MILTON, • INVESTMENT OPPORTUNITY CHILDREN’S LEARNING ADVENTURE/ / EXECUTIVE SUMMARY EXECUTIVE SUMMARY INVESTMENT INVESTMENT OVERVIEW HIGHLIGHTS 2 LOCATION NEC of Cogburn Rd & Webb Rd 13175 Cogburn Road • Brand New Free Standing Single Tenant Asset with Annual Rental Rate Increases Throughout Milton, GA 30004 Entire 20 Year Lease Term ±28 Miles North from CBD • Absolute NNN Lease with NO Landlord Responsibilities NOI $963,069 • Astounding 89% Growth in Population Over the Last Decade | Projected an Additional 11.3% PRICE $13,280,000 within a One-Mile Radius by 2020 CAP RATE 7.25% • Located Less than Half a Mile from the Area’s Leading Retail Corridor |Over 144,000 Residents and Household Incomes exceeding $124,000 within a Five-Mile Radius LAND AREA ±3.56 Acres • Atlanta MSA is One of the Fast Growing MSAs in the | Current Population is BUILDING AREA ±25,737 SF estimated at 5.57 Million Residents, an increase over 81% since 1990 PLAYGROUND AREA ±30,000 SF • Strategic Site Location & Layout | Flexible Design for Future Uses PARKING 51 Spaces (1.7/1,000 SF) YEAR BUILT 2015 LOCATION MAP TYPE OF OWNERSHIP Fee-Simple TENANT CLA Milton, LLC LEASE TYPE Absolute NNN ROOF AND STRUCTURE Tenant Responsible RENT COMMENCEMENT July 2015 LEASE EXPIRATION July 2035 TERM REMAINING ON LEASE 20 Years DEBT Available for New Market Rate Financings OPTIONS Four Five Year Options RENT INCREASES 1.25% Annually Throughout Lease Term RENEWAL OPTIONS Years 21-25 $1,234,690 (1.5% Annual Increases) Years 26-30 $1,313,811 (1.5% Annual Increases) Years 31-35 $1,398,003 (1.5% Annual Increases) Years 36-40 $1,487,590 (1.5% Annual Increases) CHILDREN’S LEARNING ADVENTURE/ / PROPERTY OVERVIEW SITE PLAN PROPERTY OVERVIEW

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D Cogburn Road | 10,621 VP

Webb Road

Shadow Creek Parkway TENANCY 4

Children’s LearningChildren’s Adventure provides learning and care for infants from six weeks of age to preschool, Private Kindergarten, and provides beforeand after school programs for children upto twelve years. Transportation to and from local elementary schools is provided. Summerand holiday camps, speciallydesigned with enrichment learning opportunities, are available for the school age child. Children’s LearningChildren’s Adventure offers the highest qualityInfant, Preschool, After-school, and Summer Camp Programs for children. Thecompany has high-quality programsthat utilize research-based materials and Educational Specialists who provide guidance and monitoringof the program. Learning Children’s Adventure offers specialized learning areas with curriculum specifically designed to utilize these unique areas. The facilities contain amazing indoor amenities, expansive outdoor playgrounds and specialized classrooms to help enhance learning the ability. children’s

OVERVIEW TENANT TENANT TENANT PROFILE TENANT / ADVENTURE/ LEARNING CHILDREN’S CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

DEMOGRAPHICS

DESCRIPTION 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS LOCATION POPULATION 2020 Projection 9,413 57,777 144,300 2015 Estimate 8,461 52,779 132,641 OVERVIEW 2010 Census 7,265 46,665 119,050 2000 Census 3,836 30,687 84,608 HEART OF ATLANTA’S AFFLUENT NORTHERN SUBURBS Growth 2015-2020 11.3% 9.5% 8.8% Situated in North Fulton County, Children’s Learning Adventure enjoys a strategic location in the heart of Atlanta’s affluent northern suburbs. It is located east of GA 400 at the intersection of Cogburn Road and Webb Road, just east Growth 2010-2015 16.5% 13.1% 11.4% of Alpharetta Highway (GA Highway 9) in the City of Alpharetta. Both GA Highways 9 and 120 provide access to GA Growth 2000-2010 89.4% 52.1% 40.7% Highway 400 and serve as major commercial arteries to the surrounding area. GA 400 is the main north-south artery HOUSEHOLDS serving Georgia’s central corridor and connecting the northern suburbs with central Atlanta. The submarket boasts 2020 Projection 3,846 22,500 52,817 strong demographics with nearly 53,000 residents living in a 3-mile radius of the Property and an average household 2015 Estimate 3,479 20,663 48,703 income of over $112,000. 2010 Census 3,024 18,463 43,978 BEST PLACE TO LIVE IN METRO ATLANTA 2000 Census 1,600 12,267 31,437 New residents are attracted to Alpharetta for its excellent quality of life, strong education systems, nationally ranked Growth 2015-2020 10.6% 8.9% 8.5% healthcare systems, and proximity to major employment centers. U.S. News ranks Alpharetta among the top places Growth 2010-2015 15.0% 11.9% 10.7% to retire in the America. In 2009, Forbes ranked Alpharetta the #1 Best Place to Move. Growth 2000-2010 89.0% 50.5% 39.9% LEADING EDUCATION SYSTEM INCOME North Fulton boasts nationally recognized public schools, world-class private schools, and many institutions for 2015 Est. Average Household Income $106,357 $112,471 $124,643 higher education. Of Atlanta Magazine’s “Best High Schools” in Atlanta, four North Fulton high schools were ranked 2015 Est. Median Household Income $80,875 $83,995 $90,722 “Top All-Around.” The list includes Alpharetta High School, Milton High School, North Springs Charter High School, and Northview High School. Institutions of higher education include satellite campuses for Georgia State University HOUSING VALUE and Reinhardt University, both located in Alpharetta. 2015 Est. Median Housing Value $250,545 $280,507 $334,341 © 2015 The Nielsen Company. All rights reserved. EMPLOYMENT MECCA North Fulton County is headquarters to three Fortune 500 companies: First Data Corporation, Newell Rubbermaid, UPS; and two Fortune 1000 companies: Exide Technologies and Global Payments, Inc. Major regional operations for Milton, GA at least 16 Fortune 500 companies are also located in the County. More specifically, the City of Alpharetta is home to nearly 9,500 businesses, including some of Atlanta’s top employers such as ADP, Verizon, Comcast, UPS, Hewlett Packard, Equifax, E-Trade, and Coca-Cola. Due to the concentration of employers located in Alpharetta, the City’s workday population is approximately 28% higher than the City’s residential population. CHILDREN’S LEARNING ADVENTURE TRADE AREA The Children’s Learning Adventure trade area is approximately a 3-mile radius surrounding the Property. Major roadways feeding the trade area include GA Highway 400 to the west, which runs in a north/south direction and LOCATION provides access to downtown Atlanta; Old Milton Parkway (GA Highway 120), which runs east/west and provides access to GA 400 and downtown Alpharetta; and Alpharetta Highway (GA Highway 9) to the east, which runs north/ south and is a main commercial thoroughfare connecting the Atlanta Metro to the north Atlanta suburbs of Sandy Springs, Roswell, Alpharetta, and Milton. Within a 3-mile trade area of the Property, the estimated population is 52,779 residents, which represents an increase of 72% since 2000. Additionally, the trade area’s average household 5 income of $112,471 is more than 51% higher than the current national average of $74,165. CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW AERIAL PHOTOGRAPH

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Williamsburg

Turner McDonald Parkway Arbors at Henderson

Henderson Place

Deerfield Windward Parkway Professional Center Highway 9

Highway 9

Cogburn Road

Hopewell Middle School LOCATION

6 CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

AERIAL PHOTOGRAPH N

Villages of Devinshire Deerfield Green

Highway 9

Godburn Woods Elementary School

Hopewell Middle School LOCATION

Winward Parkway

7 CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

ECONOMIC ENGINE OF THE SOUTHEAST Metro Atlanta is the population, employment, and transportation center of the Southeast, and it represents the ninth largest metro area in the United States. Atlanta’s exceptional quality of life, low cost of living, diverse job opportunities, educational infrastructure and cultural amenities has helped it become the one of the fastest-growing areas in the United States over the last two decades. Although Atlanta was hit hard by the recession, it has regained traction with renewed job growth. In fact, in 2014, Atlanta added 64,700 jobs and Marci Rossell, former chief economist with CNBC, projects Atlanta to add up to 140,000 jobs in 2015. Business Locations, Atlanta has the lowest relative business costs among the nation’s major cities with Atlanta is home to sixteen (16) Fortune 500 companies, which is third among U.S cities, behind only New over 2 million residents. In addition, Georgia’s corporate tax rate is just 6% and hasn’t changed for more York (42) and Houston (23). Atlanta will be home to 17 Fortune 500 companies once PulteGroup completes than 25 years. their move to the metro. Furthermore, more than 75% of Fortune 1000 companies have operations within Atlanta and its well-educated workforce are well-positioned to attract the types of industries that will result the MSA. Key industries within the Atlanta metro include education and health services, financial and in higher paying salaries and greater opportunities. This will help to further strengthen the city’s growing business services, and retail trade. Atlanta is also quickly becoming a technology and data center hub economy. Further strengthening Atlanta’s economy is the frequency with which firms are relocating or for companies looking to relocate or expand outside of the traditional technological hubs such as Silicon expanding within the Atlanta market. In the past twelve months, several firms have relocated their Valley and Austin, TX. Powered by the strength of more than 13,000 technology companies, Atlanta has headquarters to Atlanta including: Porsche, Mercedes Benz, PulteGrop and Keurig Green Mountain. established its strength in telecom, internet security, digital media and a thriving mobility ecosystem. • Porsche’s $100 million headquarters at Aerotropolis, a 130-acre mixed-use development near Atlanta’s strong business climate and ease of access have drawn increasing amounts of international Hartsfield-Jackson International Airport, is nearing completion. The new 28-acre campus will house interest and investment in Atlanta. More than 400 international flights leave from Atlanta’s Hartsfield- 400 employees – 100 of which will be new to Atlanta. Jackson International Airport each week and there are nearly 2,800 foreign-owned facilities in Atlanta, • In January 2015, Mercedes Benz announced they will move their U.S. headquarters to the Central representing over 65 countries, and employing approximately 130,000 workers, according to the Metro Perimeter submarket of Atlanta from the Detroit suburbs. Mercedes is expected to create 1,000 jobs for Atlanta Chamber of Commerce. LOCATION Atlanta and invest $74 million into their facility. EMPLOYMENT HUB • One of the nation’s largest homebuilders, PulteGroup, will soon open its doors at its new Atlanta The Southeast is the fourth-largest economy in the world, and Atlanta is the hub of economic activity in headquarters. PulteGroup is relocating their headquarters from Michigan to the Buckhead submarket of this region. According to Moody’s Analytics, Atlanta’s projected job-growth over the next five years of 2.3% 8 Atlanta. The location is expected to employ 320 people, half relocating form Michigan and the other half annually is significantly higher than the national rate of 1.8%. Atlanta will continue to attract top employers being hired in the Atlanta metro. due to its low relative costs of doing business. In fact, according KPMG’s 2014 Guide to International CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

• In June 2014, the maker of the Keurig single-cup coffee system, announced it plans to build its new more than 80 hospital locations, employing in excess of 105,000 health care professionals and 18,000 cold-brewed beverage maker line at a plant in Douglas County. Keurig Green Mountain says they will physicians. spend $337 million over five years on the project. The move is expected to bring 550 jobs to the metro. TECHNOLOGY FAST GROWING POPULATION Metro Atlanta and the state of Georgia has become a major hub for the technology industry. There are The Atlanta MSA has been one of the fastest-growing areas in the United States over the last two decades. currently over 13,000 technology companies in Atlanta with a heavy concentration in telecom, internet The current population is estimated at 5.63 million residents, which is a 32% increase from 2000. Over security, payment processing, digital media, software and clean technology. AT&T and Verizon are two of the next five years, factors such as job growth and an exceptional quality of life are projected to boost the the biggest telecom employers in Atlanta employing 17,882 and 3,777 residents, respectively. Payment population by an additional 5.9% to nearly 5.96 million residents. Total households increased from 1.56 processing has become one of the premiere technology industries in metro Atlanta as the industry employs million in 2000 to nearly 2.1 million in 2015 and are projected to increase by another 128,200 over the next nearly 40,000 residents. Atlanta and the state of Georgia is home to more than 90 financial tech companies five years. and four of the top twenty American Banker FinTech 100 companies are headquartered in Georgia: NCR The 2014 average household income in the Atlanta MSA is $76,940, which is 7.9% higher than the national Corp., First Data, Total System Services, Inc. and Equifax. In fact, NCR Corp. announced in January 2015, average. Median household income grew by an estimated 11.8% from 2000 to 2015. In addition, Atlanta- that it will be relocating its headquarters from Atlanta’s northern suburbs to a new state-of-the-art campus area households with an income of $100,000 and higher were 17.6% of the market’s total in 2000 and have in Midtown Atlanta by early 2018, bringing 3,500 to 4,000 jobs into the heart of the Atlanta metro. Metro grown to 23.9% in 2015. Atlanta has also become a leader for clean tech companies and industry activities, with more than 43,000 clean economy jobs. According to the Metro Atlanta Chamber of Commerce, since 2010, the metro Atlanta ECONOMIC DRIVERS region has recruited 34 clean tech companies creating more than 2,200 jobs. Atlanta is home to industry BIOSCIENCE/HEALTH IT According to Metro Atlanta Chamber of Commerce, Georgia’s leaders Suniva, GE Energy and Siemens and this industry is projected to create an additional 6,000 clean bioscience and health IT industries are responsible for almost tech jobs over the next five years. $30 billion in annual reported revenue and 120,000 employees. According to a recent study, The Georgia-based health IT sector boasts 16,000 employees in the state and the sector’s primary businesses are growing at by 40%. Of companies included in the study, 57% expect expansion over the FILM INDUSTRY next two years and 75% expect to add Georgia-based employees. This industry is anchored in Atlanta by Metro Atlanta and the State of Georgia are quickly becoming known as the “Hollywood of the South”. the Centers for Disease Control and Prevention (CDC) Headquarters, a globally-recognized landmark for Georgia’s movie and TV industries generated $5.1 billion in economic impact in fiscal year 2014, up from conducting research and investigations for world healthcare and preventive medicine. The CDC’s potential $3.3 billion in fiscal 2013. According to the Motion Picture Association of America, the 158 feature film for growth is expected to be a boon to Atlanta going forward with the federal government earmarking $1.5 and television productions shot in Georgia in fiscal 2014 generated more than 77,900 jobs, including billion in funds for a 10-year facilities modernization plan, which will add five new buildings to Metro Atlanta 23,500 workers directly employed by the two industries. During fiscal 2014, the big-budget box office and many new jobs. The CDC has an annual budget that exceeds $10 billion, which helps employ over LOCATION productions included The Hunger Games: Mockingjay Parts 1 & 2, Insurgent, Taken 3 and Fast and Furious 15,000 people worldwide, with over 10,000 of those individuals working in Atlanta. Atlanta is also home 7. Furthermore, renowned actor, filmmaker and playwright, Tyler Perry, has his production company, Tyler to the American Cancer Society, the Arthritis Foundation, and the Yerkes Primate Center, another globally Perry Studios, headquartered in Atlanta and has produced several well-known TV shows and films. recognized research center. Furthermore, Atlanta is home to Children’s Healthcare of Atlanta, the nation’s 9 largest pediatric hospital. In addition to a strong biomedical research component, the Atlanta area contains CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

COLLEGES AND UNIVERSITIES SPORTS Atlanta is a regional and national leader in attracting college educated talent, especially in the 25-34 year Atlanta is home to three major professional sports franchises: Atlanta Braves (MLB), Atlanta Falcons (NFL) old cohort. This can be attributed to the fact that Atlanta is home to 57 colleges and universities. In total, and the Atlanta Hawks (NBA). Atlanta recently announced that they will introduce a new expansion team to Atlanta universities and colleges enroll more than 250,000 students each year and offer over 1,000 distinct be a part of Major League Soccer beginning in 2017. The Atlanta Falcons are currently under construction programs of study available at the various levels of instruction. on a new $1,000,000+ stadium that is slated to open in 2017 and play host to sporting, cultural, civic and

The list of local institutions includes , Emory University and Medical College, Georgia State commercial events. Additionally, the Atlanta Braves announced in 2014 that they will be moving from Turner University, Oglethorpe University, Agnes Scott College, Atlanta School of Art, and the Atlanta University Field to a new state-of-the art facility in Cobb County in 2017. The plans call for the stadium, SunTrust Park, Center with its affiliated top-ranked historically black colleges and universities- Clark, Morehouse, Morris to be surrounded by a vibrant mixed-use development consisting of retail, housing, office and hospitality. Brown and Spelman. The Georgia Institute of Technology is one of the nation’s top research universities and encompasses over 400 acres in the heart of the city of Atlanta, where more than 19,000 students receive a focused, technologically based education. The , which draws significant student enrollment from Atlanta, is located just 70 miles northeast and is the nation’s oldest land grant university. UGA’s annual enrollment is approximately 33,000 students.

Georgia State University is the second largest of the 35 college and universities in the University System of Georgia and one of four research universities. Founded in 1913, Georgia State occupies 34 acres and 40 buildings in downtown Atlanta. The university offers 60 degrees in over 250 fields of study to its approximately 30,000 students. The Robinson School of Business has more than 50,000 graduates, some of which have become prominent business leaders, both locally and nationally. A new multi-million dollar Science Park with labs and classrooms recently opened next to the Sports Arena and there is future construction on the horizon with numerous new projects.

Emory University is recognized internationally for its outstanding liberal arts colleges, graduate and TRANSPORTATION & INFRASTRUCTURE professional schools, as well as one of the Southeast’s leading health care systems. Located in Atlanta’s Atlanta is a hub of inter-modal transportation and is easily accessible by land, water, and air. Its location, historic Druid Hills neighborhood, Emory is ranked 20th among national universities in the U.S. News & World combined with expansive modes of transportation, is why Atlanta has been described as the economic Report. The university has nearly 3,000 faculty members; awards and honors recognizing Emory faculty engine that drives the Southeast. Georgia’s 1,244 miles of interstate highways have placed Atlanta and include the Nobel Prize, the Pulitzer Prize, National Humanities Medal, Guggenheim Fellowship, Fulbright Hartsfield-Jackson among the nation’s major trucking hubs. Atlanta is centrally-located at the crossroads Fellowship, and membership in the American Academy of Arts & Sciences and the National Academy of of three major interstate highways – I-20, I-75, and I-85. Approximately fifty percent of the U.S. population Sciences. Emory currently enrolls approximately 14,200 students, and has an endowment of $6.7 billion lives within 600 miles of Atlanta, and the city is within a two-day truck delivery time to 75% of all U.S. as of June 2014. Emory University is also very focused on their sustainability initiatives, and has one of the LOCATION markets. largest inventories of LEED-certified green buildings by square footage among campuses in America.

10 CHILDREN’S LEARNING ADVENTURE/ / LOCATION OVERVIEW

RAIL The exponential growth of this airport over the last decade has been phenomenal, and traveler volume is Two major railways, CSX Transportation and Norfolk Southern, have inter-modal rail yards located in currently in excess of 250,000 passengers a day. To prepare for continued growth, Hartsfield-Jackson is in Atlanta. Both railways are Class 1 railways that service the Southeast and rest of the Eastern seaboard, as the midst of a $6 billion expansion that has already pumped over $2 billion into the local economy to date well as parts of Canada. Tilford Yard is one of CSX’s major hump yards and handles more than 40 trains per with the addition of a fifth runway that opened in May 2006. Atlanta is also the operational hub and global day. Also, CSX employs 2,900 in the state of Georgia with total compensation of more than $200 million. corporate HQ for the world’s largest airline – Delta Airlines.

Atlanta’s Inman Yard is the largest of Norfolk Southern’s intermodal yards and East Point Yard in south In July 2012, Atlanta welcomed the opening of the $1.4 billion Maynard H. Jackson Jr. International Atlanta is the largest road railer hub in the world. Between 80 and 110 trains move through these two yards Terminal. The brand new terminal has recently achieved the coveted LEED Gold certification, due to its a day. Norfolk Southern generates a significant economic impact by employing 2,600 in metro Atlanta and recycled construction materials, rainwater collection tank, and several other environmental initiatives and just over 5,000 statewide with a total payroll of approximately $224 million. practices. The 21st century facility was designed to have open, airy spaces, a focus on passenger comfort, and to be as productive as possible. The new terminal features 1.2 million square feet of space, 12 gates PORT OF SAVANNAH Atlanta also benefits from the Port of Savannah, which currently for exclusively international travel, and separate levels for arrivals and departures to maximize efficiency. serves as the nation’s fastest growing port and is the 4th busiest Hartsfield-Jackson maintains more than two million square feet of on-airport cargo handling space and container port in the country. The Port is the largest single terminal each complex offers excellent dockside access to interstate highways 75, 85, 285 and 20. Adjoining the container facility in the country and serves as a major distributions airport is the 250-acre Georgia Foreign Trade Zone (FTZ #26), which facilitates trade and increases the hub for a 26-state region covering 75% of the U.S. population. The global competitiveness of companies doing business in Georgia by reducing operating costs associated weak dollar combined with strong global growth has led to record trade for Savannah, prompting ongoing with international trade. work to deepen the harbor and expand rail capacity. Through a unique partnership with the State of South PUBLIC TRANSPORTATION Carolina, the Georgia Ports Authority has secured land on the north side of the Savannah River, in South The Metro Atlanta Rapid Transit Authority (MARTA) is a network of bus and rail transit systems consisting of Carolina, for future port expansion to accommodate the continued growth of some of the world’s largest 48 miles of track and 38 rail stations. MARTA is responsible for creating more than 24,000 jobs and recent shipping companies. The new Jasper Ocean Terminal will generate an estimated $2.3 billion in revenue over studies have found that MARTA has a $2.6 billion annual economic impact statewide. Furthermore, MARTA the next 10 to 12 years. A new bi-state port authority will be initiated to develop the well-located 1,400-acre connects all of Atlanta’s major employment nodes; trains run from the airport to downtown to midtown and site, immediately across the river from the Garden City Terminal at the Port of Savannah. up into Buckhead and into the affluent northern suburbs. MARTA averages between 300,000 and 400,000 riders per day and is the ninth largest rapid transit system in the United States. HARTSFIELD-JACKSON ATLANTA INTERNATIONAL AIRPORT Atlanta’s Hartsfield-Jackson International Airport has been the busiest passenger airport in the world since The City of Atlanta is currently underway on the Atlanta Beltline, one of the most wide-ranging urban 1998 and the busiest operations airport in the world since 2005, benefitting from a location that is within redevelopment programs currently underway in the US. The Atlanta Beltline is a sustainable redevelopment a two-hour flight of 80% of the United States population. The passenger terminal measures 6.8 million project that will provide a network of public parks, multi-use trails and transit along a historic 22-mile square feet and has seven concourses with 167 domestic gates and 40 international gates. The airport is railroad corridor circling downtown and connecting 45 in-town neighborhoods. LOCATION considered the largest employment center in Georgia with over 63,000 employees, and encompasses over 4,700 acres of land. Hartsfield-Jackson currently has a direct economic impact of $32.5 billion annually, and in 2014 recorded a record 96.2 million passengers.

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OFFERED EXCLUSIVELY BY

INVESTMENT SALES FOR FINANCING INQUIRIES

MATT BERRY KELLY LAYNE Associate Director Director Phone (713) 852-3540 Phone (713) 852-3513 [email protected] [email protected] 9 Greenway Plaza Suite 700 RYAN WEST Houston Texas 77046 Managing Director Phone (713) 852-3500 Phone (713) 852-3535 Fax (713) 852-3490 [email protected] www.hfflp.com MICHAEL ALLISON Senior Real Estate Analyst License #360267 Phone (404) 942-3195 [email protected]

This Offering Memorandum has been prepared by HFF for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property.Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature.By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or HFF If you have no interest in the property, please return the Offering Memorandum forthwith. 4/15