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East Illinois Street Chicago, Illinois Valuation and Marketing Proposal

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East Illinois Street Chicago, Illinois Valuation and Marketing Proposal Valuation and Marketing Proposal River East Plaza 401 East Illinois Street Chicago, Illinois PREPARED FOR: CLMG Corp Michael Wyant Vice President - Commercial REO Marketing Julie Butticarlo Commercial REO Marketing Manager TERMS OF ENGAGEMENT TERMS OF ENGAGEMENT TABLE OF CONTENTS I. EXECUTIVE SUMMARY ................................................................................................ 1 II. PROJECT TEAM ............................................................................................................ 5 III. GENERAL AREA AND PROPERTY OBSERVATIONS ................................................ 8 IV. BROKER OPINION OF VALUE ................................................................................... 10 V. MARKETING PROGRAM ............................................................................................ 25 VI. TERMS OF ENGAGEMENT ......................................................................................... 33 VII. APPENDIX ..................................................................................................................... 34 COMPANY OVERVIEW PROJECT TEAM BIOGRAPHIES EXECUTIVE SUMMARY EXECUTIVE EXECUTIVE SUMMARY CLMG Corp. I. EXECUTIVE SUMMARY OVERVIEW Colliers International | Chicago is pleased to present this valuation (“BOV”) and marketing proposal to CLMG Corporation (“CLMG” or “Ownership”) for the River East Plaza, 401 East Illinois Street, Chicago, Illinois (“Property”). For this important assignment we are presenting a marketing team with a wealth of expertise in office, multi-family, and redevelopment projects. THE TEAM David A. Bercu, SIOR, principal; Vernon F. Schultz, SIOR; executive vice president; Michael L. Senner, SIOR, senior vice president; Brian T. Pohl, executive vice president; and Brian P. Nagle, executive vice president will be the core team that is exclusively responsible for the marketing of the Property. Supporting the marketing team will be Aimee Course, vice president of marketing and communications; Michelle Tenuta, vice president of research and analytics, and Jerrod Wigal, senior associate in the investment services group. Additionally, the core team has already spoken about the project with Ted Novak of DLA Piper, one of the city’s most respected zoning attorneys, and as a result of that discussion, the team has numerous insights to share with CLMG concerning the zoning of the property. Core Team Qualifications This experienced team of industry veterans has wide expertise in the following disciplines: Retail lease and sales Multi-use development, residential and retail land sales Property re-use and redevelopment David A. Bercu will serve as CLMG’s single point of contact and strategic advisor for the project. David has spent his entire 25-year career with Colliers International and his consummated transactions in excess of $3 billion in all product types. Having spent the past year working with the CLMG team on its Dundee / Skokie land sale project, David has already forged a positive relationship with the CLMG team and brings to this project a valuable understanding of the team’s goals and the way it prefers to collaborate. Vernon F. Schultz has been involved in commercial real estate in the Chicago area for more than 30 years. Since joining Colliers International in 1997 he has completed more than 1,000 transactions with a total value exceeding $2 billion. Vern and partner Michael L. Senner, senior vice president, have unmatched expertise with in-City and redevelopment / reuse P. 1 COLLIERS | CHICAGO projects, including the $54 million sale of an 8.2-acre land site owned by YMCA of CLMG Corp. Metropolitan Chicago. Brian T. Pohl leads Colliers International | Chicago’s multi-family investment services group. With more than 16 years of experience, Brian has sold more than $1.1 billion of real estate assets for a variety of owner types. He successfully sold the 1,056-unit McClurg Court Apartment complex which is nearly adjacent to the River East Plaza. Brian P. Nagle leads Colliers International | Chicago’s office investment services group. He focuses on the sale of properties throughout the Chicago metropolitan area and the other Midwest markets. Brian has over 30 years of capital markets expertise and has sold assets valued at more than $20 billion. Brian is supported by partner Jerrod Wigal, senior associate. Brian and Jerrod have sold 37 Chicago CBD offices properties including the Santa Fe Building at 224 South Michigan Avenue and 564 West Randolph, which was a 100% vacant loft office sale. Supporting Team Additional in-house support will be provided by Aimee Course, vice president of marketing and communications. Aimee has 16 years of real estate marketing experience, a master’s degree in Integrated Marketing Communications, and holds an Illinois real estate license. Aimee’s five-person team of design and communications professionals will ensure that professional quality materials are designed and appropriately distributed. CLMG is familiar with the Offering Memorandum that Aimee’s team prepared for the Dundee/Skokie property and would be producing another document of that caliber for the River East project. Also supporting the team will be Michelle Tenuta, Vice President of Research and Analytics. Michelle brings 13 years of real estate experience primarily related to comprehensive financial modeling and in-depth market research. Re-Use Redevelopment Experience The Colliers team has the most current knowledge of mixed-use, retail and multi-family activity in the area. The team also sold the following in-city redevelopment properties: Michael Reese Hospital – 30 acres Michael Reese Hospital Site New City YMCA – 8 acres 2929 S. Ellis Avenue, Chicago, IL Kendall College – 165,000-square-foot building 564 Randolph Street – 100,000-square-foot building 319 East Illinois Street – .8 acres 1300 N. Dearborn Parkway – 65,000-square-foot, 100-unit building Solo Cup 3333 East 87th Street, Chicago, IL P. 2 COLLIERS | CHICAGO The team has a municipal/public service background and a unique relationship with the City CLMG Corp. of Chicago. The numerous transactions team members have completed in Chicago, and more importantly in this ward, enables us to have insight into the way the city works. HIGHEST AND BEST USE After careful review of market dynamics, zoning, and redevelopment costs, it is the opinion of the team that the River East Plaza would be best served with a conversion of floors 2-6 to multi-family use. With the rental market at its strongest in years, now may be the time to capitalize on this opportunity. The property has outstanding proximity to residential density and daytime population. Any marketing efforts would be focused on embracing the asset’s position in the niche marketplace while building upon the success of Fox & Obel at the SEC of Illinois and McClurg Court. The office market is much less vibrant, particularly in this submarket. With nearly 300,000 square feet to fill and no synergy from nearby office buildings, we are much less confident that the highest and best use of this property is office development. OPINION OF VALUE Based on the comparable transactions, developer proformas and the current market conditions we believe appropriate market values for the respective uses could be in the range of $25 to $30 million. Please see the Broker Opinion of Value section in this proposal for detailed information on our assumptions, comparable data, and how we arrived at the property value conclusion below. ASKING PRICE We recommend not setting an asking price, but rather giving prospects a $35 million reference point. MARKETING PLAN Our intensive marketing plan will be focused on creating high-end marketing materials and reaching a highly qualified national investor list through third-party sources such as Real Capital Markets and our own proprietary databases. Our primary targets include mixed-use, multi-family, and retailer developers in addition to lifestyle retail users. There are a large number of qualified developers currently in the market for loft rental conversions. Marketing to the brokerage community is also critical, most specifically to retail and multi- family brokers. We currently have an up-to-date list ready to go that targets approximately 75 retail and multi-family professionals. Our call for offers would occur 60 days following the completion of our offering materials. A short list would be created for best and final negotiations, and hard earnest money would be requested at the completion of due diligence. P. 3 COLLIERS | CHICAGO MARKETING TIMELINE CLMG Corp. We anticipate a comprehensive marketing timeline of approximately 90 days from engagement to closing. AGENCY AGREEMENT Colliers recommends a six month term for the agency agreement. The commission would be 2% of the first $20 million sale proceeds, and 3.5% of amounts above $20 million. Outside brokers would be compensated by their client. CONCLUSION We sincerely appreciate the opportunity to work with CLMG Corp. once again on another exciting project. The River East Plaza is a unique building in a highly visible and recognized area. We are confident that we have presented the most qualified and capable team available in the industry and look forward to the opportunity to maximize the return on this asset on your behalf. P. 4 COLLIERS | CHICAGO PROJECT TEAM PROJECT PROJECT TEAM CLMG Corp. II. PROJECT TEAM For the River East Plaza disposition project, our multi-disciplined marketing team is composed of specialists in multi-family,
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