219 MAIN STREET FORMER FORD SITE | DARTMOUTH, NS CONFIDENTIAL INFORMATION MEMORANDUM

TABLE OF CONTENTS

01 HIGHLIGHTS

02 PROPERTY OVERVIEW

03 MARKET OVERVIEW

04 OFFERING PROCESS

01 HIGHLIGHTS 01 PROPERTY ASSESSMENT

ASSET OVERVIEW

BUILDING PROFILE 219 Main Street, Property Address Dartmouth, PID 4061228 & 40612236 156,816 SF combined Lot Area 3.6 AC Main: ± 416 feet Frontage Caledonia: ± 393 feet Maximum Building 80 feet Height 60% (based on R-3 Maximum Site Multiple Family Residential Coverage use in the Main Street District) 36,000 SF Commercial 272,000 SF Residential Potential Density As per included density concept C-2 General Business, Zoning Main Street designation

PAGE 6 KEY FEATURES OF 219 MAIN STREET

BUILDING PROFILE 308,000 SF gross density as per Planning allows for Main Street Designation allows POTENTIAL concept plan included herein. AS-OF-RIGHT as-of-right development; DEVELOPMENT for a mixed-use development 219 Main Street, not subject to Centre Plan. with significant scale. Property Address DENSITY SCALE Dartmouth, Nova Scotia DEVELOPMENT PID 4061228 & 40612236 156,816 SF combined Lot Area 3.6 AC Main: ± 416 feet Frontage Caledonia: ± 393 feet Maximum Building 80 feet Height Near all professional The site has been A trophy development site with AMENITY-RICH services and retail ENVIRONMENTALLY 60% (based on R-3 GATEWAY TO excellent views and position at remediated to a amenities with a short drive residential standard. Maximum Site Multiple Family Residential MAIN STREET gateway to the Main Street district. COMMUNITY to Dartmouth Crossing CLEAN Coverage use in the Main Street retail park. District) 36,000 SF Commercial 272,000 SF Residential Potential Density As per included density concept C-2 General Business, Zoning Main Street designation

FAMILY-ORIENTED Adjacent to public Across from NSCC Akerley Convenient access to 100 series schools and AKERLEY Campus with ±1,200 students highway system and excellent recreational facilities. and staff. LOCATION access to public transit. NEIGHBOURHOOD CAMPUS

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02 PROPERTY OVERVIEW 02 PROPERTY OVERVIEW

OVERVIEW

CBRE Limited has been retained by Ford Motor Company of to coordinate the sale of 219 Main Street in Dartmouth. Formerly home of Chebucto Ford, this high- profile site is located on the corner of Caledonia Road and acts as the gateway to the Main Street Commercial District. Positioned near several schools including the Akerley Campus of the Nova Scotia Community College as well as a wide range of retail, service and commercial amenities, this is an excellent development opportunity.

At 3.6 acres the site offers flexibility for a wide range of commercial, retail and mixed-use purposes. Ekistics Plan + Design prepared a planning study and concept following the currently zoning in place and determined the site could accommodate 36,000 SF of commercial/retail space as well as 272,000 SF of residential uses. However, the planner noted that given the scale and zoning of the site, there are a wide range of configurations achievable.

The Property is being offered for sale unpriced.

Offers are to be received at:

Ford Motor Company of Canada c/o CBRE Limited Attn: Andrew Cranmer/Jeremy Kaupp 5855 Spring Garden Road, Suite 300 Halifax, NS B3H 4S2 E. [email protected]; [email protected]

Access to dataroom documents will be provided upon execution of a confidentiality agreement.

PAGE 10 02 PROPERTY OVERVIEW

RESIDENTIAL & COMMERCIAL MARKETS

Located in the Dartmouth East node (CMHC) the area has a universe of over 2,000 units and carried an overall vacancy of 2.3%, below the overall Halifax average. Further, between 2015 and 2016, the vacancy in Dartmouth dropped dramatically from 5.3% to 2.3%. There is increasing demand in this market for new apartment offerings. Further, new product in the area, such as Lakecrest Terrace performed very well with strong lease-up after completion proving demand for new product in this area.

The Main Street/Tacoma Drive commercial node includes a number of national tenants including Sobeys, Shoppers Drug Mart, Lawtons and a variety of quick service restaurants. In addition, this node provides neighbourhood professional services and amenities for the surrounding community. The area has experience strong occupancy on the retail side with certain properties undergoing conversion from retail to service related uses.

Dartmouth East Overall Halifax Universe 2,036 Units 45,606 Units Vacancy 2.3% 2.6% 2 BR Rate $1,115 $1,063

MAIN STREET

TACOMA DRIVE PAGE 11 02 PROPERTY OVERVIEW

DENSITY CONCEPT

This report assesses the as-of-right development capacity allowable under the current zoning Bylaw 2017. The Centre Plan changes do not impact this area. This site is large enough that there are dozens of potential development scenarios depending on the needs of the future developer. We have attempted to generate the most probable development scenario in order to determine a possible pro forma yield for the site. That said, there are many other possible configurations for this site, particularly if the developer would like to maximize underground parking which may provide room for a bit more density.

The proposed plan imagines a [two building] 8-storey tower configuration with one tower to the north built to the allowable 8 storey height with 25% of the roof area as penthouse. In this configuration, the ground floor retail would provide about 24,000 SF of retail and about 18 units per floor (avg unit size of about 1,200 SF) on the remaining 7 storeys with 6 penthouse units on the 8th floor for a total of 132 units. The total area for the residential units would be 182,000 SF.

The south tower has about 12,000 SF of retail on the ground floor and 10-units per floor on the 7-storeys (70 units) with an additional 1 or 2 units on the penthouse floor. The total area for the residential units would be 90,000 SF.

The total development capacity shown on the accompanying plan would be 36,000 SF commercial on the ground floor and about 204 units (avg unit size of 1,200 SF) or 272,000 SF of residential. The site accommodates about 190 parking spaces at grade with room for hundreds more parking space below grade if needed. This allows roughly 1:1 parking ratio between building and at grade parking.

The full report is available in Appendix A and on the dataroom.

For further information on the planning and development potential of the site, parties can speak with;

Rob LeBlanc President Ekistics Plan + Design T 902.461.2525 E [email protected]

Zoning C-2 General Business Main Street Designation Maximum Height 80 feet (excluding penthouse) Streetwall Height 45 feet Streetwall Stepbacks 6 feet

PAGE 12 02 PROPERTY OVERVIEW

DENSITY CONCEPT

PAGE 13 02 PROPERTY OVERVIEW

ENVIRONMENTAL HIGHLIGHTS

The subject property was occupied by a new and used car dealership and service facility from 1968 to 2012. Prior to construction of the dealership, the subject property was primarily undeveloped land with the exception of three (3) residential dwellings.

In 2015, the dealership building was demolished, including removal of underground services and structures. Due to historical dealership operations, soil and groundwater at the subject property were impacted with petroleum hydrocarbons. The extent of soil and groundwater impact was delineated. A soil and groundwater remediation program was implemented in October 2016 and completed in January 2017. A Report on Remediation Program, documenting the remediation effort, was prepared in general accordance with the Nova Scotia Contaminated Site Regulations, July 6, 2013 and applicable Nova Scotia Environment (NSE) Ministerial Protocols. Based on the soil and groundwater verification sample results, the subject property effectually meets the NSE Tier I environmental quality standards (EQS) for residential land use, non-potable groundwater conditions and coarse-grained soil type. The Report on Remediation Program including a Declaration of Property Condition was submitted to the NSE on September 18, 2017. AVAILABLE ENVIRONMENTAL REPORTS 1. Preliminary Environmental Assessment, Chebucto Ford, 219 Main Street, Dartmouth, 9. Request for Status Update, Chebucto Ford Sales Limited, 219 Main Street, Dartmouth, NS, Groundwater Technology, December 1991 NS, NSDOE, March 30, 2010 2. Preliminary Environmental Site Assessment, Chebucto Ford Sales Limited, 219 10. Environmental Progress Update, Chebucto Ford Sales Limited, 219 Main Street Main Street, Dartmouth, NS, O’Connor Associates, February 7, 2001 Dartmouth, NS, NS Environmental File #: 33000-30-BED-1076, O’Connor 3. Subsurface Investigation, UST Removal and Inspection of Environmental Assessment Associates, November 21, 2011 Report, Chebucto Ford Sales Limited, 219 Main Street, Dartmouth, NS, O’Connor 11. Preliminary Environmental Site Assessment and Non-Domestic Waste Water Associates, November 9, 2001 Collection Device Inspection, Chebucto Ford Sales Limited, 219 Main Street, 4. Subsurface Investigation – Environmental Assessment Report, Chebucto Ford Sales Dartmouth, NS, Parsons, February 15, 2013 Limited, 219 Main Street, Dartmouth, NS, O’Connor Associates, April 3, 2003 12. Phase I Environmental Site Assessment, Chebucto Ford, 219 Main Street, Dartmouth, 5. Subsurface Investigation and Inspection of Oil-Water Separator - Environmental NS, Golder Associates, August 2016 Assessment Report, Chebucto Ford Sales Limited, 219 Main Street, Dartmouth, NS, 13. Phase II Environmental Site Assessment, Chebucto Ford, 219 Main Street, O’Connor Associates, January 8, 2004 Dartmouth, NS, Golder Associates, August 2016 6. Notification Report, Chebucto Ford Sales, 219 Main Street, Dartmouth, NS, 14. Remedial Action Plan, Chebucto Ford, 219 Main Street, Dartmouth, NS, Golder O’Connor Associates, February 9, 2004 Associates, August 2016 7. Hoist Removal, Remedial Excavation, Sump Floor Restoration, and Groundwater 15. Report on Remediation Program, 219 Main Street, Dartmouth, NS, NSE Contaminated Monitoring - Environmental Assessment Report, Chebucto Ford Sales Limited, 219 Site File 33000-30-BED-2015-3189075, Golder Associates, September 2017 Main Street, Dartmouth, NS, O’Connor Associates, November 8, 2004. 8. Environmental Assessment Report, Groundwater Monitoring and Hydrocarbon Transport Modeling, Chebucto Ford Sales Limited, 219 Main Street, Dartmouth, NS, O’Connor Associates, July 10, 2006

PAGE 14 NSCC Akerley

Beazley Fields Prince Andrew High School

MAIN STREET

CALEDONIA ROAD

PAGE 15

03 MARKET OVERVIEW BURNSIDE INDUSTRIAL PARK

DARTMOUTH CROSSING

IRVING SHIPBUILDING STEEL CUTTING FACILITY 219 MAIN STREET (SITE)

BEDFORD INSTITUTE OF OCEANOGRAPHY

MOUNT ST. VINCENT UNIVERSITY

NSCC INSTITUTE OF TECHNOLOGY

WOODSIDE INDUSTRIAL PARK

CERES CONTAINER TERMINAL

IRVING’S HALIFAX SHIPYARD COVE - CENTRE FOR OCEAN VENTURES & ENTREPRENEURSHIP 10 MINUTES NSCC AKERLEY CAMPUS TO EVERYWHERE

SHEARWATER DALHOUSIE UNIVERSITY

NSCC WATERFRONT CAMPUS

ST. MARY’S UNIVERSITY HALTERM CONTAINER TERMINAL

AUTOPORT LIMITED

PAGE 18 HALIFAX MARKET OVERVIEW POPULATION AGE DISTRIBUTION 2.29 Persons per household 62% own 427,000416,613 (2017f) 85+ 80 - 84 39.9 Median age 49.2% 50.7% 75 - 79 70 - 74 38% 65 - 69 $88K Average household Income rent 60 - 64 55 - 59 50 - 54 45 - 49 40 - 44 35 - 39 IMMIGRATION 30 - 34 25 - 29 74.4% 20 - 24 12.7% Top 3 Countries of Immigrant Origin 15 - 19 1.4% United Kingdom 10 - 14 TRAVEL 05 - 09 10.2% 0.9% United States 00 - 04 TO WORK 9.3% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% immigrants 1.4% 0.6% Philippines 1.4% 0.6% Iran other

University VACANCY RATE AND RENTAL COMPLETIONS Degree EDUCATION

2000 1,904 5 College High School 1800 4.5 31% 1600 4 18% “The rental market in Halifax 23% 1400 3.5 University Trade None Avg. 10 year Vacancy: 3.0% tightened up considerably this Diploma/ 1200 3 fall. International migration Certificate 9% 15% 1000 2.5 coupled with relatively few 4% 800 2 units supplied to the market 600 1.5 contributed to the falling 400 1 vacancy rates.” 200 0.5

0 0 Guillaume Neault 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(f) Principal, Market Analyst, CMHC Completions Vacancy

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HALIFAX MARKET OVERVIEW

Halifax has recorded two back to back years of strong GDP growth. At a robust health care facilities in the Region reside in Halifax. 2.8% in 2015, Halifax ranked 4th out of 28 Census Metropolitan Area (“CMAs”) The recently announced increase to the Federal Governments defense plan will see in the country and ranked 2nd in 2016 with a GDP of 2.9%. Halifax is tracking to spending rise 70% over 10 years to $32.7B. This includes the 15 combat vessels be in the top 3 CMAs for GDP growth again in 2017. According to the Conference previously announced, to be built at the Halifax Irving Shipyard, 88 fighter jets, and Board of Canada,”One project in particular, explains this phenomenal GDP growth an additional 5000 personnel. As Halifax is home to 30% of all Canadian military in Halifax, Irving Shipbuilding Inc. (‘Irving’) began work in the second half of 2015 assets, the largest military infrastructure in Canada, this provides more certainty to on the $3.5 Billion contract….” The Arctic Offshore Patrol Ships (“AOPS”) $3.5 an important component of the Halifax economy. billion contract is underway, targeting commencement of the larger $29-billion contract for the provision of coastal and naval ships in 2020. The AOPS contract, The Port of Halifax is a major logistical entry point to Canada, with trans-shipment the largest public outsourcing contract ever awarded in Canada, has an estimated of goods throughout North America via infrastructures including rail, highways, and 30 year life span. The Irving Yard is the most technically advanced shipyard in the Halifax Stanfield International Airport (HIAA). The HIAA is Atlantic Canada’s North America. In addition, other large construction projects currently underway airport hub, with U.S. preclearance and destinations throughout North America, in Nova Scotia include (i) Nova Centre in Halifax, $500M (ii) Michelin Tire in the Caribbean, and Europe. The airport sees 3.7 million passengers pass through Waterville, $73M (iii) Pratt and Whitney’s expansion of its engine plant at HIAA, per year and contributes $2.7 billion to the provincial economy. $67M (iv) BioVectra’s API facility in Windsor, $100M, and (v) Emera’s Maritime Link, $1.5B, all contribute to the continued growth of Halifax. World renowned organizations including The Bedford Institute of Oceanography with 600 scientists and researchers, Dalhousie University and the new The COVE Manufacturing output is expected to grow by 3.8% in 2017, having posted two (Centre for Ocean Ventures and Entrepreneurship), a collaborative facility for spectacular years of 9.4% and 10.6% in 2015 and 2016, respectively. applied innovation in the ocean sector. (Halifax has the highest concentration of At 427,000 residents in 2017, a population forecasted to increase to 440,000 oceans related PHD’s in the world) combined with Department of National Defense by 2020, and 550,000 by 2030, HRM (“Halifax Regional Municipality”) currently and NSCC have created an environment allowing ocean related industries to accounts for ±20% of the Atlantic Province’s population and 45% of Nova Scotia’s flourish and continuing to post rapid growth trajectory, now accounting for $4.5B or population. The unemployment rate in Halifax as of May 2017 was 6.9%. 12.2% of Nova Scotia’s GDP. These economic drivers, including shipping, military/ defense, research and development, ocean industries, education, tech, and medical Provincial immigration rose by 107% in 2016 to 5,390, easily surpassing on record infrastructure, combine to create one of the most diverse economies in Canada. the annual rate for the last decade and contributing to the highest population in the Province’s history. Halifax is the major education centre in eastern Canada, Halifax is a defensive investment market that has provided steady, reliable returns with seven post-secondary institutions including Dalhousie University, Saint Mary’s to investors. Manufacturing industries are growing, and transportation of goods University, Mount Saint Vincent University, University of King’s College, and NSCAD is possible via extensive infrastructure. Major industries in the rural areas include University. In addition and somewhat related, the most significant concentration of agriculture, fishing, mining, forestry, and natural gas extraction.

Source: The Conference Board of Canada, 2016.

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04 OFFERING PROCESS MEMORANDUM CONTENTS This Confidential Information Memorandum (“CIM”) is being delivered to prospective investors to acquire 219 Main Street, Dartmouth, NS (“The Property”). This CIM does not purport to be all inclusive or to contain all the information that a prospective investor may require in deciding whether or not to acquire the Property. This CIM is for information and discussion purposes only and does not constitute an offer to sell or the solicitation of any offer to buy the Property. The CIM provides selective information relating to certain physical, locational and financial characteristics of the Property.

The information on which this CIM is based has been obtained from various sources considered reliable. Neither the Vendor nor CBRE make any representations, declarations or warranties, express or implied, as to the accuracy or completeness of the information or statements contained herein or otherwise and such information or statements should not be relied upon by prospective investors without independent investigation and verification. The Vendor and CBRE expressly disclaim any and all liability for any errors or omissions in the CIM or any other written or oral communication transmitted or made available to prospective investors. Prospective investors should conduct their own independent investigation and verification of the information provided herein, and should seek legal, accounting, tax, engineering or any other advice as necessary.

If any information relating to the Property, in addition to the information provided in this CIM, is provided at any time, orally or otherwise, by the Vendor or CBRE or anyone acting on their behalf, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and such information should not be relied upon by prospective investors without independent investigation and verification.

CONFIDENTIALITY By accepting this CIM, prospective investors agree to hold and treat this CIM and its contents in the strictest confidence. Prospective investors will not, directly or indirectly, disclose or communicate or permit anyone else to disclose or communicate this CIM or any of its contents or any part thereof to any person, firm or entity without the prior written consent of the Vendor and CBRE. Prospective investors will not use or permit this CIM to be used in any manner detrimental to the interests of the Vendor, CBRE or their affiliates or for any other purpose than a proposed purchase of the Property. The recipient of this CIM agrees to provide CBRE with a list of those persons to whom this CIM or any information contained herein is provided.

The terms and conditions in this Section with respect to confidentiality and the disclaimer contained under the heading “Memorandum Contents” will relate to all Sections of the CIM as if stated independently therein. INDEMNIFICATION Recipients of this CIM acknowledge that they are principals or investment advisors in connection with the possible acquisition of an equity interest in the Property and hereby agree to indemnify the Vendor and CBRE against any compensation, liability or expense (including attorneys’ and commission fees), arising from claims by any other broker or party the purchaser had dealings with (excluding CBRE) in connection with the sale of an equity interest in the Property, or in connection with a breach by the prospective investor of its obligations as described herein.

In no event shall a prospective investor or any of its agents or contractors contact any tenant of the Property or any governmental authorities concerning the Property, or make any physical inspection or testing of the Property, without the prior written consent of the Vendor or CBRE.

The Vendor reserves the right to end the sale process or to cease discussions with any and all parties at any time without notice or liability.

SALES CONDITIONS Any information related to the Property which has been or will be obtained from the Vendor, CBRE or any other person, has been prepared and provided solely for the convenience of the prospective investor. Neither the Vendor nor CBRE make any representation or warranty that such information is accurate or complete. Such information shall not form part of the terms of an Agreement of the Purchase and Sale, unless otherwise agreed in writing by the Vendor.

EXCLUSIVE AGENTS CBRE, Limited All inquiries regarding the Properties or 5855 Spring Garden Road any information contained in this CIM Suite 300 should be directed to CBRE as follows: Halifax, NS Andrew Cranmer B3H 4S2 Senior Sales Associate +1 902 492 2065 [email protected]

Jeremy Kaupp Associate Vice President +1 902 492 2082 [email protected]

Access to dataroom documents will be provided upon execution of a confidentiality agreement.

PAGE 25 CBRE CAPITAL MARKETS ATLANTIC CANADA

For more information, please contact:

Jeremy Kaupp Associate Vice President +1 902 492 2082 [email protected]

Andrew Cranmer Senior Sales Associate +1 902 492 2065 [email protected]

CBRE LIMITED 5855 Spring Garden Road Halifax, NS B3H 4S2 T +1 902 492 2090 F +1 902 492 2091

This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.