CONFIDENTIAL OFFERING MEMORANDUM

82% LEASED - TWO MULTI-TENANT PROFESSIONAL OFFICE BUILDINGS 8010 & 8020 West Sahara Avenue , 89117 Contents

Investment Contacts Charles M. Moore, CSM License: BS.36559.PC EXECUTIVE SUMMARY 03 ...... Executive Director

+1 702.688.6953 05 ...... PROPERTY DESCRIPTION [email protected] Marlene M. Fujita, CCIM 11 ...... TENANT PROFILES Executive Director License: S.054013 15 ...... MARKET OVERVIEW +1 702.688.6884 [email protected] 20 ...... COMPARABLE MARKET SUMMARY Hunter Bradshaw Associate 25 ...... LAS VEGAS MARKET SNAPSHOT License: S.187196 +1 702.688.6874 32 ...... FINANCIALS [email protected] Helen Bejiga Brokerage Coordinator +1 702.688.6887 [email protected]

© 2019 Cushman & Wakefield, Inc. All Rights Reserved. PROPERTY PHOTOS

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 3 THE OFFERING Cushman & Wakefield is pleased to present for purchase a ±47,956 square foot multi-tenant professional office park located at 8010 & 8020 W. Sahara Avenue in Las Vegas, Nevada. This asset, comprised of two (2) two-story buildings situated on West Sahara Avenue between Cimarron Road and Buffalo Drive, is currently 82% leased to a variety of professional tenants including Deaf Centers of Nevada, Therapy Management Group, Conant, Nelson & Conant, Premier Realty Group, Southern Nevada Golf Association and Dr. Gregory Bowman, DDS. The remaining four (4) vacancies are in move-in ready condition requiring minimal tenant improvements. Property access is available via two (2) curb cuts on Sahara Avenue. Contained within the property’s parcel are 276 parking stalls including seventy-six (76) covered, reserved spots providing a parking ratio of 4.9/1,000 square feet, above the ±4:1,000 market standard. The property is located directly behind a retail shopping center which is 100% leased by Denny’s, Smoothie King, Faces & Curves Spa, Subway, Toothfairy Children’s Dental, Identity Hair Salon and V & V Nail Spa, and is adjacent to City Athletic Health Club.

SALIENT FACTS

Property Name: 8010 & 8020 W. Sahara Avenue INVESTMENT HIGHLIGHTS Address: 8010 & 8020 W. Sahara Avenue, Las Vegas, NV 89117 • TWO-STORY GARDEN OFFICE meticulously maintained, features manicured courtyards, covered parking and is located near popular amenities including: City Description: 82% Leased Two-Building Office Opportunity Athletic Club, Wells Fargo, Denny’s, Marie Callendar’s and Capriotti’s Sandwich shop. Price: $6,750,000 • CAPITAL OUTLAY in excess of $1,000,000 has been invested by ownership for Price/SF: $140 improved electrical systems, stairways, doors, exterior paint, parking, common areas and art work, as well as tenant improvements, minimizing future capital expenses. Actual In-Place NOI 10/1/19: $465,398 • LOCATION is accessible from major arteries including Yield: 6.9% In-Place :: 7.9% Year 1 less than three and one half (3.5) miles to the north, US-95 less than four (4) Year One NOI: $531,214 miles to the northeast, the 215 beltway less than four (4) miles to the west and I-15 five (5) miles east of the subject property. Occupancy: 82% • DEMOGRAPHICS within a one mile ring has a 15,365 population count, Terms: Cash or Cash to New Loan three mile ring is 178,271 and five mile ring is 482,835. Average Household Income is estimated at $89,113, $70,676, $71,904, respectively, which is well Total Size: ±47,956 SF above the MSA average of $55,973. Acreage: ±3.08 Total Acres • INCREASED OCCUPANCY as a result of its location and improvements, the subject property continues to attract new tenants, while renewing existing tenants with APN’s: 163-04-805-004 & 163-04-805-005 minimal cost. Zoning: Office (O), City of Las Vegas • BELOW MARKET RENTS with 67% of the tenant roster paying less than today’s market lease rate. Year Built: 2001 • DOUBLE DIGIT leveraged returns in excess of 16.18%

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 4 PROPERTY DESCRIPTION

8010 SAHARA

8020 SAHARA

4 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 5 SITE PLAN

8010 & 8020 W. SAHARA AVE.

8010 W 8020 W Sahara8020 SAHARA Ave 8010 SAHARA Sahara Ave

NOT TO SCALE

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 6

Not A Part SITE AERIAL

RED ROCK HOTEL & CASINO

RED ROCK QUEENSRIDGE NATIONAL PARK TOWERS

S. CIMARRON RD.

W. VIA OLIVERO AVE.

8020 & 8010 W. SAHARA AVE. W. VIA OLIVERO AVE.

City Athletic Club

6 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 7 8010 & 8020 W. SAHARA AVE.

8010 SAHARA

NOT A PART

8020 SAHARA

W. SAHARA AVE.

W. VIA OLIVEROAVE.

PROPERTY INFORMATION

Construction: The buildings are constructed of wood frame with stucco exteriors

Roof: Built-up roof system

HVAC: Individual rooftop package units

Ingress/Egress: Access to the property is provided via two (2) curb cuts on West Sahara Avenue There are 238 parking stalls, seventy-six (76) of which are covered, reserved parking stalls Parking: providing a parking ratio of 4.9/1,000 square feet

Signage: Tenant signage is located at the entry to each suite and on building directories

Fire/Life/Safety: The buildings are fully sprinklered

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 8 PARCEL MAP . . K K P P C C O O A A E Thiis map iis ffoorraasssseessssmmeennttuusseeoonnlylyanadnddodeosesNONTOTreprerepsresnet natsaursvueryv.ey. ASASSESSESSOSRO'SRP'SARPACRECLSEL-SC-LACRLKARCKO.C, NOV.,. NV. E O O S S M M B B T21ST2R16S0ER60E 4 4 S 2 SES42 SE 4 163-041-863-04-8 MicMhieclheeWle. WSh.aSfeha-fAes-sAessoerssor No liability iiss aassssuummeeddfoforrththeeaaccucuraracycyofotfhtehedadtatadedlienliiantieadtehdehreeirne.in. 127 123 8 4 8 8 4 4 8 4 126 127 125126124 124 123 PARCPEALRCBOELUNBDOAURNYDARY CONDCOOMNINDIOUMIUNNIUITM UN0IT01 ROAD PRAORACDELPANRUCMEBLERNUMBER 125 6 5 4 36 25 14 3 2 1 IInfformatiion onnrrooaaddssaannddooththeerrnnoonn-a-sassessessesdedpapracreclselms amyabyeboebotabintaeidned 001 5 1 7 8 9 10 11 12 1 5 5 1 5 1 D SUB BOUNDARY 7 8 9 10 11 12 D SUB BOUNDARY AIR SPACE PCL 001 PARCEL NUMER PARCEL NUMER 136 140 S AIR SPACE PCL 001 from the Road Document Listing in the Assessor's Office. 136 140 S from the Road Document Listing in the Assessor's Office. 137 138 139

N 137 138 139

N PM/LD BOUNDARY PM/LD BOUNDARY ACREAGE 18 17 16 1158 1147 1136 15 14 13 E 1.00 ACREAGE

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TRIDENT BUSINESS PARK 9 8 PT1 1 1 502 PT1 103-53 8 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 9 DEMOGRAPHICS

POPULATION

1-mile 3-mile 5-mile

2018 Population - Current Year Estimate 15,365 178,271 482,835

2022 Population - Five Year Projection 16,651 190,407 518,147

2010 Population - Census 13,882 165,660 445,324

2000 Population - Census 11,378 156,488 378,780

2010-2017 Annual Population Growth Rate 1.41% 1.02% 1.12%

2017-2022 Annual Population Growth Rate 1.62% 1.33% 1.42%

POPULATION BY RACE/ETHNICITY

HOUSEHOLDS 1-mile 3-mile 5-mile

1-mile 3-mile 5-mile White 9,251 60.2% 106,229 59.6% 274,779 56.9% Black or African American 1,516 9.9% 17,825 10.0% 50,964 10.6% 2018 Households - Current Year Estimate 4,443 69,127 187,234 Asian 2,604 16.9% 23,755 13.3% 59,980 12.4% 2023 Households - Five Year Projection 5,279 73,416 199,610 American Indian or Alaska 84 0.5% 1,187 0.7% 3,156 0.7% 2010 Households - Census 2,809 64,967 175,111 Native Pacific Islander 69 0.4% 1,280 0.7% 3,570 0.7% 2000 Households - Census 296 60,971 149,992 Other Race 1,030 6.7% 18,013 10.1% 63,833 13.2% 2010-2018 Annual Household Growth Rate 5.71% 0.86% 0.93% Two or More Races 811 5.3% 9,981 5.6% 26,553 5.5% W. VIA OLIVERO AVE 2018-2023 Annual Household Growth Rate 3.51% 1.21% 1.29% Hispanic 2,579 16.8% 44,435 24.9% 140,237 29.0%

2018 Average Household Size 2.98 2.57 2.57 White Non-Hispanic 7,978 51.9% 84,523 47.4% 211,832 43.9%

HOUSING

1-mile 3-mile 5-mile HOUSEHOLD INCOME . 2011-2015 Housing Units 6,576 74,206 203,435

1-mile 3-mile 5-mile 1 Unit -Detached 3,254 49.5% 41,701 56.2% 104,593 51.2%

2017 Average Household Income $83,113 $70,676 $71,904 1 Unit -Attached 331 5.0% 4,624 6.2% 11,543 5.7%

2022 Average Household Income $92,260 $78,546 $79,918 2 Units 13 0.2% 770 1.0% 1,966 1.0%

2017 Median Household Income $53,528 $52,357 $50,676 3-4 Units 583 8.9% 7,201 9.7% 18,529 9.1% 5-9 Units 998 15.2% 10,303 13.9% 30,803 15.1% 2022 Median Household Income $57,406 $55,129 $53,349 10-19 Units 610 9.3% 4,238 5.7% 17,574 8.6% 2017 Per Capita Income $35,372 $27,969 $28,295 20-49 Units 188 2.9% 951 1.3% 4,533 2.2% 2022 Per Capita Income $38,988 $30,841 $31,165 50 and Over 525 8.0% 3,887 5.2% 11,260 5.5%

2017 Median Value of Owner Occ. Housing Units $347,782 $234,272 $237,302 Mobile Home 74 1.1% 527 0.7% 3,530 1.7%

2017 Average Value of Owner Occ. Housing Units $448,896 $293,866 $307,706 Other Units 0 0.0% 5 0.0% 40 0.0%

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 10 TENANT

LAS VEGAS STRIP PROFILES

SUSHI FEVER W. SAHARA AVE.

City Athletic Club W. VIA OLIVERO AVE

NOT A PART W. SAHARA AVE.

.

W. VIA OLIVERO AVE.

10 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 11 GILBANE FEDERAL/ITSI GILBANE COMPANY http://www.gilbaneco.com/inc/ 8010 Sahara Avenue Gilbane, Inc. is the industry leader in construction and real estate development. Gilbane was founded in 1873 and is headquartered in Providence, Rhode Island. Gilbane is one of the largest privately held family-owned construction and real estate development firms in the industry. Gilbane operates through more than 50 offices worldwide. Gibane, Inc. has been a tenant for more than seven years.

PREMIER REALTY GROUP LLC http://www.premierlv.net RE/MAX Premier Realty Group is located in Las Vegas, NV and provides full service Property Management and Brokerage services. The employees handle all aspects of a sale and assist the client in finding a new home, while keeping in contact with the client on a consistent basis. Premier Realty Group has been a tenant for more than four years. The lease is personally guaranteed.

DEAF CENTER OF NEVADA http://www.dcnv.org/ Deaf Centers of Nevada is a non-profit organization located in Las Vegas, Nevada. Their mission is to empower the deaf and hard of hearing community by providing advocacy services, coordinating equal access to communication, preparing job placement and coaching, teaching independent living skills, hosting community building events and creating civil rights advocacy programs. Deaf Center of Nevada has been a tenant for nearly one year.

THERAPY MANAGEMENT GROUP http://www.tmgnv.com/ Therapy Management Group is located in Las Vegas, NV, and offers speech, occupational, and Physical Therapy for children up to eighteen years of age in the clinic. The company is also a community partner with the state early intervention program in Las Vegas as well as Reno to provide occupational, physical, speech, nutrition, vision, and behavioral therapy to kids that are found eligible under state guidelines age birth to three years. The lease is personally guaranteed and newly signed.

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 12 SOUTHERN NEVADA GOLF ASSOC https://snga.org/ The Southern Nevada Golf Association (SNGA) is a 501(c)(4) not-for-profit organization and was formed in 1967. SGNA is licensed by the United States Golf Association and promotes enhancement and expansion of the game of golf by protecting the game’s integrity and valued traditions. SNGA includes more than 50 public and private clubs numbering approximately 10,000 members comprised of all demographics. SNGA has been a tenant for for more than seven years.

CONANT, NELSON & CONANT LTD. http://www.cncltd.com/ CONANT, NELSON & CONANT began operation in 1993 and specialize in tax, accounting, and financial services for closely held family businesses. This firm was founded by Rob Conant, Steve Nelson, and Diane Conant. This firm assists their clients with wealth building, minimizing taxes on income from the business, and transferring that wealth to future generations. Conant, Nelson & Conant has been a tenant for more than three years. The lease has a corporate guaranty.

GREGORY BOWMAN DDS http://www.gregoryabowmandds.com/ Greg Bowman DDS is a family and cosmetic dentistry office, providing preventative care and dental exams. Their goal is to cater all patients and make the process of going to a dentist as easy and friendly as possible with the motto “Integrity, Excellence, Caring”. After Dr. Greg Bowman completed his degree at Georgetown University he moved back to Las Vegas to set up practice and has served the community since. Dr. Bowman DDS has been a tenant for more than seven years. The lease is personally guaranteed.

DMA CLAIMS INC. http://www.davidmorse.com/ DMA consists of independent adjusters and investigators providing adjusting services to the property and casualty insurance industry. DMA has locations in 43 states. DMA also provides high-quality claims services, TPA, auto material damage, and catastrophe response services. Over the last 35 years, their growth has been organic, based simply on doing their best to exceed the expectations of the client on each and every assignment received. DMA has been a tenant for more than seven years. The lease has a corporate guaranty.

12 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 13 CHARLES GRIGSBY DBA ALLIANCE CPA FIRM Charles Grigsby is a licensed CPA located in Las Vegas, NV. He 8020 Sahara Avenue has over 40 years experience as a public accountant and business advisor. As a certified public accountant, Charles Grigsby has a broad understanding of the American tax system making him a reliable source for tax preparation. He currently holds four business valuation certificates and three forensic accounting certificates. Charles Grigsby has been a tenant for four years. The lease is personally guaranteed.

JOSHUA AMADEUS MOYER APN https://www.makcollections.com Joshua Amadeus Moyer is a nurse practitioner, and has more than seven years of experience in the field of medicine. He graduated with a medical degree in 2008 in nursing for advanced practice involving independent and interdependent decision making and direct accountability for clinical judgment across the health care continuum. Joshua Moyer has completed additional training beyond basic nursing education and provides primary health care services in accordance with state nurse practice laws and statutes. He opened Moyer Medical Consultant Corp. in October of 2008.

CURTIS MARION INC. CURTIS MARI- Curtis Marion Inc. is a building contractor company specializing in ON INC. nonresidential construction of single-family homes. Established in 2003 and incorporated in Nevada, current estimates show this company has an annual revenue of $1 to $2.5 million. Curtis Marion has been a tenant for more than 12 years. The lease is personally guaranteed.

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 14 MARKET OVERVIEW

14 Capital Markets | Nevada Investment Team 8010 &8020 WEST SAHARA AVENUE :: MARKET OVERVIEW 15 MARKET OVERVIEW Las Vegas Office Market Overview Las Vegas’ office market continues its consistent demand throughout the valley. Tenant relocations have been impacting net absorption, as well as the lack of large construction projects currently underway. Future developments, such as Magnum Tower on Sunset Road and Sansone’s Rainbow 215 are highly anticipated. Furthermore, mixed-use projects such as Matter Real Estate’s UnCommons and Dapper Companies’ The Bend will drive tenants to the Southwest. Vacancy has been stagnant, to approximately 14% for the last seven quarters. As of Q2 2019, the Las Vegas office market vacancy sits at 14.1%. Asking lease rates continue to rise, in part due to the lack of new product on the market. Rents increased 3.05% year-over-year to $1.69 per square foot monthly and continued upward movement is anticipated for the remainder of 2019.

AVG. ASKING LEASE RATES NET ABSORPTION $2.50 1,800,000

1,600,000 $2.00 1,400,000

1,200,000 $1.50 1,000,000

800,000 $1.00

600,000

$0.50 400,000

200,000 $0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 0 YTD 2013 2014 2015 2016 2017 2018 2019 - YTD

VACANCY RATE GROSS LEASING ACTIVITY

25.0% 4,000,000

3,500,000

20.0% 3,000,000

15.0% 2,500,000

2,000,000

10.0% 1,500,000

1,000,000 5.0%

500,000

0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 0 YTD 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - YTD

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 16 MARKET OVERVIEW

NET # OF AVG. ASKING LEASING YEAR TOTAL RBA SF VACANT VACANCY RATE U/C BLDGS ABSORPTION BLDGS LEASE RATE ACTIVITY YTD YTD 2004 481 22,621,906 2,758,864 12.2% 2,093,444 $1.24 1,223,784 2,502,763

2005 466 22,172,299 2,140,752 9.7% 3,417,277 $1.25 1,072,119 2,475,718

2006 541 25,241,786 2,351,903 9.3% 4,181,029 $1.91 1,953,121 3,308,765

2007 971 30,199,552 4,615,946 15.3% 3,077,227 $2.01 1,074,700 3,984,865

2008 1,090 32,374,952 5,581,461 17.2% 2,221,728 $2.40 303,899 2,110,585

2009 1,110 33,522,645 7,706,529 23.0% 895,954 $2.31 (1,019,283) 1,382,361

2010 1,117 33,487,257 8,035,088 24.0% 288,605 $2.10 (551,051) 1,746,478

2011 1,122 33,963,956 8,532,808 25.1% 88,605 $1.96 (223,024) 1,587,302

2012 1,128 34,299,618 8,492,218 24.8% 126,942 $1.90 439,050 2,095,179

2013 1,139 35,239,614 7,906,660 22.4% 498,022 $1.86 1,456,342 2,970,307

2014 1,140 35,206,421 7,460,852 21.2% 487,714 $1.90 1,126,799 2,945,384

2015 1,148 35,802,297 6,988,420 19.5% 348,379 $1.94 913,870 2,775,404

2016 1,152 36,372,849 6,891,368 18.9% 0 $1.99 465,386 2,243,992

2017 1,152 36,614,348 5,535,161 15.1% 406,055 $2.06 1,597,812 3,168,126

2018 1,157 37,115,414 5,435,229 14.6% 143,890 $2.18 630,687 2,676,324

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

16 Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: PROPERTY DESCRIPTION 17 MARKET OVERVIEW

West Las Vegas Office Submarket Overview The West submarket is comprised of 189 buildings totaling 5,763,710 square feet. Class A space totals 683,816 square feet, Class B space totals 4.7 million square feet, and Class C space totals 336,293 square feet. The vacancy rate during Q2 2019 was 13.7%, with positive net absorption at 4,287 square feet and an average asking lease rate of $1.45 per square foot/month/gross. Recently, several new projects delivered in Downtown Summerlin, including Two Summerlin (office) and (minor league baseball stadium). Two Summerlin, the six-story, LEED-certified Class A property, houses WeWork’s first Las Vegas coworking location, among other tenants.

AVG. ASKING LEASE RATES NET ABSORPTION

400,000 $2.50 300,000 $2.00 200,000

$1.50 100,000 0 $1.00 (100,000)

$0.50 (200,000) (300,000) $0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (400,000) - YTD 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - YTD

VACANCY RATE GROSS LEASING ACTIVITY

30.0% 800,000 700,000 25.0% 600,000 20.0% 500,000

15.0% 400,000 300,000 10.0% 200,000 5.0% 100,000 0.0% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - YTD - YTD

18 MARKET OVERVIEW :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties MARKET OVERVIEW

NET # OF VACANCY AVG. ASKING LEASING YEAR TOTAL RBA SF VACANT U/C BLDGS ABSORPTION BLDGS RATE LEASE RATE ACTIVITY YTD YTD 2005 180 5,115,098 167,979 3.3% 60,872 $1.81 51,980 102,158

2006 183 5,155,970 209,924 4.1% 344,191 $2.11 (10,928) 224,519

2007 189 5,500,161 466,902 8.5% 19,914 $1.98 87,112 275,317

2008 190 5,520,075 559,885 10.1% 0 $1.82 (51,108) 390,425

2009 190 5,520,075 784,004 14.2% 0 $1.73 (229,330) 346,680

2010 190 5,520,075 844,476 15.3% 0 $1.59 (56,260) 307,130

2011 190 5,520,075 1,095,370 19.8% 0 $1.50 (255,947) 395,569

2012 190 5,520,075 1,115,630 20.2% 0 $1.32 (23,299) 347,257

2013 190 5,520,075 1,006,582 18.2% 206,279 $1.29 108,146 499,982

2014 190 5,520,075 1,344,483 24.4% 206,279 $1.55 (328,014) 683,220

2015 191 5,726,354 1,111,665 19.4% 0 $1.45 323,644 680,390

2016 191 5,726,354 960,371 16.8% 0 $1.43 175,184 600,542

2017 191 5,726,354 902,298 15.8% 0 $1.39 138,817 477,168

2018 191 5,726,354 839,471 14.7% 0 $1.41 71,683 345,809

2019 - YTD 191 5,726,354 800,976 14.0% 0 $1.41 12,908 59,707

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 19 COMPARABLE MARKET SUMMARY

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: EXECUTIVE SUMMARY 20 ASKING OFFICE LEASE COMPARABLES

ASKING RATE PROPERTY PHOTO ADDRESS TOTAL BLDG. SF AVAILABLE SF ADVERTISED MG EQUIVALENT

R&R PLAZA 1 8064-8084 WEST SAHARA AVE 54,394 0 (minimum) -- $1.35 MG LAS VEGAS, NV 89117

CANYON PLAZA 7905-7997 W. SAHARA AVE. 103,350 0 (maximum) $1.60 MG $1.60 MG 2 LAS VEGAS, NV 89117

SAHARA BUFFALO PROFESSIONAL CENTER 7785 W. SAHARA AVE 17,349 0 (total) $1.60 MG $1.60 MG 3 LAS VEGAS, NV 89117

LAKE BUSINESS PARK 3,230 (minimum) 8861, 8725, 8591 WEST SAHARA AVE 25,792 6,530 (maximum) $1.65 MG $1.65 MG 4 LAS VEGAS, NV 89117 10,423 (total)

LAKE SAHARA COMPLEX 0 (minimum) 8681 W. SAHARA AVE 12,300 0 (maximum) $1.45 MG $1.45 MG 5 LAS VEGAS, NV 89117 0 (total)

DURANGO BUSINESS PARK 1,000 (minimum) 3080 S. DURANGO DR. 48,180 4,069 (maximum) $1.60 MG $1.60 MG 6 LAS VEGAS, NV 89117 13,337 (total)

PINES CORPORATE CENTER 655 (minimum) 7321 W. CHARLESTON BLVD. 101,240 6,720 (maximum) $1.50 MG $1.50 MG 7 LAS VEGAS, NV 89117 19,619 (total)

20 21 COMPARABLE MARKET SUMMARY :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties 7

8010 & 8020 W. SAHARA AVE. 8010 & 8020 W. SAHARA AVE.

ASKING OFFICE LEASE COMPARABLES # ADDRESS

R&R PLAZA 1 8064-8084 WEST SAHARA AVE LAS VEGAS, NV 89117

1 CANYON PLAZA 2 7905-7997 W. SAHARA AVE. 4 LAS VEGAS, NV 89117 2 3 SAHARA BUFFALO PROFESSION- AL CENTER 3 5 7785 W. SAHARA AVE LAS VEGAS, NV 89117

LAKE BUSINESS PARK 8861, 8725, 8591 WEST SAHARA 4 AVE LAS VEGAS, NV 89117

LAKE SAHARA COMPLEX 5 8681 W. SAHARA AVE LAS VEGAS, NV 89117

6 DURANGO BUSINESS PARK 6 3080 S. DURANGO DR. LAS VEGAS, NV 89117

Capital Markets | Nevada Investment Properties 8010 & 8020 WEST SAHARA AVENUE :: COMPARABLE MARKET SUMMARY 22 ACTUAL OFFICE LEASE COMPARABLES

TOTAL LEASE LEASE TERM NEW/ FREE PROPERTY PHOTO TENANT NAME ADDRESS LEASED SF BLDG. SF DATE RATE (MONTHS) RENEWAL RENT

R&R PLAZA SHAMIR BLAIZO 54,394 1,211 7/1/18 $1.33 MG 36 NEW 0 months 8064-8084 WEST SAHARA AVE 1 LAS VEGAS, NV 89117

CANYON PLAZA SHORT & ASSOCI- 7995 W. SAHARA AVE 19,732 1,157 10/3/18 $1.43 MG 36 RENEWAL 0 months ATES, LTD 2 LAS VEGAS, NV 89117

LAKE SAHARA PLAZA CARETECH HOME 8689 WEST SAHARA AVE 12,478 1,095 7/2/17 $1.45 MG 24 NEW 0 months HEALTH 3 LAS VEGAS, NV 89117

THE PINES CORPORATE CENTER 7211-7391 WEST CHARLESTON MY THERAPY 101,240 849 9/1/19 $1.45 MG 24 NEW 2 months 4 BLVD. LAS VEGAS, NV 89117

NEW FOCUS THE PINES CORPORATE CENTER 5 CONSULTING OF 7211-7391 W. CHARLESTON BLVD 101,240 982 4/1/18 $1.45 MG 36 NEW 0 months NEVADA, LLC LAS VEGAS, NV 89117

THE PINES CORPORATE CENTER STRIPPED ESTHET- 7211-7391 W. CHARLESTON BLVD 101,240 1,288 6/1/19 $1.50 MG 36 RENEWAL 1 month 6 ICS LAS VEGAS, NV 89117

STEVEN B. GUINN 7905-7997 WEST SAHARA AVE. 7 103,406 6,997 9/1/18 $1.47 MG 60 RENEWAL 0 months INSURANCE LAS VEGAS,, NV 89117

23 COMPARABLE MARKET SUMMARY :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties 6 5 7

8010 & 8020 W. SAHARA AVE. ACTUAL OFFICE LEASE COMPARABLES # ADDRESS

R&R PLAZA 1 8064-8084 WEST SAHARA AVE LAS VEGAS, NV 89117

CANYON PLAZA 2 7995 W. SAHARA AVE 1 LAS VEGAS, NV 89117

2 3 LAKE SAHARA PLAZA 4 3 8689 WEST SAHARA AVE LAS VEGAS, NV 89117

THE PINES CORPORATE CENTER 7211-7391 WEST CHARLESTON 4 BLVD. LAS VEGAS, NV 89117

THE PINES CORPORATE CENTER 5 7211-7391 W. CHARLESTON BLVD LAS VEGAS, NV 89117

THE PINES CORPORATE CENTER 7211-7391 WEST CHARLESTON 6 BLVD. LAS VEGAS, NV 89117

Capital Markets | Nevada Investment Properties 8010 & 8020 WEST SAHARA AVENUE :: COMPARABLE MARKET SUMMARY 24 LAS VEGAS MARKET SNAPSHOT LAS VEGAS AREA OVERVIEW

CONTINUED INVESTMENT AND ECONOMIC GROWTH

The Las Vegas economy of $113 billion as measured by gross metro product is increasing visitation of foreign visitors, predominantly from Asia. forecasted to grow an additional 5.3% in 2019 and 4.1% in 2020, above its 10- year average of 1.0%. The City will continue position itself for long-term growth While the core gaming industry is typically credited as a key growth factor in as it benefits from billions of dollars of public and private investment, corporate the City’s history, major non-gaming commercial projects are helping to drive expansions and relocations, large-scale infrastructure projects, and, of course, additional demand to Las Vegas. With the success of the T-Mobile Arena, home record-breaking visitation levels. to the NHL’s , and over 150 events annually, developers have planned or are in construction on additional entertainment venues. Major convention space expansions, such as Mandalay Bay Convention Center Currently in mid-construction, is the 65,000 seat stadium, soon to be home and Las Vegas Convention Center, were recently completed to support the of NFL’s Raiders and UNLV’s football team. The completion is scheduled for continual growth of the convention and tradeshow industry. Additionally, 2020 and will also host a number of large scale events that the City is currently McCarran International Airport recently underwent a $2.4 billion expansion missing. to increase the airport’s annual capacity by 11 million passengers. McCarran is currently working on doubling the number of international gates to meet the With one of the fastest growing populations in the U.S., due to aggressive business incentives and public support for major commercial projects, Las Vegas is poised to outpace growth of other large metropolitan areas as it

Year Completed Project Est. Cost 2016 Mandalay Bay Convention Center Expansion $70M 2016 Monte Carlo Theater $100M 2016 MGM T-Mobile Arena $375M 2017 Wynn Plaza Retail Expansion $100M 2018 Aria Convention Center Expansion $154M 2018 Park MGM $450M 2019 All Net Resort & Arena $150M Est. Completion Project Est. Cost TBD Wynn West (Alon Site) $336M* 2020 MSG Sphere $400M TBD NFL Raiders Practice Facility & Headquarters $81M 2020 NFL Raiders Football Stadium $1.9B 2020 LVCVA Global Business District Expansion $2.3B 2020 The Drew Las Vegas (Fontainebleau Site) $3.6B 2020 Genting’s Resorts World Development $4B 2020 Caesars Forum Meeting Center $375M

*Subject to change with inclusion of construction costs 26 Las Vegas’ unemployment rate as of March 2019 was 3.8% compared to 4.2% in Nevada and 3.8% in the U.S.

EMPLOYMENT Economic fundamentals remain strong for the region with job growth exceeding a 28-year annual average of 22,600 for the last six years (2013-2018). In Las Vegas, all employment sectors are expected to grow at a combined growth rate of 3.1% in 2019 and 2.1% in 2020, above the 10-year average growth rate of 1.1%. In comparison, the U.S. as a whole is forecasted to grow 1.6% in 2019 and 1.5% in 2020, also above the 10-year growth rate of 0.8%. Office-using job sectors are forecasted to grow 3.4% in 2019 and 2.0% in 2020 compared to a 2.3% 10-year annual growth rate. Las Vegas’ unemployment rate as of March 2019 was 3.8% compared to 4.2% in Nevada and 3.8% in the U.S. The lowest ever unemployment rate in las Vegas on record was 3.4% in December 1999.

LAS VEGAS IS EXPERIENCING ROBUST GROWTH WITH PROJECTS UNDER CONSTRUCTION IN EXCESS OF $17.6 BILLION, GENERATING THOUSANDS OF JOBS OVER THE NEXT THREE YEARS!

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: LAS VEGAS MARKET SNAPSHOT 27 ATTRACTIVE TAX STRUCTURE The local tax structure is attractive to individuals and businesses because Nevada imposes no personal income, estate, business, or gift tax.

Corporate Income Tax Personal Income Tax Unitary, Franchise, Inventory Tax Inheritance, Estate and/or Gift Tax NO Chain Store Tax Nexus Tax

TRANSPORTATION

McCarran International Airport is situated just minutes from the Las Vegas Strip. During 2018, in McCarran’s 70th year of operation, it welcomed nearly 50 million passengers making it the 8th busiest airport in the country by passengers. Approximately 30 airlines provide service to 150 domestic and international cities. Over 85% of McCarran’s traffic is origin and destination, amongst the highest ratio of any U.S. airport. Terminal 3, the brand new 14-gate terminal, is home to all foreign flag carriers, some domestic carriers, and features a state-of-the-art Ticketing/Check-In area, Baggage Claim, and a 60,000 square foot Customs & Border Protection arrivals hall. Since 2016 Hainan Airlines has provided nonstop flights to Beijing, China, further catering to Asian travelers.

Major roads include Interstate-15, U.S. 95, and the Interstate-215 Beltway. I-15 links Las Vegas to Southern California and Salt Lake City. Reno, Phoenix and Albuquerque can be accessed via U.S. 95. The city is also just hours from San Francisco and Denver. McCarran is the 8th busiest airport in the The Regional Transportation Commission (RTC) oversees 175,000 trips daily, country with over 30 airlines providing picking up passengers at over 3,400 bus stops throughout Clark County. The fleet includes accessible buses that are equipped with wheelchair lifts. service to 145 locations. The Las Vegas Monorail is an elevated train system that connects major hotels and Crystals at CityCenter attractions along with a seven-stop, 3.9-mile route on the Strip.

28 LAS VEGAS MARKET SNAPSHOT :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties WYNN WEST Once envisioned through the perception of Australian Billionaire James Packard and former Wynn Resorts Executive Andrew Pascal, the once distant Alon Las Vegas site sold to Billionaire Philanthropist & Casino Mogul, Steve Wynn. The former Alon site is situated north of Fashion Show Mall, proximate to Wynn Las Vegas & Las Vegas Boulevard. The specifics of the deal consisted of an acquisition pertaining to the initial plot of 34.6 acres, with the inclusion of an additional 3.4 acres adjacently located to the site for a purchase price of $336M. Per recent news outlets, Wynn Resorts has executed an initiative to construct a hotel on the former Alon site dubbed Wynn West. Wynn West will house roughly 2,000-3,000 rooms and will connect through an “air-conditioned umbilical hallway” to seamlessly transition into the Encore Beach Club. The project will be an integral component of the proposed 280-acre project spanning from Paradise Road to Sammy Davis Jr. Drive. Wynn Resorts have expressed an estimated time-line of 4-5 months to draft renderings that showcase plans for the 280-acre development.

RESORTS WORLD LAS VEGAS Spearheaded by Bill Richardson and Yvette Landau, W.A. Richardson Builders, LLC are well into construction of Genting Group’s casino and hotel project called Resort World Las Vegas. Genting Group paid Boyd Gaming Corp. $350M RAIDERS for the Echelon site and is estimated to spend roughly $4B over the next few years to build An abundance of cranes and increase of activity on the the Asian-themed resort. Resorts World Las 63-acre parcel across Mandalay Bay Hotel & Casino at the Vegas broke ground on May 5, 2015, on their I-15, is evidence the Las Vegas stadium is well underway. mega-resort. Along with 100,000 square feet of The $1.9B, 65,000SF project is the future home of the NFL gaming space, the property will include multiple Raiders football team. This stadium is planned to support restaurants and dining options, 250,000SF of retail, more than 500,000SF of convention 6,000 new jobs and will allow for mixed-use development space, a theater, outdoor pool amenities, and 3,500 guest rooms. In June 2019, Resort World and tailgating events. The Henderson City Council Las Vegas announced that it reached a 20-year fully bundled electric sevice agreement with approved of the disposition of a vacant 55-acre plot to NV Energy and will use 100 percent renewable resources. the Raiders Organization for use of the team’s practice facility and administrative headquarters. The facility is situated near the southwest corner of St. Rose Parkway and Executive Airport. While the appraised value of this 55-acre plot surpassed $12M, the acquisition of the land by the Raiders Organization was at a significant discount ($6.05M) due to the generation in tax revenue and employment of roughly 250 full-time, non- THE DREW LAS VEGAS football individuals. The project’s estimated cost will amount to $81M, inclusive of the additional $75M capital, and initial $6.05M investment. Carl Icahn’s partially composed $2.8B, 3,815-room Fontainebleau Las Vegas sold for $600M to Real Estate Investment Firms, Witkoff Group and New Valley. The CAESARS FORUM MEETING CENTER long-awaited announcement for the future of the Caesars Entertainment is adding ±550,797SF of meeting property is in fruition. A partnership with hospitality- space to the Las Vegas Convention Center family. The giant Marriott International is confirmed, with plans facility will consist of ±304,219 SF ballroom space with to detail the Strip’s first JW Marriott as the driving supporting pre-function, kitchen and service areas. It concept. The rebranded concept, dubbed, “The Drew will be four-stories tall and 115 feet high. The southwest Las Vegas” outlines an increase in room & suite count portion of the building will include a ±107,000 SF plaza. from 3,815 to 4,000, with construction of 500,000SF of The forum shop is estimated to cost $375M and has a convention & meeting space, with various retail, entertainment, nightlife, and dining options. In addition, estimated opening date in 2020. the building’s design is in the finalizing stages. Consulting firm, Two Blackbirds Hospitality, spearheaded though Las Vegas Hospitality veteran, John Unwin, will oversee the development, launch, and operations. Economic impact from the completion of the project will create 6,000 hotel and 5,000 construction jobs. The total cost of the project, inclusive of the $600M deal, will be $3.6B. The specified timeline for completion is late 2020.

29 LAS VEGAS MARKET SNAPSHOT :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties HARRY REID RESEARCH & TECHNOLOGY PARK The UNLV | Harry Reid Research & Technology Park LAS VEGAS BY THE NUMBERS is situated in the Las Vegas’ Southwest submarket at Sunset Road, near Durango Drive and the I-215 Beltway. With the collaboration of the UNLV 10,000,000 Average Megabucks jackpot Research Foundation, the 122-acre, 12 building, 1.5MSF, master-planned business, research, and technology 6,500,000+ Convention Attendees in 2018 community continue to attract more tech-focused 2,200,000 Population of Southern Nevada businesses to Las Vegas. Overseeing the operations of the Harry Reid Research & Technology Park is Utah- 300,000 Acre-Feet (AFY) per year of the Colorado River goes to Nevada based developer, Gardner Company, with Slater Hanifan Group proctoring phase one and Ed Vance & Associates proctoring phase two. An initial economic analysis by the UNLV Center for Business and 150,000 Number of Hotel Rooms Economic Research reports that the park will generate 25,000 new jobs and create approximately $2.6B in direct and indirect economic impact to Las Vegas. 100,000 Population of Summerlin UNION VILLAGE 55,000 Employees of MGM Resorts International The 130-acre master-planned project called, Union 35,000+ Employees of CCSD Village, joins a list of medical cohorts inspiring to 9,233 Hotel Rooms on Paradise Road diversify the economy and bring additional health resources to Southern Nevada. Uniquely, Union Village 6,000 Full-time employees upon completion of the Raiders Stadium will be the first Integrated Health Village in the world. The project, located at the northeast corner of Galleria 4,000 Full-time police officers and I-95 near master-planned communities of Cadence, Tuscany, and Lake Las Vegas, includes Henderson 1,000 Acres under development at Apex Industrial Park Hospital which opened its doors with 130 beds in 800 Average number of acres auctioned off by the BLM each year October 2016, 4 acres for multi-family and generational housing, an ±83,000SF medical office building, over 60,000 square feet for a wellness center, 336 Public schools and 50,000 square feet for restaurants and retail shops. 271 Miles to Los Angeles

THE SUMMIT CLUB 163 Miles to Zion National Park The Summit Club is nestled between the scenic Red Rock 90 Percent of Southern Nevada’s water comes from the Colorado River Canyon and Las Vegas Strip at Hualapai Way & I-215 Beltway. The private, luxury golf community, developed 43 Hotels on the Strip by Discovery Land Company, surpassed The Ridges as the priciest neighborhood to reside. Custom home-sites 40 Number of concerts held at T-Mobile Arena will range from 8,000 to 30,000SF, with construction costs estimated in the realm of $1,100-$1,200 per square 35 New businesses started in 2017 foot. The community is situated on 555 acres of secluded land, housing 262 residences within Summerlin’s master- 31 Airlines provide service to McCarran Int’l Airport planned neighborhood. Included in the project is a private- world class championship Tom-Fazio inspired 18-hole Golf 30 Colleges and universities (includes vocational schools) Course and practice facility, wellness & recreation center, 19 Trail systems at Red Rock Canyon

MSG SPHERE LAS VEGAS 14 Gates at the new Terminal 3 of McCarran Int’l Airport The MSG Sphere is an under-construction project by Sands 5 Inches of rainfall per year on average and The Madison Square Garden Co. who have collaborated with Azoff MSG Entertainment, Live Nation Entertainment 3 Freeway systems Inc., and Oak View Group to construct a “first-of-its kind, 2 Miles from McCarran Airport to LV Convention Center large-scale venue” that will re-define the live music and entertainment experience. Los Angeles-based AECOM, a 2 Inches of snowfall on average at Mt. Charleston multinational engineering firm with offices in Las Vegas, was selected to build the high-tech spherical facility expected 1.5 Million acres of mountains, canyons, valleys span Lake Mead National Park to seat 18,000. The 360FT, 400,000SF project is located east of The Venetian on an open-air storage lot at Sands 1 RAIDERS National Football Team Avenue between Koval Lane & Manhattan Street. The arena is designed to accommodate specifically music and entertainment experiences; however it could adjust to host e-sports competitions and mixed martial art events. The total cost of the project is estimated at $400M and create nearly 8,000 direct and indirect new

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: LAS VEGAS MARKET SNAPSHOT 30 T-MOBILE INDOOR ARENA THE CLIFFS The newest and southernmost master-planned T-Mobile Arena is a multi-purpose indoor, entertainment community in Summerlin is also Southern Nevada’s arena and home of the National Hockey League’s Vegas largest planned community at 22,500 acres. Named Golden Knights. MGM Resorts International and powerhouse for the adjacent 600-foot-high ridgeline against the arena builder, AEG, opened their 650,000SF, 20,000-seat village’s western edge, The Cliffs houses 1,700 homes indoor arena in 2016, which also includes a 2-acre plaza in 11 neighborhoods on 450 acres near Patrick Lane park and 80,000SF of shopping behind the Park MGM and Hualapai Way. About a quarter of The Cliffs 110 and New York-New York Hotels. Founding sponsors of the acres will will accommodate Regency, an age qualified arena include T-Mobile, Coca-Cola and Toshiba and features neighborhood of about 450 homes and a clubhouse. Toshiba’s digital technology. Dining, entertainment, retail Along with being home to Wet ‘n’ Wild Water Park, The shops, other enterprises accompany the arena, stretching Cliffs also has a trail system tied into what’s anticipated from the Strip to Frank Sinatra Drive behind the resorts. to become a regional outdoor recreation area. Additionally there is a planned 25,000 SF aquatic center with junior Olympic-sized pool and aerobic pool.

CADENCE LAS VEGAS CONVENTION CENTER Cadence is in the heart of Henderson and is the With 3.2 million square feet of event and meeting space, city’s newest master-planned community designed the Las Vegas Convention Center is one of the busiest facilities in the world. The exhibition facility is conveniently to accommodate active lifestyles. The development located near over 100,000 guests rooms on the Las Vegas offers amenities tailored to complement a fulfilling Strip and hosts thousands of events annually making it living experience for both work and play. Spread one of the largest and well-recognized convention centers across 2,200 acres, Cadence has 450 acres of open in the world. With the addition of the Las Vegas Monorail space with parks offering free wifi, walking trails in 2004, and a stop at the convention center, made LVCC and bike trails. Unique features include a 100-acre easily accessible for anyone staying on the strip. LVCC sports park and the area’s only free bike-share will complete its fifth expansion in 2022, which will add approximately 600,000 SF and is aimed at providing even program. more access to the Strip. The expansion will also include renovation of older exhibit hall. The project will cost $860M.

30 31 LAS VEGAS MARKET SNAPSHOT :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties FINANCIALS

Capital Markets | Investment8010 &8020 Properties WEST SAHARA AVENUE :: MARKET OVERVIEW EXECUTIVE SUMMARY

PRICING SUMMARY Initial Cap Rate: 7.70% Purchase Price: $6,750,000 All Cash Internal Rate of Return: 10.65% Purchase Price / SF: $140.14 Leveraged Internal Rate of Return: 21.36% NOI: $520,034 Reversion Cap Rate: 8.00%

ASSUMPTIONS

Analysis Period Vacant Lease-Up Commencement Date 1-Oct-20 Total Vacant as of 2,584 SF Term 10 Years Projected Vacant at January 1, 2019 2,584 SF Lease Commencement Date 1-Oct-19 Area Measures Monthly Rent (CY 2019) $1.40 PSF Building Square Feet 48,167 SF Rent Adjustments 3.00% Annually Growth Rates Free Rent 0.0 Month (s) Expense Recovery Type Modified Gross Operating Expenses 3.00% Annually Lease Term 5 Years Property Taxes 3.00% Annually Tenant Improvements $5.00 PSF CPI 3.00% Annually Leasing Commissions 6.00% Market Rent 3.00% Annually Operating Expenses Second Generation Market Leasing Total Operating Expenses (CY 2019) $4.00 PSF Lease Retention Ratio 75% Management Fee 3.0% of EGR Monthly (CY 2019) $1.40 - $1.50 PSF Property Taxes Reassessed No Rent Adjustments 3.00% Annually Free Rent 0 Month (s) Capital Reserves (CY 2019) $0.10 PSF Expense Recovery Type Modified Gross General Vacancy Loss 10.00% Lease Term 5 Years Financing Tenant Improvements (Weighted) $3.13 PSF Loan Amount: $4,942,265 New $5.00 PSF Loan to Value: 70% Renewal $2.50 PSF Interest Rate: 4.00% Leasing Commissions (Weighted) 3.75% Monthly Payment: $23,595 Date of Funding: 10/1/2019 New 6.00% Loan Balance at Maturity: $3,893,713 Renewal 3.00% Amortization Period: 30 Years Loan Fee: 0.00% Downtime (Weighted) 2 Month (s) Initial Debt Coverage (NOI/Annual Debt Service): 1.84x New 6 Months

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

33 FINANCIALS :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties CASH FLOW PROJECTIONS BEGINNING OCTOBER 1, 2019

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Jun-2029 Total Rental Revenue Potential Base Rent 779,100 827,044 856,459 881,721 926,821 959,440 987,482 1,016,219 1,047,191 806,315 9,087,792 Absorption & Turnover Vacancy -60,963 -27,393 -21,872 -15,746 -47,355 -24,704 -47,631 -27,411 -18,379 -3,925 -295,380 Scheduled Base Rent 718,138 799,650 834,586 865,975 879,466 934,736 939,851 988,808 1,028,812 802,390 8,792,412 Total Rental Revenue 718,138 799,650 834,586 865,975 879,466 934,736 939,851 988,808 1,028,812 802,390 8,792,412 Other Tenant Revenue 6,059 8,995 12,384 15,940 18,527 15,489 13,689 15,659 17,543 16,063 140,349 Total Expense Recoveries 6,059 8,995 12,384 15,940 18,527 15,489 13,689 15,659 17,543 16,063 140,349 Total Other Tenant Revenue 724,197 808,645 846,971 881,915 897,994 950,225 953,540 1,004,467 1,046,355 818,453 8,932,760 Total Tenant Revenue Other Revenue 6,259 6,446 6,640 6,839 7,044 7,256 7,473 7,697 7,928 6,110 69,693 Potential Gross Revenue 730,455 815,091 853,611 888,754 905,038 957,480 961,013 1,012,164 1,054,283 824,563 9,002,453 Vacancy & Credit Loss Vacancy Allowance -18,179 -56,855 -65,676 -74,704 -47,884 -73,514 -53,233 -76,546 -88,887 -60,569 -616,048 Total Vacancy & Credit Loss -18,179 -56,855 -65,676 -74,704 -47,884 -73,514 -53,233 -76,546 -88,887 -60,569 -616,048 Effective Gross Revenue 712,276 758,236 787,935 814,050 857,154 883,966 907,780 935,618 965,396 763,994 8,386,405 Operating Expenses Utilities 41,708 42,959 44,248 45,575 46,942 48,351 49,801 51,295 52,834 40,715 464,428 Common Area Maintenance 84,725 87,267 89,885 92,582 95,359 98,220 101,167 104,202 107,328 82,708 943,442 Real Estate Taxes 28,184 29,030 29,901 30,798 31,722 32,673 33,653 34,663 35,703 27,513 313,839 Insurance 10,427 10,740 11,062 11,394 11,736 12,088 12,451 12,824 13,209 10,179 116,113 Management Fee 21,368 22,747 23,638 24,421 25,715 26,519 27,233 28,069 28,962 22,920 251,592 Direct Billed Electric 5,829 6,004 6,184 6,370 6,561 6,758 6,960 7,169 7,384 5,690 64,911 Total Operating Expenses 192,242 198,747 204,918 211,140 218,035 224,609 231,266 238,222 245,420 189,725 2,154,325 Net Operating Income 520,034 559,489 583,016 602,910 639,119 659,357 676,514 697,396 719,976 574,269 6,232,080 Leasing Costs Tenant Improvements 22,263 42,622 29,156 20,423 27,218 40,252 62,893 19,892 31,487 4,380 300,587 Leasing Commissions 44,833 45,620 28,754 19,318 30,924 44,796 67,316 21,291 33,701 4,688 341,241 Total Leasing Costs 67,096 88,242 57,910 39,741 58,141 85,049 130,210 41,183 65,188 9,069 641,828 Capital Expenditures Capital Reserves 4,913 5,072 5,220 5,358 5,519 5,685 5,855 6,031 6,212 4,787 54,650 Total Capital Expenditures 4,913 5,072 5,220 5,358 5,519 5,685 5,855 6,031 6,212 4,787 54,650 Total Leasing & Capital Costs 72,009 93,314 63,130 45,099 63,660 90,733 136,065 47,214 71,400 13,855 696,478 Cash Flow Before Debt Service 448,025 466,175 519,887 557,811 575,459 568,624 540,449 650,182 648,576 560,414 5,535,602 Cash Flow Available for Distribution 448,025 466,175 519,887 557,811 575,459 568,624 540,449 650,182 648,576 560,414 5,535,602

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. Capital Markets | Nevada Investment Properties 8010 & 8020 WEST SAHARA AVENUE :: FINANCIALS 34 LEASE SUMMARY REPORT

Tenant Leasing General Tenant Information Rent Details Free Rent Recovery Improvements Commissions Rate Per Year Tenant Name Amount Per Year Rent Structure Suite Number Initial Area Rent Rent Rate Per Month Changes Name Rate $/SF Rate $/SF Lease Dates Building Changes To Changes To Date Months Amount Per Month On Type Total Amount Total Amount Lease Term Share % $/SF-Annual $/SF-Monthly Rental Value Per Date Input Amount Tenure Year VACANT (100) 4,367 SF 16.80 Oct-2020 $17.30 $1.44 None New Base Year $0.00 $5.35 Suite: 8010-100 9.09% 73,366 Oct-2021 $17.82 $1.49 $0 $23,370 1. 10/1/2019 - 9/30/2024 1.40 Oct-2022 $18.36 $1.53 5 Years 6,114 Oct-2023 $18.91 $1.58 Freehold 73,366 2ITSI Gilbane Company 2,737 SF 18.00 Jun-2020 $18.54 $1.55 None 2019 Base $0.00 $0.00 Suite: 8010-110 5.70% 49,266 Jun-2021 $19.10 $1.59 Year $0 $0 2. 4/1/2012 - 5/31/2022 1.50 10 Years 2 Months 4,106 Freehold 45,982 Premiere Realty Group LLC 4,224 SF 13.68 Dec-2019 $14.04 $1.17 None ‘18 BY (est. $0.00 $0.00 Suite: 8010-140 8.79% 57,784 $175,519) $0 $0 3. 9/1/2011 - 11/30/2020 1.14 9 Years 3 Months 4,815 Freehold 70,963 So. Nevada Golf Association 1,164 SF 15.45 Aug-2019 $15.91 $1.33 None BY ‘15 $0.00 $0.00 Suite: 8010-160 2.42% 17,984 Sep-2020 $16.39 $1.37 ($173,803) $0 $0 4. 3/1/2012 - 8/31/2021 1.29 9 Years 6 Months 1,499 Freehold 19,555 Conant Nelson & Conant 4,294 SF 14.88 Jan-2020 $15.24 $1.27 None BY ‘16 $0.00 $0.00 Suite: 8010-220 8.94% 63,895 ($178,567) $0 $0 5. 1/1/2016 - 12/31/2020 1.24 5 Years 5,325 Freehold 72,139 Gregory Bowman DDS 2,396 SF 17.05 Mar-2020 $17.56 $1.46 None BY ‘12 $0.00 $0.00 Suite: 8010-230 4.99% 40,844 Mar-2021 $18.08 $1.51 ($183,501) $0 $0 6. 3/1/2012 - 2/28/2022 1.42 10 Years 3,404 Freehold 40,253 Dignified Home Loans, LLC 1,578 SF 15.45 None BY ‘17 $0.00 $0.00 Suite: 8010-235 3.28% 24,380 ($187,367) $0 $0 7. 9/1/2017 - 6/30/2020 1.29 2 Years 10 Months 2,032 Freehold 26,510

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

35 FINANCIALS :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties LEASE SUMMARY REPORT

Tenant Leasing General Tenant Information Rent Details Free Rent Recovery Improvements Commissions Rate Per Year Tenant Name Amount Per Year Rent Structure Suite Number Initial Area Rent Rent Rate Per Month Changes Name Rate $/SF Rate $/SF Lease Dates Building Changes To Changes To Date Months Amount Per Month On Type Total Amount Total Amount Lease Term Share % $/SF-Annua $/SF-Monthly Rental Value Per Date Input Amount Tenure Year DMA Claims Inc. 895 SF 15.91 None BY ‘17 $0.00 $0.00 Suite: 8010-245 1.86% 14,242 ($187,367) $0 $0 8. 9/1/2012 - 6/30/2020 1.33 7 Years 10 Months 1,187 Freehold 15,036 70 Limited LLC 2,354 SF 16.32 Aug-2019 0.00 0.00 None New Base Year $5.00 $3.04 Suite: 8010-260 4.90% 38,415 Sep-2019 16.32 1.36 $11,770 $7,160 7/1/2019 - 9/30/2022 1.36 Jul-2020 0.00 0.00 Aug-2020 16.81 1.40 9. 3 Years 3 Months 3,201 Jul-2021 0.00 0.00 Freehold 39,547 Aug-2021 17.31 1.44 Jul-2022 17.83 1.49 Therapy Management Group 6,187 SF 0.00 Sep-2019 16.80 1.40 None New Base Year $10.00 $4.91 LLC 12.88% 0 Aug-2020 0.00 0.00 $61,870 $30,351 Suite: 8020-100 0.00 Sep-2020 17.30 1.44 Aug-2021 0.00 0.00 8/1/2019 - 7/31/2024 0 10. Sep-2021 17.82 1.49 5 Years 111,366 Aug-2022 0.00 0.00 Freehold Sep-2022 18.36 1.53 Aug-2023 0.00 0.00 Sep-2023 18.91 1.58 Deaf Centers of Nevada 6,470 SF 18.00 Feb-2020 18.48 1.54 None ‘18 BY (est. $0.00 $0.00 Suite: 8020-125/ 13.47% 116,460 Feb-2021 19.10 1.59 $175,519) $0 $0 11. 1/1/2019 - 5/31/2024 1.50 Feb-2022 19.67 1.64 5 Years 5 Months 9,705 Feb-2023 20.26 1.69 Freehold 116,460 Jan-2024 20.87 1.74 Dr. Ben Kermani, M.D. 1,043 SF 0.00 Sep-2019 15.00 1.25 None New Base Year $5.00 $0.90 Suite: 8020-200 2.17% 0 $5,215 $939 12. 8/1/2019 - 8/31/2020 0.00 1 Year 1 Month 0 Freehold 17,522 Charles Grigsby 549 SF 15.38 None ‘18 BY (est. $0.00 $0.00 Suite: 8020-205 1.14% 8,444 $175,519) $0 $0 13. 10/1/2014 - 6/30/2020 1.28 5 Years 9 Months 704 Freehold 9,223 VACANT (210) 557 SF 16.80 Oct-2020 17.30 1.44 None New Base Year $5.00 $5.35 Suite: 8020-210 1.16% 9,358 Oct-2021 17.82 1.49 $2,785 $2,981 14. 10/1/2019 - 9/30/2024 1.40 Oct-2022 18.36 1.53 5 Years 780 Oct-2023 18.91 1.58 Freehold 9,358

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Capital Markets | Nevada Investment Properties 8010 & 8020 WEST SAHARA AVENUE :: FINANCIALS 36 LEASE SUMMARY REPORT

Tenant Leasing General Tenant Information Rent Details Free Rent Recovery Improvements Commissions Rate Per Year Tenant Name Amount Per Year Rent Structure Suite Number Initial Area Rent Rent Rate Per Month Changes Name Rate $/SF Rate $/SF Lease Dates Building Changes To Changes To Date Months Amount Per Month On Type Total Amount Total Amount Lease Term Share % $/SF-Annua $/SF-Monthly Rental Value Per Date Input Amount Tenure Year Flight Centre Travel Group, In 669 SF 16.80 Mar-2020 $17.30 $1.44 None ‘19 Base Year $0.00 $0.00 Suite: 8020-215 1.39% 11,239 Mar-2021 $17.82 $1.49 95% GU $0 $0 15. 2/1/2019 - 2/28/2022 1.40 3 Years 1 Month 937 Freehold 11,239 Mark A. Kirkorsky PC 1,109 SF 14.83 None ‘18 BY (est. $0.00 $0.00 Suite: 8020-220/ 2.31% 16,449 $175,519) $0 $0 16. 1/1/2013 - 6/30/2020 1.24 7 Years 6 Months 1,371 Freehold 18,631 Curtis Marion Inc. 1,075 SF 15.91 Dec-2019 $16.39 $1.37 None BY ‘12 $0.00 $0.00 Suite: 8020-230 2.24% 17,107 Dec-2020 $16.88 $1.41 ($183,501) $0 $0 17. 1/1/2007 - 11/30/2021 1.33 14 Years 11 Months 1,426 Freehold 18,060 VACANT (235) 2,673 SF 17.30 Oct-2021 $17.82 $1.49 None New Base Year $5.15 $5.51 Suite: 8020-235 5.56% 46,254 Oct-2022 $18.36 $1.53 $13,766 $14,734 18. 10/1/2020 - 9/30/2025 1.44 Oct-2023 $18.91 $1.58 5 Years 3,854 Oct-2024 $19.48 $1.62 Freehold 46,254 Millenium Voyages 611 SF 17.40 None BY ‘16 $0.00 $0.00 Suite: 8020-245 1.27% 10,631 ($178,567) $0 $0 19. 3/1/2016 - 6/30/2020 1.45 4 Years 4 Months 886 Freehold 10,265 Confidence Funding LLC 475 SF 14.34 None ‘18 BY (est. $0.00 $0.00 Suite: 8020-250 0.99% 6,810 $175,519) $0 $0 20. 1/1/2015 - 6/30/2020 1.19 5 Years 6 Months 568 Freehold 7,980 Post Launch 2,711 SF 14.21 Apr-2020 $14.64 $1.22 None ‘18 BY (est. $0.00 $0.00 Suite: 8020-260 5.64% 38,534 Apr-2021 $15.08 $1.26 $175,519) $0 $0 21. 4/1/2018 - 3/31/2023 1.18 Apr-2022 $15.53 $1.29 5 Years 3,211 Freehold 45,545 * Results displayed are based on Forecast data only

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

37 FINANCIALS :: 8010 & 8020 WEST SAHARA AVENUE Capital Markets | Nevada Investment Properties LEASE EXPIRATION REPORT

Expiration Remaining Expiring Building Base Market Rent vs. Tenants Date Term Area Share % Rent/SF Rent/SF Market Rent 2020 Expirations Premiere Realty Group LLC 11/30/2020 1 Year 5 Months 4,224.00 8.79% 14.04 17.30 81.14% Conant Nelson & Conant 12/31/2020 1 Year 6 Months 4,294.00 8.94% 15.24 17.30 88.07% Dignified Home Loans, LLC 6/30/2020 1 Year 1,578.00 3.28% 15.45 17.30 89.29% DMA Claims Inc. 6/30/2020 1 Year 895.00 1.86% 15.91 17.30 91.96% Dr. Ben Kermani, M.D. 8/31/2020 1,043.00 2.17% 15.00 17.30 86.69% Charles Grigsby 6/30/2020 1 Year 549.00 1.14% 15.38 17.30 88.89% Mark A. Kirkorsky PC 6/30/2020 1 Year 1,109.00 2.31% 14.83 17.30 85.71% Millenium Voyages 6/30/2020 1 Year 611.00 1.27% 17.40 17.30 100.55% Confidence Funding LLC 6/30/2020 1 Year 475.00 0.99% 14.34 17.30 82.85% Total 2020 Expirations 14,778.00 30.76% 14.98 17.30 86.56% 2021 Expirations So. Nevada Golf Association 8/31/2021 2 Years 2 Months 1,164.00 2.41% 16.39 17.82 91.96% Curtis Marion Inc. 11/30/2021 2 Years 5 Months 1,075.00 2.23% 16.88 17.82 94.72% Total 2021 Expirations 2,239.00 4.64% 16.63 17.82 93.29% 2022 Expirations ITSI Gilbane Company 5/31/2022 2 Years 11 Months 2,737.00 5.68% 19.10 18.36 104.02% Gregory Bowman DDS 2/28/2022 2 Years 8 Months 2,396.00 4.97% 18.08 18.36 98.51% 70 Limited LLC 9/30/2022 3 Years 3 Months 2,354.00 4.91% 17.44 18.36 95.02% Flight Centre Travel Group, In 2/28/2022 2 Years 8 Months 669.00 1.39% 17.82 18.36 97.09% Total 2022 Expirations 8,156.00 16.91% 18.22 18.36 99.24% 2023 Expirations Post Launch 3/31/2023 3 Years 9 Months 2,711.00 5.65% 15.53 18.91 82.14% Total 2023 Expirations 2,711.00 5.65% 15.53 18.91 82.14% 2024 Expirations VACANT (100) 9/30/2024 4,367.00 9.11% 18.91 19.48 97.09% Therapy Management Group LLC 7/31/2024 6,187.00 12.90% 17.33 20.87 83.06% Deaf Centers of Nevada 5/31/2024 4 Years 11 Months 6,470.00 13.49% 20.51 20.87 98.30% VACANT (210) 9/30/2024 557.00 1.16% 18.91 19.48 97.09% Total 2024 Expirations 17,581.00 36.66% 18.94 20.48 92.51% 2025 Expirations Dignified Home Loans, LLC 8/31/2025 1,578.00 3.29% 17.30 20.06 86.26% DMA Claims Inc. 8/31/2025 895.00 1.87% 17.30 20.06 86.26% Dr. Ben Kermani, M.D. 10/31/2025 1,043.00 2.17% 17.30 20.06 86.26% Charles Grigsby 8/31/2025 549.00 1.14% 17.30 20.06 86.26% Mark A. Kirkorsky PC 8/31/2025 1,109.00 2.31% 17.30 20.06 86.26% VACANT (235) 9/30/2025 2,673.00 5.57% 19.48 20.06 97.09% Millenium Voyages 8/31/2025 611.00 1.27% 17.30 20.06 86.26% Confidence Funding LLC 8/31/2025 475.00 0.99% 17.30 20.06 86.26% Total 2025 Expirations 8,933.00 18.63% 17.95 20.06 89.50%

Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condi- tions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Capital Markets | Nevada Investment Properties 8010 & 8020 WEST SAHARA AVENUE :: FINANCIALS 38 LEASE EXPIRATION REPORT

Expiration Remaining Expiring Building Base Market Rent vs. Tenants Date Term Area Share % Rent/SF Rent/SF Market Rent 2026 Expirations Premiere Realty Group LLC 1/31/2026 4,410.00 9.20% 17.82 20.66 86.26% So. Nevada Golf Association 10/31/2026 1,164.00 2.43% 17.82 20.66 86.26% Conant Nelson & Conant 2/28/2026 4,294.00 8.95% 17.82 20.66 86.26% Total 2026 Expirations 9,868.00 20.58% 17.82 20.66 86.26% 2027 Expirations ITSI Gilbane Company 7/31/2027 2,737.00 5.71% 18.36 21.28 86.26% Gregory Bowman DDS 4/30/2027 2,206.00 4.60% 18.36 21.28 86.26% 70 Limited LLC 11/30/2027 2,354.00 4.91% 18.36 21.28 86.26% Flight Centre Travel Group, In 4/30/2027 669.00 1.40% 18.36 21.28 86.26% Curtis Marion Inc. 1/31/2027 986.00 2.06% 18.36 21.28 86.26% Total 2027 Expirations 8,952.00 18.67% 18.36 21.28 86.26% 2028 Expirations Post Launch 5/31/2028 2,711.00 5.65% 18.91 21.92 86.26% Total 2028 Expirations 2,711.00 5.65% 18.91 21.92 86.26% 2029 Expirations VACANT (100) 11/30/2029 4,367.00 9.11% 19.48 22.58 86.26% Therapy Management Group LLC 9/30/2029 6,187.00 12.90% 20.87 24.19 86.26% Deaf Centers of Nevada 7/31/2029 6,470.00 13.49% 20.87 24.19 86.26% VACANT (210) 11/30/2029 557.00 1.16% 19.48 22.58 86.26% Total 2029 Expirations 17,581.00 36.66% 20.48 23.74 86.26% 2 Years 7 Months 25 Final Totals 93,510.00 194.85% 18.12 20.39 88.84% Days

Capital Markets | Nevada Investment Team 8010 & 8020 WEST SAHARA AVENUE :: FINANCIALS 39 Investment Contacts

Charles M. Moore, CSM Executive Director License: BS.36559.PC +1 702.688.6953 [email protected] 8010 & 8020 WEST SAHARA AVENUE, LAS VEGAS, NEVADA | Disclosure and Confidentiality Agreement Marlene M. Fujita, CCIM Executive Director This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the License: S.054013 “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). +1 702.688.6884 It is being given to you for the sole purpose of evaluating the possible investment in 8010 & 8020 West Sahara Avenue, Las Vegas, NV (the [email protected] “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of Alexander Development Group (“Managing Member”), or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate Hunter Bradshaw market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Associate Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, License: S.187196 among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein +1 702.688.6874 to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. [email protected] While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material Helen Bejiga solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding Brokerage Coordinator the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential +1 702.688.6887 Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period [email protected] proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from Charles M. Moore, CSM Marlene M. Fujita, CCIM Hunter Bradshaw BS.36559.PC License: S.054013 Associate Executive Director Executive Director License: S.187196 +1 702.688.6953 +1 702.688.6884 +1 702.688.6874 [email protected] [email protected] [email protected]

6725 Via Austi Parkway, Suite 275 | Las Vegas, NV | 89119