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Fair Value Appraisal Of: Tivoli Village at Queensridge

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Fair Value Appraisal Of: Tivoli Village at Queensridge FAIR VALUE APPRAISAL OF: TIVOLI VILLAGE AT QUEENSRIDGE NEC Rampart Blvd & Alta Drive Las Vegas, Nevada EFFECTIVE APPRAISAL DATE: September 30, 2015 PREPARED FOR: Mr. Matthew Bunin GREAT WASH PARK LLC 9525 Hillwood Drive, Suite 100 Las Vegas, NV 89134 Marquette Advisors File #15054 PREPARED BY: Marquette Advisors Offices: Minneapolis Office: 50 South Sixth Street, Suite 1370, Minneapolis, MN 55402 Phone: 612-335-8888; Fax: 612-334-3022 Seattle Office: 2723 California Avenue SW, Seattle, WA 98116 Phone: 425-392-7482; Fax: 425-392-7330 Washington DC Office: 1140 Connecticut Avenue NW, Washington, DC 20036 Phone: 202-331-0226; Fax: 612-334-3022 TABLE OF CONTENTS Identification of the Subject Property ............................................................................. 1 Planned Development Program & Construction Status ................................................... 8 Development Budget .................................................................................................... 16 Summary of Salient Facts & Conclusions ..................................................................... 17 Intended User & Use of the Appraisal .......................................................................... 18 Property Rights Appraised & Date of Value ................................................................. 18 Scope of Work ............................................................................................................. 18 Underlying Assumptions .............................................................................................. 19 Extraordinary Assumptions .......................................................................................... 20 Limiting Conditions ..................................................................................................... 20 Competency Provision ................................................................................................. 21 Fair Value Definition ................................................................................................... 24 Regional Characteristics ............................................................................................... 25 Tivoli Village Primary Trade Area Analysis ................................................................. 39 Neighborhood Analysis ................................................................................................ 45 Site Analysis ................................................................................................................ 49 Zoning & Related Entitlements .................................................................................... 51 Highest and Best Use ................................................................................................... 61 Competitive Market Analysis ....................................................................................... 65 Absorption & Financial Projections .............................................................................. 85 Valuation ..................................................................................................................... 98 Final Reconciliation of Value ..................................................................................... 105 Certificate of Appraiser .............................................................................................. 106 Addenda Engagement Letter Rent Roll PWC Investor Survey (relevant sections) November 5, 2015 Mr. Matthew Bunin Great Wash Park LLC 9525 Hillwood Drive, Suite 100 Las Vegas, NV 89134 SUBJECT: Fair Value Appraisal � Tivoli Village at Queensridge, as of September 30, 2015 Marquette Advisors File # 15054 Dear Mr. Bunin: In accordance with your request, we have inspected and appraised the subject property referenced above. Mr. Louis W. Frillman, FRICS, MAI, CRE is a licensed appraiser in the State of Minnesota (License Number AP-4000728) and has obtained a temporary practice permit for this assignment through the State of Nevada. That permit number is as follows: ATMP.0012927.CG. We note that Marquette Advisors provided prior appraisals of the subject property. This appraisal reflects an update to prior analyses and valuations by Marquette Advisors. The value assessed by Marquette Advisors as of December 31, 2008 was $200,000,000. Subsequent appraisals by Marquette Advisors reached a valuation conclusion of $201,000,000 as of December 31, 2009, $242,000,000 as of December 31, 2010, $281,000,000 as of September 30, 2011, a value range of $270,000,000 to $300,000,000 as of September 30, 2012, a value of $260,000,000 as of March 31, 2013, a range of $265,000,000 to $270,000,000 as of December 31, 2013, and $278,000,000 as of September 30, 2014. It is noted that the IFRS Book Value is currently $303,700,000. The appraiser’s opinion of fair value as of September 30, 2015, at $281,000,000 as reported herein, reflects the appraiser’s review of the subject property in terms of construction status and leasing activity, as well as all relevant and available market information for 2014 and 2015. The fact that the current fair value estimate is slightly lower than book value relates to lease-up and absorption lagging slightly behind the ongoing construction of the asset, which is normal in the case of a major development such as the subject. IDENTIFICATION OF THE SUBJECT PROPERTY - The subject property is located at the northeast corner of the intersection of Rampart Boulevard and Alta Drive in Las Vegas, Nevada. The entire development site contains 28.62 total acres and is owned by Great Wash Park LLC. A major mixed use development is underway at the site, incorporating more than 740,000 square feet (sf) of commercial space to be leased to multiple retail, restaurant, and office tenants, as well as a planned133-room boutique hotel. Additionally, the property owners have an entitlement for 300 multifamily residential units in a future phase. The project developer, Great Wash Park LLC intends to sell this portion of the property to a residential developer/builder in the future, as so entitled. Aerial maps are provided on the following pages, depicting the property’s regional and neighborhood location. The aerials are followed by a site survey. Marquette Advisors Offices: Minneapolis Office: 50 South Sixth Street, Suite 1370, Minneapolis, MN 55402 Phone: 612-335-8888; Fax: 612-334-3022 Seattle Office: 2723 California Avenue SW, Seattle, WA 98116 Phone: 425-392-7482; Fax: 425-392-7330 Washington DC Office: 1140 Connecticut Avenue NW, Washington, DC 20036 Phone: 202-331-0226; Fax: 612-334-3022 Tivoli Village at Queensridge, Las Vegas, NV Tivoli Village at Queensridge, Las Vegas, NV Tivoli Village at Queensridge, Las Vegas, NV Tivoli Village at Queensridge Las Vegas, Nevada Fair Value Appraisal DEVELPOMENT PROGRAM & CONSTRUCTION STATUS The Tivoli Village at Queensridge design evokes a classic European theme, with extensive stonework and intricate architectural details. Located at the eastern periphery of Summerlin and some of Las Vegas’ most affluent neighborhoods, the project features an eclectic mix of high-end retail shops, boutiques and restaurants, along with Class A office space. Future phases will include an upscale hotel, as well as multifamily residential development. The planned development program and phasing schedule is summarized as follows: • 401,401 sf of retail & restaurant space for lease, developed in three phases: o Triad A: 202,684 sf -- opened April 2011 o Triad B: 172,573 sf -- projected to open October 2016 o Triad C: 26,144 sf -- projected to open April 2017 • 338,784 sf of office space for lease, developed in three phases: o Triad A: 162,513 sf – opened April 2011 o Triad B: 133,811 sf -- projected to open October 2016 o Triad C: 42,460 sf -- projected to open April 2017 • A boutique hotel with 133 total guest rooms is also planned, with a projected opening in October 2017. Planned hotel amenities include a high-end 3,000 sf lobby, 3,000 sf restaurant & bar area, and 5,660 sf of meeting and banquet space, as well as another 8,780 sf of multi-tenant commercial space that will be leased separately to individual tenants. • Phase II residential land as entitled for 300 residential units. The project sponsor plans to sell this land as-entitled to a residential builder/developer in two pieces in 2017 and 2018. • Total Budget: $589 Million (excluding developer fees, financing and land acquisition costs), with approximately $123 million remaining to complete (including projected tenant improvement costs for remaining space components) The graphics on the following pages include site and building plans for Tivoli Village at Queensridge. This is followed by the project budget, as provided by Great Wash Park LLC. Marquette Advisors Page 8 SITE PLAN “Triad A” “Triad B” Hotel & “Triad C” Project Rendering � Tivoli Village at Queensridge Aerial View of Current Improvements & Ongoing Construction of Tivoli Village Tivoli Village at Queensridge Las Vegas, Nevada Fair Value Appraisal Main Entry to Tivoli Village Public Area Marquette Advisors Page 13 Tivoli Village at Queensridge Las Vegas, Nevada Fair Value Appraisal Exterior view of tenancy in place (Triad A) Restoration Hardware � under construction Marquette Advisors Page 14 Tivoli Village at Queensridge Las Vegas, Nevada Fair Value Appraisal DEVELOPMENT BUDGET A detailed listing of the various project components along with budgeted hard and soft costs is provided on the following page. Development cost and budget
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