Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a Texas licensed real estate broker (“HFF”). PORT ARTHUR CENTER

PORT ARTHUR, TEXAS - EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW

• Newly Redeveloped Class “A” Shopping Center in Houston MSA | 100% Leased to National Tenants ADDRESS 2770 Highway 365, Port Arthur, Texas 77640

• Average Lease Term of 9.25 Years | Long Term Stable Cash Flow LOCATION SEC of Highway 365 & Highway 69

• Located at a Dynamic Retail Intersection | National Tenants include Walmart Supercenter, Office OCCUPANCY 100% Depot, Ross Dress for Less, Petco, Best Buy, and Academy Sports + Outdoors PARKING 334 Spaces (3.95/1,000 SF) • Outstanding Location at a Highly Visible Intersection of Highway 69 & Highway 365 | Traffic YEAR BUILT 1996; Renovated 2014. Petsmart; New Construction 2015 Counts over 65,000 Cars per Day TOTAL GLA 84,584 SF • Exceptional Demographics | Immediate Area has Seen Nearly 10% Growth Over the Last 5 Years LAND SIZE Approximately 5.75 acres • Significant Commercial Activity & Development in Port Arthur | Natural Gas Project Golden Pass LNG Terminal will Create Approximately 45,000 Direct and Indirect Jobs across the Country DEBT Available for New Market Rate Financing

2 HIGHWAY 287 | 49,048 VPD

FM 365 | 12,966 VPD PORT ARTHUR CENTER

3 LOCATION MAP DEMOGRAPHICS DESCRIPTION 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS POPULATION

Magnolia St

Folsom Dr 2020 Projection 4,241 37,577 80,378 W Lucas Dr 2015 Estimate 3,925 36,272 78,512 Major Dr 1442 2010 Census 3,571 35,348 77,674 87 Sour Lake Rd 2000 Census 3,973 34,441 77,182 Beaumont 105 105 Growth 2015-2020 8.1% 3.6% 2.4%

S 4th St

S 11th St Growth 2010-2015 9.9% 2.6% 1.1% Washington Blvd 380 1442 Growth 2000-2010 1006 -10.1% 2.6% 0.6% Sara St Walden Rd HOUSEHOLDS 2020 Projection 1,931 15,681 29,734 2015 Estimate 1,750 15,078 28,932 124

87 2010 Census 1,531 14,612 28,520 347 2000 Census 1,651 13,968 27,925 Growth 2015-2020 10.4% 4.0% 2.8% 93 Spurlock Rd 366 27th St Growth 2010-2015 14.3% 3.2% 1.5% Growth 2000-2010 -7.3% 4.6% 2.1% Jack Brooks Taft Ave Regional Airport 347 INCOME

Port Arthur 2015 Est. Average Household Income $57,856 $67,609 $64,191 Gaulding Rd PORT ARTHUR 2015 Est. Median Household Income $43,678 $52,366 $48,622 9th Ave 124 Hwy 335 CENTER HOUSING VALUE 2015 Est. Median Housing Value $126,845 $143,420 $118,456 Houston, Texas – 88 miles 2015 Est. Average Household Size 2.2 2.4 2.5

4 PORT ARTHUR CENTER SITE PLAN

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5 TENANT PROFILES

Hobby Lobby operates 597-plus stores in about 40 states and sells arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, and silk flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the #3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies include: Mardel, a seller of Christian and educational products; and Hemispheres, a supplier of home furnishings and other merchandise to Hobby Lobby stores. CEO David Green, who owns the company, founded Hobby Lobby in 1972 and operates it according to biblical principles, including closing shop on Sunday. The company is listed in Forbes and Fortune’s list of Largest Private Companies.

Party City is the leader in the party goods industry. As America’s largest specialty party goods chain and the country’s premiere Halloween specialty retailer, Party City operates more than 800 company-owned and franchise stores throughout the United States and Puerto Rico. Party City Corporation is owned by Party City Holdings, Inc. and has its headquarters in Rockaway, New PetSmart, Inc., together with its subsidiaries, operates as a specialty retailer of products, Jersey. The Company designs, manufactures and distributes party goods through its vertically services and solutions for pets in the United States, Puerto Rico and Canada. Founded in 1986 aligned retailers as well as other retailers worldwide. The Company’s worldwide locations include and headquartered in Phoenix, Arizona, the retailer is engaged in the sale of pet supplies as their corporate headquarters in Elmsford, NY as well as locations throughout Asia, Europe, well as offers such services as grooming, dog training, boarding facilities and daycare. PetSmart the Americas and Australia. The Company operates seven state of the art distribution centers also offers a varied selection of animals for sale and adoption that include birds, fish, reptiles, throughout the world and six manufacturing facilities domestically. Product is manufactured both amphibians and numerous other small animals. in the United States and overseas.

6 PORT ARTHUR MARKET OVERVIEW HISTORY LNG is planning a $10 billion LNG export terminal that would create 140 permanent jobs and • Originally platted in 1895, Port Arthur was and is a link to the world with deep-water access to the Total and BASF are planning a $2 billion ethylene cracker that could create 3,500 construction Gulf of Mexico, linked to the entire continent by rail, highway and air. Refining and Petrochemical jobs and 45 full-time jobs once complete. All in all, these projects could in all create more than companies have been the mainstay for business in Port Arthur for more than 100 years. 13,000 temporary construction jobs and over 700 full-time jobs in the coming years, a significant

• In 1901, the eruption of the Lucas Gusher at Spindletop changed the economic face and economic impact for the Port Arthur area. Port Arthur’s population numbers 50,000. Taking future of Port Arthur forever. The port quickly began to serve the needs of the up-and-coming into consideration the full number of petrochemical projects currently under construction or petrochemical companies such as Gulf Oil Corporation and Texaco. By 1957, Port Arthur was proposed along the Texas and Louisiana Gulf Coast, and the amount of investment grows to known as the center of the world’s prosperous oil refining facilities. over $100 billion. • More than half of the top employers in Port Arthur are related to the petrochemical industry in PETROCHEMICAL CONSTRUCTION BOOM • Hydraulic fracturing (“fracking”) and advanced drilling technologies allowed exploration and some way (please see Top Employers chart). production companies to release oil and gas from shale rock formations in the U.S. for the first # FULL-TIME # PART-TIME RANK EMPLOYER TYPE EMPLOYEES EMPLOYEES time in history within the past few years. The overwhelming amount of natural gas released 1 Motiva Enterprises, LLC Petroleum Refining 1300 0

from these formations caused gas prices to sink, which has been great for chemical companies, 2 Huntsman Corp. Plastics Material and Resin 1250 0 Manufacturing since many of them use natural gas liquids as feedstock for their products and use natural gas 3 CHRISTUS St. Mary Hospital General Medical and Surgical 900 0 to power their plants. As drivers benefit from low gas prices, so, too, do refiners – on a massive Hospital 4 Valero Petroleum Refining 825 0 scale. The recent collapse in oil and gas prices from Q4 2014 to the present only added incentive 5 Walmart Supercenter 2 locations Department Store 650 0 for downstream companies to invest in new refineries and LNG plants in Texas. 6 Medical Center of Southeast Texas, General Medical and Surgical 562 35 • Bill Gilmer of the UH Bauer Institute for Regional Forecasting says that economic expansion from The Hospital 7 TOTAL Port Arthur Refinery Petroleum Refining 500 0 the north and west of the Houston metro area is shifting to the south and east, as downstream 8 Echo Maintenance, LLC Construction - Petrochemical 500 300 replaces upstream as the near-term job creator. More white-collar jobs will be replaced with blue- 9 Horizon Offshore Contractors, Inc. Oil and Gas Pipeline and Related 400 0 collar jobs. The plants under construction will at first encourage a boomtown with construction Structures Construction jobs in the tens of thousands, with more sustainable job growth in the hundreds expected for 10 Worldwide Sorbent Products, Inc. Remediation Services 320 0 11 Performance Blasting & Coating Painting and Wall Covering 250 0 the longer-term, as the plants require less labor to maintain once up and running. (PBC) Contractor 12 BASF TOTAL Petrochemicals LLC Petroleum Refining 248 0 • Port Arthur is home to the largest refinery in North America and the fifth-largest in the world, 13 Chevron Phillips Chemical Company Chemical & Allied Products 230 0 with a refining capacity of 600,000 bbl/d, owned by Motiva Enterprises, LLC, a 50-50 joint venture LP Merchant Wholesalers between Shell Oil Company (the wholly owned American subsidiary of Royal Dutch Shell) and 14 R & R Marine Maintenance, Inc. Ship Building & Repairing 201 296 Saudi Refining (controlled by Saudi Aramco). 15 Flint Hills Resources Port Arthur Basic Organic Chemical 201 0 Manufacturing • There are currently over $6.25 billion of petrochemical projects under construction in the Port 16 Chevron Global Lubricants Petroleum Merchant Wholesale 200 0 Arthur area, and an additional $22 billion of proposed projects. Cheniere is finishing its $6 billion 17 U.S. Intec, Inc. Asphalt Shingle & Coating 181 0 Materials Manufacturing LNG export terminal at Sabine Pass this year, the first of its kind in the United States, a 14 mile 18 Veolia ES Technical Solutions, L.L.C. Nonhazardous Waste Treatment 180 0 and Disposal drive from downtown Port Arthur just across the Louisiana border. This created approximately 19 KT Maintenance Company, Inc. Janitorial Services 135 0

3,000 construction jobs and is expected to create at least 77 new permanent jobs. Also in Sabine 20 Entergy Texas Electric Power Distribution 132 0

Pass, Qatar Petroleum, ExxonMobil and ConocoPhillips are planning a $10 billion LNG export 21 Sears Department Store 131 0 terminal, which would create more than 3,800 new jobs in the United States during its 25-year 22 Lyondell Basell Chemical Product & Preparation 130 0 operation phase, including more than 200 permanent jobs. In nearby Nederland, Texas, a 9-mile Manufacturing 23 GP Industrial Contractors, Inc. Construction - industrial - steel 125 6 drive from downtown Port Arthur, OCI Partners, LP, a subsidiary of Natgasoline LLC, is investing 24 Meyer Group, LLC, The Therapy / Healthcare 120 0 $250 million in an expansion that will make it the largest methanol plant in the US, creating 3,000 25 MV Transportation, Inc. Support Activities for 104 0 jobs over three years and 240 permanent jobs when the plant is complete. In Port Arthur, Sempra Transportation 7 HOUSTON MARKET OVERVIEW Houston, with its diverse, global economy and high quality of life, has gained substantial media recognition in recent years for its nation-leading growth. Forbes ranked Houston 1st on its annual list of “America’s Fastest-Growing Cities” in January 2015. Also this year, the city ranked 1st for the sixth year in a row on U-Haul’s “Top Destination City” and as the top city on lists by MasterCard (“North America’s Fastest-Growing Destination Cities”), Travel+Leisure (“America’s Best Cities for Food Snobs”) and WalletHub (“Most Favorable Metro for STEM Workers”).

HOUSTON ECONOMIC ENGINE • Perennial Outperformer: Houston led all other major metropolitan areas with 4.7% GDP growth since 2000

• With metropolitan GDP of more than $517 billion, Houston is • A 2012 report by the Kinder Institute of Urban Research and EMPLOYMENT the 4th largest U.S. metro economy. It grew 5.2% in 2013, the the Hobby Center for the Study of Texas, which analyzed U.S. • Approximately 3.0 million jobs within the Houston MSA; more largest increase among nation’s 50 largest metro areas. census data from 1990, 2000, and 2010, claimed Houston as the than 36 states in the U.S. most ethnically diverse city in the nation, surpassing even New • It is the world’s 25th largest economy, ahead of countries such • With 1.17 million jobs added (3.4% annual increase) since 1990, York. Houston now lacks a majority race or ethnic group, as it as Norway and Belgium. the Houston MSA is 2nd only to the Dallas / Ft. Worth MSA is 1/3 Hispanic, 1/3 White, and 1/3 Black, Asian or other. among major metros in job growth on an absolute and 1st in • 26 Fortune 500 and 52 Fortune 1000 companies are based in • More than 1.4 million Houstonians, or more than one in five, are percentage terms among the top three cities that added over the Houston area, ranking 3rd in U.S. foreign-born. The Houston MSA ranks 4th nationally in number 1 million jobs. • Fastest growing market for household income from 2000-2012 of Hispanics and 7th in number of Asians. • Over the last five years, the metropolitan area created 445,400 POPULATION: YOUNG, DYNAMIC, DIVERSE, EDUCATED • Approximately one in four Houstonians was born outside the net new jobs, including 104,700 jobs in 2014 for a 3.6% increase. • With 2.2 million residents Houston is the largest city in Texas U.S., equal to ~1.42 million residents, or the total population of This translates to nearly three new jobs for every one job lost in and the 4th most populous U.S. city ten U.S. states. the nation’s most recent recession.

• With 6.5 million residents the Houston MSA is the 5th most • Of the 10 most populous cities in the U.S., only three have a • Despite softening in the energy sector, projected job growth populous metropolitan area higher foreign-born population: Miami, Los Angeles, and New remains robust with major analytics firms such as Moody’s, • Since 2000, the Houston MSA has added 1.8 million residents, York. Axiometrics, University of Houston and the Greater Houston growing an average of 10,000 residents per month • The influx of new residents originated predominately from Latin Partnership forecasting average employment additions of 40,000 jobs for 2015. • The Houston metropolitan area ranked first for population America (65.2%) and Asia (24.1%), with the remaining 10% arriving growth in 2014, adding 156,371 new residents or one person from Europe, Africa, North America and Oceania. • As of May 2015, Moody Analytics projects Houston to rank 3rd every 3.4 minutes. • Houston experienced a 40% increase in college-degreed in the nation for five-year employment growth from 2014-2019 on an absolute basis (328,780 additions). • As of May 2015, Moody’s Analytics projects Houston will lead professionals over the last ten years, double the rate of growth the nation in five-year population growth from 2014-2019 on an of most other US cities. absolute basis (680,010 new additions). • Houston ranked 1st in STEM employment growth from 2001- • The average age of Houston’s residents is 34 years old, well 2013, ahead of Seattle, D.C, Riverside, Dallas, Phoenix and San below the national average of 38. Francisco

8 HOUSTON MARKET OVERVIEW GLOBAL PRESENCE BUSINESS SECTORS construction are completed. The TMC will contain over 59 • The value of foreign trade passing through Houston has more • Houston ranks 1st for health care and manufacturing careers, million square feet of office and medical space and be greater than doubled over the past decade. $253.3 billion in trade value 2nd for engineering, finance and accounting careers, and 3rd in size than the CBD of Minneapolis, and only slightly smaller was handled by the Houston-Galveston Customs Districts in in green jobs and 6th in computer science careers. than that of Philadelphia. 2014, ranking 5th busiest in the U.S. Energy • Currently there are over $2 billion of new projects under • Forty-one countries logged more than $1 billion in trade through • With 3,700 energy-related establishments, Houston is known construction in the TMC, including major additions to the customs district in 2014 with Mexico, China and Brazil ranking as the “Energy Capital of the World”. Memorial Hermann, The Methodist Hospital, Texas Children’s

as Houston’s top three trade partners. • Houston employs one-third of the nation’s oil and gas Hospital, and CHI St. Luke’s. • Currently there are 92 countries which maintain official extraction jobs. INFRASTRUCTURE

government representation in Houston, ranking Houston as • Houston is home to 40 of the U.S.’ 134 publicly-traded oil and Port of Houston one of the top three cities in the U.S. in terms of its total number gas exploration companies, including 10 of the top 25; nine • The Port of Houston is ranked the largest port in the U.S. by of consular offices. There are 14 foreign governments which more of the top 25 have subsidiary offices, major divisions foreign tonnage (19th consecutive year) and import tonnage also maintain trade and commercial offices, and the Houston and other significant operations in Houston (23rd consecutive year), as well as the nation’s leading metro area has 32 active international chambers of commerce break-bulk port. It is the second-busiest port in the Western • Houston has benefitted tremendously in recent years from or trade associations. Hemisphere in terms of total cargo volume, and 14th in the the U.S. Shale Revolution. Advances in drilling technology, world. As a container port, the Port of Houston is the nation’s • GHP’s database in 2015 lists 3,400 Houston area firms, foreign such as hydraulic fracturing and directional drilling helped the 6th-busiest and handles two-thirds of all container traffic government offices and nonprofit organizations involved in U.S. return to preeminence as the world’s largest producer of along the Gulf of Mexico. international business. In the Houston area more than 430 crude oil and natural gas, supplanting both Saudi Arabia and companies report having offices abroad in 144 countries and Russia, respectively, in 2014. • The Port of Houston is investing ~$275 million to widen and more than 730 firms in Houston report foreign ownership. dredge the port’s canals and modernize the port’s facilities, • It’s not entirely about energy… While the Energy industry infrastructure, security and overall environment to a “Post- may be the biggest contributor to Houston’s growth, the Panamax” standard, in line with the ongoing ~$5.25 billion city has a highly diverse economy with strengths in medical, Panama Canal expansion project, which is slated to open manufacturing, service and technology. in 2016. The new canal will also permit the passage of larger Healthcare LNG carriers, which will allow the Port of Houston to capture a • The Texas Medical Center is the world’s largest medical greater market share of U.S. imports, tap new export markets complex, boasting 55 member institutions including 21 through economies of scale, and realize future gains in overall renowned hospitals, 13 support organizations, eight academic port activity. and research institutions, six nursing programs, three public • The $275 million investment by the port to prepare for the health organizations, three medical schools, two universities, Panama Canal expansion are part of a broader $35 billion two pharmacy schools, and a dental school, and employs over capital improvement and maintenance campaign that 100,000 people. began in 2012 and is scheduled to complete this year. The • Covering 36.7 million square feet of office and medical space, Port of Houston estimates that it has created 111,700 direct spread out over 1,345 acres and housed in more than 290 construction and 154,1000 indirect jobs over the last three buildings, the TMC is currently the 12th-largest business years. district in the country and will be the 8th largest CBD in the nation after all of the projects that are currently under

9 HOUSTON MARKET OVERVIEW Rail . Extraordinary Metrics • On June 30, 2015, Ellington was granted a launch site license • There are currently 10 major rail companies, covering a rail • Only airport in the Western Hemisphere, and one of from the Federal Aviation Administration (FAA) to establish a network of over 800 miles and 150 trucking lines, which five airports in the world, to offer direct flights to all six launch site for Reusable Launch Vehicles (RLV), making it the connect the Port of Houston to the largest markets in the continents 10th commercial spaceport in the U.S. This will allow Houston continental U.S., Canada and Mexico. There are three Class to “play a lead role in commercial space operations in the 21st • 30 independent airlines and 36 carriers I railroads operating in Houston: Burlington Northern Santa century,” according to Houston Mayor Annise Parker. • 30 destinations in Mexico (more Mexican destinations than Fe Railway (BNSF), Kansas City Southern Railway (KCS) and any other US airport) Mass Transit Union Pacific Railroad (UP). • METRORail – The recently expanded light rail provides service • Largest United Airlines hub in the U.S. Houston Airport System along nearly 23 miles of central Houston. The 13-mile Red Line • The Houston Airport System is the 4th-largest airport system . New Development – Terminal D runs from Fannin South Station through downtown along Main in the United States and 6th- largest in the world. • In mid-2014, the Houston Airport System announced plans Street through the Museum District, the Texas Medical Center, to demolish and replace the more than 20-year old Mickey . • In 2014, a record 53.3 million passengers, including 9.8 million University of Houston-Downtown, and ends at the Northline Leland International Terminal (D) at Bush Intercontinental international travelers, passed through Houston’s three main Transit Center/Houston Community College. The Green Line with a new, 780,000 SF terminal. This modern, state-of- airports: George Bush Intercontinental Airport on the North (East End Line) runs 3.3 miles from downtown and east along the-art facility will reflect Bush Intercontinental Airport’s side, William P. Hobby Airport on the South side, and Ellington Harrisburg, and the Purple Line (Southeast Line) travels 6.6 standing as a premiere global gateway and a vital economic Airport near NASA’s Johnson Space Center. miles southeast connecting downtown from the University engine for the Houston region’s strong economy. Citing a of Houston Central Campus to Texas Southern University and . • Additionally, when Houston Hobby’s International Terminal Houston Business Journal article, traffic at the terminal Palm Center. opens this fall, Houston will be one of only six U.S. markets has quadrupled since it first opened. What used to serve • Future light rail plans call for a 4.8-mile Uptown Light Rail with two international hubs. as a hub for mostly Latin American flights now serves Line/Gold Line and 28 miles of commuter rail by 2025. . • Together, these facilities constitute one of the world’s most destinations much further afield in places such as Korea, accessible airport systems and, along with Houston’s central China, and Europe. The terminal has been at capacity since • Houston is also served by over 100 local and commuter bus location in the United States, serve as an ideal global logistics 2007 and has seen the arrival of several new airlines since routes and nearly 10,000 stops, encompassing an eight-county area of some 1,285 square miles. Annual ridership on the hub for international markets. then. METRO bus system exceeds 80.5 million. George Bush Intercontinental Airport (IAH) William P. Hobby Airport (HOU) • Since opening as Houston Intercontinental Airport in 1969, • Houston’s oldest commercial airport is located approximately ARTS AND CULTURE • 19 museums in the 1.5-mile radius “Museum District”, a hub for IAH has grown into the southwest United States’ largest and seven miles south of downtown and offers nonstop busiest airport, and is the primary commercial services airport service to more than 40 destinations throughout the U.S. arts and culture in the Houston area. It is the 2nd-largest airport in Houston, a focus airport for • With 14,000+ seats, Houston’s theater district ranks second for Southwest Airlines and will become an international airport . Leading the Ranks most seats concentrated in a U.S. downtown district • 5th in the U.S. among airports with scheduled nonstop by October 2015, when Southwest begins offering service to • 500 institutions are devoted to performing and visual arts, domestic and international service nine international destinations in five Latin American and science and history Caribbean countries. • 7th largest international passenger gateway in the U.S. • 5 professional sports teams are based in Houston • It recently underwent a $156 million expansion. • 9th busiest airport in the world in 2014 by aircraft movements • Houston’s 50,000+ acres of parkland give it more green space (full landings and takeoffs). Ellington Airport (EFD) than any other top ten metro. • Ellington Airport serves the operations of the U.S. military, the • 11th busiest airport in the U.S. for total passenger traffic. National Aeronautics and Space Administration (NASA), and a variety of general aviation tenants.

10 HOUSTON MARKET OVERVIEW INTERNATIONALLY RECOGNIZED INVESTMENT MARKET • Houston is consistently one of the best performing MSA’s in the nation for institutional office investors as measured by total return:

NCREIF RANKINGS

3yr 5yr 7yr 10yr 15yr 20yr

Market Cum. Return Market Cum. Return Market Cum. Return Market Cum. Return Market Cum. Return Market Cum. Return

1 FL - Miami 16.3% CA - San Francisco 19.0% CA - San Francisco 7.4% TX - Houston 10.9% NY - New York 11.7% NY - New York 12.2%

2 CA - San Francisco 16.0% CA - San Jose 16.9% CA - San Jose 6.8% NY - New York 10.7% CA - Los Angeles 9.8% WA - Seattle 11.8%

3 CA - San Jose 15.3% CO - Denver 14.4% UT - Salt Lake City 6.3% CA - San Francisco 10.6% DC - Washington 9.6% CA - San Francisco 11.8%

4 CO - Denver 14.8% NY - New York 13.8% FL - Miami 6.1% CA - San Jose 10.1% TX - Houston 9.1% CA - Los Angeles 11.0%

5 NC - Charlotte 14.8% FL - Miami 13.6% TX - Houston 6.1% FL - Miami 9.7% CA - San Diego 9.0% CA - San Diego 10.9%

6 MA - Cambridge 13.9% MA - Cambridge 13.3% CO - Denver 5.9% CA - Los Angeles 9.6% CA - San Francisco 8.9% MA - Boston 10.8%

7 TX - Houston 13.2% TX - Dallas 12.5% TX - Dallas 5.5% CO - Denver 9.1% FL - Miami 8.9% MA - Cambridge 10.7%

8 AZ - Phoenix 13.1% WA - Seattle 12.4% TX - Austin 5.3% TX - Austin 9.0% OR - Portland 8.8% CA - Santa Ana 10.5%

9 TX - Dallas 12.8% CA - Los Angeles 12.1% NY - New York 5.0% OR - Portland 8.8% MA - Boston 8.7% TX - Houston 10.2%

10 NY - New York 12.5% TX - Austin 11.8% OR - Portland 4.8% NC - Charlotte 8.3% TX - Austin 8.2% DC - Washington 10.1%

11 TX - Austin 12.1% NC - Charlotte 11.7% NC - Charlotte 4.4% MA - Boston 8.0% WA - Seattle 8.0% TX - Austin 10.1%

12 CA - Los Angeles 11.9% TX - Houston 11.6% PA - Philadelphia 4.3% WA - Seattle 7.9% NC - Charlotte 7.9% CA - Oakland 9.8%

11 INVESTMENT SALES

RYAN WEST Managing Director Tel (713) 852-3535 [email protected]

MATT BERRY Associate Director Tel (713) 852-3540 [email protected]

ROBBIE KILCREASE Real Estate Analyst Tel (713) 852-3533 [email protected]

FOR FINANCING INQUIRIES COLBY MUECK Managing Director Tel (713) 852-3575 [email protected]

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a Texas licensed real estate broker (“HFF”). This Offering Memorandum has been prepared by HFF for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors. Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived. This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or HFF If you have no interest in the property, please return the Offering Memorandum forthwith. 10/15

9 Greenway Plaza, Suite 700 Houston, Texas 77046 Tel (713) 852-3500 Fax (713) 527-8725 hfflp.com