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BOCA CHICA SHOPPING CENTER NWC Expressway 77/83 & Boulevard, Brownsville, TX BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH MARKET

OFFERED FOR SALE Total GLA 5,628 SF Location 1873 Boca Chica Boulevard, Brownsville, TX 78521 NOI $160,398 Sale Price Call For Pricing (Financing Available)

SITE

66,000 CPD ZARAGOSA ST

SIMPSON ST

ALDRIDGEAVE

69E

EXPRESSWAY 77/83 21,000 CPD 38,000 CPD BOCA CHICA BLVD

57,000 CPD

PAREDES LANE RD

PROPERTY INFORMATION

Boca Chica Shopping Center is a newly Boca Chica Shopping Center is situated on .54 constructed 5,628 SF single-story, single tenant acres of land in the Brownsville trade area. The retail building located at 1873 Boca Chica center is on the area’s major thoroughfare and Boulevard on the northwest corner of the surrounded by numerous densely populated signalized intersection of Expressway 77/83 and neighborhoods. Boca Chica Boulevard in Brownsville, Cameron County, TX.

2 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING MARKET

INVESTMENT HIGHLIGHTS - Single Tenant Building Leased to Experienced Regional Dental Practice - New Construction - Hard Corner at Signalized Intersection with Freeway Visibility - Proven Concept with Strong Guarantor - Center Fronts Expressway 77/83, The Valley’s Dominant Thoroughfare - Agua Dental was Founded in 2012 and Currently Has Four Locations Throughout the with Continued Plans for Expansion

AREA EMPLOYERS

AREA RETAILERS

3 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

INVESTMENT OVERVIEW

LOCATION: NWC Expressway 77/83 & Boca Chica Boulevard ADDRESS: 1873 Boca Chica Boulevard, Brownsville, TX 78521 ACRES: 0.54 YEAR BUILT: 2016 BUILDING NRA: 5,628 OCCUPANCY: 100% PARKING SPACES: 25 (4.44/1,000) CONSTRUCTION: Construction materials identified as Cinderblock, EIFS façade and concrete parking lot LANDLORD RESPONSIBILTIES: Repair and replacement to common area; repair to roof, structure and utility lines outside Premises; lighting in the parking area. Common areas include parking area, service drives, traffic islands, landscaped areas, loading areas, sidewalks, roof, gutters and downspouts, sprinkler risers, electrical gutters, as well as drainage and lighting facilities servicing any of the aforesaid areas ADMIN FEE: 15% MANAGEMENT FEE: 4% of gross revenues NOI: $160,398

4 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

TENANT OVERVIEW

Agua Dental

Agua Dental offers a full range of general, cosmetic and reconstructive dentistry services such as teeth whitening, crowns, preventive care and implants as well as pediatric dentistry. Founded in 2012, Agua Dental utilizes proven state-of-the-art technology to provide patients with an effective and affordable dental experience. The practice is owned and personally guaranteed by Dr. Shawn Akhavan, D.D.S, who currently operates three Agua Dental locations throughout south Texas and recently secured a forth location. Agua Dental has been in operation for five years with continued plans of expanding similar dental concepts both inside and outside the Rio Grande Valley. www.aguadentaltexas.com

5 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

RIO GRANDE VALLEY OVERVIEW

The Rio Grande Valley is located at the southernmost tip of Texas, on the northern bank of the Rio Grande River, which divides from the United States. The Rio Grande Valley is made up of four counties (Starr, Willacy, Cameron and Hidalgo) and populated with over 1.3 million predominately Hispanic residents. With a land area of 11,122,712 square kilometers, the Rio Grande Valley is almost twice the size of Delaware and four times the size of Rhode Island. The major cities include, Brownsville, McAllen, Harlingen, Mission, Edinburg and Pharr, in addition to several smaller towns. Boasting nine Ports of Entry bridges connecting the Valley cities to Mexico, the cities are uniquely positioned as hubs for international trade in the North American Free Trade Agreement (NAFTA) marketplace and make up the “Rioplex” along with the northern border cities of Mexico between Matamoros and Ciudad Mier. In 2016, Texas exports with Mexico exceeded $92 million with $81 million in imports from Mexico. This trade is primarily dominated by truck movements and relies on the land Ports of Entry bridges throughout the Valley. The ability to market and sell both North and South from a central location is key to the international trade created by NAFTA. As the markets continue to open and expand to Mexico and Central and South America, companies are seeking the most strategic location from which to distribute their products. Brownsville has emerged as a top destination for retailers, manufactures and logistic firms continually in pursuit of a thriving new location to grow their business. BROWNSVILLE TRADE AREA OVERVIEW • Brownsville is an established, densely populated trade area with the majority of residents locally employed in government, education and health services as well as trade, transportation and utilities.

• Home to four Port of Entry bridges, two of which are commercially used, connecting Brownsville to Matamoros, Mexico which supports the Brownsville-Matamoros United partnership dedicated to serving the industrial and economic growth of the global marketplace.

• Brownsville plays a critical role in trade activity, in 2015, exports and imports with Mexico to and from Brownsville totaled $13.5 billion.

• Mexican Nationals generate $1.1 billion annually in retail spending in the Rio Grande Valley.

• Brownsville is an attractive market for young families, 11th youngest city in the U.S., as well as snow birds due to the draw of moderately priced homes, overall low cost of living and easy accessibility to healthcare.

• Home to two major award-winning hospitals, Valley Regional Medical Center and Valley Baptist Medical Center, which are among the city’s top employers.

69E DEMOGRAPHICS Villanova Ave Frontage Rd 1 MILE 3 MILES 5 MILES 10 MILES

Las Casas St

Frontage Rd 69E Daytime Population 19,726 127,820 196,099 246,195 Carthage Ct AldridgeAve 281 77 48 Zaragosa St 77 Population 13,754 101,201 187,567 222,662 SITE

Frontage Rd 4 Average HH Income $45,568 $44,084 $46,279 $47,756 United States SITE 4 Mexico 83 Boca Chica Blvd Paredes Line Rd

d

v 69E l

B

83 Frontage N Rd

m l a Frontage Rd P TRAFFIC COUNTS United StatesMexico 83

77 Expressway 77/83 N of Boca Chica Boulevard 66,000 cpd 2 69E Paredes Line Rd Mexico Expressway 77/83 S of Boca Chica Boulevard 57,000 cpd Boca Chica Boulevard W of Expressway 77/83 21,000 cpd Boca Chica Boulevard E of Expressway 77/83 38,000 cpd 6 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

PROJECTED ANNUAL OPERATING STATEMENT

CURRENT

Base Rent Occupied Space 160,398 Vacant Space @ Market - Gross Potential Rent 160,398 Total Reimbursements 31,452 Gross Income 191,850 Less: General Vacancy – Effective Revenue 191,850 Reimbursable Operating Expenses CAM 8,442 Real Estate Taxes 11,256 Insurance 2,814 Administrative Fee 1,266 Management Fee 7,674 Total Reimbursements 31,452

Net Operating Income $160,398

Notes: (1) Reconciliation expected to occur at year end (2) Operating expenses based on Landlord proforma (3) Administrative Fee based on 15% of CAM (4) Management Fee based upon 4% of Gross Revenues

7 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

FINANCIALS AVAILABLE UPON EXECUTION OF CONFIDENTIALITY AGREEMENT

8

LDG job# 214.30 job# LDG 01 05 KEYED NOTES KEYED PLAN SITE 1/16" = 1'-0" = 1/16"

A-0.1 BOCA CHICA SHOPPING CENTER PYLON SIGN PYLON

12 FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

CONCRETE WHEEL STOP, RE: 05/A-0.2 RE: STOP, WHEEL CONCRETE 11

SITE PLAN SITE

10 CONCRETE CURB RAMP. RE: 09/A-0.2 RE: RAMP. CURB CONCRETE be subject to legal action. legal to subject be

is prohibited and any infringement will infringement any and prohibited is

drawing without their written consent written their without drawing

reproduction, copying or use of this of use or copying reproduction,

4" WIDE PAINTED STRIPES, PAINT WHITE PAINT STRIPES, PAINTED WIDE 4" 9

the property of the architect. The architect. the of property the

This drawing and the design shown is shown design the and drawing This

8 PAINTED HANDICAP SYMBOL, RE: 12/A-0.2 RE: SYMBOL, HANDICAP PAINTED

7 CONCRETE PAVING, RE: CIVIL RE: PAVING, CONCRETE

TRASH ENCLOSURE, RE: 01/A-0.3 RE: ENCLOSURE, TRASH 6

6" PIPE CONCRETE FILLED BOLLARD, RE: 07/A-0.2 RE: BOLLARD, FILLED CONCRETE PIPE 6" 5

HANDICAP PARKING SIGN, RE: 04/A-0.2 RE: SIGN, PARKING HANDICAP 4

3 LANDSCAPED AREA LANDSCAPED

EDGE OF SIDEWALK, RE: 03/A-0.2 RE: SIDEWALK, OF EDGE 2

DATE REV LEASING PLAN

GRANULAR FILL. GRANULAR

1

NEW REINFORCED CONCRETE WALK ON 4" MIN. A.B.C. MIN. 4" ON WALK CONCRETE REINFORCED NEW

03/16/15

PERMIT/BID SET PERMIT/BID

02 PARKING DATA PARKING BOCA CHICA AT EXPRESSWAY 77 BOCA BOCA CHICA SHOPPING CENTER MCALLEN, TEXAS

SDI REALTY

03 GENERAL NOTES GENERAL

DIMENSIONS

15. REFER TO CIVIL DRAWINGS FOR ADDITIONAL NOTES AND NOTES ADDITIONAL FOR DRAWINGS CIVIL TO REFER 15.

LIGHTING.

14. REFER TO SITE ELECTRICAL PACKAGE FOR ANY REQUIRED SITE REQUIRED ANY FOR PACKAGE ELECTRICAL SITE TO REFER 14.

WORK.

NOTIFY ARCHITECT OF ANY DISCREPANCIES BEFORE BEGINNING ANY BEGINNING BEFORE DISCREPANCIES ANY OF ARCHITECT NOTIFY

13. GENERAL CONTRACTOR TO SCHEDULE BLUE STAKE INSPECTION AND INSPECTION STAKE BLUE SCHEDULE TO CONTRACTOR GENERAL 13. CONSTRUCTION. BOCA CHICA BOULEVARD

NOTIFY THE ARCHITECT OF ANY DISCREPANCIES OR OMISSIONS PRIOR TO PRIOR OMISSIONS OR DISCREPANCIES ANY OF ARCHITECT THE NOTIFY AGUA DENTAL

12. GENERAL CONTRACTOR SHALL VERIFY ALL ON SITE CONDITIONS AND CONDITIONS SITE ON ALL VERIFY SHALL CONTRACTOR GENERAL 12. 5,628 SF

SIGNAGE, "DO NOT BLOCK DOOR", ETC. DOOR", BLOCK NOT "DO SIGNAGE,

SIGNAGE NECESSARY FOR CERTIFICATE OF OCCUPANCY (FIRE LANE (FIRE OCCUPANCY OF CERTIFICATE FOR NECESSARY SIGNAGE

11. GENERAL CONTRACTOR TO PROVIDE ALL GOVERNMENTAL REQUIRED GOVERNMENTAL ALL PROVIDE TO CONTRACTOR GENERAL 11.

REPAIRED AT NO COST TO THE OWNER. THE TO COST NO AT REPAIRED

EXISTING ASPHALTIC PAVEMENT AND/OR EXISTING LANDSCAPE SHALL BE SHALL LANDSCAPE EXISTING AND/OR PAVEMENT ASPHALTIC EXISTING

10. ANY DAMAGE BY GENERAL CONTRACTOR OR SUBCONTRACTOR TO SUBCONTRACTOR OR CONTRACTOR GENERAL BY DAMAGE ANY 10.

DRAWINGS.

9. COORDINATE TRANSFORMER PAD LOCATIONS WITH MEP AND CIVIL AND MEP WITH LOCATIONS PAD TRANSFORMER COORDINATE 9.

LOCATIONS WITH CIVIL DRAWINGS. CIVIL WITH LOCATIONS

8. COORDINATE WATER (DOMESTIC OR FIRELINE) AND GAS METER GAS AND FIRELINE) OR (DOMESTIC WATER COORDINATE 8.

OTHERWISE

7. ALL SIDEWALKS ARE TO BE LIGHT BROOM FINISH UNLESS NOTED UNLESS FINISH BROOM LIGHT BE TO ARE SIDEWALKS ALL 7.

THE PUBLIC UTILITIES. VERIFY WITH LOCAL AGENCIES. LOCAL WITH VERIFY UTILITIES. PUBLIC THE

COURSE OF MAINTENENACE, CONSTRUCTION OR RECONSTRUCTION OF RECONSTRUCTION OR CONSTRUCTION MAINTENENACE, OF COURSE

F O T

OBSTRUCTIONS OR PLANTING THAT MUST BE REMOVED DURING THE DURING REMOVED BE MUST THAT PLANTING OR OBSTRUCTIONS

E E

T X

A

GRASS. GENERAL CONTRACTOR SHALL BE REQUIRED TO REMOVE ANY REMOVE TO REQUIRED BE SHALL CONTRACTOR GENERAL GRASS.

A

2

9 5

1 T

S

SECTION TYPE FENCING AND/OR PAVING NOR ANY PLANTING EXCEPT PLANTING ANY NOR PAVING AND/OR FENCING TYPE SECTION S

WITHIN PUBLIC UTILITY EASEMENTS EXCEPT WOOD, WIRE OR REMOVABLE OR WIRE WOOD, EXCEPT EASEMENTS UTILITY PUBLIC WITHIN

R

H T E 6. NO STRUCTURE OF ANY KIND TO BE CONSTRUCTED ON, OR PLACED OR ON, CONSTRUCTED BE TO KIND ANY OF STRUCTURE NO 6.

E

A

G

C

N

R

E

A I R

L

S Y .

D

T

I T

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R ARCHITECTURAL SITE PLAN. SITE ARCHITECTURAL C

E R D A

5. FOR BUILDING LOCATION DIMENSIONS AND SETBACKS, RE: CIVIL AND CIVIL RE: SETBACKS, AND DIMENSIONS LOCATION BUILDING FOR 5.

4. REFER TO LANDSCAPE DRAWINGS FOR LANDSCAPE REQUIREMENTS. LANDSCAPE FOR DRAWINGS LANDSCAPE TO REFER 4.

LONGITUDINAL AND HORIZONTAL CONTROL. HORIZONTAL AND LONGITUDINAL

3. REFER TO CIVIL DRAWINGS FOR PAVING THICKNESS, CURB TYPES AND TYPES CURB THICKNESS, PAVING FOR DRAWINGS CIVIL TO REFER 3. EXPRESSWAY 77/83

NOTIFY THE ARCHITECT OF ANY DISCREPANCIES. ANY OF ARCHITECT THE NOTIFY

FOR CONFLICTS PRIOR TO CONSTRUCTION. THE CONTRACTOR SHALL CONTRACTOR THE CONSTRUCTION. TO PRIOR CONFLICTS FOR

2. GENERAL CONTRACTOR SHALL VERIFY ALL DIMENSIONS ON DRAWING ON DIMENSIONS ALL VERIFY SHALL CONTRACTOR GENERAL 2.

CURRENT SOILS REPORT (COMPLETED WITHIN THE PAST 6 MONTHS). 6 PAST THE WITHIN (COMPLETED REPORT SOILS CURRENT 1. GENERAL CONTRACTOR SHALL COMPLY WITH ALL REQUIREMENTS OF REQUIREMENTS ALL WITH COMPLY SHALL CONTRACTOR GENERAL 1.

9 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

AREA DEVELOPMENT PLAN

E MORRISON RD

D

V

L

B

69E L E IS 60,000 CPD K O

L

AB

P

2 CPD 6 0 E ,7 00 RUBEN 7 6, M TORRES SR BLVD 0 3 CP D

71,000 CPD

COFFEE RD

OLD ALICE RD

P

A

R

E D E S

L I N

E

R D

W P RI CE RD 23,990 CPD

66,000 CPD

E LOS EBANOS BLVD

OLD PORT ISABEL RD ITE

EXPRESSWAY 77/83

21,000 CPD 38,000 CPD BOCA CHICA BLVD

BARGAIN

57,000 CPD 57,000 FURNITURE

PALM BLVD

69E 10 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

CONFIDENTIALITY AGREEMENT & DISCLAIMER Transwestern 1900 West Loop South, Suite 1300 , TX 77027 713.270.7700 / Fax 713.401.1461 CONFIDENTIALITY STATEMENT Boca Chica Shopping Center 1873 Boca Chica Boulevard Brownsville, TX 78521

The undersigned has been advised that Transwestern Property This is not an agreement to sell the Property, nor an offer of Company SW GP, L.L.C. dba Transwestern has been retained sale. No agreement binding upon the Owner of the Property, or on an exclusive basis by the Owner with respect to the offering any of its associated or affiliated companies, shall be deemed to or sale of Boca Chica Shopping Center, 1873 Boca Chica exist, at law or equity, until the Owner of the Property enters into Boulevard, Brownsville, TX 78521 (the “Property”). The Owner a formal binding agreement of sale. has indicated that all inquiries and communications with respect to the contemplated sale of such Property be directed The Confidential Information contains brief, selected information to Transwestern. All fees due Transwestern in connection pertaining to the business and affairs of the Owner, and has with the sale of the Property shall be paid by the Owner. The been prepared by Owner and Transwestern, primarily from undersigned hereby acknowledges that it is a principal or an information supplied by the Owner or Owner’s Agent. It does not investment advisor in connection with the possible acquisition purport to be all inclusive or to contain all the information which of the Property and agrees that it will not look to the Owner, the a prospective purchaser may desire. Neither Transwestern, the Owner’s Lender or Transwestern for any fees or commissions in Owner nor the Owner’s Lender make any representation or connection with the sale of the Property. The undersigned also warranty, express or implied, as to the accuracy or completeness hereby acknowledges that is has not dealt with any broker, other of the Confidential Information and no legal liability is assumed than Transwestern, and Co-Broker identified on subsequent or to be implied with respect thereto. signature page, regarding the acquisition of the Property, or if it By executing this Confidentiality Statement you agree that the has, the undersigned hereby agrees to indemnify the Owner, the Information provided is confidential, that you will hold and treat Owner’s Lenders and Transwestern against any compensation, it in the strictest of confidence, and that you will not disclose or liability or expense, arising from claims by Co-Broker, or any permit anyone else to disclose the Information to any person, other broker or other party the undersigned had dealings with firm or entity without prior written authorization of the Owner in connection with the sale of the Property. and Transwestern except that the information may be disclosed The Owner has available for review certain information to your partners, employees, legal counsel and lenders or (“Confidential Information”) concerning the Property. On pursuant to a court order. Owner expressly reserves the right in behalf of the Owner, Transwestern may make such Confidential its sole discretion to reject any or all proposals or expressions Information available to the undersigned upon execution of or interest in the property and to terminate discussions with any this Confidentiality Statement. The Confidential Information party at negotiations you hereby agree to return the Confidential is intended solely for your own limited use in considering Information to Transwestern. whether to pursue negotiations to acquire the Property.

11 BOCA CHICA SHOPPING CENTER FOR SALE | SINGLE TENANT ASSET IN GROWING SOUTH TEXAS MARKET

On Behalf of Prospective Purchaser: Co-Broker (if any)

Company: Company:

Address: Address:

City: City:

State: ZIP: State: ZIP:

Phone: Phone:

Fax: Fax:

E-mail: E-mail:

By: By:

Its: Its:

Date: Date:

Signature: Signature:

12 Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Before working with a real estate broker, you should know that The broker must obtain the written consent of each party to the duties of a broker depend on whom the broker represents. If the transaction to act as an intermediary. The written consent you are a prospective seller or landlord (owner) or a prospective must state who will pay the broker and, in conspicuous bold buyer or tenant (buyer), you should know that the broker who or underlined print, set forth the br ker’s obligations as an lists the property for sale or lease is the owner’s agent. A broker intermediary. The broker is required to treat each party honestly who acts as a subagent represents the owner in cooperation and fairly and to comply with The Texas Real Estate License Act. with the listing broker. A broker who acts as a buyer’s agent A broker who acts as an intermediary in a transaction: represents the buyer. A broker may act as an intermediary (1) shall treat all parties honestly; between the parties if the parties consent in writing. A broker (2) may not disclose that the owner will accept a price less can assist you in locating a property, preparing a contract or than the asking price unless authorized in writing to do so lease, or obtaining financing without representing you. A broker by the owner; is obligated by law to treat you honestly. (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized IF THE BROKER REPRESENTS THE OWNER: in writing to do so by the buyer; and The broker becomes the owner’s agent by entering into an (4) may not disclose any confidential information or any agreement with the owner, usually through a written - listing information that a party specifically instructs the broker agreement, or by agreeing to act as a subagent by accepting in writing not to disclose unless authorized in writing to an offer of subagency from the listing broker. A subagent may disclose the information or required to do so by The Texas work in a different real estate office. A listing broker or subagent Real Estate License Act or a court order or if the information can assist the buyer but does not represent the buyer and must materially relates to the condition of the property. place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner With the parties’ consent, a broker acting as an intermediary to know because an owner’s agent must disclose to the owner between the parties may appoint a person who is licensed any material information known to the agent. under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under IF THE BROKER REPRESENTS THE BUYER: that Act and associated with the broker to communicate The broker becomes the buyer’s agent by entering into an with and carry out instructions of the other party. agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the If you choose to have a broker represent you, interests of the buyer first. The owner should not tell a buyer’s you should enter into a written agreement with the broker agent anything the owner would not want the buyer to know that clearly establishes the broker’s obligations and your because a buyer’s agent must disclose to the buyer any material obligations. The agreement should state how and by whom the information known to the agent. broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker IF THE BROKER ACTS AS AN INTERMEDIARY: represents you. If you have any questions regarding the duties A broker may act as an intermediary between the parties if and responsibilities of the broker, you should resolve those the broker complies with The Texas Real Estate License Act. questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, 01A TREC No. OP-K Texas 78711-2188 or 512-465-3960. FOR INFORMATION CONTACT: Micha van Marcke, CCIM Chace Henke Senior Vice President Vice President [email protected] [email protected] 713.272.1231 713.272.1274 Transwestern | 1900 West Loop South, Suite 1300 | Houston, TX 77027 | P: 713.270.7700 | www.twhoustonretail.com The information contained herein was obtained from sources believed reliable. However, Transwestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.