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Home , Greater Downtown Miami, Miami Design District, Midtown Miami, Wynwood

Triptych Design District

Subject Property NW 36th Street

North

BANKRUPTCY SALE | CALL FOR OFFERS: JUNE 24, 2021

Confidential offering memorandum 3601 North Miami Avenue, Miami, | Mixed-use development sale Table of contents

01. Executive summary 3

02. Property overview 7

03. Market overview 24

04. Area overview 28

2 01. Executive summary

Introduction

Investment highlights Triptych Miami 01. Introduction 3601 North Miami Avenue Miami, Florida 33127

Avison Young is pleased to exclusively offer thebankruptcy sale of Midtown Triptych, a ±0.99 2020 Taxes AC (±43,057 SF) development opportunity comprising a full city block, located at the juncture of three of Miami’s best neighborhoods – , and . Parcel Number 2020 Taxes A. 01-3124-026-0010 $42,039.95 The site has in-place approvals from the Urban Development Review Board for the construction B. 01-3124-026-0030 $20,567.49 of a 297-key hotel, 45,000 SF of retail and 60,000 SF of office. $4.5M of soft construction costs C. 01-3124-026-0040 $20,704.59 have already been paid as well as impact fees totalling $260,000. Alternatively, the office portion D. 01-3124-026-0050 $20,718.30 of the site could be eliminated, reducing parking requirements. E. 01-3124-026-0170 $22,333.19 With entrance and exit ramps to I-195 located immediately adjacent to the Property, the site is F. 01-3124-026-0060 $19,086.61 supremely accessible from the Miami International Airport, and Miami, G. 01-3124-026-0160 $20,774.17 and . Excellent frontage on NE 36th Street, North Miami Ave and I-195 / SR-112 H. 01-3124-026-0070 $20,370.95 gives exposure to an enormous 182,000 passing vehicles each day. I. 01-3124-026-0150 $13,924.70

While a billboard easement currently exists on the site with 12 years of term remaining, the Total 2020 Real Estate Taxes $200,519.95 opportunity to buy out that easement and fully own and operate the signage could add tremendous value to the project. I-195

There are multiple opportunities to create significant value at the project. The first comes in the form of an approved rooftop terrace space, which will contribute to a highly lucrative F&B revenue component. Several of the country’s top restaurant operators from major cities in the North Miami Avenue northeast have expressed strong interest in the rooftop terrace. The high visibility of the building H I along I-195 would allow for potential naming rights that could result in additional revenue. Lastly, the parking at the project would allow for an additional income stream for the operator. F G

The Class-A neighborhoods immediately surrounding the Property – the Design District, Midtown and Wywnood – are in the midst of an incredible explosion, driven by their status as D E arts districts, cultural hubs and nightlife hotspots. Developments have multiplied rapidly in recent years, and the daytime and residential populations of the area have exploded. A B C Opportunities to acquire sites of significant buildable scale are dwindling. The offering represents a unique opportunity to acquire a flexible, aggressively-zoned landmark site in the midst of Miami’s three most-dynamic high-growth neighborhoods. NW 36th Street

Avison Young | Confidential offering memorandum 4 Triptych Miami 01. Investment highlights 3601 North Miami Avenue Miami, Florida 33127

Existing approvals

• The in-place approvals from Urban Development Review Board permit the construction of a 297-key hotel, 45,000 SF of retail space and 60,000 SF of office space. Alternately, a developer could eliminate the office space component to reduce the project’s parking requirement and total construction costs. 0.99 acre site

• The Property has in-place approvals for construction, and $4.5M of soft construction costs have already been paid as well as impact fees totalling $260,000. While developers may wish to alter or scale down the final construction plan versus the current plan, we believe the existing approvals will allow for an expedited and relatively inexpensive approval adjustment process. Approval for Favorable zoning 297 key hotel 45k sf retail and • In-place zoning at the Property is T6-12-O, a permissive zoning designation that allows the construction of vertical, mixed-use 60k sf office development to a height of 20 stories with public benefit bonuses.

• The zoning designation permits a broad range of uses, including hospitality (300 du/ac), retail and office, as well as residential construction (150 du/ac), at a maximum Floor-Lot Ratio of 10.4, with public benefit bonuses. ±448k sf Superb location and access development potential

• Triptych is located at the intersecton of the Miami Design District, Midtown Miami, and Wynwood - 3 of Miami’s fastest-growing neighborhoods with some of the city’s premier high-end shopping, dining and nightlife locations, and a rapidly-growing office node.

• The Property is located within walking distance of the cores of Midtown Miami and the Miami Design District, and near the popular creative hub of Wynwood, thriving neighborhoods in Miami known for their creative arts, shopping and entertainment options. 20 story potential

• With a location on North Miami Avenue and directly bordering I-195 and SR-112, the Property is positioned with ideal access from adjacent on-off ramps near NW 37th Street and NW 38th Street. From those access points, motorists can reach the Miami International Airport in 9 minutes, Brickell and Downtown Miami in 10 minutes, and the core of South Beach in 15 minutes.

• The Property will benefit from the newly approved extension for the , a free train system operated by Miami-Dade County. T6-12-O zoning The extension will run along North Miami Avenue through six new stations, connecting the Miami Design District, Midtown Miami and Wynwood neighborhoods to the rest of . Two of the proposed Metromover stations will be within two blocks of the Property.

• With strategic positioning at the convergence of the Design District and Midtown, a development at the Property will serve to bridge Close to Design District, these two neighborhoods, benefitting from the strong high-end retail, office and residential activity at both. Midtown and Wynwood

Avison Young | Confidential offering memorandum 5 Triptych Miami 01. Bankruptcy sale 3601 North Miami Avenue Miami, Florida 33127

Offer solicitation process

Offers should be presented to Avison Young in the form of a non-binding Letter of Intent delineating the significant terms and conditions of the Purchaser’s offer including, but not limited to:

1. Purchase price

2. Due diligence and closing time frame

3. Earnest money deposit

4. Qualifications to close

All offers are subject to bankruptcy court approval.

If interested in being a Stalking Horse, please contact us.

If interested in financing options for acquisition please contact George Vail on our debt team to discuss specific terms.

Avison Young | Confidential offering memorandum 6 02. Property overview

Property aerials

Survey

Accessibility

Zoning summary

Comparables Triptych Miami 02. Aerials | looking north 3601 North Miami Avenue Miami, Florida 33127

Design

District

| 22,000 AADT

North Miami Avenue 

I-195 to Causeway | 146,000 AADT

Exit Ramp 18,500 AADT

3601 North Miami Avenue

NW 36th Street | 19,400 AADT

Avison Young | Confidential offering memorandum 8 Triptych Miami 02. Aerials | looking east 3601 North Miami Avenue Miami, Florida 33127

Design District

I-195 to Julia Tuttle Causeway

3601 North Miami Avenue

NW 36th Street

North Miami Avenue

Avison Young | Confidential offering memorandum 9 Triptych Miami 02. Aerials | looking west 3601 North Miami Avenue Miami, Florida 33127

Exit Ramp I-195 to Julia Tuttle Causeway

3601 North Miami Avenue NW 36th Street

Avison Young | Confidential offering memorandum 10 Triptych Miami 02. Aerials | looking south 3601 North Miami Avenue Miami, Florida 33127

Brickell

Edgewater

Wynwood

NE 1st Avenue

North Miami Avenue Avenue Miami Miami North North

NW 36th Street

Design I-195 to Julia Tuttle Causeway 3601 North District Miami Avenue

Avison Young | Confidential offering memorandum 11 Triptych Miami 02. Survey 3601 North Miami Avenue Miami, Florida 33127

Avison Young | Confidential offering memorandum 12 Triptych Miami 02. Accessibility 3601 North Miami Avenue Miami, Florida 33127

Morningside

North Miami Avenue Federal Highway

Design District

On ramp On ramp

Julia Tuttle Causeway Off ramp Off ramp

Biscayne Bay

Biscayne Boulevard Wynwood

Edgewater East Coast Avenue

Avison Young | Confidential offering memorandum 13 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127

Avison Young | Confidential offering memorandum 14 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127

Avison Young | Confidential offering memorandum 15 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127

Avison Young | Confidential offering memorandum 16 Triptych Miami 02. Zoning summary 3601 North Miami Avenue Miami, Florida 33127

The Property is zoned T6-12-O, a permissive zoning designation which allows for the construction of mixed-use vertical product at a height of 12 stories by right, and up to 20 stories with public benefit bonuses. FLR for T6-12-O zoning is 8 by right, with an additional 30% public benefit bonus bringing the total to 10.4. Residential density in this designation is 150 dwelling units or 300 hotel keys per acre, and the designation permits a wide range of other uses including office and retail. It is well-suited for the proposed mixed-use project.

Zoning T6-12-O Parcel Assemblage

Lot Area 5,000 SF Min. ±43,057 SF

Lot Width 50 Feet Min. ±0.99 AC

Floors (by Right) 12 floors _

Floors (with Bonuses) 20 floors _

Lot Coverage 80% Max. ±34,446 SF

Floor Lot Ratio 8 by Right ±344,456

FLR Bonus 10.4 with Bonus ±447,793

Frontage at Front Setback 70% Min. _

Open Space Requirement 10% Lot Area Min. ±4,478

300 Hotel keys per acre 297 Hotel Keys Max. Density or 150 residential units per acre. 148 Residential units

Avison Young | Confidential offering memorandum 17 Triptych Miami 02. Hotel comparables 3601 North Miami Avenue Miami, Florida 33127

Property Number of Rooms Year Built Occupancy Est. (2019) ADR Est. (2019) RevPAR (2019)

A JW Marriott 313 2010 75% $242 $180.00

B Kimpton Epic Hotel 411 2009 70% $242 $164.50

C W Hotel Miami 146 2009 70% $282 $199.50

D Hilton Conrad Miami 235 2004 75% $223 $168.80

Hotel Inter-Continental E 653 1982 80% $203 $157.26 Miami

F JW Marriott Hotel Miami 296 2004 70% $243 $164.50

The Standard Spa Miami G 100 1963 70% $202 $140.00 Beach

Avison Young | Confidential offering memorandum 18 Triptych Miami 02. Hotel comparables | map 3601 North Miami Avenue Untitled map Miami, Florida 33127

Untitled layer

3601 N Miami Ave JW Marriott Marquis Miami Kimpton EPIC Hotel W Miami Subject property Conrad Miami

InterContinental Miami, an IHG Hotel JW Marriott Miami

The Standard Spa, Miami Beach

G

A E B C

F D Avison Young | Confidential offering memorandum 19 Triptych Miami 02. Local amenities 3601 North Miami Avenue Miami, Florida 33127

Food | Restaurants High-end shopping Shopping | Home-goods

Estefan Kitchen Miami Tiffany & Co. Target Swan Marshalls MC Kitchen Miami CVS Pharmacy Harry’s Pizzeria Ermenegildo Zegna Boutique HomeGoods McDonald’s VERSACE Ross Dress for Less Pollo Tropical Miu Miu Miam Party City Lagniappe Hermès Whole Foods Blackbrick Sakaya Kitchen Miami Spris Artisan Pizza Rolex Boutique Luxury Swiss Omega Riviera Focacceria Italiana Maison Margiela Pasion Del Cielo Coffee Saint Laurent Taste of R Cuisine Sugarcane Raw Bar Grill Jonathan Adler Tap 42 Miami Dolce&Gabbana Ghee Indian Kitchen Celine Mandolin Aegean Bistro Fireman Derek’s Bake Shop Tesla Zona Grill Venezuelan Food DIOR Miam SuViche – Sushi and Ceviche Beaker & Gray Giorgio Armani NOA Cafe BVLGARI Veza Sur Brewing R House Wynwood AT&T Store Mattress Firm Wood Tavern PetSmart Ming Yuan Restaurant Nordstrom Rack Brick west elm MIAM Cafe - Wynwood GUESS Factory Zak the Baker Concrete Beach Brewery Wynwood Brewing Company Coyo Taco El Patio Wynwood The Salty Donut Wynwood Plant Miami Mr Kream Wynwood ella Salt & Straw No. 3 Social Mister O1 The Bagel Club Starbucks Burgerim Kale Me Crazy Little Hen Salumeria 104 Mister Mango La Latina

Avison Young | Confidential offering memorandum 20 Triptych Miami Untitled map 02. Local amenities 3601 North Miami Avenue Miami, Florida 33127

Untitled layer

3601 N Miami Ave

Avison Young | Confidential offering memorandum 21 Triptych Miami 02. Distances 3601 North Miami Avenue Untitled map Miami, Florida 33127

Untitled layer

3601 N Miami Ave

MIAMI BEACH 5.4 MILES

MIAMI DESIGN DISTRICT 0 MILES

WYNWOOD 1 MILE

METROMOVER STATION 1.3 MILES

MIAMI WORLD CENTER AMERICAN AIRLINES ARENA 2.5 MILES 2.5 MILES

BRICKELL CITY CENTRE MIAMI CENTRAL 3.8 MILES 2.7 MILES

Avison Young | Confidential offering memorandum 22 Triptych Miami 02. Neighborhood map 3601 North Miami Avenue Miami, Florida 33127

1. EDGEWATER - 5 MINS FROM PROPERTY Edgewater is located north of Downtown Miami’s Arts and Entertainment District. As a primarily residential neighborhood, the district has undergone a surge of high-rise Miami Design District residential projects in recent years, with developers looking to capitalize on the neighborhood’s attractive positioning near 3 the water, connectivity and short commute times to main employment hubs.

2. MIDTOWN MIAMI - 2 MINS FROM PROPERTY Midtown Miami is an extraordinary live-work-play neighborhood that offers luxury residential buildings, lush green spaces, parks, paved promenades and a core shopping Midtown center called ‘The Shops at Midtown.’ The Shops at Midtown is an outdoor shopping district offering a variety of national 2 stores, local boutiques and a variety of casual to fine eateries. Midtown Miami offers a live, play environment because it offers everything you need within walking distance from your residence. Wynwood 4 3. MIAMI DESIGN DISTRICT - PROPERTY LOCATION The Miami Design District is a creative neighborhood and shopping district dedicated to innovative fashion, design, Edgewater art, architecture, entertainment, and dining experiences. Historically a part of neighborhood, the 1 18-square block Design District is roughly bound by North 36 St (US 27) to the south, North 43rd Street to the north, West First Avenue to the west and Biscayne Boulevard to the east.

4. WYNWOOD - 5 MINS FROM PROPERTY Wynwood is one of the hottest real estate markets in Miami. An abundance of new development is primed to bring daytime population back to the neighborhood. Already the area is known throughout Miami as a popular dining, entertainment and nightlife destination. Monthly events like Wynwood Art Walk bring large crowds to the area on most weekends.

Avison Young | Confidential offering memorandum 23 03. Market overview

Miami-Dade markets + submarkets Triptych Miami 03. Market overview | hospitality 3601 North Miami Avenue Miami, Florida 33127

Miami-Dade hospitality market Greater downtown Miami hospitality market

After a world-wide slowdown in hospitality markets during the COVID-19 The Greater Downtown hospitality market is characterized by large, high-end shutdowns in 2020, the Miami hospitality market is in the early stages of a hotels, with more than half of the existing stock falling within the luxury or upper recovery. While pre-pandemic occupancy levels were consistently above 75% upscale category. This submarket contains many of Miami’s primary tourist over the past decade, the shutdowns and travel restrictions over the course of the draws aside from South Beach, and draws a significant portion of its visitation pandemic caused occupancy rates to dip to an average of 44.8% over the past year. from leisure travelers, a group expected to return to normal travel patterns more ADR and RevPAR fell accordingly, to $168 and $75 respectively, across all hotel quickly than business travelers. New construction is largely concentrated in the product. Importantly, though, the fall in these metrics was significantly less than northern downtown corridor including Wynwood and Edgewater, as hospitality what was seen in other major metros, with the lowest rate-drop of the country’s groups seek to gain a foothold in these rapidly growing neighborhoods. top 25 hospitality markets. By March 2021, occupancy had returned to 72.7%, and ADR to $250. Most industry observers expect demand to return to pre-pandemic levels by 2024, and some believe that return will occur even more quickly. In support of that thesis, per-key pricing for luxury and upper upscale product held relatively constant over the past year, perhaps pointing to an expectation among investors than Miami’s hospitality market will quickly return to its recent strength. 12,610 $292 Keys of inventory 12-month ADR (Luxury)

60,383 4,577 72.7% Keys of Keys under Occupancy inventory construction rate 600 Zero Keys under Luxury projects construction under construction

$250 $461,000 Average daily rate Per key sale price (Luxury + Upper Upscale)

Avison Young | Confidential offering memorandum 25 Triptych Miami 03. Market overview | retail 3601 North Miami Avenue Miami, Florida 33127

Miami-Dade retail market Wynwood | Midtown | Design District retail submarket

Along with retail markets across the country, Miami retail was hit hard by The Wynwood – Midtown – Design District retail submarket is one of Miami’s coronavirus-related shutdowns in 2020, as many tenants were forced to request most desirable retail nodes, with one of the highest concentrations of luxury rent forbearance or seek other accommodations. But despite the intense retailer in , and market rental rates to match. While investment pressures of the past year, the top-line metrics for the market are surprisingly sales volume fell in the past year, the average sale price per square foot held strong. Vacancy sits at just 4.4% for the market, and cap rates have held fairly strong at $635, with cap rates at an even 5% on average. Vacancy sits at just over steady at 5.6%. Prior-year space absorption was still negative as of Q1 2021, but 10%, somewhat above the broader market average. Rent growth resumed in the significantly less so than in other national markets. Rent growth slipped slightly in second half of 2020, after falling during the pandemic-induced shutdowns. The the prior year to -1.2%, but leasing volume picked up in the back half of 2020 as pipeline of new construction has slowed significantly compared to prior years, retailers anticipate the end of the coronavirus-induced slowdown. with just under 33K SF currently under development.

137m sf 2m sf 4.4% 3.9m sf 32.9k sf $49.87 psf Of inventory Under construction Vacancy rate Of inventory Under construction Market rate

$37.33 psf 5.6% $635 psf 5.0% Market rent Market Cap Rate Market rent Market Cap Rate

Avison Young | Confidential offering memorandum 26 Triptych Miami 03. Market overview | office 3601 North Miami Avenue Miami, Florida 33127

Miami-Dade office market Wynwood | Midtown | Design District office submarket

After a difficult 2020 in which the entire global office market faced shutdown- The Design District-Midtown office submarket, which also includes Wynwood, is induced pressures, the Miami office market is solidly in recovery mode. Market growing in both available space and popularity among tenants. While the recent rent is again showing positive growth, outperforming the national average. The impact of pandemic-related shutdowns, and the delivery of a large proportion of rise in vacancy appears to have levels off as of early Q2 2021. The volume of new space, has put pressure on occupancy, market rents continue to hold well space in the construction pipeline continues to taper off, declining by about 20% above the county average and are some of the highest in Miami. The submarket over the course of the past year. Most industry observers expect the proportion has expanded in size by 50% in the past four years, pointing to the high demand of space under construction to continue to decline in the coming years. for space in the submarket.

110m sf 3.4m sf 11.2% 1.8m sf 540k sf 26.4% Of inventory Under construction Vacancy rate Of inventory Under construction Vacancy rate

$39.42 psf 6.2% $46.92 psf 6.2% Market rent Market Cap Rate Market rent Market Cap Rate

Avison Young | Confidential offering memorandum 27 04. Area overview

Miami

Economics

Points of Interest

Demographics Triptych Miami 04. Miami | A growing city 3601 North Miami Avenue Miami, Florida 33127

Known as the “Magic City,” the City of Miami is located in Southeast Florida, in Miami-Dade County on the , between the Florida and the Atlantic Ocean. Miami is one of the state’s – and the world’s – most popular vacation spots with over 15 beaches including South Beach, Bal Halbour Beach and Sunny Isles. Nearby cities include Ft. Lauderdale and Miami Beach. Busiest cruise port in the U.S. Miami is home to a huge business market, with countless company headquarters based out of the city including , Benihana, Brightstar Corporation, Burger King, Carnival Cruise Lines, Holland & Knight, Inktel Direct, Lennar, Norwegian Cruise Lines, Perry Ellis International, Royal Caribbean Cruise Lines, Ryder Systems, Telemundo, U.S. Century Bank, and World Fuel Services.

Miami was ranked the fifth-most walkable of the largest cities in the in 2019, and consistently ranks among the top cities in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. The city’s 15th busiest airport towering skyline is the third largest in U.S.A. In the U.S.

Miami’s cultural attractions draw millions of visitors every year. In addition to the major museums such as the Museum of Contemporary Art, The Miami Art Museum, The Frost Museum of Science and the Perez Art Museum, there are countless galleries in Miami. Miami is also the home to several performing arts companies, large entertainment venues and historic homes, buildings, and churches. 5th most walkable The Miami area offers something for everyone. Vibrant South Beach nightlife is famous for its revelers.Wynwood Walls and the city in the U.S. Design District are renowned amongst modern art and architecture fans. brings culture and energy to the city of Miami and its visitors. And of course, Miami’s white sand beaches are famous around the world. The city is also known for its numerous high-end shopping areas and local sports teams including the Marlins, Dolphins and Miami Heat.

Its major entry points for trade, business and travel include Miami International Airport, the fifteenth busiest airport in the United States, and the Port of Miami, the busiest passenger seaport in the United States. With an on-going influx of domestic and Annual visitors international visitors and new residents, Miami appears set to continue its impressive track record for the foreseeable future. 23,000,000

Avison Young | Confidential offering memorandum 29 Triptych Miami 04. Economics 3601 North Miami Avenue Miami, Florida 33127

Employment and economic impact

The majority of Miami’s economy is centered around tourism, with its extensive beaches, luxurious hotels, and renowned shopping hotspots. The city is visited year-round, especially when northern snow birds flee to the south during the harsh winter months. However, trade has also helped stimulate the economy. The city’s location makes it a top domestic location for entities doing business in the Caribbean and Latin America. As a result, Miami’s employment numbers continue to be strong, with historically low 1.8% unemployment as of December 2019.

Region and population Greater Downtown Miami is the largest metro area of the third most populous state in the United States. As of 2019, Miami-Dade has a population of over 2.7M residents, and Miami ranked 2nd overall among US cities in overall population growth in 2019. At current growth rates, Miami Dade county is gaining 225 residents per day. More broadly, South Florida’s population has boomed since 2010, driven in part by domestic immigration from the Northeast United States as mobile, affluent residents of high-tax states continue to relocate to the more favorable tax environment in Florida. Retirees and international immigrants from Latin America also account for a large portion of this growth.

Miami’s top 7 fastest-growing companies Corporate headquarters in Miami, Florida

Company Two-year revenue % growth Company Monat Global 758.86% Burger King Worldwide Pan American Zink 176.32% Carnival Corporation The Revenue Optimization Companies 131.82% Embraer North America SMP Pharmacy Solutions 80.21% FedEx North America Century Metals % Supplies 76.25% Lennar Corp City National Bank of Florida 66.27% Medtronic Latin America UniVista Insurance 64.62% UPS Latin America & Carribean Ryder System

Avison Young | Confidential offering memorandum 30 Triptych Miami 04. Points of interest 3601 North Miami Avenue Miami, Florida 33127

1. Miami Design District 6.

An 18-square block creative neighborhood and shopping Bayfront Park is 32 acres of lush greenery which includes a small district dedicated to innovative fashion, design, art, architecture, sand beach, tropical rock garden and waterfall, playground, entertainment, and dining experiences. Historically a part of fountain, Light Tower, and many different monuments. Buena Vista neighborhood.

2. Wynwood 7. Adrienne Arsht Center

One of the most popular sites to visit in the heart of Miami, Set in the heart of downtown Miami and designed by world- Florida. Wynwood overflows with vibrant artwork, restaurants, renowned architect Cesar Pelli, the Adrienne Arsht Center for breweries, clothing stores, dance and club venues, among other the Performing Arts of Miami-Dade County is one of the world’s retail options. It is north of Downtown Miami and , and leading performing arts organizations and venues. adjacent to Edgewater.

3. Shops at Midtown Miami 8. Frost Museum of Science

The Shops at Midtown Miami is a 645,000-sf retail property The Phillip and Patricia Frost Museum of Science is a science featuring the largest critical mass of value-oriented retailers in museum, planetarium, and aquarium located in the City of Miami. The Shops at Midtown Miami is situated near in Downtown Miami. The museum recently completed a $35M renovation and features a 500,000 gallon aquarium. the convergence of I-95 and I-195, just west of Miami Beach and north of downtown Miami.

4. MiMo Historic District 9. Perez Art Museum Miami

MiMo Historic District runs roughly from 50th Street to 77th Pérez Art Museum Miami (PAMM) is a modern and contemporary Street along Biscayne Boulevard. The area is filling up with stylish art museum located in Downtown Miami, dedicated to collecting shops, restaurants, bars, and boutique hotels. and exhibiting international art of the 20th and 21st centuries.

5. 10. American Airlines Arena

Brickell City Centre is a $1.05 billion shopping and mixed-use A sports and entertainment arena located in Downtown along project in Downtown Miami. . The Arena has 2,105 club seats, 80 luxury suites, and 76 private boxes and is home to the Miami Heat.

Avison Young | Confidential offering memorandum 31 Untitled map Triptych Miami 04. Points of interest | map 3601 North Miami Avenue Untitled layer Miami, Florida 33127

3601 N Miami Ave Miami Design District Wynwood

The Shops at Midtown Miami MiMo Garden Center Brickell City Centre 4 Bayfront Park

Adrienne Arsht Center for the Performing Arts of Miami- Dade County 1

Phillip and Patricia Frost 3 Museum of Science 2 Pérez Art Museum Miami AmericanAirlines Arena

7 8 9 10

6

5

Avison Young | Confidential offering memorandum 32 Triptych Miami 04. Demographics - 3 miles 3601 North Miami Avenue Miami, Florida 33127

Population

2020 Estimated population 245,129

2025 Estimated population 273,755

2010 Census population 204,526

2020 Families 50,881

Projected annual growth 2020 to 2025 1.33%

Households

2020 Estimated households 97,806

2025 Estimated households 110,933

2010 Census households 79,128

Projected household growth 2020 to 2025 1.27%

Household income

2020 Estimated average household income $64,485

2020 Estimated median household income $73,042

Business and employees

2020 Total businesses 18,754

2020 Total employees 159,698

Employee / Resident Ratio (per 100 residents) 65% Population Growth by 2025 Total employees Avg. HH income Data provided by ArcGIS. 245,129 1.33% 118,042 $64,485

Avison Young | Confidential offering memorandum 33 Confidential information and disclaimer

Avison Young (“Agent”) has been engaged by Ownership (“Seller”) as the exclusive agent for the sale of By taking possession of an reviewing the information contained herein, the recipient agrees that (a) Triptych Miami (the Property”). the enclosed materials and their contents are of a highly confidential nature and will be held and The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent makeno treated in a strictest confidence and shall be returned to Agent or Seller promptly upon request; and representations or warranties as to the accuracy of the information contained in this Offering Memorandum. (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding The enclosed materials include highly confidential information and are being furnished solely for the any aspect of the enclosed materials or the Property without the prior written approval of the Seller purpose of review by prospective purchasers of the interest described herein. Neither the enclosed or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without materials nor any information contained herein is to be used for any other purpose or made available the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/ to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to or Registration Agreement executed and delivered by the recipient(s) to Avison Young. Seller will receiving the enclosed, should be registered with Avison Young as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor”. The use of this Offering Memorandum and be responsible for any commission due to Agent in Connection with the sale of the Property. Each the information provided herein is subject to the terms, provisions and limitations of the confidentiality prospective purchaser will be responsible for any claims for commissions by any other broker or agreement furnished by Agent prior to delivery of this Offering Memorandum. agent in connection with a sale of the Property if such claims arise from acts of such prospective The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence, purchaser or its broker/agent’s authority to act on its behalf. If you have no interest in the property at for which it shall be fully and solely responsible. The material contained herein is based on information this time, please return this Offering Memorandum immediately to: and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries Avison Young contained herein any legal or other documents are not intended to be comprehensive statements of the Attn: Michael T. Fay terms of such documents, but rather only outlines of some of the principal provisions contained therein. Principal, Managing Director Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of 2020 Ponce de Leon Boulevard | Suite 1200 the information contained herein or any other written or oral communication or information transmitted Coral Gables, FL 33134 or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon 305.447.7842 the material contained herein. [email protected] Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right at their sole The information contained herein was obtained from sources believed reliable; however, Avison Young and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the presentation of this property is submitted subject to errors, omissions, change of price or conditions, market without notice. Agent is not authorized to make any representations or agreements on behalf of prior to sale or lease, or withdrawal without notice. Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by owner and any conditions to owner’s obligations there under have been satisfied or waived. If you would like more information on this offering please get in touch.

Broker Team

John K. Crotty, CCIM, Principal Brian C. de la Fé, Vice President 305 447 7865 305 476 7134 [email protected] [email protected]

David Duckworth, Principal Berkley Bloodworth, Associate 954 938 1806 954.938.1804 [email protected] [email protected]

Michael T. Fay, Managing Director 305 447 7842 [email protected]

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