DEVELOPMENT LAND Offering Memorandum Reno-Lake Tahoe 88 Acres TAHOE-RENO DOWNTOWN SPARKS INDUSTRIAL CENTER RENO RENO-TAHOE INTERNATIONAL AIRPORT

Mixed Use Development Site - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 DEVELOPMENT LAND Offering Memorandum Reno-Lake Tahoe 88 Acres TAHOE-RENO DOWNTOWN SPARKS INDUSTRIAL CENTER RENO RENO-TAHOE INTERNATIONAL AIRPORT

MOUNT ROSE SUMMIT MALL SITE

CARSON CITY S. Virginia Street

COLLIERS INTERNATIONAL PRESENTED BY: 5520 Kietzke Lane, Suite 300 Ted Stoever Reno, NV 89511 Senior Vice President P: +1 775 823 9666 | F: +1 775 823 4699 DIRECT +1 775 823 4665 www.colliers.com/reno EMAIL [email protected] Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM NV Lic COLLIERS S.0054176 INTERNATIONAL P. 1 Table of Contents

> PROJECT SUMMARY Project Summary ...... 4 Reno Trade Area Map & Population Density ...... 5

> INVESTMENT SUMMARY Investment Summary ...... 7 Aerial View Facing North ...... 8

> LAND USE Adjacent Land Uses ...... 10 Redfield Regional Center Land Use Plan ...... 11 Site Aerial ...... 12 Surrounding Area Development ...... 13 Assessor’s Parcel Map ...... 14 Utility Locations ...... 15

> RENO-TAHOE AREA Reno Economic and Real Estate Market ...... 17

> CONFIDENTIALITY & DISCLAIMER STATEMENT Disclaimer ...... 18

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Project Summary

COLLIERS INTERNATIONAL PROJECT SUMMARY

Project Summary

Colliers International is pleased to present this offering for the unique opportunity to purchase 88.68 acres of mixed-use land located adjacent to I-580 and across from the Summit Shopping Center and Innova Luxury Apartments in Reno, NV. Virtually the last available development site in south Reno.

LOCATION

This mixed-use land is situated at the center of a regional commercial and residential hub. The views of the surrounding area include the Sierra Nevada Mountain range to the West and the Virginia Mountain range to the East. The property is ideally located at the intersection of South Virginia Street and Mount Rose Highway, adjacent to the interchange of I-580. The interchange of I-580 at Mt. Rose Highway is the first stop from Reno to Carson City and Lake Tahoe.

The Summit Shopping Center, North of the site, is the closest major retail destination for the residents of Carson City and Lake Tahoe. It is a 601,491 square foot facility completed in 2006 boasting such names as Apple, Dillard’s, and Century Theatres. For many of the tenants the Summit Shopping Center is their first location in this region, which provides a unique draw tothis submarket.

Reno has a population of over 500,000 with an employment base of over 201,000 people. Additionally, Reno’s unique year-round tourism brings an additional 4.2 million people annually. Reno and Lake Tahoe are convention and recreation destinations with world class skiing, golf, dynamic arts and culture, gaming and entertainment. This site’s proximity to major arterials provides easy access to all the offerings in this market and positions it perfectly for a mixed-use development.

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 PROJECT SUMMARY

Regional Trade Area & Population Density

2019 TOTAL POPULATION

UNIVERSITY OF NEVADA RENO TAHOE-RENO DOWNTOWN INDUSTRIAL CENTER

MID-TOWN

MIE

SOUTH MEADOWS MIE

DAMONTE RANCH MIE ARROWCREEK CURTI RANCH

Subject

MONTREUX

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Investment Summary

COLLIERS INTERNATIONAL INVESTMENT SUMMARY

Investment Summary

> PURCHASE PRICE > FRONTAGE > TRAFFIC - 2018 NDOT TBD - Call for Details Excellent frontage on major arterial: US 395A - 315ft N of IR580 S/B S. Virginia Street: ±1,900 feet | Mt. off-ramp ‘Exit 57A’: 12,600 ADT > PRICE PER SQUARE FOOT Rose Highway: ±3,000 feet I-580 - .75 mi N of SR431 TBD (Mt Rose Hwy): 54,000 ADT > ACCESS 0.2 mi W of US395A: > SITE Access is off Mt. Rose Highway SR431 - +88.68 Acres (State Highway 431) and S. Virginia 10,300 ADT Street. I-580 on/off ramps are SR431 - 460ft W of Sundance Dr: > PARCEL NUMBERS adjacent to the site and the I-580 17,600 ADT Washoe County Extension to Washoe Valley is complete and open. APN# 049-385-03 > DEMOGRAPHICS and 049-392-11, 12, 13 Reno-Sparks has a population of > CONDITION over 500,000 with an employment > ADDRESS Off-sites and street improvement base of over 201,000 people, with 14575 US Hwy 395 requirements to be based on an additional 4.2 million tourists per Reno, Nevada 89521 intended use. year. Median household income within 3 miles of the subject > LOCATION > UTILITIES AND PLANNING property is $92,036. Southwest corner intersection of Electricity and Gas: Nevada Energy Mt. Rose Highway (State Highway Water: Washoe County Water > INDUSTRY 431) and South Virginia Street, Resources (plumbed to site) Tesla - 2,000 Acres Reno, Nevada, adjacent to I-580. > Effluent water available to site Google - 1,400 Acres > Possible GeoThermal opportunities > ZONING Switch - 700 Acres Washoe County MU/RRC (Mixed Use/Redfield Sewer: Blockchain - 65,000 Acres Regional Center Plan) (plumbed to site) Apple - 1,200 Acres Building Permits/Planning: > WATER RIGHTS City of Reno Reno Land - 700 Acres Available

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7 INVESTMENT SUMMARY

Aerial View Facing North

Downtown Sparks Reno Reno/Tahoe 12.3 Miles International Airport 9.4 Miles

Bishop Manogue Catholic High School Wolf Run Golf Club Dillard_s.pdf 1 7/24/12 11:45 AM

CMY

South Valleys Regional Sports Complex South Valleys SOUTH VIRGINIA STREET 12,600 ADT Regional Park Mount Rose Mini Storage 54,000 ADT Innova 583 Luxury Units (Under Construction) RAMP 8,600 ADT RAMP 1,900 ADT MOUNT ROSE HIGHWAY 10,300 ADT

RAMP 8,700 ADT SUBJECT

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Land Use

COLLIERS INTERNATIONAL LAND USE

Adjacent Land Uses

SPACE AVAILABLE INNOVA 583 LUXURY APARTMENT HOMES The Summit THE SUMMIT MALL SOUTH VIRGINIA STREET & MOUNT ROSE HWY., RENO, NEVADA

AVAILABLE SPACE FROM ±1,675 SF AND UP

SUBJECT

Demographics

1 mile 3 miles 5 miles

Population 4,478 41,064 61,346 Average Household Income $89,719 $105,392 $104,654 Projected Population (2023) 6,837 47,898 69,581

Source: Claritas

SUBJECT

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10 LAND USE

Redfield Regional Center and Land Use Plan

t ec ubj S

Subject

BOUNDARIES

The Redfield Regional Center Plan area is shown above. The Redfield Plan generally covers the University of Nevada, Redfield Campus, Sierra Commercial Center and the surrounding areas. The parcels included are shown above.

ZONING MAP - MU/RRC

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11 LAND USE

Site Aerial

South Valleys Regional Sports Complex

South Valleys Dillard_s.pdf 1 7/24/12 11:45 AM Regional Park

MY 54,000 ADT CY CMY

Mount Rose Mini Storage

RAMP 8,600 ADT Innova 583 Luxury Units (Under Construction) TO CARSON CITY & GARDNERVILLE RAMP VIRGINIA INCLINE 1,900 ADT CITY VILLAGE MOUNT ROSE HIGHWAY 10,300 ADT

RAMP 8,700 ADT SUBJECT

SOUTH VIRGINIA STREET 12,600 ADT

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12 LAND USE

Surrounding Area Development

Project Name Developer Acres Dwelling Units Description Steamboat By Vintage / 18.42 360 Affordable Housing NORTH Sierra Vista Vintage GreenStreet Innova Reno Land 26 583 Market Rate Apartments, 10% Affordable Pending Multifamily Sierra Vista Kromer 16.5 340 Market Rate Apartments, 10% Affordable Village at Wedge Ryder 23.9 586 Market Rate Apartments, 10% Affordable Regency At Carmella Toll Brothers 314 938 Age Restricted Single Family Ascente TBD 640 225 Single Family, Project cannot get approvals The Meadows Ryder Homes 40 69 Single Family, 6500 sf lots, small commercial project Lewis Esprit Townhomes 7.88 126 For rent town homes Village at Arrow Creek Operating

Reno Ice DiLoreto Commercial

The Meadows

Market Place at Curti

Innova Luxury Apartments

Esprit Townhomes

THE PROPERTY Acente SUBJECT

Steamboat by Vintage Toll Brothers 938 Dwelling Units

Project Name Developer Acres Square Feet Description Grace & Reno Ice 5 80,000 Family Entertainment Assoc Market Place Lewis 65 PENDING Proposed Mixed Use Project - Retail, MF, Office Proposed at Curti Ranch Operating Senior Housing Proposed Mixed Use Project - Hotel, Senior, DiLoreto Commercial DiLoreto 70 PENDING QSR, Office, MF

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 13 LAND USE

Area Parcel Map

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 14 LAND USE

Utility Availability Map

SEWER

POWER/GAS WATER EFFLUENT WATER

FIBER OPTIC DATA SPLICING JUNCTION SEWER

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Reno Market Overview

COLLIERS INTERNATIONAL RENO-TAHOE AREA

Reno Economic and Real Estate Market Since late 2014, when Tesla made the formal announcement for the Gigafactory, northern Nevada has been experiencing a development boom. The unprecedented job creation and population growth has created a housing supply crisis. To meet the demand, developers are ramping up efforts to supply the much needed housing.

In 2014 the Economic development Association of Western Nevada predicted job creation of 52,400 jobs and a population growth of 64,000 over the following 5 years. Incredibly both predictions were surpassed earlier than expected. Based on economic indicators and industry activity EDAWN is doubling down on their forecast, predicting another 51,000 jobs and population growth of 54,400 new residents over the next 5 years.

This incredible growth is creating a growing demand for housing both single family and multifamily. Multifamily vacancy rates have maintained under 2.5% for the past 3 years despite new product being brought to the market. The single family market continues to appreciate consistently with very little standing inventory, currently at 2 to 6 months housing inventory depending on the price point.

> Q2 2019 Multifamily Vacancy: 2.67% > 2019 Median New Home Price: $420,000 > Immediate housing short fall of 15,000 homes

Reno has an impressive economic story which is attracting investors and developers from all over the country. With Apple, Tesla, Switch, Blockchains and now Google making big investments in the community, job and population growth will continue to escalate.

NEW SOUTHEAST HOUSING PRICES NEW SOUTHWEST HOUSING PRICES

SINGLE FAMILY SINGLE FAMILY Median Sale Price: $460,000 Median Sale Price: $779,000 Year to Year Change: +3.84% Year to Year Change: -8.12% Average Price/SF: $227.02 Average Price/SF: $296.80

CONDO CONDO Median Sale Price: $320,000 Median Sale Price: $321,500 Year to Year Change: +4.58% Year to Year Change: +3.63% Average Price/SF: $222.38 Average Price/SF: $241.98

Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 17 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 DEVELOPMENT LAND Offering Memorandum Reno-Lake Tahoe 88 Acres

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at I-580 / S. Virginia Street / Mt. Rose Highway, Reno, NV 89521. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of I-580 / S. Virginia Street / Mt. Rose Highway, Reno, NV 89521 or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.