Jordan Landing Office Campus Offering Memorandum Brandon Fugal | Rawley Nielsen 7181 South Campus View Dr

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JORDAN LANDING OFFICE CAMPUS OFFERING MEMORANDUM BRANDON FUGAL | RAWLEY NIELSEN 7181 SOUTH CAMPUS VIEW DR. & 7167 CENTER PARK DRIVE | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE

7167 Center Park Dr. 155,750 sq. ft. 5.0 acres

v l

Center Park Drive B

n i

7181 Campus View n

L 106,000 sq. ft. Campus View Drive n 3.46 acres a

7252 Jordan Landing 2.89 acres

Brandon Fugal Rawley Nielsen Darren Nielsen Chairman President - Investment Sales Investment Sales 801.947.8300 801.441.5922 801.448.2662 [email protected] [email protected] [email protected]

The information contained in this Offering Memorandum is confidential, furnished This Offering Memorandum is subject to prior placement, errors, omissions, changes or solely for the purpose of review by a prospective purchaser of 7181 South Campus withdrawal without notice and does not constitute a recommendation, endorsement or View Drive & 7167 South Center Park Drive, West Jordan, Utah (the “Property”) and is advice as to the value of the Property by CBC Advisors or the Owner. Each prospective not to be used for any other purpose or made available to any other person without the purchaser is to rely upon its own investigation, evaluation and judgment as to the expressed written consent of Coldwell Banker Commercial Advisors (“CBC Advisors”) or advisability of purchasing the Property described herein. the “Owner”. The material is based in part upon information supplied by Owner and in part upon information obtained by CBC Advisors from sources it deems reasonably reliable. Owner and CBC Advisors expressly reserve the right, at their sole discretion, to reject Summaries of any documents are not intended to be comprehensive or all inclusive any or all expressions of interest or offers to purchase the Property and/or to terminate but rather only an outline of some of the provisions contained therein. No warranty or discussions with any party at any time with or without notice. Owner shall have no legal representation, expressed or implied, is made by Owner, CBC Advisors, or any of their commitment or obligation to any interested party reviewing this Offering Memorandum respective affiliates, as to the accuracy or completeness of the information contained or making an offer to purchase the Property unless a written agreement for the purchase herein or any other written or oral communication trans- mitted to a prospective of the Property has been fully executed and delivered by the Owner and such party and purchaser in the course of its evaluation of the Property. No legal liability is assumed any conditions to Owner’s obligations thereunder have been satisfied or waived and or to be applied in connection with the information or such other communications. then only to the extent expressly provided for therein. CBC Advisors is not authorized to Without limiting the generality of the foregoing, the information shall not be deemed make any representations or agreements on behalf of Owner. a representation of the state of affairs of the Property or constitute an indication that This Offering Memorandum is the property of CBC Advisors and may be used only by there has been no change in the business or affairs of the Property since the date parties approved by CBC Advisors and Owner. The Property is privately offered and, by of preparation of the information. Prospective purchasers should make their own accepting delivery of this Offering Memorandum, the party in possession hereof agrees projections and conclusions without reliance upon the materials contained herein and (i) to return it to CBC Advisors immediately upon request of CBC Advisors or Owner and conduct their own independent due diligence, including engineering and environmental (ii) that this Offering Memorandum and its contents are of a confidential nature and will inspections, to deter- mine the condition of the Property and the existence of any be held and treated in the strictest confidence. No portion of this Offering Memorandum potentially hazardous material located at the site. may be copied or otherwise reproduced or disclosed to anyone without the prior written This Offering Memorandum was prepared by CBC Advisors and has been reviewed by authorization of CBC Advisors and Owner. Owner. It contains select information pertaining to the Property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 3 TABLE OF CONTENTS JORDAN LANDING CAMPUS | WEST JORDAN, UT

1 EXECUTIVE SUMMARY 5

2 OWNER/USER ANALYSIS 7

3 PROPERTY OVERVIEW 12

4 LOCATION INFORMATION 27

5 AREA COMPARABLES 33

6 MARKET INFORMATION 36

This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2017 CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 4 EXECUTIVE SUMMARY JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET EXECUTIVE SUMMARY JORDAN LANDING CAMPUS | WEST JORDAN, UT

Coldwell Banker Commercial Advisors, as exclusive advisor, is pleased to offer the fee-simple interest in Jordan Landing Office Campus, two institutional quality assets in the acclaimed 500 acre mixed- use Jordan Landing development in West Jordan, Utah. Comprised of two class A office buildings that consist of 261,750 square feet, Jordan Landing Office Campus is perfectly situated in one of the fastest growing and most rapidly developing regions in Utah. The Property’s placement off Bangerter Highway gives it easy access to I-15 and I-215, making it the perfect gateway to Salt Lake, Davis, and Utah Counties. These factors combine to give the area a very strong 4.99% vacancy rate for Class A and B office.

7167 SOUTH CENTER PARK DRIVE 7181 SOUTH CAMPUS VIEW DRIVE WEST JORDAN, UT 84084 WEST JORDAN, UT 84084

Purchase Price: $24,500,000 Purchase Price: $16,500,000

Price/Sf: $157.30 Price/SF: $155.66

Building Size (SF): 155,750 Building Size (SF): 106,000

Land Area (Ac): 5.00 Land Area (Ac): 3.46

Year Built: 2009 Year Built: 2002

Parcel: 21-29-103-003 Parcel: 21-29-101-002

Parking Ratio: 1.9 : 1,000 Parking Ratio: 3 : 1,000

Potential seller financing available. COMBINED PURCHASE

Total Purchase Price: $41,000,000

Total Price/Sf: $156.64 Salt Lake City: #2 city for significant Total Size: 261,750 tech-sector growth and large population increases (Forbes) Total Land Area: 8.46

Total Parking Ratio: 2.36 : 1,000 CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 6 OWNER/USER ANALYSIS JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET OWNER/USER ANALYSIS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 CENTER PARK DRIVE 155,750 SQUARE FEET

COSTS TO OWN COSTS TO LEASE Purchase Costs Leasing Costs as a Tenant Price $24,500,000 Year 1 Lease Rate $22.25 Full Service "Potential TI Cost for Owner/ Annual Rental Payments (Including standard 3% User Renovations ($12 PSF $1,869,000 annual increases) on 155,750 SF)” Year 1 $3,465,438 Total Costs $26,369,000 Year 2 $3,569,401 Year 3 $3,676,483 New Loan Costs Year 4 $3,786,777 25% Down Payment $6,125,000 Year 5 $3,900,380 Loan Amount $18,375,000 Year 6 $4,017,392 Annual Loan Debt Service $1,117,241 Year 7 $4,137,914 Year 8 $4,262,051 Annual Owner-User Costs Year 9 $4,389,913 Annual Debt Service (Fixed $1,117,241 for 10 Years) Year 10 $4,521,610 Operating Expenses ($7.50 $1,168,125 PSF) Tenant cost for 5-year lease $18,398,478 Annual Ownership Cost* $2,285,366 Tenant cost for 7-year lease $26,553,784 *Not including potential capital expenditures Tenant cost for 10-year lease $39,727,357

Principle Reduction Year 1 Principle Reduction $296,430 Year 1 Principle Reduction $1.90 PSF

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 8 OWNER/USER ANALYSIS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 CENTER PARK DRIVE - CONT. 155,750 SQUARE FEET

Comparison: Ownership Vs Lease Sale Lease Back Option for New Owner Year 1 Annual Lease Costs If an owner were to purchase the property, commit $3,465,438 ($22.25 PSF) to a 15-year lease, and then re-sell the property, there would be potential for the following profit: Year 1 Annual Ownership Costs $2,285,366 Potential Sales Price for Sale- Annual Savings to Own vs Lease $1,180,071 Leaseback (Based on 7% Cap $32,818,750 Rate on the Sale) Annual Savings PSF $7.58 Total Cost $26,369,000 Cost of Sale (2%) $656,375 Ownership Benefit with Principal Reduction Potential Profit $5,793,375 Annual Savings to Own vs Lease $1,180,071 Year 1 Principle Reduction $296,430 This analysis is only an example of potential returns Total $1,476,502 and is not a guarantee. Total PSF $9.48 Return on Investment 24.11% Years to Recover Down Payment 4.1

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 9 OWNER/USER ANALYSIS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 CAMPUS VIEW DRIVE 106,000 SQUARE FEET

COSTS TO OWN COSTS TO LEASE Purchase Costs Leasing Costs as a Tenant Price $16,500,000 Year 1 Lease Rate $22.25 Full Service "Potential TI Cost for Owner/ User Renovations $1,272,000 Annual Rental Payments (Including standard 3% ($12 PSF on 106,000 SF)" annual increases) Total Costs $17,772,000 Year 1 $2,358,500 Year 2 $2,429,255 New Loan Costs Year 3 $2,502,133 25% Down Payment $4,125,000 Year 4 $2,577,197 Loan Amount $12,375,000 Year 5 $2,654,513 Annual Loan Debt Service $752,428 Year 6 $2,734,148 Year 7 $2,816,172 Annual Owner-User Costs Year 8 $2,900,658 Annual Debt Service (Fixed for $752,428 Year 9 $2,987,677 10 Years) Year 10 $3,077,308 Operating Expenses ($7.50 $795,000 PSF) Annual Ownership Cost* $1,547,428 Tenant cost for 5-year lease $12,521,597 *Not including potential capital Tenant cost for 7-year lease $18,071,917 expenditures Tenant cost for 10-year lease $27,037,559

Principle Reduction Year 1 Principle Reduction $199,637 Year 1 Principle Reduction PSF $1.88

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 10 OWNER/USER ANALYSIS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 CAMPUS VIEW DRIVE - CONT. 106,000 SQUARE FEET

Comparison: Ownership Vs Lease Sale Lease Back Option for New Owner Year 1 Annual Lease Costs If an owner were to purchase the property, commit $2,358,500 ($22.25 PSF) to a 15-year lease, and then re-sell the property, there would be potential for the following profit: Year 1 Annual Ownership Costs $1,547,428 "Potential Sales Price for Sale- Annual Savings to Own vs Lease $811,072 Leaseback (Based on 7% Cap $22,335,714 Rate on the Sale)" Annual Savings PSF $7.65 Total Cost $17,772,000 Cost of Sale (2%) $446,714 Ownership Benefit with Principal Reduction Potential Profit $4,117,000 Annual Savings to Own vs Lease $811,072 This analysis is only an example of potential returns Year 1 Principle Reduction $199,637 and is not a guarantee. Total $1,010,709 Total PSF $9.53 Return on Investment 24.50% Years to Recover Down Payment 4.1

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 11 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT PROPERTY HIGHLIGHTS • No existing debt

• Potential seller financing available

• Located in West Jordan, one of Utah’s fastest growing cities

• Located at Jordan Landing, Utah’s largest mixed-use development (Retail, Multifamily, Office, Hotels, Single Family) with nearly 2,000,000 square feet of shopping and dining

• First-class fitness centers and showers

• Fully secured two-level parking garage

• Beautiful views of the East and West mountain ranges

• Large, contemporary staff cafeterias

• Loading docks and freight elevators

• State-of-the-art electronic security system, featuring card reader access to most rooms throughout the buildings

• 150 seat auditorium

• Abundant parking

• Convenient location off Bangerter Highway

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 13 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT PROPERTY PARCEL AERIAL

7167 Center Park Dr. 155,750 sq. ft. 5.0 acres

Center Park Drive

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B 7181 Campus View g

n 106,000 sq. ft. i Campus View Drive d 3.46 acres n a

7252 Jordan Landing 2.89 acres Also Available For Sale

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 14 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT PROPERTY DESCRIPTION

Address: 7181 South Campus View Drive Address: 7167 South Center Park Drive

Size: 106,000 square feet Size: 155,750 square feet

Year Built: 2002 Year Built: 2009

Land Area: 3.46 Acres Land Area: 5.0 Acres

Parking: 321 Stalls Parking: 296 Stalls

Parking Ratio: 3 : 1,000 Parking Ratio: 1.9 : 1,000

Foundation Type: Reinforced Concrete Foundation Type: Reinforced Concrete

Roof Type: EPDM Rubber Roof Type: EPDM Rubber Direct/Indirect HVAC; boiler heat, under floor HVAC: cooling; data center on separate Liebert HVAC: Direct/Indirect HVAC units 480/277V 3 Phase; 1000kw backup 480/277V 3 Phase; 1000kw backup Electrical: Electrical: generator generator Wet System Primary; Data System is Pre- Fire: Wet System Fire: Action; Garage is Dry System Elevators: 3 Kone Cable Elevators Elevators: 2 Northern Cable Elevators Turbine style air handlers replaced with fan Turbine style air handlers replaced with fan Recent Replacements: Recent Replacements: wall in 2013; wall in 2013; Landscaping upgraded in 2016

- Fully secure 157 stall parking garage - 150 Seat Auditorium - Raised flooring system - Raised flowing system Other Noteworthy: Other Noteworthy: - Wood paneling in common areas - Wood paneling in common areas - First-class fitness center - First-class fitness center

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 15 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 SOUTH - FLOOR PLANS

Garden Level 1st Level

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 16 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 SOUTH - FLOOR PLANS

2nd Level 3rd Level

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 17 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 SOUTH - FLOOR PLANS

Garden Level 1st Level

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 18 PROPERTY OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 SOUTH - FLOOR PLANS

2nd Level 3rd Level

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 19 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 20 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 21 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7167 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 22 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 23 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 24 PROPERTY PHOTOS JORDAN LANDING CAMPUS | WEST JORDAN, UT 7181 SOUTH

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 25 LAND - PARCEL OVERVIEW JORDAN LANDING CAMPUS | WEST JORDAN, UT 7252 SOUTH JORDAN LANDING BLVD.

As a separate offering, CBC Advisors is also pleased to offer the ideally located 2.89 acre land parcel on the corner of Jordan Landing Blvd and Center Park Drive, across the street from Jordan Landing Campus. This parcel, zoned Professional Office, is in a prime position to take advantage of both the continuing population boom in West Jordan as well as the planned redevelopments taking place within Jordan Landing by Red Development, a major national high-end retail developer and asset manager.

The flexible Professional Office zoning allows for a wide variety of permitted and conditional uses, including office buildings, banks, medical services, restaurants, schools, daycares, and many other uses. Jordan Landing Blvd.

Center Park Drive *AVAILABLE LAND FOR SALE, SEPARATELY 7252 SOUTH JORDAN LANDING BLVD. Price: $2,014,214 Price/Sq. Ft.: $16 APN: 2129151007 Size (Acres): 2.89 Size (Sq. Ft.) 125,888 Zoning: Professional Office Water: Yes Sewer: Yes Sidewalk: Yes Curb Gutter: Yes Lot Location: Corner CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 26 LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

With its location in the central Salt Lake Valley, West Jordan is the perfect starting point to navigate the Wasatch Front. The Property’s placement off Bangerter Highway gives it easy access to I-15 and I-215, making it the perfect gateway to Salt Lake, Davis, Weber, and Utah Counties.

Currently the fourth-largest city in the state of Utah, West Jordan City stands at the center of explosive growth taking place in the western quadrant of Salt Lake Valley. A young, educated workforce makes for a great employee pool, and the city’s central location in the heart of Salt Lake Valley put it in the middle of the transportation network and the valley’s population.

Within a 5 mile radius of the Property, there is a growing population of over 320,000 comprised of residents who, on average, are younger, have higher educational attainment, and have higher household incomes. Source: Economic Development Corporation of Utah; West Jordan City

THE WEST JORDAN OFFICE MARKET

The South Valley Office market, in which West Jordan resides, has been strong as much of the state’s population growth continues to occur in and around this area.

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2016 SOUTH VALLEY OFFICE Population 2016 Estimated 12,260 149,843 334,711 2021 Projected 12,735 156,836 355,046 Type Vacancy Lease Rate Households 2016 Estimated 3,694 42,403 98,745 Class A Office 5.3% $25.30 2021 Projected 3,849 44,354 104,541 Income Class B Office 4.67% $25.39 2016 Median HHI $60,398 $66,760 $65,159 2016 Average HHI $73,654 $77,233 $78,196 Average 4.99% $25.35 Employment Total Businesses 321 2,663 7,186 Total Employees 5,455 32,181 92,307

Information provided by ESRI Business Analyst

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 28 LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

MINUTES TO: Downtown Salt Lake City 24 The University of Utah 30 Salt Lake City International Airport 20 Murray 15 Sandy 15 Holladay/Ft. Union 15

Bountiful Salt Lake CBD

Murray West Jordan

Bangerter Hwy

7167 7181 d Blv ng di n a L n

Center Park Drive a

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Campus View Drive 2.89 acres

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 29 LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

MINUTES TO: Draper/Riverton 17 Lehi 20 Provo/Orem 40 Park City 45

Lehi Draper Sandy

West Jordan

Bangerter Hwy 2.89 ac

Center Park Drive

Campus View Drive 7181 7167

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 30 LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

JORDAN LANDING JORDAN LANDING AT-A-GLANCE

• 500 Acre Mixed-Use Development

• 1.8 Million Square Feet of Retail

• 250 Residential Family Homes

• 1,000 Multi-family Units

• 56,000 Square Feet of Office Space (Outside of the subject Property)

• 99 Room Marriott Hotel Opening Fall of 2017

JORDAN LANDING TRAFFIC

• 16,000,000 customers per year

• 44,000 customers per day

• Daytime customer base is 113,570 writhing a 5 mile radius

OTHER FACTS:

• Jordan Landing has over 60 anchor, national or regional tenants, including Ross, Bed Bath & Beyond, Cinemark Theatre, Nike, Ulta, Tilly’s, Super Walmart, Sam’s Club, Sears Grand, Lowe’s, Michael’s, Petsmart, Target, Best Buy, Kohl’s, Office Max, Barnes and Noble, Old Navy, and TJ Maxx

• Very visible: 1 Mile of Frontage From 7000 South to 7800 South with excellent visibility

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 31 LOCATION INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

JORDAN LANDING JORDAN LANDING AT-A-GLANCE

7167

2.89 ac 7181

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 32 AREA COMPARABLES JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET AREA COMPARABLES JORDAN LANDING CAMPUS | WEST JORDAN, UT

SALES COMPARABLES

PHOTO SUBJECT SQUARE FEET YEAR BUILT PRICE/SF CAP PRICE

Jordan Landing Office Campus 7181 Campus View & 261,750 2002, 2009 $156.64 n/a $41,000,000 7167 Center Park Dr. West Jordan, UT

Vivint 4931 North 300 West 125,225 2009 $277 7.70% $34,720,000 Provo, UT

175 West Temple 1979 150,461 $167 6.92% $25,175,000 Salt Lake City, UT (renovated 2007)

Lone Peak Center IX 11850 South Election Dr. 224,900 1996 $161 n/a $36,300,000 Draper, UT

Legacy at Lake Park I 4225 West Lake Park Blvd. 198,318 2000 $192 6.75% $38,000,000 West Valley City, UT

Jordan Gateway I 10713 South Jordan Gateway 90,332 1999 $192 7.17% $17,372,000 South Jordan, UT

Jordan Gateway III 10619 South Jordan Gateway 89,590 2001 $187 7.44% $16,750,000 South Jordan, UT

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 34 SALES COMPARABLE MAP JORDAN LANDING CAMPUS | WEST JORDAN, UT

BECK ST SALT LAKE INTERNATIONAL 1. Vivint AIRPORT TR AVER S

E REDWOOD RD R I

DRAPER D 600 N G

E 2. 175 West Temple

3. Lone Peak Center IX SOUTH TEMPLE

4. Legacy at Lake Park I W 300 2 400 S ALPINE 500 S FO O 600 S T 500 S H A IL LP L INE LO D O R P 5. Jordan Gateway I W 900

1300 E

700 E

MAIN ST

5600 W 5600

STATE ST STATE

CALIFORNIA AVE 1300 S 144 HWY 6. Jordan Gateway III HWY 92 FOOTHILL DR

11000 N 2100 E 1700 S 1700 S

REDWOOD RD

700 E

1300 E

2100 S W 300 2100 S 2100 S 4PARLEYS WAY

REDWOOD RD

CANYON RD A ALPINE HWY L P 4 AKE RK KWAY BLVD 2700 S 7200 W 7200 D BLVD PAR PARKWAY BLV HIGHLAND DR

3100 S 3100 S 3100 S

1300 E 700 E

900 W 900

MAIN ST

STATE ST STATE

2300 E LEHI ALPINE LOOP 3300 S 3300 S 3500 S 3500 S 3500 S

STATE ST

AMERICAN 3800 S 1300 E

MAIN ST K EXPY W 300

8400 W 8400 W 7200 W 6400 W 6000 W 5600 W 5200 W 4800 W 4400 W 4000 W 3600 W 3200 O 3900 S O WASATCH BLVD CONSTITUTION BLVD W BR 3900 S ADO 100 E 100 ME CEDAR FORT RD FORK 4100 S 4100 S 4100 S

HIGHLAND DR

MAIN ST

SUNDANCE 700 E

500 W 500

STATE ST STATE MAIN ST 4400 S 2300 E PIONEER CROSSING HWY 189 4500 S 4500 S STATE ST E 100

4700 S 4700 S 4700 S REDWOOD RD

4800 S 6400 W 6400

1300 E V 500 E 500 VI A NE N REDWOOD RD ST W D IN V K

L W 4000 L

3200 W 3200 B W 2700 5300 S E E E X V 5400 S 5400 S P O 5400 S R Y SARATOGA G 5600 S T N U-111 SPRINGS A 2000 E AS ST STATE PLE 5900 S 6200 S STATE ST 6200 S 6100 S

6400 S BLVD HOLLADAY

700 E

900 E

1300 E HWY 189 WINCHESTER ST

3200 W 3200

2700 W 2700

AIRPORT RD 7000 S 2300 E 3000 E

MAIN ST GENEVA RD 7200 S

7500 S 2700 E

7800 S VINEYARD 7800 S REDWOOD RD TEMPLE DR

700 E CENTER ST BENGAL BLVD 3500 E C 800 N 8000 S REE 800 N K RD

U-111

1000 E STATE ST 1300 E WASATCH BLVD

STATE ST STATE

OREM MAIN ST 8600 S E W 3200

V N

JAGUAR DR

4000 W 4000

2200W A E 1 W CA Y ST 9000 S LE DR T 9000 S I NEW BINGHAM HWY S Subject: R

HWY 68 700 E V I 9400 S 9400 S L N Jordan IT D T OO R U LE CO NW TEMPLE DR O 300 W 300 TT D 9800 S 9800 S J SEGO L O ILY 9800 S D Campus R OLD BINGHAM HWY R D

4000 W 4000

BANGERTER HWY N

3200 W 3200 T UNIVERSITY PKWY W 1000 W

SOUTH JORDA 5,6 Y N P KWY GENEVA RD ST STATE 10600 S DIMPLE D ELL Y RD

K P 2 T 0 N 11000 S 0

2700W 2200W 0 O 3 E R

REDWOOD RD F

1700 E

U-111 E 11000 S V 700 E

1000 E I 11400 S 1300 E R D L V O L B N H E C T 11800 S W 4000 P SA 11800 S E KIMBALLS LN A A W

700 W 700

1300 W 1300

Y PKWY 12300 S DRAPER PIONEER RD

500 W500 12600 S

BANGERTER HWY CENTER ST UNIVERSITY AVE PROVO 300 S MAIN ST

2700W 3600 W 3600 13200 S FORT ST 13200 S

300 E 13400 S REDWOOD RD STATE ST 13400 S MINUTEMAN DR

4000 W 4000

4800 W 4800 13800 S Y 13800 S W H 5600 W 5600 R BANGERTE R D D N LA H IG H 14600 S TRAVE RSE RIDG E

1400 N

HWY 68

MAIN STMAIN

400 S 4000 S CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 35 H W

8 9 SPRINGVILLE

MAPLE ST

STATE ST

3200 W 3200

1600 W 1600 6400 S 6400 S MAPLE ST

100 S 300 S HWY 6 7300 S CANYON RD

8000 S Y 8 9

12800 W 12800 SPANISH FORK

MAIN STMAIN

3600 W 3600 HWY 198

100 N

100 W 100 800 S PAYSON

12800 W 12800

HWY 198

STATE ST

MAIN ST SANTAQUIN

HWY 6

HWY 6 MAIN ST MARKET INFORMATION JORDAN LANDING CAMPUS | WEST JORDAN, UT

7167 CENTER PARK DRIVE 7181 CAMPUS VIEW DRIVE 155,750 SQUARE FEET 106,000 SQUARE FEET MARKET INFORMATION - “AMERICA’S NEXT BOOM TOWN” JORDAN LANDING CAMPUS | WEST JORDAN, UT AREA HIGHLIGHTS

• #1 Hot startup city that isn’t San Francisco or New York (Entrepreneur) When it comes to staggering sums of • #5 Fastest growing city in nation (Forbes, 2016) venture capital raised in 2014, there’s Utah, and then there’s everyone else • America’s next boom town: #2 for significant tech-sector (Inc Magazine, 2014) growth and large population increases (Forbes, 2015)

• West Jordan City is home to Oracle, Boeing, Sysco and Dannon as well as many other businesses

• #10 In national tech job growth This part of the Rockies isn’t just turning out large amounts of fluffy, white stuff, • #25 Tech-talent market it also seems to be producing a strong • #1 Region for new career opportunities (Fortune, 2015) herd of unicorns, or startups worth at least $1 billion on paper • #5 Hottest U.S. metro for advanced industries (TechCrunch, 2015) (Brookings)

• Salt Lake City ranked #10 in national tech job growth

• Salt Lake City ranked #25 tech-talent market

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 37 STATE OF THE MARKET OFFICE MARKET SALT LAKE COUNTY UTAH OVERVIEW

The Utah office market continued to expand in 2016. Increased activity and record amounts of positive net absorption created a new commercial landscape across the Wasatch Front. The majority of 2016 leasing activity was a result of tenants occupying new space that was pre-leased during 2015. While sublease availability increased over each quarter, overall market indicators such as local population growth and continued economic development will remain strong into 2017.The office market will accommodate an increased supply of space now that new, large Class A office buildings offer tenants more options than what was available to them in 2015. This growing footprint brings a healthier balance to supply and demand in the office market. MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING CAMPUS | WEST JORDAN, UT

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CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 38

2 CBC ADVISORS | UTAH MARKET REPORT MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING CAMPUS | WEST JORDAN, UT

OFFICE MARKET

CENTRAL EAST SOUTH EAST VACANCY RATES CENTRAL WEST SOUTH WEST Salt Lake County historic overall office vacancy 2016 8.74% LEASE RATES (FS) Salt Lake County historic overall lease rates 2015 8.60% OVERALL CLASS A CLASS B CLASS C $30 2014CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 39 10.02% $25

$20 2013 12.43% $15 2012 $10 12.31%

$5 2011 12.70% $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 $0 2011 2012 2013 2014 2015 2016

ABSORPTION RATES Salt Lake County YTD overall absorption

2011 1.09M 2012 437K 2013 374K 2014 850K 2015 713K 2016 1.15M

0 250K 500K 750K 1M WWW.CBCADVISORS.COM 3 OFFICE MARKET

SALT LAKE COUNTY COUNTY SUMMARY Stimulated by large demands for office space, the Salt Lake The South submarket experienced the County office market grew by an additional 1.7 million square feet in 2016, primarily in the South submarket.OFFICE Over MARKET 1.5 majority of leasing activity during 2016. million square feet of space was under construction by the This continued trend, proves that the end of the year, scheduled to be delivered by mid-year 2017. COUNTYVacancy rates SUMMARY in Salt Lake County increased slightly from 8.6 SALTsuburban LAKE marked COUNTY was able to keep up percent in 2015 to 8.74 percent at the end of 2016, a marginal demand for quality Class A space. Stimulatedincrease considering by large demands the amount for officeof new space, product the that Salt came Lake The South submarket experienced the Countyonline that office year. market Subleasing grew by became an additional an emerging 1.7 million trend square feetin 2016, in 2016, as some primarily new subleasein the South space submarket. gave tenants Over more 1.5 majority of leasing activity during 2016. millionoptions squareat competitive feet of space rates. wasThe underaverage construction asking lease by ratethe CONSTRUCTIONThis continued trend, proves that1.5M the endwas of$23.45. the year, Available scheduled Class to A be office delivered space byincreased mid-year steadily 2017. Salt Lake County office Total 1,559,037 SF Vacancyfrom $27.36 rates the in endSalt of Lake 2015 County to $28.94 increased at the endslightly of 2016. from The 8.6 constructionsuburban activity by marked was able to keepUnder Constructionup percentoverall Class in 2015 B averageto 8.74 percent asking leaseat the rateend wasof 2016, $21.05, a marginal while 44% quadrant increasethe Class considering C average asking the amount lease ofrate new reached product $18.61, that came a demand for quality Class A space. online$1.24 increase that year. from Subleasing 2015. Rates became are expectedan emerging to remain trend fairly 38% insimilar 2016, in as 2017 some due new to subleaseincreased space office gavesupply tenants coupled more with optionssublease at space competitive emerging rates. in theThe market. average asking lease rate CONSTRUCTION15% 1.5M was $23.45. Available Class A office space increased steadily Salt Lake County office Total 1,559,037 SF from $27.36 the end of 2015 to $28.94 at the end of 2016. The 3% construction activity by Under Construction overall Class B average asking lease rate was $21.05, while 44% quadrant the Class C average asking lease rate reached $18.61, a CENTRAL EAST SOUTH EAST $1.24 increase fromVACANCY 2015. Rates RATESare expected to remain fairly 38% similar in 2017 due to increased office supply coupled with CENTRAL WEST SOUTH WEST Salt Lake County historic sublease space overallemerging office in the vacancy market. MARKET INFORMATION 15% - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING CAMPUS | WEST JORDAN, UT 3% 2016 8.74% LEASECENTRAL EAST RATES (FS) SOUTH EAST VACANCY RATES Salt Lake County historic overall lease rates Salt Lake County2015 historic CENTRAL WEST SOUTH WEST 8.60% OVERALL CLASS A CLASS B CLASS C overall office vacancy $30 2014 201610.02% $25 8.74% LEASE RATES (FS) 2013 $20Salt Lake County historic overall lease rates 2015 12.43%8.60% OVERALL CLASS A CLASS B CLASS C $15 $30 20142012 $10 10.02%12.31% $25 $5 $20 20132011 12.70% $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 12.43% $0 $15 2011 2012 2013 2014 2015 2016 2012 $10 12.31% ABSORPTION RATES Salt$5 Lake County YTD overall absorption 2011 12.70% 2011 $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 1.09M $0 2012 2011 2012 2013 2014 2015437K 2016 2013 374K 2014ABSORPTION RATES 850K 2015 713K Salt Lake County YTD overall absorption 2016 1.15M 2011 1.09M 0 250K 500K 750K 1M 2012 437K WWW.CBCADVISORS.COM 3 2013 374K 2014 850K 2015 713K 2016 1.15M

0 250K 500K 750K 1M WWW.CBCADVISORS.COM 3 CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 40 MARKETSTATE INFORMATION OF THE MARKET - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING CAMPUS | WEST JORDAN, UT

$20

$15 VACANCY RATES Historic overall office vacancy $10

$5 Downtown SLC Suburban SLC $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 $0 2011 2012 2013 2014 2015 2016 2016 2016 11.95% 6.98% OVERALL CLASS A CLASS B CLASS C 2015 2015 11.51% 6.91%

LEASE RATES (FS) Suburban historic overall lease rates

$30 CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 41 $25

$20

$15

$10

$18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 2011 2012 2013 2014 2015 2016

North Central EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South BEGAN TO TAKE PLACE IN 2016. West Overall

4 CBC ADVISORS | UTAH MARKET REPORT STATE OF THE MARKET

SALT LAKE SUBMARKET SUMMARY Tenants continue to seek out record amounts of Class A office UTAH COUNTY product in the Salt Lake office market that is either recently DOWNTOWN VS. completed or under construction. Notable projects completed in 2016 include 111 South Main (440,000 square feet), Vista Stations 4 through 8 (655,000 square feet), The Pointe I SUBURBAN (77,703 square feet), the Overstock Peace Coliseum (231,000 square feet) and Town Ridge Center I & II (250,000 square feet), to name a few. Significantly, an additional 1.5 million STATE OF THE MARKET square feet of space was under construction at the end of the year. Buildings such as 53rd Center 1 (200,000 square feet), 136 Center 1 (162,000 square feet), Sandy Center Plaza LEASE RATES (FS) (327,000 square feet), Sandy Commerce Office Park (120,000 Downtown historic overall lease rates SUBMARKETsquare feet), SUMMARY Sandy Towers East (150,000 square feet), SoJo SALT LAKE Station (180,000 square feet) and View 72 (or CHG at 281,663 $30 Tenants continue to seek out record amounts of Class A office square feet) are scheduled to be complete in 2017. UTAH COUNTY product in the Salt Lake office market that is either recently $25 DOWNTOWN VS. completed or under construction. Notable projects completed in 2016 include 111 South Main (440,000 square feet), Vista $20 Stations 4 through 8 (655,000 square feet), The Pointe I SUBURBAN (77,703 square feet), the Overstock Peace Coliseum (231,000 $15 square feet) and Town Ridge Center I & II (250,000 square feet), to name a few.VACANCY Significantly, anRATES additional 1.5 million square feet of spaceHistoric was under overall construction office vacancy at the end of $10 the year. Buildings such as 53rd Center 1 (200,000 square feet), 136 Center 1 (162,000 square feet), Sandy Center Plaza LEASE$5 RATES (FS) (327,000Downtown square feet), SLC Sandy Commerce OfficeSuburban Park (120,000 SLC Downtown historic overall lease rates $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 square feet), Sandy Towers East (150,000 square feet), SoJo $30 $0 Station (180,000 square feet) and View 72 (or CHG at 281,663 2011 2012 2013 2014 2015 2016 square2016 feet) are scheduled to be complete2016 in 2017. MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET 11.95% JORDAN LANDING CAMPUS6.98% | WEST JORDAN, UT $25 OVERALL CLASS A CLASS B CLASS C 2015 2015 $20 11.51% 6.91%

$15LEASE RATES (FS) VACANCY RATES Suburban historic overall lease rates Historic overall office vacancy $10 $30 $5 Downtown SLC Suburban SLC $25 $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 $0 $20 2011 2012 2013 2014 2015 2016 2016 2016 11.95% 6.98% $15 OVERALL CLASS A CLASS B CLASS C 2015 2015 11.51% 6.91% $10

LEASE$5 RATES (FS) Suburban historic overall lease rates $18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 $30 2011 2012 2013 2014 2015 2016

$25 North Central $20 EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South $15 BEGAN TO TAKE PLACE IN 2016. West Overall $10

$5 4 CBC ADVISORS | UTAH MARKET REPORT $18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 2011 2012 2013 2014 2015 2016

North Central EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South BEGAN TO TAKE PLACE IN 2016. West CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 42 Overall

4 CBC ADVISORS | UTAH MARKET REPORT MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING CAMPUS | WEST JORDAN, UT

OFFICE MARKET

UTAH COUNTY COUNTY SUMMARY The Utah County office market continued to experience an The northern Utah County submarket imbalanced rate of market activity. The North quadrant saw the most significant amounts of net positive absorption, continued to see high activity levels which accounted for 1.06 million square feet of the 1.13 while demand for Class A space million square-foot total. Asking lease rates increased from $18.54 full service at the end of 2015 to $23.08 full continues across the county. service at the end of 2016, caused by the large amounts of new Class A office space that was introduced in 2016. The Central quadrant’s average asking lease rate also CONSTRUCTION 357K increased slightly from $18.08 full service to $19.45. Some Utah County office Total 357,133 SF areas of Utah County saw a slight slowing of activity as construction activity by Under Construction tenants who pre-leased space moved in. Class A office quadrant space in the North quadrant experienced record-breaking positive absorption of 1,070,801 square feet, while Class A 83% space reached 87,141 square feet of net positive absorption in the Central quadrant and 38,500 square feet in the South quadrant. The overall vacancy rate increased from 4.35 percent to 6.8 percent, caused mainly by the completion of 1,651,541 square feet of construction in 2016. Additionally, 17% over 357,000 square feet of construction is estimated to be completed by mid-year 2017. This new amount of Class A office space would allow tenants who are currently looking CENTRAL NORTH for ideal, move-in-ready space to have more options than in the last two years.

LEASE RATES (FS) Utah County average asking lease rates by class VACANCY RATES Utah County vacancy $25 $23.41 rates by class $21.34 $20 $18.02 Overall CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 43 $15.00 6.83% $15 Class A 8.14% $10 Class B $5 5.22%

$0 Class C CLASS A CLASS B CLASS C OVERALL 7.16%

ABSORPTION RATES Utah County YTD absorption by quadrant

North 1.06M Central 66K South 173 West 0 Overall 1.13M

0 250K 500K 750K 1M Note: Numbers based on change from December 2015 to December 2016 WWW.CBCADVISORS.COM 5 OFFICE MARKET

UTAH COUNTY COUNTY SUMMARY The Utah County office market continued to experience an The northern Utah County submarket imbalanced rate of market activity. The North quadrant saw the most significant amounts of net positive absorption, continued to see high activity levels which accounted for 1.06 million square feet of the 1.13 while demand for Class A space million square-foot total. Asking lease rates increased from $18.54 full service at the end of 2015 to $23.08 full continues across the county. service at the end of 2016, caused by the large amounts of new Class A office space that was introduced in 2016. The Central quadrant’s average asking lease rate also CONSTRUCTION 357K increased slightly from $18.08 full service to $19.45. Some Utah County office Total 357,133 SF areas of Utah County saw a slight slowing of activity as construction activity by Under Construction tenants who pre-leased space moved in. Class A office quadrant space in the North quadrant experienced record-breaking positive absorption of 1,070,801 square feet, while Class A 83% space reached 87,141 square feet of net positive absorption in the Central quadrant and 38,500 square feet in the South quadrant. The overall vacancy rate increased from 4.35 percent to 6.8 percent, caused mainly by the completion of 1,651,541 square feet of construction in 2016. Additionally, 17% over 357,000 square feet of construction is estimated to be completed by mid-year 2017. This new amount of Class A MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET office space wouldJORDAN allow LANDING tenants CAMPUS who are currently | WEST lookingJORDAN, UT CENTRAL NORTH for ideal, move-in-ready space to have more options than in the last two years.

LEASE RATES (FS) Utah County average asking lease rates by class VACANCY RATES Utah County vacancy $25 $23.41 rates by class $21.34 $20 $18.02 Overall $15.00 6.83% $15 Class A 8.14% $10 Class B $5 5.22%

$0 Class C CLASS A CLASS B CLASS C OVERALL 7.16%

ABSORPTION RATES Utah County YTD absorption by quadrant

North 1.06M Central 66K South 173 West 0 Overall 1.13M

0 250K 500K 750K 1M Note: Numbers based on change from December 2015 to December 2016 WWW.CBCADVISORS.COM 5

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 44 OFFICE MARKET

UTAH FORECAST

LOOKING AHEAD Projections estimate that by year-end 2017 the market New construction is expected to slow will settle into its expanded office inventory. Lease rates should remain relatively unchanged as new during 2017, as landlords focus on product and the remaining older generation of office space keep lease rates competitive. Landlords will be filling the remainder of their newly focused on filling the remainder of available space, completed Class A properties. possibly offering incentivized tenant improvement packages. Sublease space will continue to be an option for tenants throughout the year. Developers will need to upgrade Class B and C buildings to remain competitive in the market.

OFFICECBD MARKET 36,601 State of Utah Business Resource Center Broadway Building CBD 31,956 Dorsey 111 S Main Utah County North 106,000 Entrata Traverse Heights Utah County Central 74,973 Imagine Learning, Inc. UTAH ImagineFORECAST Learning Bldg. (Former Qualtrics Bldg.) Utah County North 65,172 Instructure, Inc. Grove Tower LOOKING AHEAD Projections estimate that by year-end 2017 the market Utah CountyNew North construction59,170 Young is expected Living Essential to Oils slow will settleThanksgiving into its expanded Point office 1 - Young inventory. Living Lease Essentials Utah County North 51,785 Global Payments rates shouldMountain remain Tech relatively Center unchanged as new during 2017, as landlords focus on product and the remaining older generation of office Utah County Central 40,000 Clearlink (Sykes) space keepUniversity lease rates Place competitive. Landlords will be Utah County Northfilling the41,848 remainderHorrocks ofEngineers, their Inc. newly focusedGrove on filling Creek the remainder1 of available space, Utah County North completed35,606 Bamboo Class HR, A LLC properties. possiblyCanopy offering IV incentivized tenant improvement packages. Sublease space will continue to be an Utah County Central 30,000 Northstar Alarm Services, LLC option forUniversity tenants throughoutPlace the year. Developers Utah County North 20,000 Bodyguardz will needThanksgiving to upgrade Class Station B and 4 C buildings to remain competitive in the market.

NOTABLE OFFICE LEASES Sub Market Comp SF Tenant Property Name Sandy South Towne 83,925 Apollo Medical Extrusion Technologies 8760 S. Sandy Pkwy. Sandy South Towne 75,000 Connexion Point Sandy Commerce Office Park Sandy SouthNO. Towne 273,850 DealerTrackRANKED Systems, Inc. #1 RiverPark 3 2ND BEST Sandy South Towne 69,172 E*Trade Financial Corporation South Towne Corporate Center 2 Provo and Orem ranked No. 2 and Provo ranked #1 for best Provo ranked the 2nd best city CentralSalt Lake Valley City East No. 5 by 63,175Business Pharmaceutical downtownsResearch Associates, in country Inc. Evergreen Officefor Plazatechnology and business SandyInsider South for Townethe 15 U.S. Cities62,706 That InMoment by Livability. SoJo Station by1 the Milken Institute with Salt CottonwoodAre Driving the Future.60,358 Healthcare Quality Catalyst Millrock Park WestLake ranked as 5th. CBD 40,030 Workman Nydegger World Trade Center 6CottonwoodCBC ADVISORS | UTAH MARKET REPORT37,009 Social Finance, Inc. dba SoFi Cornerstone I CBD 36,601 State of Utah Business Resource Center Broadway Building CBD 31,956 Dorsey 111 S Main Utah County North 106,000 Entrata Traverse Heights Utah County Central 74,973 Imagine Learning, Inc. Imagine Learning Bldg. (Former Qualtrics Bldg.)

Utah County North 65,172 Instructure, Inc. Grove Tower CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 45 Utah County North 59,170 Young Living Essential Oils Thanksgiving Point 1 - Young Living Essentials Utah County North 51,785 Global Payments Mountain Tech Center Utah County Central 40,000 Clearlink (Sykes) University Place Utah County North 41,848 Horrocks Engineers, Inc. Grove Creek 1 Utah County North 35,606 Bamboo HR, LLC Canopy IV Utah County Central 30,000 Northstar Alarm Services, LLC University Place Utah County North 20,000 Bodyguardz Thanksgiving Station 4

NO. 2 RANKED #1 2ND BEST

Provo and Orem ranked No. 2 and Provo ranked #1 for best Provo ranked the 2nd best city Salt Lake City No. 5 by Business downtowns in country for technology and business Insider for the 15 U.S. Cities That by Livability. by the Milken Institute with Salt Are Driving the Future. Lake ranked as 5th.

6 CBC ADVISORS | UTAH MARKET REPORT OFFICE MARKET

UTAH FORECAST

LOOKING AHEAD Projections estimate that by year-end 2017 the market New construction is expected to slow will settle into its expanded office inventory. Lease rates should remain relatively unchanged as new during 2017, as landlords focus on product and the remaining older generation of office space keep lease rates competitive. Landlords will be filling the remainder of their newly focused on filling the remainder of available space, completed Class A properties. possibly offering incentivized tenant improvement packages. Sublease space will continue to be an MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET option for tenants throughoutJORDAN LANDING the year. CAMPUSDevelopers | WEST JORDAN, UT will need to upgrade Class B and C buildings to remain competitive in the market.

NOTABLE OFFICE LEASES Sub Market Comp SF Tenant Property Name Sandy South Towne 83,925 Apollo Medical Extrusion Technologies 8760 S. Sandy Pkwy. Sandy South Towne 75,000 Connexion Point Sandy Commerce Office Park Sandy South Towne 73,850 DealerTrack Systems, Inc. RiverPark 3 Sandy South Towne 69,172 E*Trade Financial Corporation South Towne Corporate Center 2 Central Valley East 63,175 Pharmaceutical Research Associates, Inc. Evergreen Office Plaza Sandy South Towne 62,706 InMoment SoJo Station 1 Cottonwood 60,358 Healthcare Quality Catalyst Millrock Park West CBD 40,030 Workman Nydegger World Trade Center Cottonwood 37,009 Social Finance, Inc. dba SoFi Cornerstone I CBD 36,601 State of Utah Business Resource Center Broadway Building CBD 31,956 Dorsey 111 S Main Utah County North 106,000 Entrata Traverse Heights Utah County Central 74,973 Imagine Learning, Inc. Imagine Learning Bldg. (Former Qualtrics Bldg.) Utah County North 65,172 Instructure, Inc. Grove Tower Utah County North 59,170 Young Living Essential Oils Thanksgiving Point 1 - Young Living Essentials Utah County North 51,785 Global Payments Mountain Tech Center Utah County Central 40,000 Clearlink (Sykes) University Place Utah County North 41,848 Horrocks Engineers, Inc. Grove Creek 1 Utah County North 35,606 Bamboo HR, LLC Canopy IV Utah County Central 30,000 Northstar Alarm Services, LLC University Place Utah County North 20,000 Bodyguardz Thanksgiving Station 4

CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 46 NO. 2 RANKED #1 2ND BEST

6 CBC ADVISORS | UTAH MARKET REPORT JORDAN LANDING OFFICE CAMPUS OFFERING MEMORANDUM 7181 SOUTH CAMPUS VIEW DR. & 7167 CENTER PARK DRIVE | WEST JORDAN, UT

7167 Center Park Dr. 155,750 sq. ft. 5.0 acres

v l

Center Park Drive B

n i

7181 Campus View n

L 106,000 sq. ft. Campus View Drive n 3.46 acres a

7252 Jordan Landing 2.89 acres

Brandon Fugal Rawley Nielsen Darren Nielsen Chairman President - Investment Sales Investment Sales 801.947.8300 801.441.5922 801.448.2662 [email protected] [email protected] [email protected]

Salt Lake City Office | 111 South Main, Suite 2200 | Salt Lake City, UT 84111 | 801.947.8300 | www.cbcadvisors.com