Tri-Freeway Business Park ANAHEIM, CALIFORNIA

OFFERING MEMORANDUM

FOR SALE - RARE ORANGE COUNTY MULTI-TENANT INDUSTRIAL OPPORTUNITY Tri-Freeway Business Park ANAHEIM, CALIFORNIA

PRIVATE CAPITAL GROUP | CAPITAL MARKETS

F + 1 949 725 8545 www.cbre.com/pcgnb CBRE - Newport Beach Newport Beach, CA 92660 3501 Jamboree Rd. Ste 100 3501 Jamboree

Financing ACHTEMEIER VALERIE Executive Vice President Lic. 01868169 +1 213 613 3109 [email protected]

PAT SCRUGGS PAT Senior Vice President Lic. 00851446 +1 949 725 8520 [email protected] JEFF ALLEN | LOCAL MARKET Portfolio Manager Lic. 01313074 +1 714 202 2930 [email protected]

BARBARA EMMONS Vice Chairman Lic. 00969169 +1 213 613 3033 [email protected] ANTHONY DELORENZO Senior Associate Lic. 01706686 +1 949 725 8425 [email protected]

+1 909 418 2105 [email protected] [email protected] DARLA LONGO Vice Chairman Lic. 00639911 GARY STACHE GARY Executive Vice President Lic. 00773736 +1 949 725 8532 Institutional Group Private Capital Group-Newport Beach Private Capital Group-Newport

tri-freeway business park table of contents 1 7 15 31 41 area overview executive summary property description industrial market overview financials / replacement costs ANAHEIM, CALIFORNIA CALIFORNIA ANAHEIM, Tri-Freeway Business Park Business Tri-Freeway www.pcgnb.com/TriFreeway Property Information and Offering Materials Available at: Materials Available Information and Offering Property

208,824 SF $24,580,000 ($118) 5.50% 24.96% ± ±12.74 Acres 10 605 www.pcgnb.com/TriFreeway 700-720 N Valley Street & Street 700-720 N Valley Avenue 2101-2121 W Crescent Anaheim, CA 92801 Parking Website Project Address Price Offering 2 Cap Rate Year All Cash IRR with Condo Sale Exit Building Area Total Land Area Total Number of Buildings investment summary

ANAHEIM, CALIFORNIA CALIFORNIA ANAHEIM, Tri-Freeway Business Park Business Tri-Freeway This freeway frontage park is located in the heart of the highly frontage This freeway of Orange County at desirable North Orange County submarket and the 91 Artesia the confluence of the I-5 Santa Ana Freeway Freeway. well leased 10 building multi-tenant industrial park totaling 208,824 well leased 10 building multi-tenant industrial in Anaheim, California. SF with 122 units on ±12.74 acres opportunity to investors a rare Business Park offers Tri-Freeway comes available for that rarely an exceptional property acquire in the United States. sale in one of the best industrial markets executive summary a opportunity to purchase CBRE is pleased to announce an exciting

executive summary 1 tri-freeway business park 2 UNIVERSITY SOUTH BAYLO 5 SANTA ANA FREEWAY

91 RIVERSIDE FREEWAY

LA PALMA AVE LA MIRADA Anaheim, California Anaheim, Tri-Freeway Business Park Tri-Freeway

ACADEMY FAIRMONT ST BROOKHURST PREPARATORY BROOKHURST COMMUNITY PARK

CRESCENT AVE JR HIGH BROOKHURST

DOWNTOWN BUENA PARK

EVEREST COLLEGE Located just off Interstate 5 and Brookhurst and Brookhurst Interstate 5 Located just off major Anaheim’s which is one of interchange north/south thoroughfares. Ideal incubator multi-tenant industrial demographics. Within of 674,849 people 5 miles $72,533. with an average household income of people are As the economy has improved, the moving out of their homes and back into smaller incubator units. Situated in the heart of an industrial base which consisting of 81 Million SF within 5 miles the units contain clients of the tenants occupying in this project. Disneyland. Located only 3 miles from Tremendous Interstate 5 freeway exposure, exposure, Interstate 5 freeway Tremendous than 242,000 cars per day. which has more 5/Artesia to Interstate Immediate proximity access which provides 91 interchange Freeway to all of Southern California. • • • • Strategic Freeway Frontage North Orange County Frontage Strategic Freeway Location • • Rare freeway frontage sign. frontage freeway Rare The other major reason investors prefer industrial investors prefer The other major reason the low tenant improvement multi-tenant parks is tenant vacates due to the build-out costs if a unit sizes. buildout with the smaller limited office generally of unit sizes for the market Variety feet allows for square 1,000 - 4,000 ranging from the park. tenants to expand and contract within gaining The small tenant market (<3,000 SF) is momentum in 2013, which is evident by term significant leasing activity and the longer the market. leases, showing tenant confidence in one of are Multi-tenant industrial properties types with very few property the most desired coming on the market. properties individual buildings or to sell off potential Future in the park and the basis condo units to reduce cash flow. increase • • • • • • units. The largest

effected as much as larger industrial product. as much as larger industrial effected unit only accounts for 2.87% of the total area area unit only accounts for 2.87% of the total The benefit exposure. which limits major rollover is no of owning multi-tenant parks is that there major risk of losing a major tenant. Even during downturns aren’t multi-tenant parks on average Upside potential as industrial rents are projected projected are Upside potential as industrial rents the next 3 years. significantly over to increase 25% below peak 2007 values. currently Rents are risk. Exceptional long term cash flow with limited with 122 10 buildings are There is one of the tightest submarkets in the entire country boasting a vacancy rate of 2.4%. One of 14 competing multi-tenant industrial parks with a vacancy rate of 8.41% Ideally located in Anaheim, Orange County’s largest Orange County’s Ideally located in Anaheim, feet over 42 million square industrial market with 2.0%. North Orange Countyand a vacancy rate of • • • Industrial Park with Upside Potential Industrial Park with • investment highlights investment a Multi-tenant to Acquire Opportunity Rare

investment highlights 3 tri-freeway business park 4 tri-freeway business park 5 tri-freeway business park 6

ANAHEIM, CALIFORNIA CALIFORNIA ANAHEIM, Tri-Freeway Business Park Business Tri-Freeway 122 605 1974-1975 2101-2121 W Crescent Avenue Avenue 2101-2121 W Crescent Anaheim, CA 92801 072-060-56 and 072-060-32 Space: 131,087 Warehouse Space: 77,737 Office Space: 208,824 Total 12.74 Acres 10 700-720 N Valley Street & Street 700-720 N Valley Total Parking Spaces Total Built Years Land Area Number of Buildings Number of Units/ Tenants Accessor's Parcel Building Size Address property description

property description 7 property description 8 The office area contains no contains area The office The subject buildings are are The subject buildings The office/warehouse units have The office/warehouse Loading: level loading doors. ground Mezzanine Space: mezzanine space. Protection: Fire is assumed The project sprinklered. not fire alarm systems, fire to have adequate fire other fire extinguishers, and/or exits, fire marshal to meet local fire measures protection requirements. • • •

Office floor coverings consist floor coverings consist Office Pre-cast concrete exterior walls concrete Pre-cast The interior walls consist of a The buildings have a built-up The buildings have Office area lighting is provided by is provided lighting area Office The ceiling is comprised of a have suspended fluorescent fixtures. have suspended fluorescent Exterior Walls: with glass storefronts. Roof Cover: cover over plywood decking. composition roll Floor Coverings: carpeting and grade short loop of commercial has warehouse The vinyl tile over concrete. flooring. concrete Interior Walls: and painted metal framework with textured wall coverings. sheetrock Ceilings: with exposed beams suspended grid in the office area. in the warehouse Lighting: areas The warehouse lighting. in-laid fluorescent • • • • • • Poured reinforced concrete slab on concrete reinforced Poured grade, with continuous perimeter footings and grade, with continuous perimeter footings column pads. Foundation: Mass Transit- OCTA Mass Transit- Telephone- AT&T Telephone- Natural Gas- Souther CaliforniaNatural Gas- Souther Gas Co Electricity- City of Anaheim Sewer- City of Anaheim Sewer- Water- City of Anaheim City of Water- the property are summarized as follows: summarized are the property • Construction Components finish of The construction components and interior • • • • • Utilities • property description (cont.) description property

1975 1975 1974 1974 1975 1975 1975 1975 1975 1975 Year Built/ Year Renovated

N/A N/A N/A 14 Ft. 14 Ft. 14 Ft. 14 Ft. 14 Ft. 14 Ft. 14 Ft. Clear Height 24,750 40,165 29,995 19,500 16,650 24,000 19,364 10,000 14,400 10,000 208,824 Size (SF)

CTU Office CTU Office CTU Office Improvement Type Improvement CTU Office/Warehouse CTU Office/Warehouse CTU Office/Warehouse CTU Office/Warehouse CTU Office/Warehouse CTU Office/Warehouse CTU Office/Warehouse 2115 W. Crescent Crescent 2115 W. Crescent 2121 W. / Average: Total Inspection, Public Records Plan, Costar, Site Source: 704 N. Valley 708 N. Valley 712 N. Valley 716 N. Valley 720 N. Valley Crescent 2101 W. Crescent 2111 W. Building Number 700 N. Valley property description (cont.) description property

property description 9 tri-freeway business park 10 Z Y X W V U T S R Q P S 704 N

SANTA ANA FWY R M Q K P J N 708 H M K G 2101 J F H E J F E B K A D H D C N G M G C E B A C D F B 5 A Phase 2 E D 716 M F C K J P K K H N M Q 2111 J B G J 2115 Phase 1 H H A H F E B A C D G G G 712 F F E E D D F E C H G W CRESCENT AVENUE 720 700 C 1 B A C D 2121

B A J A F E B K U H C

N G M B A N VALLEY STREET VALLEY N site plan

site plan 11 parcel map 12 parcel map Z Y X W V U T S R Q P S 704 N

SANTA ANA FWY R M Q K P J N 708 H M K G 2101 J F H E J F E B K A H D D C N G M G C E B A C D F B 5 A Phase 2 E D 716 M F C K J P K K H N M Q 2111 J B G J 2115 Phase 1 H H A H F E B A C D G G G 712 F F E E D D F E C H G W CRESCENT AVENUE 720 700 C 1 B A C D 2121

B A J A F E B K U H C

N G M B A N VALLEY STREET VALLEY N tri-freeway business park 13 tri-freeway business park 14 Huntington Beach population than the national average. shopping, and a wide range of cultural arts. Orange shopping, and a wide tourist destination attracting County is a worldwide Orange 42.9 million visitors each year. than more than 40 miles of famous more County is home to Berry Farm, and Knott’s beaches, Disneyland, Orange County Center. the Anaheim Convention places consistently ranks among the most desirable in the United to live, work, and enjoy the quality of life affluent more States with significantly younger and quality of living continue to attract businesses to quality of living continue Orange County. of pristine coastline, Orange Featuring 42 miles of 34 cities within its 798 County is comprised and is located in the heart of Southern miles, square California between Los Angeles to the north, and San San Diego to the south, and Riverside also Bernardino counties to the east. The county vast wilderness two major harbors, parks features world-class and open space, top-rated attractions, behind Los Angeles and San Diego County. Orange behind Los Angeles and San Diego County. by approximately population has increased County’s is expected to 3.25% since 2010 and growth over 3.2 million continue with population projections year-round by 2018. Unmatched demographics and the United States and an influential metropolitan area area an influential metropolitan the United States and cultural, scientific, and with world class educational, Withbusiness institutions. than a population of more population), (8.5% of California’s 3.1 million residents county in California largest third Orange County is the orange county overview orange sixth most populous county in Orange County is the

area overview 15 area overview 16 Interstate 405 Freeway 405 Interstate 36.76 37.59 5.08% 3.25% 5.31% 3.17% 992,781 935,274 1,025,028 1,079,458 3,105,680 3,263,345 3,010,232 2,846,342 Growth 2013-2018 2000 Census Households Growth 2010-2013 2018 Projected Households 2010 Census Households 2013 Estimated Median Age 2013 Estimated Median 2013 Age Estimated Average 2013 Estimated Households Growth 2010-2013 Growth 2013-2018 2010 Census Population 2000 Census Population 2013 Estimated Population 2018 Projected Population Orange County Demographics index ranks 12th, and buying income ranks 14th in index ranks 12th, and areas. the nation among metro Almanac” has rated Orange County the number one Almanac” has rated power buying The County’s place to live in the Nation. average of $69,303 making it one of the wealthiest average of $69,303 one United States. In addition to being in the areas wealthiest counties, “Places Rated of the nation’s The average household income of $98,593 in Orange of $98,593 in Orange household income The average than the national significantly higher County is Demographics C) and two paved runways. John Wayne Airport C) and two paved runways. John Wayne underwent a nearly $550 million expansion that was six new gates and completed in 2011 that brought new parking facilities allowing 2,000 additional spaces. John Wayne Airport John Wayne Orange County is home to one major commercial originally known as the Orange airport; John Wayne, 8.3 million County Airport, hosts approximately terminals (A, B & its three passengers a year from to the existing freeway system in Central County will system to the existing freeway Orange County well of continue to fuel the growth into the 21st century. and San Bernardino. Centrally located in Southernand San Bernardino. Centrally located California, Orange County has easy access to the the two ports of Los Angeles and Long Beach, addition of largest container ports in the world. The and improvements in South County new toll roads positive business climate. Orange County is served positive business climate. network, including I-5, I-405,I-605, by a large freeway SR-73, SR-241, SR-261, SR 55, SR-39, SR-57, access to the four neighboring etc., which provides San Diego, Riverside counties of Los Angeles, communications network as well as its modern network as communications has been upgraded county entire transportation. The system and has invested over to a digital switching infrastructure A strong projects. $2 billion in highway successful and County’s contributes to Orange Infrastructure and Transportation and Infrastructure its up-to-date benefits from Orange County

area overview 17 area overview 18 6,873 6,300 6,000 5,545 5,400 5,200 4,984 25,000 21,800 11,679 # of Employees Orange County Top Employers Top Orange County Employer Disney Company Walt Irvine University of California, Joseph Health System St. Boeing Co. Kaiser Permanente America Corp. Bank of Memorial Care Health System Corp. Target Cedar Fair LP Fullerton Cal State University , facilities and strategic location on the Pacific Rim. facilities and strategic health, along with the area’s This vibrant economic established desirability and residential tremendous have and cultural base education/recreation Orange County being one of the top in resulted The estate investment. country for real in the areas in Orange County as of April unemployment rate is below the month prior of 2013 was 5.7%, which rate in the state of unemployment 6.3%. The current Californiaas is 8.5% and 7.1% in the United States desirable job a whole. Orange County has a more market than that of the state of California and the of 26,900 jobs over the U.S. and has had an increase and hospitality as well as education Leisure last year. jobs over and health services have added the most the last year. Orange County continues to expand from its expand from continues to Orange County high-quality economy, well diversified exceptionally access to major airport and direct labor force, Together the 25 largest employers provide 151,933 jobs the 25 largest employers provide Together to Orange County. St. John Knits, Kingston Technology, Mitsubishi Motors St. John Knits, Kingston Technology, Wet Company, of North America, Pacific Life Insurance and Claim Jumper. Bell, In-N-Out Burger, Seal, Taco many Fortune 500 companies including Ingram Micromany Fortune 500 companies including companies(#69) and First American Corp (#312). Other Inc., include: Oakley, in Orange County headquartered including education, defense, medical, retail, dining and dining defense, medical, retail, including education, headquarters offinancial services. Orange County is the educated work forces in the world, and an independenteducated work forces maintains a diverse economyattitude. The county industries various major with employers representing leading companies will remain high due to Orange remain leading companies will the best 17 colleges and universities, one of County’s and contributes to its enviable performance. The futureand contributes to its business climate is expected toof the economic and of the world’s Attraction and retention healthy. remain The broad based economy of Orange County is of Orange County based economy The broad of its economic stability as a key component regarded Economy California Adventure

area overview 19 REE RD JAMBO

D R N NYO GO CA 8

GOLF COURSE A 1

ANAHEIM HILLS I REGIONAL PARK

S PETERE CANYON T

N Y

COWAN

W HEIGHTS

C RIVERSIDE FWY RIVERSIDE GOLF COURSE NN TUSTIN RANCH N N CA ON S NO ST T CAN

E 91 NORTH TUSTIN

N IRVINE BLVD

area overview A 20

M P

H VILLA PARK

E E LA PALMA AVE PALMA E LA

COSTA MESA FWY TUSTIN 55

N TUSTIN ST 55 M OLIVE E. TAFT AVE E. TAFT FAIRHAVEN M 5

M RIVERSIDE FWY RIVERSIDE ORANGE

LACY DRIVE KATELLA AVE KATELLA

HONDA CENTER N MAIN ST PHOENIX CLUB PHOENIX ANAHEIM

TRIANGLE NORTHEAST

SANTA ANA ORANGE FWY ORANGE 57 SANTA ANA 57

N BRISTOL ST 91

GARDEN GROVE FWY M RIVERVIEW E BALL RD GOLF COURSE ANGEL STADIUM CASA BONITA W 1ST ST 5 ANAHEIM M 22 ADVENTURE E LA PALMA AVE E LA PALMA CALIFORNIA

N HARBOR BLVD N HARBOR BLVD WEST ST WEST

SANTA ANA FWY RIVERVIEW W KATELLA AVE W KATELLA Anaheim, California Anaheim, RIVERSIDE FWY RIVERSIDE

Tri-Freeway Business Park Tri-Freeway S EUCLID ST CENTER GROVE GARDEN 91 ANAHEIM VALLEY ST

NORTHWEST BROOKHURST ST

ANAHEIM CONVENTION BROOKHURST ST BROOKHURST W BALL RD CRESCENT AVE W VALENCIA DR VALENCIA W DISNEYLAND RESORT UCI School of Humanities of UCI School Whittier Law School. California State University, Whittier Law School. California University, State also Fullerton and University of California, Irvine are The Orange County located in Orange County. University, satellite campuses include USC, National University of Redlands. University and the Pepperdine Ana College and Santiago Canyon College; four- Ana College and Santiago Canyon College; Institute year specialty colleges including Fashion and Laguna (FIDM) of Design & Merchandising College of Art and Design; 8 private universities and including Chapman University in Orange Education to many universities and Orange County is home and public as well as some colleges; both private for other major colleges. Orange satellite campuses Santa County has 9 two-year colleges including

area overview 21 area overview

22 Whittier Law School Whittier Laguna College of Art & Design Cal State Fullerton Cal State Chapman University Disneyland 33.28 34.96 5.04% 3.45% 5.35% 3.16% 346,942 364,411 101,744 107,185 2013 Age Estimated Average 2013 Estimated Households 2018 Projected Households Growth 2010-2013 Growth 2013-2018 2018 Projected Population Growth 2010-2013 Growth 2013-2018 Age 2013 Estimated Median Anaheim Demographics 2013 Estimated Population millions of visitors that Anaheim sees annually. land area and boasts more than 346,942 residents, than 346,942 residents, and boasts more land area and making it the largest city in Orange County the 10th most-populous city in California. The city growing anticipates that the population will continue the and surpass 364,000 by 2018 not including County, Californiaranks as one of the safest and County, nation. Due to its central cities of its size in the sports home to Orange County’s location, Anaheim is parks and convention center. teams, major theme miles of 50 square Anaheim covers approximately anaheim geographic center of Orange Anaheim marks the

area overview

23 area overview

24 Angels Stadium Honda Center Honda million business travelers annually. The Anaheim million business travelers annually. includes Disneyland district, Resort, a commercial complexes. and the neighboring hotel and retail Anaheim Convention Center, the largest convention Anaheim Convention Center, than 1.2 more Coast drawing center on the West hotels which opened in 1955 (which alone contribute hotels which opened in 1955 (which alone spending), an annual average of $3.6 billion in visitor and Center, Angel Stadium of Anaheim, the Honda and 346,942 residents. It is the site of the Disneyland It is and 346,942 residents. of theme parks and Resort, a world-famous grouping Orange County for business, with 5.4 million square business, with 5.4 million square Orange County for feet of space, and 47.1 million square feet of office businesses industrial space, boasting over 15,000 tourism, drawing 16+ million visitors a year from million visitors a year from tourism, drawing 16+ in world. Anaheim is the location of choice the around Economy industry is largest and most important Anaheim’s Disneyland California Adventure 967 950 796 1,900 1,200 1,000 5,400 3,700 2,200 22,000 # of Employees AT&T Hilton Anaheim L-3 Communications Warner Time Kaiser Permanente Anaheim Medical Center Kaiser Permanente City of Anaheim Northgate Gonzalez Markets Anaheim Regional Medical Center AHMC Anaheim Top Employers Anaheim Top Employer Disneyland Resort Kaiser Permanente Hospital

area overview

25 area overview

26 Anaheim, California Anaheim, Tri-Freeway Business Park Tri-Freeway California Adventure Anaheim Platinum Triangle Platinum companies; Disney, Kaiser, and AT&T have corporate have corporate and AT&T Kaiser, companies; Disney, within Anaheim. and/or headquarters offices Canyon Business Park houses 2,600 businesses, Canyon Business Park houses 2,600 businesses, notable which employ over 50,000 workers. Several the largest industrial district in Orange County. The County. the largest industrial district in Orange largest Anaheim Canyon is also home to the second The Anaheim business park in Orange County. In addition, the Anaheim Canyon Business Park In addition, the Anaheim Canyon Business Industrial space and is makes up 63% of Anaheim’s Anaheim Canyon Business Park immediate access to the rest of Southern California the rest immediate access to and a major transit center. freeways three from and residential neighborhoods, to create a unique neighborhoods, to create and residential offering of Orange County, opportunity in the heart Honda Center and The Grove of Anaheim. The of Anaheim. The The Grove Honda Center and blends leading-edge business, Platinum Triangle world class entertainment high-salary employment, The Platinum Triangle is a neo-urban redevelopment is a neo-urban redevelopment Triangle The Platinum Stadium, and including Angel district surrounding Platinum Triangle Triangle Platinum

area overview 27 area overview 28

Anaheim Metro Station Metro Anaheim Rendering of the future Anaheim Regional Rendering of the future Intermodal Center (ARTIC) Transportation Scheduled to open late 2014 346,942 residents. lakes and deserts are reasons why Anaheim is the reasons lakes and deserts are and its location of choice by over 15,000 businesses the world’s largest economies. Airports, seaports, the world’s all easily accessible from and railways are freeways the ocean, mountains, to Anaheim. Close proximity map of Southern California that it becomes clear of one of Anaheim is ideally situated in the middle Location is one of the primary reasons businesses Location is one of the primary reasons home. Viewing call Anaheim their a and residents three commuter air carriers and two all cargo carriers. commuter air carriers three Beach are Airports in Los Angeles, Ontario and Long also within a 36 mile drive. Airport (10 miles away in Santa Ana-SNA). The airport Airport (10 miles away in Santa Ana-SNA). and a year, than 9 million passengers serves more air carriers, its two runways serve 11 commercial transit service throughout Orange County. Anaheim’s Anaheim’s Orange County. transit service throughout served by John Wayne air transportation needs are Orange County Line and the CaliforniaOrange County Line High-Speed The Orange County Transportation Rail Authority. bus and rail extensive provides Authority (OCTA) and Interstate 5. Anaheim also has more than 30 than 30 also has more and Interstate 5. Anaheim and is served by Metrolink’s miles of rail service, Riverside, San Bernardino and San Diego counties. and San Diego Riverside, San Bernardino to SouthernAnaheim connects California by and 241) (55, 57, 91 freeways several regional Anaheim is located in the center of Southern located in the center Anaheim is California of Los Angeles, within 40 minutes Transportation and Location Transportation Anaheim Platinum Triangle Platinum 2 6 1 5 City National Grove Anaheim City National Grove Camelot Golfland Honda Center Angel Stadium of Anaheim Gardenwalk Knotts Berry Farm Anaheim Convention Center City Adventure Disneyland California Adventure Disneyland’s 9. 10. 6. 7. 8. 3. 4. 5. around Anaheim around 1. 2. Top Tourist Tourist Top in and Attractions

area overview

29 area overview 30 9 10 4

8 3 7 The industrial development in Orange County totals The industrial development in Orange ft., most of which 1.2 million sq. approximately consists of the Anaheim Concourse Distribution the Center (864,794 sq. ft.). This quarter marked as well in Brea completion of an 83,078 sq. ft. project in La Habra. as a 198,414 sq. ft. build-to-suit for CVS lies within the North construction All of the current in the are Orange County submarket. Several projects the next one pipeline and should gain traction within to two years. million sq. ft. recorded in the previous quarter. North quarter. in the previous million sq. ft. recorded rate of 4.6%, Orange County now has an availability last quarter. 10 basis points from dropping keeping the rate hovering slightly above 6.0%. North keeping the rate hovering slightly above quarter Orange County experienced another strong 1.12 up from activity, with 1.7 million sq. ft. of gross basis points from last quarter. There were several several were There last quarter. basis points from notable transactions in North Orange County in Anaheim, including Glenair leasing 205,887 sq. ft. and Cargill leasing 184,413 sq. ft. in Fullerton, a 152,000 sq. ft. building in purchasing Shopoff result Anaheim. These big box deals have helped in yet another quarter of positive net absorption a slight amounting in 432,000 sq. ft., representing last quarter. 350,000 sq. ft. from of roughly decrease availability rate was 6.1% which This quarter’s the 6.0% around of stabilization continues the trend EA) mark. CBRE Econometric Advisors (CBRE to continue for the next five years this trend forecasts 6.0% increase in average asking sale prices since the in average asking 6.0% increase area. first quarter in the South Orange County the second stable; The vacancy rate remains 10 vacancy rate of 3.2% only increased quarter’s and lease rates are 25% below peak rates. Off peak rates. Off 25% below and lease rates are a must as the demand becoming market deals are new available product. without any continues to grow in demand for Class A is also an increase There the of velocity towards causing a large shift product cause a Irvine Spectrum submarket. This has helped County continues to be an issue as demand County continues to be an issue as demand is market, however, The health of the increases. with a sales market heading in the right direction, that is finally that is heating up, and a leasing market peak pricing 20% off gaining traction. Sale prices are industrial market overview industrial market industrial market of Orange Lack of supply in the

industrial market overview 31 industrial market overview

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2 Q2 2013 O Qra2n g2013e Co u n t y OInrdaunsgteri aClo u| n Mty aInrkdeutVstireiawl | MarketView 2 to increase at a slow pace and grow 0.9%. at a slow pace and grow to increase 2.6% while transportation and warehousing is expected to grow 1.7% within is expected to grow 2.6% while transportation and warehousing Orange County over the next two years. Manufacturing employment is expected of the wholesale trade sector plus transportation. Over the last five years Orange of the wholesale trade sector plus transportation. by 2.1% and distribution and manufacturing employment has declined County’s is expected to grow wholesale trade employment However, 3.0%, respectively. Distribution and manufacturing employment are the primary determinants of are Distribution and manufacturing employment EA defines distribution employment as all demand for the industrial market. CBRE engineering construction each added 1,200 jobs. Trade, transportation, and transportation, jobs. Trade, engineering construction each added 1,200 of 1,200 jobs. utilities had the largest decline with a loss year-over-year increase, adding 6,500 jobs. The finance and insurance sector adding 6,500 jobs. The finance increase, year-over-year Construction added 6,400 jobs with a 63.0% accounted for 86% of job growth. of buildings and civil and heavy gain in specialty trade contractors. Construction Year-over-year, total non-farm employment increased by 24,500 jobs, representing representing jobs, 24,500 by increased employment non-farm total Year-over-year, 12 months. Financial activities posted the largest over the last a 1.7% increase Year-Over-Year Job Growth Job Growth Year-Over-Year added 2,000 jobs with gains showing in all major sectors. Educational and health gains showing in all major sectors. added 2,000 jobs with the loss of 600 jobs, due in part to the services posted the largest decline, with the summer season. seasonal declines in education during and May. Leisure and hospitality posted the largest increase of 3,300 jobs. This of 3,300 the largest increase and hospitality posted Leisure and May. summer tourist season. Construction for the staffing is due to the increased the next two years. the next two years. of 7,700 jobs between April 0.5%, an increase employment rose non-farm Total 5.5% in May. This is down from 5.7% recorded in April. This compares to the in April. This compares 5.7% recorded This is down from 5.5% in May. of 8.6% for Californiaunemployment rate the same and 7.6% for the nation during over 2.1% in Orange County grow that employment will period. CBRE EA predicts Unemployment Rate Unemployment a rate of recording decline in unemployment continued the Orange County

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Q Q2 2 2013 2013 O Orarnagneg eC Couonutnyt yIn Idnudsutsrtiarila l| | M MarakrektVetVieiwew 2 2 closely by Greater Airport Area and South Orange County with rates of 3.2% and and South Orange County with rates of 3.2% and Airport Area closely by Greater 4.0%, respectively. Overall Vacancy Rate Overall Vacancy the same from (M&W) sector remained The Manufacturing and Warehousing and ending the second quarter at 3.0%, while the Research the first quarter, 80 basis points to now stand at 4.1%. The Development (R&D) sector dropped the lowest vacancy rate at 2.3% followed North Orange County submarket holds before they even enter the marketplace. This has kept the vacancy rate extremely This has kept the vacancy rate extremely they even enter the marketplace. before points 10 basis a rate of 3.2%, slightly increasing low and this quarter recorded much lower and should The vacancy rates should not drop last quarter. from 2013. stable throughout remain for most submarkets in the last few years, some even seeing reductions. Lease some even seeing reductions. for most submarkets in the last few years, 8.0% annually by the beginning of 2014 for a total of to grow expected rates are 40.0% in the next five years. filled market deals, buildings are With in off the increase very high demand, and sq. ft. triple net. Rent Growth Year-Over-Year 1.6% for the at a modest the average asking lease rate has grown Year-over-year, has been very flat The general trend Orange County industrial market as a whole. The lack of available space in Orange County has pushed rent prices up, but it is prices up, but pushed rent Orange County has available space in The lack of is a huge demand for Class A product and market specific. There very product to get their desired to pay 10-20% higher lease rates and tenants have started quarter was $0.66 asking lease rate in Orange County this space. The average rate of $0.63 per quarter’s the previous This is up 5.0% from per sq. ft. triple net. Asking Lease Rate Asking Lease

industrial market overview

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y 2Q09 e e ra ra t ilabilit ilabilit i 2013 C 2013 C l % i e e a a 1 b © © . v v a ross ross nd nd 7.8% 5.8% 9.5% 4.6% l 6 4 4 2 2 0 0 8 8 6 6 4 4 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 i ...... % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % a O O Av Av G G U U v 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0

...... A 9.0% 7.0% 5.0% 3.0% 1.0% 8 8 6 6 4 4 2 2 0 0 12-MONTH FORECAST 13.0% 11.0% 14. 14. 12. 12. 10. 10. r o t c e % l

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% c r y n 2 e r . t a v 4.0% 3.2% 5.0% 2.3% 3 c s O Manufacturing Manufacturing Engineering Manufacturing Manufacturing a u V d n I by 12 are this grow 4 asking market 1 next 8 to upwards mark , g 1 levels cents n 0 i F 7 d the , l S i 2 u 33,312,458 68,962,690 40,702,409 5 rents B 109,724,257 2 6.0% trend average three industrial over the to of Availability projects pace near Overall EA County's continue increase steady settle positive. a CBRE 2014. an at Orange of should should remain for fall saw 2013. y to to t n and and u t o e rates r Key Transactions Market Outlook Market Statistics C k

r e i e a outlook beginning p g m u South Orange County Orange South Greater Airport Area Airport Greater West Orange County Orange West North Orange County Orange North Cargill, Inc Cargill, LLC Promotions, Hybrid Cavotec Endologix Glenair, Inc Glenair, n b c a u c r S O

the throughout approximately 10% by the second of quarter 2014. months, The projected quarter lease continues

O Chart 12: Chart Chart 11: Chart Chart 10: Chart

Q2 2013 Orange County Industrial | MarketView 4 continue to trend upwards throughout 2013. CBRE EA projects rents to grow to grow rents 2013. CBRE EA projects throughout upwards continue to trend 10% by the second quarter of 2014. approximately Availability levels are projected to fall at a steady pace over the next 12 months, projected levels are Availability by the beginning of 2014. Overall average and should settle near the 6.0% mark cents this quarter and should of three asking lease rates saw an increase Market Outlook positive. remain industrial market continues to The outlook for Orange County’s leased a 109,000 sq. ft. building in the Greater Airport Area. Greater leased a 109,000 sq. ft. building in the sq. ft. in Anaheim and Cargill lease of 184,000 sq. ft. in Fullerton, greatly increased increased sq. ft. in Fullerton, greatly sq. ft. in Anaheim and Cargill lease of 184,000 large deal with Hybrid Orange County also had a West activity. the gross Epic Products Additionally, sq. ft. in Cypress. expanding to 173,000 Promotions ft. increase from the previous quarter. This was lead strongly by North Orange This was lead strongly quarter. previous the from ft. increase such as the Glenair lease of 205,000 County with 1.7 million sq. ft. Large deals The second quarter of 2013 continued the trend of generating between 2-3 million the trend The second quarter of 2013 continued a one million sq. 3.8 million sq. ft., representing activity recording sq. ft. of gross quarter at 7.7% and 9.5%, respectively. 9.5%, respectively. quarter at 7.7% and Activity Gross the previous quarter. The Greater Airport Area closed the quarter with a 5.8% closed the Airport Area The Greater quarter. the previous County submarkets ended the Orange the South and West availability rate while The North Orange County submarket continues to hold the lowest availability rate, submarket continues to hold the The North Orange County from a decline of 10 basis points quarter at 4.6%, representing ending the second drop of 20 basis points from the previous quarter. The R&D sector experienced a The R&D quarter. the previous basis points from of 20 drop in Availability 7.7% to 6.9%. from dropping quarter-over-quarter, significant decline 20 basis points to 5.9%. the M&W sector fell Availability Rate Availability a representing second quarter, at the end of the rate fell to 6.1% The availability tri-freeway business park

35 tri-freeway business park

36 93% 92% 87% 85% 89% 100% 100% 100% Occup. Rate 0 0 0 3,600 6,912 4,054 3,225 18,451 Vacant SF Vacant RBA 5,400 10,311 43,802 17,659 47,035 58,410 49,746 125,243

2013 - 2021 W. Commonwealth Ave. Commonwealth 2013 - 2021 W. Fullerton, CA 92833 Corporate Center Crescent Way Corporate 1940-1970 W. Anaheim, CA 92801 Ctr Fullerton Airport Commerce Commonwealth Ave. 3529 W. Fullerton, CA 92833 The Park Anaheim 1100 - 1170 Gilbert St. 2353 - 2373 La Palma Ave. Anaheim, CA 92801 Anaheim Commercenter 1518 N. Endeavor Pl Anaheim, CA 92801 Ctr Fullerton Airport Commerce Ave. Commonweatlh 3517 - 3529 W. Fullerton, CA 92833 Address La Palma Ave 2521 & 2511 W. Anaheim, CA 92801 Dr Woodland 2621 - 2665 W. Anaheim, CA 92801 competitive set competitive

industrial market overview 37 industrial market overview 38 95% 92% 93% 82% 91% 100% 91.59% Occup. Rate 0 4,994 6,935 1,536 79,188 11,641 17,840 Vacant SF Vacant RBA 12,337 28,000 33,301 941,645 163,467 206,221 140,713

1945 - 1949 W. Commonwealth 1945 - 1949 W. Fullerton, CA 92835 Totals Anaheim Business & Industrial Business Park 1500 - 1600 S. Anaheim Blvd. Anaheim, CA 92805 Fullerton, CA 92835 Stadium Plaza Business Park 1500 - 1630 S. Sunkist 1591 - 1601 S. Sinclair 2125 E. Howell Anaheim Business Campus Cerritos Ave. 305 - 355 W. Fullterton Business Center 4010 - 4080 N. Palm Address Ctr Fullerton Airport Commerce Commonwealth Ave. 3525 W. Fullerton, CA 92833 competitive set (cont.) set competitive 124,228 96,941 55,120 Area 451,422 114,399

PSF $126 $158 $118.42 $124.50 $122.44 15,700,000 11,480,000 $8,700,000 56,200,000 $14,007,000 Purchase Price/ Purchase Apr-13 Oct-12 Mar-12 Feb-13 Sep-12 Close Date

Buyer Seller/ Seller/ JPMMC Unknown Wohl Property Wohl Monica Penner Rexford Industrial Rexford Dektor Family Trust Proficiency SGV LLC Proficiency Dexus Property Group Dexus Property Blum Courtyard Assoc. Blum Courtyard Tidelands Partners LLC

Comments: Pasadena Foothill Center, a multi-tenant business park in Pasadena that has not been offered for purchase since the property was re-developed was re-developed since the property for purchase park in Pasadena that has not been offered a multi-tenant business Foothill Center, Comments: Pasadena setting park a business in buildings, office/showroom small-tenant two and buildings industrial-flex four of consists property foot square 55,120 The 1989. in tech office/ to creative suitable for conversion distinctive architecture parking, park-like landscaping, abundant on Foothill Boulevard, frontage featuring prime rollover. and national tenants with a staggered is 95% leased to 13 local, regional The Property space and easy access to the 210 Freeway. Comments: Built 1969 & 1989 Comments: Three Building complex, one office and two industrial buildings. and two Building complex, one office Comments: Three Tidelands Industrial Park 1445-1645 Tidelands Ave CA National City, Comments: Sold by forclosing lender Comments: Sold by forclosing The Atrium Optical Drive 1300 W. Azusa, CA Comments: 1965/1993 built. Comments: 1965/1993 Blvd. 4122 Sorrento 4106, 4108/10,4116 and San Diego, CA Glendale Gateway Center 3332-2424 N. San Fernando Road Los Angeles, CA Property investment sale comparables sale investment

industrial market overview

39 industrial market overview 40 48,388 51,497 Area 82,071 57,412

PSF $116 $169 $131 $115 $5,600,000 $8,710,000 $6,629,000 $10,750,000 Purchase Price/ Purchase Oct-12 Mar-12 Aug-12 Dec-12 Close Date

CIP Buyer Seller/ Seller/ Unknown Thrifty Oil Co Trotter Family Trotter Rexford Industrial Rexford Cook Walnut, LLC Cook Walnut, Catesgarb Holdings Weingart Foundation Weingart

Comments: Multi-tenant industrial Flex/showroom property. The building contains retail showroom space and 10-50% office. The building is subdivided in to The building is subdivided space and 10-50% office. showroom The building contains retail property. Comments: Multi-tenant industrial Flex/showroom Orion tile, and Porcelanosa. units with Dunn-Edwards, three Comments: Multi with 29 units. Close to Van Nuys Airport. Comments: Multi with 29 units. Close to Van 1301 S. State College Blvd Anaheim, CA Comments: Three building Multi-tenant industrial park, 90% leased to five tenants at time of sale. Comments: Three 8101 - 8117 Orion Ave Nuys, CA Van Comments: Actual cap was 7.75%, but when you account for market vacancy, it was closer to 8%. I averaged the two. Buyer sold large retail center and retail to 8%. I averaged the two. Buyer sold large it was closer vacancy, was 7.75%, but when you account for market Comments: Actual cap CIP will continue to manage. properties. exchanged into 5 separate 19555-19575 E. Walnut CA Industry, Stone Haven Business Park Stone Haven Business Parkway and 10600 - 10608 N. Trademark CA 9480 Utica, Rancho Cucamonga, Property investment sale comparables (cont.) comparables sale investment 2 ) C J W

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financials 41 financials

42 y a w 3 e e r F - i r T G 10/3/2013 11:29 AM (WJC) AM 11:29 10/3/2013 10-Year Hold Period Hold 10-Year N I S A E L

N O I T A R E N E general inflation. G

D N O See MLA Assumptions Sheet Assumptions See MLA C E S lue) only, subject to Yes [4] 3.00% 6.00% 14.72% $30,946 30,729 SF 30,729 SF S 1.107190% 15 Month(s) See Rent Roll See Rent 2014 Budget [3] 1.5 - 3 Years 3 - 1.5 N April 1, 2015 1 - 3 Month(s) 3.00% Annually O January 1, 2014 I February 1, 2014 $1.50 - $5.00 PSF T P M U $0.10 /sf/mo / FSG CAM [2] G S S N I S A

A to reimburse $0.10 /sf/mo fixed CAM (CY 2014 va to reimburse $0.10 /sf/mo CAM fixed L E timated at $23,500 /yr.timated at $23,500 S L essments of $30,946.

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u pense Reimbursement Type l Last Absorption Occurs On Last Absorption Occurs e n c a a p c a n Special Assessments Special Absorption Period Start Date Absorption Period Tenant Improvements ($/NRSF) Improvements Tenant Absorption Period e i ic expenses. Security expense has been es expense Security expenses. ic O F R O M 3.00% Rent Market 2014 Monthly 5.00% [1] 3.00% Rent Adjustment 2.00% Rent Abatements 3.00% 10 Years at 10/1/13 Vacant Percentage $0.10 PSF 208,824 SFOn Absorption Occurs First $3.40 PSF/Yr$3.40 Term Lease $3.42 PSF/Yr Ex W/A Peak Rent Peak W/A se price based on a millage ra se price us $0.09 /sf/mo fixed CAM. 2nd generationus $0.09 /sf/mo CAM. tenantsfixed areassumed January 1, 2014 at 1/1/14 Vacant Projected December 31, 2023December as of 10/1/13 Currently Vacant Budgeted. Analysis excludes owner-specif Analysis excludes Budgeted. L A B W/A In-Place Rent In-Place W/A O L G ) reassessed at the estimated purchareassessed at the e u l a V

4 1 0 2 s

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y s c e s n d v e r a o s r i c e e r u t s a e s CY 2015 - 2015 CY - 2016 CY 10.00% - 2017 CY 8.00% 5.00% PSF $0.83 - PSF $0.89 - PSF PSF $0.94 - - $0.94 PSF - $0.94 PSF - $0.94 Commissions CY 2022 - 2022 CY - 2023 CY 3.00% 3.00% PSF $1.10 - PSF $1.13 - PSF - $0.94 PSF - $0.94 CY 2018 - 2018 CY - 2019 CY 4.00% 3.00% PSF $0.98 - PSF $1.00 - PSF - $0.94 PSF - $0.94 CY 2020 - 2020 CY - 2021 CY 3.00% 3.00% PSF $1.03 - PSF $1.07 - PSF - $0.94 PSF - $0.94 a e V P a

R CY 2024+ - 3.00% - $1.16 PSF - $0.94 PSF Rate Millage l

e s l All tenants are subject to this loss factor. i a h : s t r a M t s

y e i l w e a n t p a o e r e Year One Pro-Forma at 100% Occupancy Year One Pro-Forma Year One Actual One Year o Commencement Date Commencement Building SquareBuilding (NRSF) Feet End Date End Term a n r C G A G A MarketGrowth Rent All market rent rates are stated on calendar-year basis. calendar-year on stated are rates rent market All [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. [2] Year pl a Base over to reimburse are assumed tenants In-place [3] are based on the 2014 Expenses Operating [4] been have Taxes Real Estate Real Estate Taxes Real Estate Consumer Price Index (CPI) Index Price Consumer Rate Growth Income Other Operating Expenses N assumptions 4 y a 6 1 w 7 70% e g 6.00% 3.00% 3.90% 2 Years d e l 10/3/2013 11:29 AM (WJC) AM 11:29 10/3/2013 B r $0.64 PSF $0.64 $0.45 PSF $1.50 PSF $0.00 PSF $0.00 2 Month(s) 8 Month(s) 2 Month(s) 0 Month(s) F /sf/mo CAM /sf/mo [1] - 0.60 Month(s) 0.60 i 3.00% Annually r T 10-Year Hold Period 10-Year 2 5 1 1 7 1 70% 70%

2 g

6.00% 3.90% 3.00% 6.00% 3.00% 3.90% 2 Years d g l d B 1.5 Years l Base YearBase [1] $1.15 PSF $1.15 $2.20 PSF $0.77 PSF $0.77 $5.00 PSF $0.90 PSF $3.00 PSF $1.00 PSF $1.00 $0.00 PSF $0.00 8 Month(s) 2 Month(s) 2 Month(s) 1 Month(s) 8 Month(s) 2 Month(s) 0 Month(s) 0 Month(s) B 0.60 Month(s) 0.60 0.30 Month(s) 0.30 3.00% Annually 3.00% Annually $0.10 /sf/mo CAM /sf/mo $0.10 $0.10 F 1 A S 2 2

1 1 70% 70% 0 2 7 0

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i 1 1 u $0.79 PSF $0.79 $1.90 PSF

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3.00% Annually 3.00% Annually s g d $0.10 /sf/mo CAM $0.10 /sf/mo $0.10 /sf/mo CAM /sf/mo $0.10 l B F 1 8 S 2 0

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$4.00 PSF $0.84 PSF $0.84 $0.90 PSF $3.00 PSF $0.70 PSF $0.70 $1.00 PSF $1.00 $0.00 PSF $0.00 8 Month(s) 2 Month(s) 3 Month(s) 2 Month(s) 8 Month(s) 2 Month(s) 0 Month(s) 0 Month(s) N 1 < 1 0.90 Month(s) 0.90 0.60 Month(s) 0.60 O 2 I

3.00% Annually 3.00% Annually s T g P d $0.10 /sf/mo CAM $0.10 /sf/mo $0.10 /sf/mo CAM /sf/mo $0.10 l B M U S S A

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45 financials

46 y

S r e P t n e R m u m i n i M t o o F e r a u q e w c n e 12 a % i e r a r 0.45% V F $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 - i r T e c n a $ i 10-Year Hold Period Hold 10-Year 10/3/2013 11:29 AM (WJC) AM 11:29 10/3/2013 r a $0.10 12.86% $0.00 ($0.02) -1.94% ($0.09) -9.48% ($0.13) -14.47% V 2018 ] 1 t n [ n

o i d e t n e R t a

r o c t i i e e t j p k x o r a $0.74 $0.77 $0.95 $0.93 $0.91 r E a r

P t i M A p x E Wtd. Avg. Expiring Contract Rent Contract Avg. Expiring Wtd. 2017

t e A

g t t a n r n n o e e i e v t R

a A t R

c i . t a p d r c x e t t $0.84 $0.77 $0.93 $0.85 $0.78 E n a

h t r o g t A i C S e n o W N C O

2016 I e T g t A e e a v R r e i g I t F n e

a i P l r v e i X u r p A a E m x

u 47.24% 59.44% 70.29% 80.10% 85.27% E u d q E C S e S t Proj. Market Rent at Expiration A h E g i L

e t 2015 G CBRE FinancialConsultingCBRE Group e e W

g e g N . F a I n

t i s T r e n i v r e

S p a c I x 9.81% 5.17% r n u 47.24% 14.72% 12.19% 10.85% X E e q o P E i S t a r i p x This page is and a package part of is subject the to disclaimer on the Summary. Executive t e E l e

b t e g a F 2014 t n A

n r e i t r % of Building Expiring % of Building e p a R n x

u t 30,729 98,656 25,460 22,664 20,479 10,803 E e e q R S N

t e k r a M r s e e t i b u 6 5 m S 19 57 14 11

u f N o Currently Vacant Currently g r n i 0.00% a d 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00%

] n 100.00%

n g n i r i p x E t n e c r e 1 P E e [

l r 2014 2015 2016 2017 2018 a a C e Y Currently Vacant Currently The years in which no existing tenants expire are not reflected this on graph. existing lease expirations lease existing y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 13 m m o C 10/3/2013 11:29 AM (WJC) Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms.

Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 10/13. Analysis assumes assumes Analysis expired 10/13. Lease year first throughout in-place remains tenant analysisof same at terms. Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $0.75 + $0.10 CAM (Bldg 700) $0.75 + $0.10 CAM (Bldg 700) $0.75 + $0.10 CAM (Bldg 700) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.75 + $0.10 CAM (Bldg 700) $0.75 + $0.10 CAM (Bldg 700) $0.65 + $0.10 CAM (Bldg 704) $0.75 + $0.10 CAM (Bldg 700) $0.75 + $0.10 CAM (Bldg 700) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.85 + $0.10 CAM (Bldg 700A) s n o i g s n i s i s ------a m e $0.87 $0.87 $0.87 6.00% 6.00% 6.00% m L $1,577 $1,546 $1,655 o C s t n e t n m a e ------n v e o r T $2,712 $2,660 $2,847 p m I d s e t t n a e b A m

e t % a b #

h t t ------n n 1-2 100%1-2 $1.50 100% $1.50 1-2 100% $1.50 e o R M y r e e v

p o y c T e R $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed '14 MG + $0.09 CAM '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '12 MG ($334,143) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM t t 4 5 e e 1 F 8 e e S . 0 r r P 8 t t 2 $9.27 $6.12 $7.80 $9.41 $7.80 $8.36 $9.36 $7.80 $7.80 $7.20 $8.03 $8.03 $8.40 $9.27 $6.84 $7.80 $6.80 $9.55 $9.79 $8.70 $9.64 $8.03 $8.28 $8.52 $8.78 $9.04 $8.96 $9.32 $8.03 $9.83 $8.73 $9.08 $9.44 $9.83 / $ S S

1 y y / e e 1 l l

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1 y t t l l l r r l 9 o a o o 9 , R u

N N 8 t n

1 n n 4 0 2 e A $14,102 $13,829 $15,857 $39,396 $13,656 $14,592 $24,777 $10.23 $16,668 $20,904 $30,600 $15,444 $14,804 $14,518 $14,237 $40,588 $15,175 $25,794 $10.65 $15,241 $41,778 $21,750 $15,906 $20,620 $16,325 $16,833 $17,321 $17,850 $18,378 $22,400 $23,300 $19,836 $36,528 $12,672 $28,920 $43,053 $10.13 $21,447 $22,297 $55,479 $14.60 $23,218 CBRE FinancCBRE 0 0 $ R 7 7 s e t a R

l 4 a F 7 t S . n P 0 e $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y 9 l 4 h t 2 , n 8 o 1 M $ n i g e B

Apr-2014 $3,382 $0.80 Apr-2014 $1,265 $0.82 Oct-2014 $2,150 $0.89 Apr-2015 $3,481 $0.82 Apr-2016 $3,588 $0.84 Feb-2015 $1,270 $0.67 Mar-2014 $1,813 $0.73 Mar-2014 $1,326 $0.80 Mar-2015 Mar-2016 $1,867 $1,942 $0.75 $0.78 Mar-2015 $1,210 Mar-2015 $0.67 $1,186 $0.67 Aug-2014 $1,718 $0.73 Aug-2015 $1,787 $0.76 Aug-2016 $1,858 $0.79 Aug-2017 $1,935 $0.82 May-2014 May-2015 May-2016 $1,360 May-2017 $1,403 May-2018 $1,443 $0.67 $1,487 $1,532 $0.69 $0.71 $0.73 $0.75 d n E m r e T

e s MTM MTM MTM a e n i L g e B y t % % r f 0 0 % e o . .

0 p 0 0 . o % 0 0 0 r 0.97% Apr-2013 Aug-2018 Current1.89% Feb-2012 $1,321 Jan-20140.91% $0.65 Current Feb-2014 Jan-20160.89% $3,044 Feb-2014 Feb-2012 Dec-2014 $0.77 0.87% $1,234 Current Mar-2014 $0.65 Feb-20160.85% $1,056 Mar-2014 Mar-2014 Feb-2016 $0.57 $1,175 Mar-2014 $0.65 $1,152 $0.65 0.84% Oct-2012 Dec-20140.79% Current Mar-2013 Feb-20150.74% $1,138 Current Apr-2013 $0.65 Mar-2015 $1,287 Current $0.78 $1,2161.16% $0.78 Oct-20101.13% Dec-2015 Nov-2009 Current Jul-20181.11% Current $2,065 Oct-2013 $0.85 Sep-2014 $1,653 Current $0.70 $1,389 $0.60 2.04% Apr-2012 Mar-20172.04% Current Feb-20121.20% Jan-2014 $3,283 Mar-2012 Current Feb-2017 $0.77 2.39% Current $2,410 Aug-2012 Dec-2014 $1,742 $0.57 1.82% Current Nov-2008 $0.70 Jan-2014 $2,550 Current $0.51 $4,623 $1.22 1 1 P

0 0 0 e t r 5 5 5 e a 7 7 7 0 e , , , u F 4 4 4 q 1,853 2,033 3,941 1,898 1,808 1,773 1,750 1,650 2,362 2,315 4,250 2,500 5,000 3,800 1,550 2,422 4,250 S 2 2 2 . C D

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T L P S A N L U T A A e C t T C O i C T A u O S O V 0704A 0700A 0700F 0700H T 0700J 0700C 0704B 0704E 0704J 0700D 0700K 0704G 0704D 0704H 0704K 0700B 0704C rent roll rent

financials

47 financials 48 y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 14 m m o C 10/3/2013 11:29 AM (WJC) Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $0.70 + $0.10 CAM (Bldg 708) $0.65 + $0.10 CAM (Bldg 704) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.65 + $0.10 CAM (Bldg 704) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) s n o i g s n i s i s ------a m e $0.87 $1.43 6.00% 6.00% m L $1,308 $2,291 o C s t n e t n m a e ------n v e o r T $2,250 $4,800 p m I d s e t t n a e b A m

e t % a b #

h t t ------n n 1-2 100% $1.50 1-3 100% $3.00 e o R M y r e e v

p o y c T e R $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '09 MG ($369,841) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '07 MG ($330,138) + $0.09 CAM '01 MG ($126,958) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM t 4 4 e 1 F 7 e S . 0 r P 8 t 2 $9.86 $9.52 $9.24 $7.80 $8.40 $7.79 $8.11 $9.21 $7.92 $9.36 $6.96 $7.68 $7.17 $9.80 $8.03 $8.65 $8.91 $7.42 $9.53 $7.68 $9.86 $7.95 $7.91 / $ S

1 y / e 1 l

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3 y t l l l r l 4 o a o 9 , R u

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8 n n 8 2 e A $11,700 $15,776 $13,440 $15,228 $27,720 $24,336 $14,736 $21,510 $15,680 $20,461$21,028 $11.91 $12,045 $12.24 $11,679 $12,672 $15,575 $10.38 $13,840 $14,256 $22,260 $30,960 $10.32 $48,191 $10.61 $15,248 $23,040 $50,098$52,097$54,186 $11.03 $11.47 $11.93 $20,880 $14,976 $27,984 $10.60 $19,904 $11.59 $23,040 $29,119 $11.03 $15,776 $23,850 $23,730 CBRE FinancCBRE 0 $ R 7 s e t a R

l 3 a F 7 t S . n P 0 e $ This page is part of a package and is and subjectThis is package to a of the part page disclaimer on theExecutive Summary. R y 2 l 6 h t 1 , n 4 o $973 $0.65 2 M $ n i g e B

Jul-2014 $1,793 $0.60 Jul-2014 Jul-2015 $1,705 $1,752 $0.99 $1.02 Jul-2015 $1,855 $0.62 Jul-2016 $1,920 $0.64 Jul-2017 $1,988 $0.66 Jan-2015 $2,427 $0.92 Jun-2014 $1,978 $0.66 Apr-2014 $1,307 $0.82 Apr-2015 $1,004 $0.67 Apr-2015 Apr-2016 $1,153 $1,188 $0.72 $0.74 Sep-2014 $1,271 $0.79 Sep-2015 $1,315 $0.82 Dec-2014 Dec-2015 Dec-2016 $4,175 $4,341 $4,516 $0.92 $0.96 $0.99 d n E m r e T

e s MTM MTM MTM MTM MTM MTM a e n i L g e B y t % r f % % 0 e o 6 4 .

. . p 0 2 7 o % 0 r 0.77% Nov-20110.77% Oct-2014 Apr-2012 Current0.77% Mar-2015 Jun-2011 Current $1,315 Dec-20141.44% Current $0.82 $1,269 Aug-2012 Dec-2014 $0.79 $1,2481.44% Current Mar-2007 $0.78 Dec-2014 $2,3101.26% Current Jan-2013 $0.77 Dec-20150.77% $2,580 Current Apr-2014 $0.86 Mar-2017 Apr-2014 $2,332 $0.88 $1,120 $0.70 1.44% Sep-20121.44% Aug-2014 Jul-2013 Current Jun-20182.18% Current $2,028 Dec-2012 Nov-2017 $0.68 $1,740 Current $0.58 $4,016 $0.88 0.77% Sep-2012 Aug-20160.77% Current Sep-2012 Dec-2014 $1,228 Current $0.77 $1,056 $0.66 0.82% Jul-20110.72% Jun-2016 Apr-2014 Current Mar-20160.72% Apr-2014 $1,659 Aug-2011 Dec-20140.72% $0.97 $975 Current Jul-2010 $0.65 Dec-20141.44% Current Jun-2013 Jul-2015 $1,298 Current $0.87 $1,920 $0.64 8 1 1 P

6 5 5 e 9 t r 8 6 6 e 7 a 1 1 1 e 9 , , , u , F 0 0 3 q 1,500 1,600 1,600 1,600 3,000 3,000 2,640 1,600 3,000 3,000 4,542 1,600 1,500 1,500 3,000 1,600 1,718 6 S 4 4 3 R Y N O T A C L P E C A P I E M S P R

M O T S I N S C K N

U O

S I G D & T N

N N C R I O

U I N U O T Y D R N T O . K T A I N

C O K S T C I

A K . I A .

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q A q D

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T L P S A N L U T A A e C t T C O i C T A u O S O V 0708A 0704M 0708D 0708K 0708G 0704N 0704Q T 0708C 0704P 0704R 0704V 0708E 0708F 0708H 0704T 0708B 0704Y rent roll rent y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 15 m m o C 10/3/2013 11:29 AM (WJC) Lease expired 10/13. Analysis assumes assumes Analysis expired 10/13. Lease year first throughout in-place remains tenant analysisof same at terms. analysis of as vacant is suite assumes Analysis start. Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.77 + $0.10 CAM (Bldg 712) $0.70 + $0.10 CAM (Bldg 708) $0.70 + $0.10 CAM (Bldg 708) $0.77 + $0.10 CAM (Bldg 712) $0.77 + $0.10 CAM (Bldg 712) $0.77 + $0.10 CAM (Bldg 712) $0.77 + $0.10 CAM (Bldg 712) $0.77 + $0.10 CAM (Bldg 712) $0.77 + $0.10 CAM (Bldg 712) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.77 + $0.10 CAM (Bldg 712A) s n o i g s n i s i s ------a m e $966 $1.43 $0.86 6.00% 6.00% m L $5,397 o C s t n e t n m a e ------n v e o r T $1,688 p $11,307 m I d s e t t n a e b A m

e t % a b #

h t t ------n n 1-3 100% $3.00 1-2 100% $1.50 e o R M y r e e v

p o y c T e R $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '11 MG ($315,669) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '10 MG ($330,671) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM t t 4 4 4 e e 1 F 6 5 e e S . . 0 r r P 9 9 t t 2 $8.90 $8.40 $8.64 $9.42 $8.78 $9.43 $7.68 $7.91 $9.27 $9.36 $9.16 $8.03 $8.03 $9.55 $8.28 $8.65 $8.91 $8.90 $9.70 $9.17 $9.99 $8.28 $8.52 $8.78 / $ $ S S

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3 8 n n 2 6 $8,640 $8,899 $9,315 $9,036 1 2 e A $31,660 $15,575 $10.38 $14,244 $16,576 $10.36 $16,656 $11.10 $15,384 $10.26 $12,960 $28,262 $14,325 $10,608 $32,591 $10.18 $35,044 $11.68 $17,072 $10.67 $13,908 $12,636 $13,920 $32,602 $33,582 $13,350 $29,100 $10,305 $48,180 $13,755 $29,970 $49,680 $30,870 $10.29 $51,120 $52,680 CBRE FinancCBRE 1 1 $ $ R 7 7 s e t a R

l 9 0 a F 8 7 t S . . n P 0 0 e $ $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y 2 7 l 9 8 h t 7 4 , , n 9 5 o $884 $0.79 $753 $0.67 $859 $0.76 1 1 M $ $ n i g e B

Jul-2014 $776 $0.69 Jan-2015 $4,140 $0.69 Jan-2016 $4,260 $0.71 Jan-2017 $4,390 $0.73 Apr-2015 Apr-2016 $2,717 $2,798 $0.72 $0.74 Sep-2014 $2,425 $0.81 Sep-2014 $1,113 $0.74 Feb-2014 $1,194 $0.80 Sep-2015 $1,146 $0.76 Sep-2015 $2,498 $0.83 Sep-2016 $2,573 $0.86 May-2015 $742 $0.66 May-2014 $1,423 $0.89 d n E m r e T

e s MTM MTM MTM a e n i L g e B y t % % % r f % % 0 0 0 % e o 1 9 . . .

0 . . p 0 0 0 . 2 7 o % 0 0 0 0 r 0.65% Feb-2011 Dec-20140.54% Current Jul-20120.54% Jun-2015 $1,053 Dec-20110.54% Current Nov-2014 $0.78 Aug-2011 Current 0.54% Jul-2014 May-2014 Current Apr-2016 May-2014 $720 $0.64 2.87% Jan-2013 Dec-20170.72% Current Sep-20111.44% Aug-2014 $4,015 Jul-2010 Current Dec-2014 $0.67 0.72% Current $1,282 Sep-2013 Aug-20160.72% $0.85 $2,920 Current Feb-20120.72% Jan-2015 $0.97 Apr-2012 $1,080 Current0.72% Mar-2014 Feb-2011 $0.72 Current1.44% $1,159 Apr-2014 Sep-2011 Current $1,388 $0.77 Nov-2016 Current $0.93 $1,298 $2,355 $0.87 $0.79 1.53% Sep-2010 Dec-20140.77% Current Sep-20120.77% Feb-2014 $2,716 May-2010 Current0.76% Apr-2015 $0.85 May-2012 Current1.80% Jun-2014 $1,187 Apr-2014 Current $1,381 $0.74 Mar-2017 Apr-2014 $0.86 $1,160 $2,638 $0.73 $0.70 8 1 1 1 1 P

0 6 0 5 5 0 e 9 t r 0 2 0 9 9 0 e 6 a 5 9 5 6 9 5 0 e 3 , , , , , , u , F 9 9 9 9 9 4 q 1,125 1,125 1,125 1,125 1,500 3,000 1,500 1,500 1,500 1,500 3,000 1,600 1,600 1,586 3,769 1,350 6,000 3,200 5 S 2 1 1 2 1 2 H P R C R T E C O T

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/ / E E

I I

T T L L P P S S A A N N L L U U T T A A A A e C C t T T C C O O i C C T T A A u O O S O V O V 0716A 0712A 0708M 0716D 0708S 0712J 0712K 0708P 0712F 0708Q 0708R 0712D 0716B 0716E 0716C 0712H T 0712G T 0712C rent roll rent

financials

49 financials 50 y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 16 m m o C 10/3/2013 11:29 AM (WJC) Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. assumes Analysis expired 11/13. Lease year first throughout in-place remains tenant analysisof same at terms. extends Analysis 9/13. expired Lease expiration to be co-terminous with tenant's other suite. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. assumes Analysis expired 12/13. Lease year first throughout in-place remains tenant analysisof same at terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.64 + $0.10 CAM (Bldg 716) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) s n o i g s n i s i s ------a m e $966 $0.86 6.00% m L o C s t n e t n m a e ------n v e o r T $1,688 p m I d s e t t n a e b A m

e t % a b #

h t t ------n n 1-2 100% $1.50 e o R M y r e e v

p o y c T e R $0.10 /sf/mo Fixed '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '09 MG ($369,841) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '08 MG ($380,143) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '08 MG ($380,143) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM t 4 8 e 1 F 0 e S . 0 r P 9 t 2 $8.03 $7.80 $9.88 $7.68 $7.91 $9.84 $8.28 $7.99 $8.89 $8.27 $8.76 $7.93 $9.16 $9.45 $8.24 $8.16 $8.48 / $ S

1 y / e 1 l

l f a o

V s

ialConsulting Group a h

1 y t l l l r l 7 o a o 7 , R u

N 0 t n

3 n n 0 $8,640 $8,899 $8,985 $9,996 $9,180 $8,916 1 e A $26,160 $13.08 $26,160 $13.08 $21,692 $15,600 $22,356 $22,800 $11.40 $16,540 $17,520 $27,120$27,840 $13.56 $27,120 $13.92 $27,840 $13.56 $13.92 $39,528 $26,394 $13.20 $17,660 $13.08 $30,468 $15.23 $19,680 $40,720$41,960 $10.18 $10.49 $16,960 $10,305 $10,631 $16,480 CBRE FinancCBRE 2 $ R 7 s e t a R

l 6 a F 7 t S . n P 0 e $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y 8 l 9 h t 8 , n 0 o $749 $0.67 $833 $0.74 $743 $0.66 $859$886 $0.76 $0.79 1 M $ n i g e B

Jun-2014 Jun-2015 $3,393 $3,497 $0.85 $0.87 Jun-2014 $765 $0.68 Jan-2015 $1,413 $0.71 Mar-2014 $1,863 $0.69 Mar-2014 $1,378 $0.69 Mar-2015 $1,460 $0.73 May-2015 $742 $0.66 May-2015 $2,320 May-2015 $1.16 $2,320 $1.16 May-2014 $2,260 May-2014 $1.13 $2,260 $1.13 d n E m r e T

e s MTM MTM MTM MTM a e n i L g e B y t % r f % % 0 e o 5 5 .

. . p 0 6 3 o % 0 r 0.96% Jul-20110.96% Jun-2014 Jan-2013 Current Jun-20151.92% Current Jun-2012 $2,539 May-20160.96% $1,373 Current $1.27 Dec-2012 Dec-2014 $0.69 0.96% $3,294 Current Mar-2013 Feb-2016 $0.82 $1,640 Current $0.82 $1,300 $0.65 0.54% Jul-2011 Dec-20140.65% Current Dec-2008 Dec-2014 Current $1,472 $1.09 0.96% Oct-20100.96% Jan-2014 May-2011 Current Apr-20160.96% Current May-2011 $1,900 Apr-20160.96% $2,180 $0.95 Current May-2009 Jan-2014 $1.09 $2,180 Current $1.09 $2,199 $1.10 0.54% Jun-2013 Jun-20151.29% Current Mar-20130.54% Jul-2014 May-2014 Current Apr-20160.54% May-2014 Sep-2011 $1,808 Dec-2014 $7200.54% $0.67 Current Jan-20120.54% $0.64 Jun-2014 Jan-2013 Current Dec-2014 Current 8 1 1 P

0 0 0 e 0 t r 0 5 5 e 5 a 6 4 6 e 2 , , , u , F 6 6 4 q 2,000 4,000 2,000 2,000 1,125 1,350 2,000 2,000 2,700 1,125 2,000 2,000 1,125 1,125 1,125 2,000 1,125 2 S 1 1 1 N . P O I C R T N O I C M

I C E ,

R . P T

S T S R

O N N O N I ) ) O O

P ) ) I C B P O & . . D A T W Y

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2 2 G N

C 7 7 N O

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I E ( ( & 0 0 G , F N

( (

T I L O E B

L U R K K M C L L N R

Y A ' ' ) I

A U . M J L O O T T U D G A

F S &

E 6 E . R C . E

M L R N N , S , T I I S S 1 C e F C S C N A

N A O S I I 7 G E T T T

N N B N m

N N K U I 0 C I N R R

T , N ( J

a , A A

, S O O A A A R E O T V T O T N S I A A E N M

C O O M M A D C E t D L S N

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- S N A U Y Y Y W n E A E T T

G A U A T U K

A , N , A a

N L R A O I D P N N C V N Z n A I F M M R P R A E A E N L R I I A C E C e R R I q t E t T D C K J V R P O K D T K A C B M A S F V F

q A q D

S S

/ E

T L P S A N L U T A A e C t T C O i C T A u O S O V 0720A 0716F T 0720B 0720F 0716J 0720E 0720J 0716G 0720C 0720D 0720G 0720K 0716M 0716N 0716K 0716Q 0716P rent roll rent y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 17 m m o C 10/3/2013 11:29 AM (WJC) Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year.

Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year.

/ t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $0.64 + $0.10 CAM W/H) (01 $0.64 + $0.10 CAM W/H) (01 $0.64 + $0.10 CAM W/H) (01 $0.64 + $0.10 CAM W/H) (01 $0.64 + $0.10 CAM W/H) (01 $0.64 + $0.10 CAM W/H) (01 $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (Bldg 720) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (01 Ofc >1K) $0.79 + $0.10 CAM (01 Ofc >1K) $0.79 + $0.10 CAM (01 Ofc >1K) $0.79 + $0.10 CAM (01 Ofc >1K) $0.79 + $0.10 CAM (01 Ofc >1K) s n o i g s n i s i s ------a m e $0.86 $1.62 $1.62 $1.62 6.00% 6.00% 6.00% 6.00% m L $1,209 $2,524 $2,626 $2,626 o C s t n e t n m a e ------n v e o r T $2,112 $6,248 $6,500 $6,500 p m I d s e t t n a e b A m

e t % a b #

h t t ------n n 1-2 100% $1.50 1-3 100% $4.00 1-3 100%1-3 $4.00 100% $4.00 e o R M y r e e v

p o y c T e R $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed $0.10 /sf/moFixed '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 '01 MG ($126,958) + $0.09 CAM '09 MG ($369,841) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '03 MG ($148,802) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '12 MG ($334,143) + $0.09 CAM '11 MG ($315,669) + $0.09 CAM e e u u 4 n n 6 1 1 F e e 0 9 S . . 0 v v P 5 0 2 A A $9.00 $9.64 $7.80 $6.96 $7.42 $9.00 $8.52 $9.27 $9.27 $7.95 $9.27 $8.12 $8.28 $7.68 $9.48 $7.91 $7.17 $9.55 $9.00 $9.76 $9.76 $9.76 $9.48 $9.48 / $ $

t t 1 / n n 1 e e

c c f s s o

e e s r r ialConsulting Group a C C

5 y l

l 5 l t t l 0 5 s s o a 4 4 , R e e u ,

1 t n 3 W W 2 n n 1

1 e A $15,060 $18,000 $14,628 $13,845 $12,672 $22,620 $12,659 $15,936 $10.20 $18,540 $15,064 $11,137 $23,303 $19,100 $12,919 $13,195 $13,455 $18,875 $11.62 $20,865 $12.84 $14,625 $10,813 $14,808 $15,245 $15,714 $10.06 $22,815 $14.04 $19,306 $12.36 $18,540 $19,884$20,478$21,103 $12.73 $13.11 $13.51 $15,860 $15,860 $16,348 $10.06 $16,348 $10.06 $15,405 $15,405 $ 1 1 CBRE FinancCBRE $ R 0 1 1 1 2 2 s e t a R

l 0 9 a F 9 7 t S . . n P 0 0 e $ $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y 1 2 l 5 8 h t 6 5 , , n 1 1 o $901 $0.64 2 1 M $ $ n i g e B

Jul-2015 $928 $0.66 Jul-2014 $1,942 $0.60 Jul-2015 Jul-2016 $1,270 $1,309 $0.81 $0.84 Jan-2015 Jan-2016 Jan-2017 $1,657 $1,706 $1,759 $1.06 $1.09 $1.13 Jun-2016 $1,362 Jun-2016 $0.84 $1,362 $0.84 Jun-2015 $1,322 Jun-2015 $0.81 $1,322 $0.81 Apr-2014 $1,545 $0.77 Apr-2015 $1,592 $0.80 Oct-2014 $1,219 $0.75 Feb-2014 $1,255 $0.77 Mar-2014 $1,077 $0.66 Mar-2015 Mar-2016 $1,100 $1,121 $0.68 $0.69 d n E m r e T

e s MTM MTM MTM a e n i L g e B y t % % % r f % % 0 0 0 % e o 9 1 . . .

0 . . p 0 0 0 . 5 4 o % 0 0 0 0 r 0.67% Jul-20140.82% Jun-2016 Jul-2014 Nov-2012 Feb-2014 Current $1,0550.75% $0.62 Jul-20130.75% Jul-2014 Jan-2013 Current Dec-20170.75% Current $1,328 Apr-20120.75% Mar-2014 $0.85 $1,609 Jul-2014 Current Jun-2017 $1.03 Jul-2014 $1,255 $0.80 $1,234 $0.79 0.78% Mar-2007 Dec-20140.78% Current May-2007 Dec-2014 $1,5730.78% Current Mar-2013 $0.97 Feb-2017 $1,7390.78% Current Oct-2012 $1.07 1.56% Sep-2015 $1,056 Jul-2013 Current Aug-20150.78% $0.65 Current Jun-2014 $1,154 May-20170.78% $0.71 Jun-2014 $1,885 Jun-2014 May-2017 $0.58 $1,284 Jun-2014 $0.79 $1,284 $0.79 0.96% Apr-2013 Mar-20160.96% Current Jul-2012 Jun-2014 $1,500 Current $0.75 $1,5450.78% $0.77 Mar-2009 Dec-20140.78% Current Feb-2013 Feb-2014 $1,901 Current $1.17 $1,219 $0.75 7 2 1 1 1 P

6 0 4 0 4 0 e 8 t r 0 0 6 0 6 0 e 5 a 3 0 7 0 3 0 0 e 6 , , , , , , u , F 9 4 9 4 4 4 q 1,706 1,408 1,562 1,562 1,562 1,625 1,625 1,625 1,625 3,250 1,625 1,625 2,000 1,625 1,562 2,000 1,625 4 S 1 2 1 2 1 2 T H H U C C . L R R C O U U S N H

I H

C Y ,

C P P

N . N A Y U R A C O T I I . O E . N T M T R I N V

A 6 T , G U R H

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L P . E M E O V G L T E I A I A

P N ) M ) A S R ) N

) C R C I T M T I G D M J K E O O S S S H N A O 1 1 1 1 C J O N N C

T S Y U L U

1 0 0 0 U S C , e L

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O I A S N T T T T D N S S E O A U

P E R N O D E E C U t A N N N N R S N M J Y B E A S n S M

O G G

A A A A E A T S G C S a A U L I t t S R A A C I C C C C O E S L A n I G A F F A R R G N F A A A A E L A P e R H E H O q q t t E E t t T E P N F T V E F M U S V V P V A V S S F F V V F F

q q A A q q D D

S S S S

/ / E E

I I

T T L L P P S S A A N N L L U U T T A A A A e C C t T T C C O O i C C T T A A u O O S O V O V 2111A 2101A 0720M T 2111C T 2111B 2111D 2101N 2101B 2101D 2101E 2101F 2101K 2101M 0720N 2101J 2101C 2101G rent roll rent

financials 51 financials

52 y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 19 m m o C 10/3/2013 11:29 AM (WJC) Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains analysis at same terms. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Base new a receives tenant assumes Analysis start. analysis the of as Year assumes Analysis expired 11/13. Lease year first throughout in-place remains tenant assumes Analysis terms. same at analysis of the of as Year Base new a receives tenant analysis start. Base new a receives tenant assumes Analysis Year as the of analysis start. assumes Analysis expired 10/13. Lease year first throughout in-place remains tenant assumes Analysis terms. same at analysis of the of as Year Base new a receives tenant analysis start. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains assumes Analysis terms. same at analysis the of as Year Base new a receives tenant analysis start. Base new a receives tenant assumes Analysis Year as the of analysis start. Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains assumes Analysis terms. same at analysis the of as Year Base new a receives tenant analysis start. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $0.84 + $0.10 CAM (11/21 <1K) $0.84 + $0.10 CAM (11/21 <1K) $0.84 + $0.10 CAM (11/21 <1K) $0.84 + $0.10 CAM (11/21 <1K) s n o i g s n i s i s ------a m e $496 $474 $530 $621 $1.19 $1.19 $1.13 $1.13 $1.19 $1.19 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% m L $1,057 $1,057 o C s t n e t n m a e ------n v e o r T $3,752 $3,752 $2,090 $2,000 $2,235 $2,620 p m I d s e t t n a e b A m

e t % a b #

h t t ------1 100%1 $5.00 100% $5.00 1 100% $5.00 1 100% $5.00 n n 1-2 100%1-2 $4.00 100% $4.00 e o R M y r e e v

p o y c T e R Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year $0.10 /sf/mo Fixed $0.10 /sf/mo Fixed '13 MG ($349,409 Est.) + $0.09 '11 MG ($315,669) + $0.09 CAM e u 4 0 n 1 8 F e . S 0 v 0 P 2 1 A $9.48 $9.76 / $13.80 $13.80 $10.08 $10.08 $12.00 $13.79 $10.38 $10.38 $30.00 $12.00 $13.80 $18.60 $13.80 $14.21 $14.21 $10.06 $10.36 $13.79 $14.21 $14.21

$ t 1 / n 1 e

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e s r ialConsulting Group a C

y l

l 1 l t l 0 s o a 9 R e u ,

t n 0 W n n 7

$6,169 $7,231 $9,455 $9,455 $8,892 $9,736 $9,736 $4,248 $5,520 $2,124 $5,768 $6,288 $5,684 $5,940 $9,155 $9,436 $9,718 $9,720 $6,352 $7,446 $8,593 $4,248 e A $22,896 $12.00 $10,008 $10.67 $11,706 $12.48 $23,583$24,289 $12.36 $12.73 $ 5 CBRE FinancCBRE R 1 1 2 s e t a R

l 0 a F 9 t S . n P 0 e $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y l 8 h 0 t 9 n , o $741 $0.79 $177 $1.15 $524 $1.00 $354 $1.00 $810 $2.50 $976 $1.04 $716 $1.55 $354 $1.15 5 M $ n i g e B

Oct-2015 $786 $0.84 Oct-2014 Oct-2016 Oct-2017 $763 $810 $834 $0.81 $0.86 $0.89 Oct-2015 $529 Oct-2015 $1.18 $621 $1.18 Sep-2015 $474 $1.18 Sep-2014 $1,965 $1.03 Sep-2015 $2,024 $1.06 Aug-2015 $811 Aug-2015 $0.87 $811 $0.87 Nov-2015 $495 $1.18 d n E m r e T

e s MTM MTM MTM MTM MTM a e n i L g e B y t % r f % % 0 e o 4 6 .

. . p 0 4 5 o % 0 r 0.20% Nov-2014 Apr-20160.07% Nov-2014 Oct-2012 Dec-2014 $481 Current 0.22% $1.15 Dec-2008 Dec-2014 Current 0.25% Apr-2013 Apr-20140.16% Current Mar-2007 Dec-2014 Current 0.91% Sep-2013 Aug-20160.15% Current Jun-2013 Dec-2014 $1,908 Current 0.17% $1.00 May-2013 Apr-20140.19% Current Sep-2014 Feb-20160.21% Sep-2014 Oct-2014 Mar-20160.25% $460 Oct-2014 Oct-2014 Mar-2016 $1.15 $514 Oct-2014 $1.15 $603 $1.15 0.45% Aug-2014 Jul-20160.45% Aug-2014 Aug-2014 Jul-20160.45% $788 Aug-2014 May-2011 Dec-2014 $0.84 0.45% $788 Current Oct-2013 $0.84 Sep-2018 Current 3 6 1 P

0 0 e 2 8 t r 0 0 e 6 3 a 0 0 e 5 4 , , u 418 447 524 462 524 324 308 354 400 938 154 938 938 938 , , F 0 0 q 1,908 6 3 S 1 1 A P L R L E O T C S

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A A A A A A , P T E a t E S U D A N C C C C C C L L N n M F R H N N A A A A A O A U A A e E A I q t E t T V T Y V V S B K V C A J T V V S F V F

q A q D

S S

/ E

T L P S A N L U T A A e C t T C O i C T A u O S 2111F 2111G O V 201 2111E 216 225 228 231 220 2111H 208 T 212 232 221 224 rent roll rent y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 21 m m o C 10/3/2013 11:29 AM (WJC) Analysis assumes tenant receives a new Base Base new a receives tenant assumes Analysis start. analysis the of as Year Base new a receives tenant assumes Analysis start. analysis the of as Year Base new a receives tenant assumes Analysis start. analysis the of as Year Lease expired 9/13. Analysis assumes tenant of year first throughout in-place remains assumes Analysis terms. same at analysis the of as Year Base new a receives tenant analysis start. Base new a receives tenant assumes Analysis start. analysis the of as Year Base new a receives tenant assumes Analysis start. analysis the of as Year Tenant renewed in CY 2013. Analysis assumes tenant received new a CY 2013 Base Year. Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. / t

n n e t o i R e t

k t p r e a m k r Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market u M a s s M A $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $1.15 FSG (Bldg 2115) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (11/21 >1K) $0.79 + $0.10 CAM (11/21 >1K) s n o i g s n i s i s ------a m e $555 $602 $612 $605 $314 $914 $759 $734 $1.78 $1.30 $1.30 $1.19 $1.30 $1.30 $1.19 $1.19 $1.30 $1.30 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% m L $1,187 $2,298 o C s t n e t n m a e ------n v e o r T $2,340 $2,390 $1,241 $2,540 $2,580 $3,610 $4,687 $5,327 $2,997 $2,899 p m I d s e t t n a e b A m

e t % a b #

h t t ------1 100%1 $5.15 100% $5.15 1 100% $5.00 1 100%1 $5.15 100% $5.15 1 100%1 $5.00 100% $5.00 1 100%1 $5.15 100% $5.15 n n 1-3 100% $4.12 e o R M y r e e v

p o y c T e R Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year Base Year $0.10 /sf/moFixed '13 MG ($349,409 Est.) + $0.09 '13 MG ($349,409 Est.) + $0.09 e u 4 7 n 1 1 F e . S 0 v 5 P 2 1 A $9.00 $9.00 $9.27 $9.55 $9.83 / $13.19 $15.75 $15.18 $15.18 $14.21 $13.80 $15.64 $15.64 $14.21 $14.21 $12.97 $13.38 $13.80 $13.80 $15.64 $15.64 $15.18 $15.18

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l 6 a F 2 t S . n P 1 e $ This page is part of a package and is and subjectThis is package toa of the part page disclaimerthe on Executive Summary. R y l 3 h 8 t 6 n , o $882 $2.10 $576 $1.10 $210 $1.31 $403 $1.08 9 M $ n i g e B

Jan-2016 $759 Jan-2016 $1.30 $734 $1.30 Apr-2014 $1,908 $0.77 Apr-2016 $1,157 $0.90 Apr-2015 $1,966 $0.80 Apr-2016 $2,023 $0.82 Apr-2017 $2,085 $0.84 Feb-2016 $914 Feb-2016 $1.30 $1,186 $1.30 Dec-2015 $602 Dec-2015 $1.18 $611 $1.18 Dec-2014 $416 $1.12 Mar-2016 $605 Mar-2016 $1.30 $314 $1.30 Nov-2015 $554 $1.18 d n E m r e T

e s MTM a e n i L g e B y t % r f % % 0 e o 2 8 .

. . p 0 3 6 o % 0 r 0.12% Mar-2015 Aug-20160.64% Mar-2015 Dec-2009 Feb-2014 $305 Current $1.27 $1,6261.94% $1.22 Mar-2013 Feb-20141.18% Current Apr-2013 Mar-2018 $3,0440.62% Current Apr-2015 $0.75 Mar-2018 $1,853 Apr-2015 $0.75 $1,124 $0.87 0.28% Jan-2015 Jun-20160.27% Jan-2015 Jan-2015 Jun-20160.34% $736 Jan-2015 Feb-2015 Jul-20160.44% $1.27 $712 Feb-2015 Feb-2015 Jul-20160.39% $1.27 $887 Feb-2015 Nov-2009 Dec-2014 $1.27 $1,151 Current0.08% $1.27 $1,142 Apr-2013 Apr-20140.22% $1.40 Current Mar-2015 Aug-2016 Mar-2015 $587 $1.27 0.18% Dec-2012 Nov-20150.20% Current May-2013 May-20140.25% Current May-2013 May-20140.22% Current Nov-2014 Apr-20160.24% Nov-2014 Dec-2014 May-20160.25% $538 Dec-2014 Dec-2014 May-2016 $1.15 $584 Dec-2014 $1.15 $593 $1.15 5 4 1 P

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financials

53 financials

54 y a w e e r F s n - i o i t r p T O / s t n e 10-Year Hold Period 23 m m o C 10/3/2013 11:29 AM (WJC) Base Year amount unknown. Analysis assumes tenant reimburses over CY a 2013 Base Year. Analysis assumes suite is non-revenue is non-revenue suite assumes Analysis generating for duration of analysis. / t

n n e t o i R e t

k t p r e a m k r Market Market Market u M a s s M A $0.00 NON-LEASABLE $0.79 + $0.10 CAM (11/21 >1K) $0.84 + $0.10 CAM (11/21 <1K) s n o i g s n i s i s - - - a m e m L o C s t n e t n m a e - - - n v e o r T p m I d s e t t n a e b A m

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T T L L P P S S A A N N L L U U T T A A A A e C C t T T O C C O i C C T T A A u O O S T O V O V 2121E 2121G 2121U T rent roll rent 27% 100% 73% - $- $0.90 $1.58 $18.07 $18.97 77,265 277,195 277,195 367,995 831,584 $180.67 304,914 $180.67 $180.67 $554,389 2,771,947 1,385,974 1,385,974 1,775,004 $1,879,416 $10,009,435 $37,728,907 $12,266,496 $13,573,560 $27,719,472 10.0% $0 5% PSF Hard Costs Area PSF of Bldg. Hard Costs Hard Costs Hard Costs Hard Costs Hard Costs Hard Costs Hard Costs PSF Square Feet Square Feet Square

Economic Rent Calculation Replacement Costs ReturnRequired Expenses Operating Less Vacancy/Credit (NNN) PSF per year Economic Rent Required, PSF per month (NNN) Economic Rent Required, $0.37 1.10% $8.50 1% 10% 1% 5% 3% 5% 3% $- SOFT COSTS TOTAL Development Costs Total Foot Cost Per Square $22.00 $65.00 $45 PSF on 20% Build-out HARD COSTS TOTAL 2.0% 557,568 208,824 This page is part of a package and is subject to the CBRE disclaimer. This page is part of a package and is subject to the CBRE disclaimer. Interest on Lease Up Leasing Commission Insurance Property Taxes Development Fees Legal Profit Developer’s Loan Fee Contingency Interest on Land Carry Interest on Construction SOFT COSTS A & E @ Land Size Building Size HARD COSTS @ Acquisition Cost Land Hard Costs @ @ Improvements Tenant Replacement Costs Replacement

replacement costs 55

tri-freeway business park

56 BROOKHURST ST BROOKHURST

LINCOLN AVE

CRESCENT AVE Anaheim, California Anaheim,

Tri-Freeway Business Park Tri-Freeway EUCLID ST EUCLID

SANTA ANA 5 FREEWAY

PARK CHAPARRAL ORANGE ANAHEIM PLAZA tri-freeway business park 57 disclaimer

58 DISCLAIMER been obtained for sources information containing in this document has © 2013 CBRE, Inc. The verified it and CBRE, Inc. has not Inc. does not doubt its accuracy, While CBRE, believed reliable. to independently about it. It is your responsibility or representation makes no guarantee, warranty or estimates used opinions, assumptions completeness. Any projections, confirm its accuracy and The performance of the property, or future current the represent for example only and do not are be evaluated by you depends on tax and other factors which should value of this transaction to independent your advisors should conduct a careful, and your tax, financial and legal advisors. You for your to determine to your satisfaction the suitability of the property investigation of the property needs. images without the owners and use of these of their respective the property are Photos herein written consent of the owner is prohibited. express companies related or affiliated its and/or Inc. CBRE, of marks service are logo CBRE the and CBRE the other marks displayed on this document are in the United States and other countries. All owners. of their respective Property If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly kindly the Property, in purchasing this Memorandum, you have no further interest If after reviewing return this Memorandum to CBRE, Inc. not disclose this Memorandum or any of its contents to any other entity without the prior written to any other entity without the prior written not disclose this Memorandum or any of its contents that you will not use this Memorandum or also agree authorization of the Owner or CBRE, Inc. You of the Owner or CBRE, Inc. to the interest any of its contents in any manner detrimental By receipt of this Memorandum, you agree that this Memorandum and its contents are of a of a and its contents are that this Memorandum of this Memorandum, you agree By receipt it in the strictest confidence and that you will will hold and treat that you nature, confidential time with or without notice which may arise as a result of review of this Memorandum. The Owner of this Memorandum. The Owner of review a result time with or without notice which may arise as this Memorandum or making an any entity reviewing shall have no legal commitment or obligation to of the Property the purchase for unless and until written agreement(s) the Property purchase to offer Owner’s the to conditions any and Owner the by approved and delivered executed, fully been have have been satisfied or waived. obligations therein evaluating a possible purchase of the real property. of the real evaluating a possible purchase of any or all expressions to reject the right, at its sole discretion, reserved The Owner expressly entity at any any and/or to terminate discussions with the Property, to purchase or offers interest are expected to review all such summaries and other documents of whatever nature independently independently nature whatever all such summaries and other documents of to review expected are Inc., CBRE, the Owner or Neither any manner. this Memorandum in contents of the on not rely and make an representation or representatives Affiliates officers, directors, nor any of their respectful or implied, as to the accuracy or completeness of this Memorandum or any expressed or warranty, in and inspections of the Property solely on your investigations to rely of its contents; and you are Additional information and an opportunity to inspect the Property will be made available to will be made available to inspect the Property Additional information and an opportunity to In this Memorandum, certain documents, including purchasers. and qualified prospective interested described in summary form. These summaries do not purport to be leases and other materials, are parties Interested referenced. of the full agreements complete nor necessarily accurate descriptions to be all-inclusive or to contain all or part of the information are provided for general reference for general reference provided contain all or part of the information are to be all-inclusive or to market conditions, to the general economy, assumptions relating based on purposes only and are all of the Owner and CBRE,Inc. Therefore, competition and other factors being the control subject to material are made herein and assumptions and other information provided projections, approximations. are footages, and other measurements square to acreages, variation. All references whether you desire to express further interest in the acquisition of the Property. in the acquisition of the Property. further interest to express whether you desire to purport not does and Property the to pertaining information selected contains Memorandum This (the”Owner”), or the owner of all Property of the property of affairs of the state be a representation CONFIDENTIALITY AGREEMENT and benefit in determining intended solely for your limited use This is a confidential Memorandum it represents in the transaction described in this Memorandum. in the transaction described it represents an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that that acknowledge hereby You Property. bidder for the and may be the successful Property the to purchase may submit an offer Memorandum (the “Property”) described in this in the property an interest In all instances, of the Property. sale or purchase in the of any Affiliate disclose to you the involvement have any obligation to will nor any involved Affiliate that neither CBRE, Inc. agree possibility and in a way conduct its business in concert with or otherwise and will not act described in this Memorandum in the transaction the client(s) it represents of will act in the best interest CBRE Inc. however, client(s) duties owed to the with the law and any fiduciary in a manner consistent rather will conduct its business but offeror, or prospective of any other offeror to the detriment any Affiliate that benefits CBRE operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not but not estate businesses including, real range of commercial engaging in a broad entities (each an “Affiliate”) related many subsidiaries and/or of companies with within a global family CBRE operates clients with competing various represent may Affiliates At times different and development. investment fund management management, valuation, and facilities services, property limited to, brokerage express may Affiliates Those, or other, Company. Crow Inc. or Trammell CBRE Investors, including by our Affiliates, may be received this Memorandum transaction. For example, in the same interests AFFILIATED BUSINESS DISCLOSURE BUSINESS AFFILIATED Private Capital Group-Newport Beach

GARY STACHE ANTHONY DELORENZO PAT SCRUGGS Executive Vice President Senior Associate Senior Vice President Lic. 00773736 Lic. 01706686 Lic. 00851446 +1 949 725 8532 +1 949 725 8425 +1 949 725 8520 [email protected] [email protected] [email protected]

Institutional Group Financing

DARLA LONGO BARBARA EMMONS JEFF ALLEN | LOCAL MARKET VALERIE ACHTEMEIER CBRE - Newport Beach Vice Chairman Vice Chairman Portfolio Manager Executive Vice President 3501 Jamboree Rd. Ste 100 Lic. 00639911 Lic. 00969169 Lic. 01313074 Lic. 01868169 Newport Beach, CA 92660 +1 909 418 2105 +1 213 613 3033 +1 714 202 2930 +1 213 613 3109 F + 1 949 725 8545 [email protected] [email protected] [email protected] [email protected] www.cbre.com/pcgnb

PRIVATE CAPITAL GROUP | CAPITAL MARKETS