Offering Memorandum Doral at 58

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Development/Investment Opportunity th Offering Memorandum Doral at 58

PRESENTED BY: Lynn E. Reich, SIOR, CCIM Executive Vice President | Chicago DIRECT +1 847 698 8230 EMAIL [email protected]

Mort Fetterolf | South Florida Director of Industrial Services DIRECT +1 305 447 7858 EMAIL [email protected]

Erin Dee Industrial Associate | South Florida DIRECT +1 305 476 7147 EMAIL [email protected]

DORAL AT 58TH | OFFERING MEMORANDUM Commercial Real Estate Services CONFIDENTIALITY & DISCLAIMER STATEMENT THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Abood Wood-Fay Real Estate Group, LLC d/b/a Colliers International South Florida, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Abood Wood-Fay Real Estate Group, LLC d/b/a Colliers International South Florida, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offerors are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Abood Wood-Fay Real Estate Group, LLC d/b/a Colliers International South Florida.

OFFERING PROCEDURE Offers should be submitted in the form of a non-binding Letter of Intent and must specify the following: • Price • Length of Inspection Period • Length of Closing Period • Amount of earnest money deposit at execution of a Purchase and Sale Contract, and • Amount of additional deposit upon expiration of Inspection Period

For further information please contact: Mort Fetterolf or Erin Dee Lynn E. Reich, SIOR, CCIM Colliers International South Florida Colliers International 95 Merrick Way, Suite 380 6250 N. River Road, Suite 11-100 Miami, FL 33134 Rosemont, IL 60018 +1 305 446 0011 +1 847 698 8230

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 2 Table of Contents

> EXECUTIVE SUMMARY The Offering...... 5 Physical Description ...... 6 Highlights ...... 7 Aerial View ...... 8

> PROPERTY OVERVIEW Property Photographs ...... 10 Site Plan ...... 12 Highway Access ...... 13 Amenities Map ...... 14

> AREA OVERVIEW Doral Overview ...... 17 Demographics...... 18 Doral’s Economic Development ...... 19

> MARKET OVERVIEW Market Report ...... 21 Comparables ...... 23

> DUE DILIGENCE Survey ...... 26 Title ...... 27 Zoning Verification...... 43

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 3 Executive Summary INVESTMENT SUMMARY

The Offering

Colliers International is pleased to offer a 139,712-SF facility in Doral, FL for sale. The total facility square footage of 139,712 is a compilation of several different buildings all located on several contiguous parcels together comprising 7.42 acres in Doral, Florida. The distribution/production buildings range in age, size, clear height and loading. Additionally, the site has a free standing class A office building located on the southwest corner.

PROPERTY HIGHLIGHTS INCLUDE: • The physical location is ideal because of its close proximity to the Palmetto Expressway with immediate access from NW 58th Street. Development of the “Downtown Doral,” to the south of the site is underway with new residential, office and retail product.

• This property is located in the heart of Doral, which is one of the strongest industrial markets in the nation. Scarcity of land within the market has driven sale prices over the last five years.

• The office building is approximately 21,816 SF on 1.54 acres of land.

• The industrial buildings total approximately 117,896 SF on 5.87 acres of land.

BUILDING 1 BUILDING 2 5605 NW 82nd Avenue 8180 NW 58th Street 21,816 SF 15,680 SF

BUILDING 3 BUILDING 4 8130 NW 58th Street 8080 NW 58th Street 31,475 SF 36,612 SF

BUILDING 5 BUILDING 6 8050 NW 58th Street 8125 NW 56th Street 19,685 SF 14,444 SF

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 5 INVESTMENT SUMMARY

Physical Description

BUILDING 1 BUILDING 3 BUILDING 5 FOLIO: FOLIO: FOLIO: 35-3022-000-0310 35-3022-000-0130 35-3022-003-0010

TOTAL BUILDING AREA: TOTAL BUILDING AREA: TOTAL BUILDING AREA: 21,816 SF 31,475 SF 19,685 SF

PROPERTY ADDRESS: PROPERTY ADDRESS: PROPERTY ADDRESS: 5605 NW 82nd Avenue, Miami, FL 8130 NW 58th Street, Miami, FL 8050 NW 58th Street, Miami, FL

YEAR BUILT: YEAR BUILT: YEAR BUILT: 2002 2000 1964 (addition 2008)

BUILDING TYPE: BUILDING TYPE: BUILDING TYPE: Office Industrial Industrial

NO. OF STORIES: CEILING HEIGHT: CEILING HEIGHT: Two 26’ 18’-36’

BUILDING 2 BUILDING 4 BUILDING 6 FOLIO: FOLIO: FOLIO: 35-3022-000-0120 35-3022-000-0150 35-3022-000-0280

TOTAL BUILDING AREA: TOTAL BUILDING AREA: TOTAL BUILDING AREA: 15,680 SF 36,612 SF 14,444 SF

PROPERTY ADDRESS: PROPERTY ADDRESS: PROPERTY ADDRESS: 8180 NW 58th Street, Miami, FL 8080 NW 58th Street, Miami, FL 8125 NW 56th Street, Miami, FL

YEAR BUILT: YEAR BUILT: YEAR BUILT: 1975 1973 1973

BUILDING TYPE: BUILDING TYPE: BUILDING TYPE: Industrial Industrial Industrial

CEILING HEIGHT: CEILING HEIGHT: CEILING HEIGHT: 21’ 29’ 20’

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 6 INVESTMENT SUMMARY

HIGHLIGHTS > Building 1 - 5605 NW 82nd Avenue – (21,816 SF) This Class A office building sits on 1.54 acres of land. The building has two stories of custom office that consists of perimeter offices, Downtown Doral is a true modern metropolis in the spirit conference facility and an open layout. of Great American Towns past, where business and pleasure mix seamlessly under the blue skies of limitless > Building 2 - 8180 NW 58th Street – (15,680 SF) opportunity. Where neighbors flock to the welcoming This industrial building has one dock door with a dock plate. It also storefronts of Main Street, palm-lined avenues dotted with has one drive out door for forklifts to exit the building at ground level. mom and pop boutiques and five-star restaurants alike. Additionally, it has about 2,200 pallets of product storage space. Where start-ups rub shoulders with lawmakers in the shadow of a freshly minted City Hall, and children walk to > Building 3 - 8130 NW 58th Street – (31,475 SF) the finest neighborhood school against the backdrop of sawgrass fairways as far as the eye can see. This industrial building has five open-floor level bay doors and three dock height doors with dock plates for truck access.

> Building 4 - 8080 NW 58th Street – (36,612 SF) This industrial building has six truck unloading stations with dock plates and two locations with fork lifts able to drive out of the building at ground level.

> Building 5 - 8050 NW 58th Street – (19,685 SF) This building consists of two interconnected industrial buildings. The older building was built in 1964 and totals 9,081 SF with 18’ clear Source: http://downtowndoral.com ceiling height and the newer building was built in 2008 and totals 10,604 SF with 36’ clear ceiling height. The building has four roll up doors with ground level access for fork lifts.

> Building 6 - 8125 NW 56th Street – (14,444 SF) This industrial building has access to four of 8080’s unloading stations and one roll up door for ground level access. The prestigious Trump Hotel Collection acquired Trump National Doral Miami in June 2012 with exciting plans for a comprehensive, $250-million transformation of the LOCATION SUMMARY iconic resort restoring it to the magnificence of its heyday Doral at 58th is conveniently located immediately off the Palmetto half a century ago. Donald J. Trump, his daughter Ivanka, Expressway and NW 58th Street, allowing easy access to the Miami and sons Donald Jr. and Eric personally oversee an International Airport. It is situated in the heart of Doral, adjacent to the inspired plan to recapture and then surpass the iconic resort’s grandeur. new development known as Downtown Doral and located near the Doral Business District. The Property is within minutes to major retailers and hotels, providing numerous options for dining and recreational activities.

Central to Miami-Dade Market >> Miami International Airport 3 miles >> Dolphin Expressway 3 miles

>> Florida’s Turnpike 4 miles Source: http://www.trumphotelcollection.com >> Interstate 75 5 miles >> Interstate 95 8 miles

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 7 INVESTMENT SUMMARY

Aerial View

NW 58TH STREET

2 3 4 5

OFFICE BUILDING 1

NW 82ND AVENUE

NORTH

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 8 Property Overview PROPERTY OVERVIEW

Property Photographs

BUILDING 1 OFFICE BUILDING 21,816 SF

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 10 PROPERTY OVERVIEW

BUILDINGS 2-6 INDUSTRIAL BUILDINGS 117,896 SF

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 11 PROPERTY OVERVIEW

Site Plan 7.42 ACRES

5 2 4 3

1 6

ADDRESS SF 1. 5605 NW 82 AVENUE 21,816 2. 8180 NW 58TH STREET 15,680 3. 8130 NW 58TH STREET 31,475 4. 8080 NW 58TH STREET 36,612 5. 8050 NW 58TH STREET 19,685 6. 8125 NW 56TH STREET 14,444

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 12 PROPERTY OVERVIEW

Highway Access

OKEECHOBEE BOULEVARD FLORIDA’S TURNPIKE PALMETTO EXPRESSWAY

NW 58TH STREET

DORAL BOULEVARD

MIAMI INTERNATIONAL AIRPORT NW 25TH STREET

DOLPHIN EXPRESSWAY

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 13 PROPERTY OVERVIEW

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28 | CDORALonfi ATD enti58THA lOffering offer MemorandumI ng memoranD um COLLIERS INTERNATIONAL P. 14 PROPERTY OVERVIEW

Amenities Map

1. Aventura Mall 2. Lincoln Road 3. Dolphin Mall 4. Mall of the Americas 5. Downtown Miami 6. The Falls 7. CocoWalk 8. Bayside Marketplace 9. Bal Harbour Shops 10. Miracle Mile 11. Dadeland Mall 12. Miami International Mall 13. Mary Brickell Village 14. Shops at Midtown Miami 15. Shops at Sunset Place 16. American Airlines Arena 17. Fillmore Miami Beach at the Jackie Gleason Theater 18. Sun Life Stadium 19. Gulfstream Park Race Track and Casino 20. Miami Jai-Alai Fronton 21. Magic City Casino 22. Calle Ocho 23. Miami Zoo 24. Miami Seaquarium 25. Jungle Island 26. Jewish Museum of Florida 27. Museum of Contemporary Art 28. Miami International Airport

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 15 Area Overview AREA OVERVIEW

The City of Doral

Doral is a city located in north-central Miami-Dade County, Florida, United States. The city takes its name from the famous golf and spa resort located within its municipal boundaries. The Doral Golf Resort & Spa was originally built by Doris and Alfred Kaskel, who coined “Doral” by combining their names. For a city of its size, Doral has a large number of shops, financial institutions and businesses, especially importers and exporters, primarily because of its proximity to the Miami International Airport. In 2008, Fortune Small Business and CNN Money ranked Doral as 51 on a list of 100 cities with the best mix of business advantages and lifestyle appeal. HISTORY Doral history dates back to the late 1950s, real estate pioneer Alfred and Doris Kaskel purchased 2,400 acres of swampland between NW 36 Street and NW 74 Street and from NW 79 Avenue to NW 117 Avenue for about $49,000 with the intention of building a golf course and hotel. As Doral’s very first structure, the Doral Hotel and Country Club became the area’s hot spot. In the second year of operation, the Kaskels hosted the first Doral Open Invitational, Florida’s major PGA event. Alfred offered $50,000 in prize money to attract well-known golfers. To put it in perspective, according to the South Florida Golf Foundation, there were only three other tournaments being held in Florida at the time with a combined total of $65,000 prize money. By the early ‘80s, Doral started to experience the first spurts of growth when Alfred’s and Doris’ grandson Bill developed Doral Estates that was followed by a joint venture with Lennar Homes to build Doral Park. Both communities were named after the Hotel, a trend that was to be repeated many more times. In 2002, the Governor appointed Cancio to fill the remainder of Commissioner Miriam Alonso’s term of office; she had been suspended after an arrest on felony charges. Doral residents hoped that his appointment would be the impetus to bring the community closer to incorporation, and Cancio did not let his community down. DEMOGRAPHICS As of the census of 2010, there were 45,704 people, 13,641 households, and 10,492 families residing in the CDP. The racial makeup of the CDP was 88.7% White, 2.5% Black or African American, 0.1% Native American, 3.7% Asian, 3.0% from other races. Hispanic or Latino of any race were 79.5% of the population. Doral is the city with the highest percentage of Venezuelans in its population in the United States, at 23.6% Venezuelan in 2010. Mayor Luigi Boria, elected in 2013, holds the honor as the first Venezuelan-American mayor in the United States. In 2000, there were 20,438 people, 7,692 households, and 5,492 families residing in the CDP. The racial makeup of the CDP was 84.02% White, 2.66% Black or African American, 0.07% Native American, 5.08% Asian, 0.01% Pacific Islander, 4.36% from other races, and 3.78% from two or more races. Hispanic or Latino of any race were 69.44% of the population. There were 7,692 households out of which 38.0% had children under the age of 18 living with them, 57.0% were married couples living together, 9.5% had a female householder with no husband present, and 28.6% were non-families. 22.2% of all households were made up of individuals and 1.7% had someone living alone who was 65 years of age or older. The average household size was 2.66 and the average family size was 3.12.

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 17 AREA OVERVIEW

Custom Map Demographics darwin plaza

1 Mile Radius 2010 2011 2016 3 Mile Radius 2010 2011 2016 Population 4,451 4,760 5,399 Population 127,332 125,326 125,102 Households 1,833 1,962 2,235 Households 59,051 58,109 57,668 Families 1,223 1,962 2,235 Families 31,679 31,259 30,723 Average Household Size 2.43 2.43 2.41 Average Household Size 2.14 2.14 2.15 September 05, 2013 Made with Esri Business Analyst Owner Occupied Housing Units 726 729 851 Owner Occupied Housing Units 38,554 36,943 37,227 ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now! Page 1 of 1 Renter Occupied Housing Units 1,107 1,233 1,384 Renter Occupied Housing Units 20,497 21,166 20,441 Median 33.0 32.9 33.1 Median 45.6 45.7 47.2

5 Mile Radius 2010 2011 2016 Population 249,730 247,254 249,607 Households 107,378 106,257 106,538 Families 62,160 61,678 61,313 Average Household Size 2.28 2.28 2.30 Owner Occupied Housing Units 72,613 69,992 71,210 Renter Occupied Housing Units 34,765 36,265 35,329 Median 43.3 43.4 44.7

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 18 AREA OVERVIEW

Doral’s Economic Development

MAJOR EMPLOYERS MAJOR EMPLOYERS The City of Doral has approximately 130,000 daily traffic count The City has established noteworthy accomplishments in its and an average daytime population of 100,000 that includes eight years of its incorporation and 15 square miles students, residents, business owners and overnight visitors. Home of Fortune 500 companies and government • World class parks and cultural activities headquarters such as: • 9.0 Unemployment rate (July 2011) • Doral Golf Resort & Spa is home to the Blue Monster & White • Carnival Cruise Lines Course • Marriott International, Inc • Over 50 Financial Institutions • Univision • 22 hotels in Doral averaging over 82% occupancy rate • Supreme International Corporation • The Doral Business Council (DBC) has 325 member businesses • Amadeus North America representing 70 industries • Perry Ellis international • Over ten Universities and technical schools. Over ten artistic • Blue Cross and Blue Shield of Florida expression schools, and multiple public, charter, and private • Brinks Inc. schools all having grade A status. • BE Aerospace Inc • One of the first Building Departments in the region conducting • Gold Coast Beverage Distributors electronic plan reviews. Pioneered Early Start Permitting Program • Walmart and Fire/DERM concurrent plan reviews • PBS & J Inc • A board game “DORALOPOLY” was created by the S.E. FL Lions • Sears Club celebrating the City’s entrepreneurial spirit • Hellmann Worldwide Logistics • Home to 14 of Miami-Dade County’s over 30 business parks • Telefutura • Over 9,000 Business Tax Receipts • US Southern Command • Additional 1 million square feet of Class A office planned for the • Dade County Police Department future • Miami Dade County Fire Rescue Department • 30 Chambers and business organizations in Doral • Federal Reserve Bank and much more...

DORAL FACTS SAMPLE INDUSTRIES COMPARABLE • #1 city in Miami-Dade county with an average of 3,000 logistic related companies supporting national and international trade • #1 Tile District in the Doral Design District in the USA • Miami International Airport named 1st in International freight in the United States and 10th among worldwide airports • Miami International Airport and relate aviation industries contribute 282,000 direct and indirect jobs • Miami Free zone , offering 850,000 square feet of duty free warehouse, office, and showroom space for re-exported goods • The Port of Miami contributes over $18 billion annually to the local economy, and as the largest international container port in Florida, moved almost 1 million TEU’s last year, accounting for billions of tons worth of cargo last year, Source: Miami- Dade Beacon Council, Miami International Airport, Miami- representing approximately 180,000 direct and indirect jobs. Dade County Port of Miami, Miami Free Zone, U.S. Census Bureau 2010, ESRI • Additional 1 million square feet of Class A office planned for forecast for 2008, U.S. Department of Labor: Bureau of Labor Statistics, City the future of Doral Planning and Zoning Department, Doral Business Council (DBC). • 30 Chambers and business organizations in Doral Figures may not add up due to rounding.

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 19 Market Overview MARKET OVERVIEW

SOUTHQ2 FLORIDA2013 COMMERCIAL REAL ESTATE REVIEW | Q2 2013

SOUTH FLORIDA COMMERCIAL REAL ESTATE REVIEW | Q2 2013 Market Report Miami-Dade County Industrial

RENTAL RATE VS. VACANCY RATE $9.00/nnn 9.0% Miami-Dade• Vacancy rates have leveledCounty off through Industrial the end of the 8.0% RENTAL RATE VS. VACANCY RATE second quarter at 6.6%. This is roughly flat for the $8.00/nnn $9.00/nnn 9.0%7.0% • Vacancyyear but ratesstill an have improvement leveled off from through the startthe end of 2012.of the 8.0%6.0% $7.00/nnn secondWarehouse quarter space at 6.6%. continues This tois roughly be a sign flat of for local the $8.00/nnn 7.0%5.0% yearmarket but strengthstill an improvement with an average from the vacancy start of of2012. just 4.0% $6.00/nnn 6.0% Warehouseabove 6.0%. space Flex space continues is closer to be to a11.0%. sign of local $7.00/nnn 3.0% 5.0% market strength with an average vacancy of just $5.00/nnn 4.0%2.0% $6.00/nnn • aboveNet absorption 6.0%. Flex was space positive, is closer but to light 11.0%. this quarter, 3.0%1.0%

$4.00/nnn 2.0%0.0% with just above 300,000 square feet of space. This $5.00/nnn 2011 1Q 2011 2Q 2011 3Q 2011 4Q 2012 1Q 2012 2Q 2012 3Q 2012 4Q 2013 1Q 2013 2Q 1.0% • Netis almost absorption half wasof the positive, quarterly but averages light this recorded quarter,

$4.00/nnn RENTAL RATE VACANCY RATE 0.0% withsince just 2011. above Leasing 300,000 activity square has feetfallen of offspace. gradually This 2011 1Q 2011 2Q 2011 3Q 2011 4Q 2012 1Q 2012 2Q 2012 3Q 2012 4Q 2013 1Q 2013 2Q issince almost the summer half of theof 2012. quarterly averages recorded

RENTAL RATE VACANCY RATE since 2011. Leasing activity has fallen off gradually • sinceAverage the askingsummer rental of 2012. rates are being pushed to new

ABSORPTION / DELIVERIES / VACANCY RATE highs, now near $8.50 per square foot, triple net 1,200,000 9.0% • Averageacross the asking county. rental This rates is comprisedare being pushed of an $8.0 to new per 8.0% 1,000,000 ABSORPTION / DELIVERIES / VACANCY RATE highs,square now foot nearrate for $8.50 traditional per square warehouse foot, space triple netand 1,200,000 9.0%7.0% 800,000 acrossa $10.50 the per county. square This foot is rate comprised for flex of product. an $8.0 Atper the 8.0%6.0% 1,000,000 600,000 squarecounty footlevel rate this for amounts traditional to almost warehouse 5% growth space year- and 7.0%5.0% 800,000 aover-year. $10.50 per square foot rate for flex product. At the 400,000 6.0%4.0% 600,000 3.0% county level this amounts to almost 5% growth year- 200,000 5.0% 2.0% • over-year.This quarter TA Associates sold their 11-building 400,000 4.0% 0 3.0%1.0% portfolio in Medley to Lincoln Property Company. 200,000 (200,000) 2.0%0.0% • ThisLincoln quarter paid $59.85 TA Associates million for sold the their846,00-square- 11-building 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1.0% portfoliofoot portfolio in Medley or $71 toper Lincoln square Propertyfoot. Company.

(200,000) DELIVERIES ABSORPTION VACANCY RATE 0.0% Lincoln paid $59.85 million for the 846,00-square- 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q • footThe portfoliolargest lease or $71 of per the square quarter foot. was signed by OHL

DELIVERIES ABSORPTION VACANCY RATE Logistics at Pan American North Distribution Center • Thein Medley. largest Thelease tenant of the signed quarter a leasewas signedwith a bystarting OHL Logisticsrent rate atof Pan $8.50 American per square North foot Distribution industrial Center gross AVERAGE RENTAL RATES, $ / SF FULL SERVICE $12.00/nnn infor Medley. 185,500 The square tenant feet. signed a lease with a starting

$11.00/nnn rent rate of $8.50 per square foot industrial gross AVERAGE RENTAL RATES, $ / SF FULL SERVICE $12.00/nnn$10.00/nnn for 185,500 square feet.

$11.00/nnn$9.00/nnn

$10.00/nnn$8.00/nnn

$9.00/nnn$7.00/nnn

$8.00/nnn$6.00/nnn

$7.00/nnn$5.00/nnn

$6.00/nnn$4.00/nnn 2011 1Q 2011 2Q 2011 3Q 2011 4Q 2012 1Q 2012 2Q 2012 3Q 2012 4Q 2013 1Q 2013 2Q $5.00/nnn INDUSTRIAL FLEX $4.00/nnn 2011 1Q 2011 2Q 2011 3Q 2011 4Q 2012 1Q 2012 2Q 2012 3Q 2012 4Q 2013 1Q 2013 2Q

INDUSTRIAL FLEX

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 21

P. 8 | COLLIERS INTERNATIONAL Contact: Crystal Proenza—[email protected] | Research: Alex Morcate—[email protected]

P. 8 | COLLIERS INTERNATIONAL Contact: Crystal Proenza—[email protected] | Research: Alex Morcate—[email protected] MARKET OVERVIEW

SOUTHSOUTH FLORIDA FLORIDA COMMERCIAL COMMERCIAL REAL REAL ESTATE ESTATE REVIEW REVIEW | | Q2 Q2 2013 2013

RENTALRENTAL RATE RATE VS. VS. VACANCY VACANCY RATE RATE Miami-DadeMiami-DadeMiami-Dade CountyCounty OfficeOfficeOffice $30.00/fs$30.00/fs 16.5%16.5%

16.0%16.0% • • VacancyVacancy rates rates fell fell again again as as the the local local office office marketmarket $28.00/fs$28.00/fs continues to improve. Across the county vacancy is 15.5% continues to improve. Across the county vacancy is 15.5% nownow near near 14.0%, 14.0%, a a strong strong improvement improvement from from last last $26.00/fs$26.00/fs 15.0%15.0% quarterquarter and and one one of of the the biggest biggest declines declines since since the the 14.5% recovery. This trend is shared by both Class A (19.0%) $24.00/fs 14.5% recovery. This trend is shared by both Class A (19.0%) $24.00/fs andand Class Class B B (14.5%) (14.5%) which which have have recorded recorded nearly nearly two two 14.0%14.0% years of positive change. $22.00/fs$22.00/fs years of positive change. 13.5%13.5%

$20.00/fs$20.00/fs 13.0%13.0% • • AverageAverage asking asking rental rental rates rates are are trending trending upwards, upwards, at at 20112011 1Q 1Q 2011 2011 2Q 2Q 2011 2011 3Q 3Q 2011 2011 4Q 4Q 2012 2012 1Q 1Q 2012 2012 2Q 2Q 2012 2012 3Q 3Q 2012 2012 4Q 4Q 2013 2013 1Q 1Q 2013 2013 2Q 2Q leastleast through through the the beginning beginning of of the the summer. summer. Although Although ClassClass A A space space remains remains nearly nearly flat flat atat $35$35 perper squaresquare RENTALRENTAL RATE RATE VACANCYVACANCY RATE RATE footfoot gross, gross, Class Class B B and and C C space space have have seen seen some some growthgrowth from from the the previous previous quarter quarter at at $25 $25 per per square square ABSORPTION / DELIVERIES / VACANCY RATE footfoot and and $21 $21 per per square square foot foot respectively. respectively. Class Class A A ABSORPTION / DELIVERIES / VACANCY RATE space on Brickell remains the most coveted market 700,000700,000 16.5%16.5% space on Brickell remains the most coveted market withwith asking asking rates rates averaging averaging $42 $42 per per square square foot. foot. 600,000600,000 16.0%16.0% 500,000500,000 15.5%15.5% • • TheThe secondsecond quarterquarter waswas oneone ofof the the strongeststrongest ofof the the 400,000400,000 recoveryrecovery inin termsterms ofof netnet positivepositive absorption,absorption, nettingnetting 15.0% 300,000300,000 15.0% 450,000450,000 square square feet. feet. The The broader broader trend trend also also points points to to 200,000200,000 14.5%14.5% continualcontinual improvementimprovement withwith twotwo yearsyears ofof consistentconsistent 100,000100,000 14.0%14.0% growth.growth. While While totaltotal leasing leasing activity activity was was lighter lighter thanthan 0 0 thisthis time time lastlast year,year, there there werewere fewerfewer tenants tenants exitingexiting 13.5%13.5% (100,000)(100,000) thethe market. market. Construction Construction activity activity remains remains light light with with a a (200,000)(200,000) 13.0%13.0% handfulhandful of of small small projects projects across across the the county. county. 20112011 20112011 20112011 20112011 20122012 20122012 20122012 20122012 20132013 20132013 1Q1Q 2Q2Q 3Q3Q 4Q4Q 1Q1Q 2Q2Q 3Q3Q 4Q4Q 1Q1Q 2Q2Q • The largest lease of the quarter was signed by an DELIVERIESDELIVERIES ABSORPTIONABSORPTION VACANCYVACANCY RATE RATE • The largest lease of the quarter was signed by an undisclosedundisclosed tenant tenant at at Westside Westside Plaza Plaza III III in in the the Miami Miami AirportAirport submarket. submarket. They They occupied occupied 27,300 27,300 square square feet feet onon a a five five yearyear term term withwith a a startingstarting lease lease rate rate ofof $23.75$23.75 AVERAGEAVERAGE RENTAL RENTAL RATES, RATES, $ $/ SF/ SF FULL FULL SERVICE SERVICE perper square square foot foot gross. gross. $40.00/fs$40.00/fs • • ThereThere have have been been a a number number of of notable notable investment investment $35.00/fs$35.00/fs salessales this this quarter, quarter, the the most most important important of of which which is is the the sale of 1111 Brickell Avenue. This transaction $30.00/fs sale of 1111 Brickell Avenue. This transaction $30.00/fs representsrepresents not not only only the the continued continued interest interest and and demand demand for product in the CBD but also the interest from $25.00/fs$25.00/fs for product in the CBD but also the interest from institutionalinstitutional investors. investors. Prudential Prudential purchased purchased the the

$20.00/fs$20.00/fs +500,000-square-foot+500,000-square-foot class class A A office office building building (formerly(formerly known known as as the the Mellon Mellon Financial Financial Center) Center) from from

$15.00/fs$15.00/fs SpanishSpanish real real estate estate investor investor Testa Testa Inmuebles Inmuebles (Sacyr). (Sacyr). 20112011 1Q 1Q 2011 2011 2Q 2Q 2011 2011 3Q 3Q 2011 2011 4Q 4Q 2012 2012 1Q 1Q 2012 2012 2Q 2Q 2012 2012 3Q 3Q 2012 2012 4Q 4Q 2013 2013 1Q 1Q 2013 2013 2Q 2Q TheThe $184 $184 million million purchase purchase amounts amounts to to $352 $352 per per squaresquare foot. foot. CLASSCLASS A A CLASSCLASS B B CLASSCLASS C C

OfficeOffice 25,00025,000 SquareSquare FeetFeet + :+Institutional : Institutional office office product product acrossacross Miami Miami DadeDade CountyCounty isis improving,improving, slowly. slowly. VacancyVacancy ratesrates areare down down again again near near 21%. 21%. This This number number fell fell from from a a high high of of 24% 24% during during 2011 2011 when when much much of of thethe CBD CBD product product was was delivered.delivered. Demand Demand has has been been slow slow and and steady steady with with much much of of the the transaction transaction volume volume coming coming from from existing existing tenants tenants changing changing DORALlocationslocations AT 58TH versus versus Offering new newMemorandum tenants tenants coming coming to to market. market. Net Net absorption absorption was was positive positive this this quarter quarter at at over over COLLIERS200,000 200,000 INTERNATIONAL SF. SF. Average Average P. 22 askingasking rental rental rates rates are are up up for for the the third third consecutive consecutive quarter quarter approaching approaching $29.75 $29.75 per per square square foot. foot. This This is is still still down down from from thethe highs highs of of $34 $34 per per square square foot foot seen seen a a few few years years ago. ago.

Contact:Contact: Crystal Crystal Proenza—[email protected] Proenza—[email protected] | | Research: Research: Alex Alex Morcate—[email protected] Morcate—[email protected] COLLIERSCOLLIERS INTERNATIONAL INTERNATIONAL | | P. P. 5 5 MARKET OVERVIEW

Office & Industrial Sale Comparables

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Office Sales Industrial Sales

Office Sale Comparables

# Location Buyer Acres Square Feet Sale Date Sale Price Price Per SF 1 7500 NW 52nd Street Medina Land Holdings 2.06 21,600 March 22, 2013 $1,750,000 $81.02 2 7331 NW 74th Street Imahouse, LLC 2 26,615 June 18, 2013 $2,600,000 $97.69 3 4045 NW 97th Avenue Comtel Telcom Assets, LP 2.5 21,000 May 30, 2013 $3,400,000 $161.90

Industrial Sale Comparables

# Location Built Square Feet Sale Date Sale Price Price Per SF 1 8040-8060 NW 33rd Street, Unit B 1989 15,228 March 3, 2013 $1,250,000 $82.09 2 11475 NW 39th Street 2002 25,093 January 24, 2013 $2,600,000 $103.61 3 7300 NW 41st Street 1971 16,800 March 29, 2013 $1,000,000 $59.52 4 3785 NW 79th Avenue 1975 36,208 January 30, 2013 $3,200,000 $88.38 5 6500-6508 NW 82nd Avenue, Unit 6508 1985 15,359 June 27, 2013 $1,230,000 $80.08 6 9000 NW 106th Street* 1987 850,000 June 31, 2013 $59,850,000 $71.00

* Not shown on map

DORAL AT 58TH Offering Memorandum COLLIERS INTERNATIONAL P. 23 MARKET OVERVIEW

Land Sale Comparables

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3 1

Land Sale Comparables

# Location Buyer Acres Square Feet Sale Date Sale Price Price Per SF 1 NW 87th Ave and 27th Street Avante Ltd., Transal Corp 4.13 179,903 July 13, 2013 $3,900,000 $21.68 2 NW 77th Ave and 71st Street Millennium World Trade Business LLC 4.29 186,872 July 13, 2013 $3,750,000 $20.08 3 NW 89th Ct and 33rd Street Millennium World Trade Business LLC 8.22 999,702 April 5, 2013 $12,725,000 $12.73 4 NW 89th Ct & NW 15th Street Riviera Point Business Center at Doral, LLC 2.45 106,722 June 10, 2013 $1,600,000 $14.99 5 7100 NW 77th Court Millennium World Trade Business, LLC 4.3 187,308 April 11, 2013 $3,750,000 $20.02

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DORAL AT 58TH | OFFERING MEMORANDUM