super-regional distribution hub, a large U/C SF vs Previous Qtr vs 12 Months Ago Delivered SF vs Previous Qtr vs 12 Months Ago 3,000,000 2,500,000 portion of the most recent development has 4,479,992 4,799,992 3,972,533 320,000 1,104,853 3,295,785 2,000,000 1,500,000 clustered around the Union Pacific Intermodal Delivered SF vs Previous Qtr vs 12 Months Ago 2,500,000 2,000,000 Leasing Activity vs Previous Qtr vs 12 Months Ago in Wilmer. Tenants in the SE Dallas/I-45 320,000 1,104,853 3,295,785 1,500,000 1,000,000 2,000,000 1,500,000 Submarket also have easy access to the Leasing1,238,036 Activity vs Previous1,884,885 Qtr vs 12 Months Ago3,764,916 1,000,000 Union Pacific Intermodal in Mesquite, which is 1,500,000 500,000 1,238,036 1,884,885 3,764,916 1,000,000 a short drive up I-635. 500,000 South Dallas Vital Statistics 1,000,000 500,000 0 South Dallas Vital Statistics 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 The SE Dallas/I-45 Submarket has received 4,000,000 16.0% 500,000 0 4,000,000 16.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018Q22018Q32018 2019Q4 2019Q1 2019Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 an incredible amount of supply over the past 3,500,000 14.0% 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3,500,000 14.0% 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 few years, more than doubling its inventory 3,000,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Delivered Under Construction 3,000,000 12.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Delivered Under Construction since 2013. As a result, vacancies shot up and 12.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2,500,0002,500,000 10.0% 10.0% have remained high. Since a large portion of 2,000,0002,000,000 8.0% 8.0% the under-construction and recently delivered 1,500,0001,500,000 6.0% 6.0% supply is speculative, vacancies should 1,000,0001,000,000 remain elevated even if absorption continues 4.0% 500,000500,000 4.0% to perform at or near record levels. 2.0% 0 0 2.0% (500,000) 0.0% The SW Dallas/US 67 Submarket, like (500,000)2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 0.0% other South Dallas submarkets, has grown Q22016Q32016Q42016Q1 2017Q2 2017Q3 Q42017Q12017Q22018Q32018Q4 2018Q1 2018Q2 2019Q3 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 considerably over the past few years, as Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % the area has emerged as a super-regional distribution hub. This submarket has two main industrial nodes: One is along I-20, between US Route 67 and I-35E, and the other is along I-35E in Waxahachie. All the large-scale construction this cycle has taken place near I-20, and most of the projects in the pipeline are located there as well.

Vacancies have trended above the metro average over the past few years due to speculative construction. First Industrial Realty Trust recently broke ground on the 863,200/SF First Mountain Creek Distribution Center, located on the southeast the quadrant of Mountain Creek Parkway and I-20. The entire spec property has been preleased by HD Supply and is expected to deliver in late 2019.

Leasing The SE Dallas/I-45 Submarket has emerged in recent years as a major super-regional distribution hub. It has great highway access, a major intermodal facility, and a seemingly unlimited amount of flat, buildable land. The submarket has received an incredible amount of supply this cycle, with inventory more than doubling since 2013. It hasn’t been unwarranted, though, as the submarket has seen more than 17 million SF of net absorption in that period. However, due to the sheer amount of recently delivered speculative space, vacancies are high. In fact, the submarket has the highest vacancy rate of any industrial submarket with more than 20 million SF of inventory in the entire country.

Despite high vacancies, development is likely to remain robust here and in other South Dallas submarkets, like SW Dallas/US 67, as long as the economy continues to expand both regionally and nationally. South Dallas

South Dallas

Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity South Dallas Industrial Vacancy South Dallas Industrial Net Absorption Construction 16.0% 2016 Q2 649 81,063,103 6,739,309 8.3% 2,615,460 8 3,414,306 16 7,296,268 973,016 3,000,000 2016 Q3 655 82,630,412 5,679,104 6.9% 2,627,514 6 1,567,309 13 7,199,962 1,514,021 14.0% 2016 Q4 657 83,724,241 7,081,048 8.5% (308,115) 2 1,093,829 15 7,053,530 1,503,894 2,500,000 12.0% 2017 Q1 662 86,455,060 8,798,449 10.2% 1,013,418 5 2,730,819 12 5,621,060 390,231 2,000,000 2017 Q2 664 87,750,202 9,622,637 11.0% 470,954 2 1,295,142 13 6,847,873 3,001,525 10.0% 1,500,000 2017 Q3 670 89,892,874 10,654,262 11.9% 1,111,047 6 2,142,672 15 8,699,994 3,852,598 8.0% 2017 Q4 672 90,997,740 9,464,602 10.4% 2,294,526 2 1,104,866 15 8,731,694 647,448 1,000,000 6.0% 2018 Q1 675 92,112,120 10,664,524 11.6% (85,542) 3 1,114,380 13 7,867,314 2,233,289 500,000 2018 Q2 679 95,470,971 12,901,815 13.5% 1,121,560 4 3,358,851 12 5,859,469 1,083,975 4.0% 0 2018 Q3 685 98,766,756 14,041,189 14.2% 2,156,411 6 3,295,785 8 3,972,533 3,764,916 2.0% 2018 Q4 687 99,266,434 12,707,091 12.8% 1,833,776 2 499,678 8 4,343,709 1,866,519 (500,000) 0.0% 2019 Q1 687 99,266,434 12,607,337 12.7% 99,754 0 0 13 5,448,845 2,307,873 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q2 689 100,371,287 12,732,320 12.7% 979,870 2 1,104,853 14 4,799,992 1,884,885 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 Q3 691 100,691,287 10,846,324 10.8% 2,205,996 2 320,000 12 4,479,992 1,238,036 South Dallas Industrial Leasing Activity South Dallas Industrial Construction Absorption vs Previous Qtr vs 12 Months Ago 4,500,000 3,500,000 2,205,996 979,870 2,156,411 4,000,000 Vacancy vs Previous Qtr vs 12 Months Ago 3,000,000 10.8% 12.7% 14.2% 3,500,000 2,500,000 U/C SF vs Previous Qtr vs 12 Months Ago 3,000,000 4,479,992 4,799,992 3,972,533 2,000,000 Delivered SF vs Previous Qtr vs 12 Months Ago 2,500,000 320,000 1,104,853 3,295,785 1,500,000 2,000,000 Leasing Activity vs Previous Qtr vs 12 Months Ago 1,000,000 1,238,036 1,884,885 3,764,916 1,500,000 500,000 1,000,000 South Dallas Vital Statistics 500,000 0 4,000,000 16.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3,500,000 14.0% 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 3,000,000 12.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction 2,500,000 10.0% 2,000,000 8.0% 1,500,000 6.0% 1,000,000 A number of major retailers and distributors have made their way to SE Dallas/I-45 in recent years, typically taking blocks of 500,000 4.0% 0 2.0% space in massive new facilities. In total, there are more than a dozen tenants that each take up more than 500,000 SF here. (500,000) 0.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 SW Dallas/US 67 offers all of the advantages of a South Dallas submarket: great highway access east/west via I-20 as well as Net Absorption Delivered Vacant % north/south from I-35E; an abundance of inexpensive, flat, buildable land; and a robust tenant base including many national retailers and distributors. This submarket has seen significantly less activity in recent years compared to neighbor SE Dallas/I-45 which contains the Union Pacific intermodal in Wilmer. Nevertheless, SW Dallas/US 67 is still an attractive submarket for firms seeking a distribution hub in south Dallas.

Movers & Shakers Largest Vacancies: Tenant SF Building SouthLink I – 1,044,647 SF The J.M. Smucker Co. 1,075,260 1200 Fulghum Road I-20 Commerce Center – 900,043 SF Georgia Pacific 1,004,674 E Cleveland Rd Cedardale Rd – 776,630 SF Systemax Inc 489,804 2119 N I-35 E Southpointe 20/35 – Blgd 2 – 660,312 SF Petmate 468,300 3201 N. Houston School Rd Crossroads Trade Center Bldg 3 – 458,576 SF ICU Medical 610,806 2801 N Houston School Rd Dallas Polymer Terminal 280,305 1401 W Wintergreen Rd

South Dallas The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 13 Existing Inventory Vacancy Delivered Inventory Under Construction Leasing Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity South Stemmons Industrial Vacancy South Stemmons Industrial Net Absorption Construction 2016 Q2 107,936,305 6.0% 2,070 3,456,572 3.2% 63,295 1,653,800 0 0 3 825,961 800,000 2016 Q3 2,071 107,951,825 2,869,489 2.7% 602,603 1,405,171 1 15,520 3 1,025,441 5.0% 600,000 2016 Q4 2,072 108,244,025 3,016,540 2.8% 145,149 2,243,972 1 292,200 2 733,241 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q1 2,073 108,762,266 3,061,359 2.8% 473,422 1,057,201 1 518,241 Leasing 1 215,000 400,000 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Activity South 4.0%Stemmons Industrial Vacancy South Stemmons Industrial Net Absorption 2017 Q2 2,074 108,977,266 2,614,474 2.4% 661,885 1,303,391 1 Construction215,000 4 713,933 200,000 2016 Q2 2,070 107,936,305 3,456,572 3.2% 63,295 1,653,800 0 0 3 825,961 6.0% 2017 Q3 2,074 108,977,266 3,224,916 3.0% (610,442) 1,490,786 0 0 5 1,093,933 3.0% 800,000 0 2016 Q3 2,071 107,951,825 2,869,489 2.7% 602,603 1,405,171 1 15,520 3 1,025,441 2017 Q4 2,075 108,992,266 3,280,385 3.0% (40,469) 1,158,095 1 15,000 4 1,078,9335.0% 600,000 2016 Q4 2,072 108,244,025 3,016,540 2.8% 145,149 2,243,972 1 292,200 2 733,241 (200,000) 2018 Q1 2,077 109,368,984 3,827,791 3.5% (170,688) 1,298,410 2 376,718 2 702,215 2.0% 2017 Q1 2,073 108,762,266 3,061,359 2.8% 473,422 1,057,201 1 518,241 1 215,000 400,000 STEMMONS FREEWAY110,071,199 4.0% (400,000) 20182017 Q2 Q2 2,0742,079 108,977,266 2,614,4744,901,9382.4% 4.5% 661,885 (371,932)1,303,391 1,827,7151 215,0002 702,2154 713,933 1 193,000 200,000 110,071,199 1.0% (600,000) 20182017 Q3 Q3 2,0742,079 108,977,266 3,224,9165,692,9633.0% 5.2% (610,442) (791,025)1,490,786 3,616,5410 0 0 5 0 1,093,9333 1,474,7143.0% 0 SUBMARKET20182017 Q4 Q4 2,0752,079 108,992,266110,071,1993,280,3855,366,9423.0% 4.9% (40,469) 326,0211,158,095 2,044,5871 15,0000 4 0 1,078,9336 4,629,714 (800,000) 0.0% (200,000) 20192018 Q1 Q1 2,0772,079 109,368,984110,071,1993,827,7915,878,1363.5% 5.3% (170,688) (511,194)1,298,410 1,250,7582 376,7180 2 0 702,215 7 4,926,3942.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018(400,000)2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20192018 Q2 Q2 2,0792,079 110,071,199110,071,1994,901,9385,259,0054.5% 4.8% (371,932) 619,1311,827,715 1,109,6442 702,2150 1 0 193,000 9 5,315,216 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 Q3 2,079 110,071,199 5,692,963 5.2% (791,025) 3,616,541 0 0 3 1,474,714 1.0% (600,000) 2019 Q3 2,080 110,264,199 5,433,586 4.9% 18,419 2,061,093 1 193,000 8 5,122,216 2018 Q4 2,079 110,071,199 5,366,942 4.9% 326,021 2,044,587 0 0 6 4,629,714 (800,000) 0.0% 2019 Q1 2,079 110,071,199 5,878,136 5.3% (511,194) 1,250,758 0 0 7 4,926,394 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SouthQ2 Q3 StemmonsQ4 Q1 Q2 Q3 Industrial Construction Stemmons Freeway Overview 2019 Q2 2,079 110,071,199 5,259,005 4.8% 619,131 1,109,644 0 0 9 5,315,216 Q2 Q3 Q4 Q1 Q2 Q3SouthQ4 Q1 StemmonsQ2 Q3 Q4 IndustrialQ1 Q2 Q3 Leasing Activity West Brookhollow is between the Dallas CBD and 2019 Q3Absorption2,080 110,264,199vs Previous5,433,586 Qtr 4.9% vs 1218,419 Months Ago2,061,093 1 193,000 8 5,122,216 6,000,000 140 the Dallas/Fort Worth International Airport. The 18,419 619,131 -791,025 submarket is split by Texas State Highway 183, Vacancy South Stemmons Industrial Leasing Activity South Stemmons Industrial Construction vs Previous Qtr vs 12 Months Ago 5,000,000 120 which connects to several highways traveling in Absorption vs Previous Qtr vs 12 Months Ago 6,000,000 4.9% 4.8% 5.2% 140 all directions through the metroplex. While West 18,419 619,131 -791,025 100 Brookhollow is one of the largest submarkets U/C SF vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago 4,000,000 120 8 9 3 5,000,000 in the metroplex by inventory, most of its stock 4.9% 4.8% 5.2% 80 Delivered SF 100 was built before the 1980s, and most buildings U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago lack the specifications necessary for modern 4,000,000 3,000,000 60 81 9 0 3 0 80 distribution or e-commerce operations. Therefore, LeasingDelivered Activity SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago manufacturers, suppliers, or local distributors will 3,000,000 40 5,122,2161 05,315,216 0 1,474,714 2,000,000 60 continue to drive demand. Leasing Activity vs Previous Qtr vs 12 Months Ago 40 20 5,122,216 5,315,216 1,474,714 2,000,000 East Brookhollow is a small, in-town industrial 1,000,000 South Stemmons Vital Statistics 20 0 submarket adjacent to Dallas Love Field Airport. South Stemmons Vital Statistics 1,000,000 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Most of the submarket’s inventory consists of 800,000 6.0% 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 600,000 0 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 smaller industrial space, and only about 20 assets 800,000 6.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018Q2 Q32019Q42019Q12019Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 5.0% 0 600,000400,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction are larger than 100,000 SF. Virtually everything in 5.0% 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 the submarket is occupied, and the submarket’s 400,000200,000 4.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Delivered Under Construction historical average vacancy rate is one of the 200,0000 4.0% 0 3.0% lowest in the metro. Due to high concentration of (200,000) 3.0% (200,000) flex space and close proximity to downtown the (400,000) 2.0% submarket boasts some of the highest rents in the (400,000) 2.0% (600,000) market. Vacancies in West Brookhollow are tight 1.0% 1.0% (800,000) due to a complete lack of new supply coupled (1,000,000) 0.0% 0.0% with steady demand this cycle. 20162016201620162016201620172017201720172017201720182017201820182018201820182018201920182019 2019 2019 2019 Q2Q2Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3Q2Q4 Q3Q1 Q4Q2 Q3Q1 Q2 Q3 Net Absorption Delivered Vacant % East Hines North is an in-town industrial Net Absorption Delivered Vacant % submarket and the bulk of its inventory is made up of older industrial facilities smaller than 100,000 SF. Virtually the entire industrial inventory in the submarket runs along Harry Hines Boulevard and the North Stemmons Freeway (I-35), giving tenants access to many of the major population centers in Dallas. Leasing Fundamentals in this older industrial node are strong. Vacancies have trended below the metro average for the entire cycle, and considering the lack of developable land in the submarket, supply should be minimal. Most of the tenant movement in West Brookhollow involves manufacturers, wholesale retailers, home fabrication firms and auto parts distributors. The submarket’s lack of new space limits its upside in terms of attracting major distributors, 3PL’s, and e-commerce firms.

Due to steady absorption and a complete lack of deliveries this cycle, vacancies in East Hines North are tight. Underlying the tight vacancy rate in the submarket is the lack of large availabilities here. Most tenants in East Hines North take up a small footprint, especially relative to some of the major big-box submarkets in the metro. Fewer than 10 tenants occupy more than 100,000 SF in the submarket, and of those, nearly all are owner/users. East Hines North shares many characteristics with northern neighbor North Stemmons/Valwood. Both submarkets have a predominantly older inventory geared more towards manufacturing and local distribution as opposed to big-box logistics facilities. Vacancies are tighter in East Hines North, though, as supply-side pressure is virtually nonexistent. Movers & Shakers Largest Vacancies: Tenant SF Building 1330 Regal Row – 218,536 sf Inmar RX Solutions 355,077 3845 Gifford St 8801 Ambassador Row – 183,443 sf South Stemmons Cherryman Industries Inc 189,200 4053 Grand Lakes Blvd Central Transportation – 112,000 sf Thrift Books Global 178,200 4445 Rock Quarry Rd 101 M Rogers Rd – 75,606 sf FARO Logistics Solutions Inc 159,120 1415 N Cockrell Hill Rd 6334 Maple Avenue – 62,300 sf Wheelpros 286,680 4025 E I-30 South Stemmons Lonestar Electric 136,362 1242 Regal Row The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 14 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. Largest Vacancies: 1330 Regal Row – 218,536 sf 8801 Ambassador Row – 183,443 sf Central Transportation – 112,000 sf 101 M Rogers Rd – 75,606 sf 6334 Maple Avenue – 62,300 sf

15 BRADFORD COMMERCIAL REAL ESTATE SERVICES