FOR SALE Maunakea Marketplace Honolulu’s Unique Ethnic Marketplace Chinatown, Honolulu, HI www.HawaiiEthnicMarket.com Investment Summary

Asking Price $13,900,000 Address 1120 Maunakea Street Honolulu, HI 96813 2016 Budgeted NOI $1,051,000 2015 Actual NOI $1,042,000 Tenure Leasehold Occupancy 94.4% Ground Lease Expiration Date February 28, 2054 (38 Years) Lessor City and County of Honolulu Year Built 1989 Number of Buildings 3 Vineyard Boulevard Number of Stories 2 Land Area 1.07 acres Ground Floor - Retail 27,208 square feet 2nd Floor - Office/Retail 25,007 square feet Gross Leasable Area 52,215 square feet TMK Number (1) 1-7-3: 96 Zoning BMX–4 (Business Mixed-Use)

N. Beretania Street

Maunakea Street

N. Hotel Street

N. King Street

Ala Moana Boulevard 215 N. King Street

P 448 Stalls Chinatown Cultural Plaza 400P Stalls

RIVER STREET VINEYARD BLVD Kukui Tower Hale PauahiP Chinatown 593 Manor Stalls Honolulu Mauna Kea Hale Pauahi Tower Tower

Maunakea Kekaulike Marketplace Market Honolulu Oahu Park Place Market MAUNAKEA STREET

New Life Kukui South Church Plaza Bank of Beretania Hawaii SMITH STREET BERETANIA STREET P 852 StallsP HOTEL STREET 285 Stalls ASB KING STREET P Marin 285 Stalls Real OŽce StationFire Tower Centers ALA MOANA BLVD P Hawaii P Hawaii Theatre National Bank Queen Cathedral Emma Building Basilica of Our Lady of Peace Capitol 564 Century 364 Stalls Place 928 Nuuanu Stalls P Square P King’s Empire Alliance Court Finance BETHEL STREETBuilding Factors The 1132 Pinnacle 418 Walgreens Bishop Queen’s P Stalls N. Beretania Street Court Walmart FORT STREET MALL HONOLULU CBD Hawaiian Telcom

Ross Dress Capital for Less Remington P Executive College Alakea Center RETAIL Pioneer Centre Corporate Harbor Plaza P Tower Court 879 Stalls KauikeaouliHale American Bank of Pauahi Tower OFFICE Savings Hawaii No. 1District Capitol Stagenwald Bank Building BISHOP P SQUARE 1,146 Stalls Alii APARTMENTS Place QUEEN STREET BISHOP STREET

ASB ALAKEA STREET 718 P GOVERNMENT BUILDINGSTop Financial Tower Stalls MERCHANT STREETFirst & SCHOOLS Center Hawaiian Bank YWCA STATE OF HAWAII Central Paci‰c LEGISLATURE N. Hotel Street P PARKING Plaza P P P Davies Paci‰c Arcade Building Hawaiian Kamamalu Building Building RICHARDS STREET Dillingham FinancialCiti Electric TransportationBuilding Fo Guang N. King Street Shan IOLANI Paci‰c Guardian P Investment HighlightsCenter Hawaii PALACE Harbor P Square Strong historical cash flow Title P Guaranty United States Surrounded by several residential high-riseHarbor buildings and the ArtsPost OŽce & Cultural District Square Melim KING STREET High demand for small retail spaces which are alwaysBuilding leased, current occupancy 92.3% Heavy pedestrian traffic

Long term ground lease expiring in 2054 withThe the Block City & County of Honolulu Rarely available, highly visible property in downtown Honolulu Ala Moana Boulevard Lease rent paid in semi-annual payments, on the 1st of MarchHawaii Department and September of each year of Taxation Many affordable parking structures located nearby the property PUNCHBOWL STREET Hotel Street is one of the main arteries of Chinatown - approximately 750 buses stop in front of the property every weekday Property Location Situated at the intersection of Hotel Street and Maunakea Street in downtown Honolulu, one of the busiest pedestrian corners in Honolulu Located along one of Oahu’s main City bus thoroughfares Less than 10 minutes from Honolulu International Airport and less than 4 miles to Waikiki Beach Centrally located in Chinatown and in close proximity to Honolulu’s Central Business District Adjacent to the Arts & Cultural District, home to cultural institutions, performing arts venues, galleries and art events Abundant parking in several affordable parking structures On an average day, as many as 18,500 potential customers walk by the center from 8am to 8pm

Ground Lease Summary Tenure Leasehold (Through February 2054) Ground Lessor C&C of Honolulu, Dept of Housing & Community Development Term March 1, 1989 through February 28, 2054 (65 years) Ground Rent Period Annual Rent March 1, 2015 to February 28, 2019 $125,000 March 1, 2019 to February 28, 2029 (1) March 1, 2029 to February 28, 2039 (1) March 1, 2039 to February 28, 2049 (1) March 1, 2049 to February 28, 2054 (1) (1) Prevailing rate in Honolulu of FMV of the land, exclusive of all buildings and improvements. Ground Floor Plan

N. PAUAHI STREET

Loading Zone N. Pauahi Entrance

Electrical Room and Cold Storage MAUNAKEA STREET 2,394 SF

193 192 191 494 SF 380 SF 350 SF

187

189 688 SF One way trac 1,873 SF 186 622 SF Center Court 3,261 SF Maunakea Food Court Entrance 5,703 SF 177 225 SF Statue 179 178 176 627 SF 668 SF 1,087 SF

Open Market 175 Food Stalls 415 SF

370 SF 174 182 181 337 SF 448 SF 173 1,134 SF 101 102 103 104 106 171 172 647 SF 637 SF 637 SF 655 SF 789 SF 579 SF 105 579 SF 319 SF

Hotel Street Entrance Hotel Street Entrance

HOTEL STREET Bus trac

Drawing not to scale Second Floor Plan

N. PAUAHI STREET

Mgmt Oce 295/295A 200 1,320 SF 1,150 SF Elec

Common 287 4,420 SF

210 1,120 SF MAUNAKEA STREET

240 XX

510 SF 128 SF Statue

230 220 735 SF 735 SF 272 271 8,427 SF 2,118 SF 281D 64 SF Common 281B 270 281 280A 281A 208 SF 1,638 656 1,152 SF 240 SF

SF SF 281C 144 SF 275 2,580 SF 273

274 2,264 SF 280 438 SF Storage 1,152 SF

HOTEL STREET

Drawing not to scale 2015 Demographics

1-MILE 3-MILE 5-MILE POPULATION 44,176 207,553 341,281 AVERAGE HOUSEHOLD INCOME $66,994 $75,281 $79,035 MEDIAN AGE 42.5 41.4 40.4 BACHELOR DEGREE OR HIGHER 10,843 52,172 87,998

Market Information High-rise condominium developments downtown and a dynamic arts community has changed the image of Chinatown, along with the emergence of several trendy restaurants, bars and boutiques Businesses in the area serve the large downtown employee population of more than 20,000 people The Chinatown retail inventory consists primarily of ground floor street retail in small buildings Low vacancy rates and long-established tenants are characteristic of this market Maunakea Marketplace is one of two retail centers in the area over 50,000 square feet in size Current retail asking base rents for Chinatown average $2.00 to $3.00 per square foot Contact Information

Mark D. Bratton* (R), CCIM 808 523 9708 [email protected]

Greg Moore (S) 808 372 7045 [email protected]

* Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2016. All rights reserved.

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (this "Agreement") is made as of the _____ day of ______, 2016, by ______("Recipient"), whose principal place of business and post office address is at ______, in favor of Geyser Asset Management, Inc., as agent for the owner of the Asset (defined below), whose principal place of business and post office address is P.O. Box 251, Dexter, MI 48130, as well as each individual owner of the Asset (individually and collectively, the “Owner”), with respect to the leasehold interest in the property commonly known as Maunakea Marketplace containing approximately 1.07 acres of land, located at 110 North Hotel Street , in the City and County of Honolulu, State of Hawaii, TMK No. (1) 1-7-3: 96 and all improvements thereon (“Asset”).

1. Background. Owner and/or Owner’s broker, Colliers International (“Colliers”) may be providing and/or making available to Recipient information and/or documents relating to the Asset. The information may be presented to Recipient in various forms including, but not limited to, photocopies of documents, digital information on CD-ROM, digital information sent via electronic mail, and/or digital information accessible via the Internet (collectively “Information”).

2. Confidentiality. Recipient, including, but not limited to its directors, officers, employees, managers, members and/or shareholders, agrees that it will keep all Information, including any information derived from the Information, regardless of whether the Information is marked or specifically identified as “confidential” or “proprietary”, confidential, except as to Recipient’s professional consultants (disclosed to Owner in advance) who will be evaluating the feasibility of Recipient acquiring the Asset. Recipient further agrees, prior to disclosing the Information to any consultants, that it will inform such consultant that they are required to observe and maintain the confidentiality of the Information and the provisions of this Agreement.

3. Limitation on Use of Information. All Information furnished to Recipient by Owner will be used solely by Recipient for the purpose of evaluating the feasibility of purchasing the Asset and Recipient agrees not to use the Information, including any information derived from the Information, for any other purpose.

4. Limitation on Disclosure of Information. Recipient will not disclose to anyone, with exception to its disclosed consultants, the existence of or any other aspect of the Information or any information derived from the Information.

5. Prohibition Against Copying and Return of Materials. No copies of the Information shall be made or disclosed to anyone whatsoever without the prior written consent of Owner. Upon the completion of the above-described evaluation, or upon request by Owner, Recipient shall return to Owner all Information in the form that was provided to Recipient and any and all duplications thereof.

6. Damages. Recipient acknowledges and agrees that Owner has a substantial, material and proprietary interest in the Information and that if the Information or any other information protected under this Agreement is disclosed by Recipient in any respect whatsoever without Owner’s prior written consent, Owner may suffer immediate and irreparable harm and may be substantially and materially damaged.

7. Remedies. In the event Recipient breaches any of the conditions set forth in this Agreement, Owner shall have the right to exercise all of its rights and remedies at law and equity, including, without limiting the generality of the foregoing, the right to obtain injunctive relief. The non-prevailing party shall pay all costs and expenses, including, without limitation, reasonable attorneys' fees incurred by the prevailing party in enforcing any of the covenants or conditions contained in this Agreement.

MAUNAKEA MARKETPLACE Confidentiality Agreement

8. Agency and Buyer’s Premium. Owner is represented by Colliers, a licensed real estate broker in the State of Hawaii. Recipient (as the buyer of the Property) shall be responsible for paying a “Buyer’s Premium” to Colliers in the amount of three percent (3%) of the gross sales price of or value exchanged for the Asset, plus Hawaii general excise tax (currently 4.712%). The Buyer’s Premium shall be paid solely by the Recipient/buyer to Colliers and Colliers shall not be obligated to share any commissions received with other brokers. Consequently, the Recipient/buyer shall be solely responsible for compensating its real estate agent and other consultants, if any. The Commission shall be payable through escrow at closing from additional funds deposited in escrow by the Recipient/buyer.

If a properly licensed real estate broker represents Recipient, Recipient must provide the information below simultaneously with the execution of this Agreement.

Recipient’s Broker: Company: Agent: (if not represented License No.: please write “NONE”) Address: City: State & Zip: Telephone: ( ) Fax: ( ) Email:

9. No Waiver. No waiver by Owner of any breach hereunder shall be deemed a waiver of any other or subsequent breach.

10. No Oral Modifications. This Agreement may not be altered, amended, changed, waived, terminated or modified in any respect or particular unless the same shall be in writing and consented to by Owner and Recipient.

11. Successors and Assigns. This Agreement shall inure to the benefit of Owner and to its successors and assigns and be binding upon Recipient and its legal representatives, successors and assigns.

12. No Third Party Beneficiaries. This Agreement is not intended to confer any benefits upon any persons, firms, corporations or other entities except Owner and Recipient and their respective directors, officers, employees, managers, members and/or shareholders.

13. Choice of Law. This Agreement shall be construed, governed and enforced in accordance with the laws of the State of Hawaii without giving effect to principles of conflict of laws.

14. No Other Agreement. Recipient acknowledges that this Agreement is solely for the purpose of establishing the confidentiality of the Information and does not grant Recipient any exclusive or other rights in connection with the purchase of Owner’s Asset.

Page 2 MAUNAKEA MARKETPLACE Confidentiality Agreement

IN WITNESS WHEREOF, Recipient has executed this Agreement as of the day and year first hereinabove set forth.

“Recipient”

Signature Date

Print Name Title

Company/Organization E-Mail

Address City/State/Zip

Telephone Facsimile

Company/Organization Website

Additional Partner(s)/Broker(s) requesting to review due diligence documents:

Signature/Date Company/Organization

Print Name E-Mail

Signature/Date Company/Organization

Print Name E-Mail

Please return signed Confidentiality Agreement (preferably via email in PDF format) to:

COLLIERS INTERNATIONAL

Attn: Mark D. Bratton* (R) CCIM Direct: 808-523-9708 Fax: 808-521-0977 Email: [email protected]

220 S. King Street, Suite 1800 Honolulu, HI 96813

* Bratton Realty Advisers, Ltd., exclusively contracted to Colliers International HI, LLC

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