1043 W. FLAGLER STREET EXCLUSIVE SALE OFFERING DOLLAR TREE STORES, INC LONG TERM LEASE MIAMI, FL TABLE OF CONTENTS

Property Description Zoning Analysis Location Tenant Profiles Financial Overview Demographics PROPERTY DESCRIPTION Subject Property

PROPERTY DESCRIPTION

• Location: 1043-49 W Flagler Street, Miami, FL 33130 • GLA : 13,900 SF • Lot Size: 29,000 SF • Tenants: Dollar Tree (New) • Year Built: 1934 • Renovated: 2014 • Occupancy: 100% • In-Place NOI $253,292

PROPERTY HIGHLIGHTS

• Dollar Tree Stores, Inc. Lease - 7 Years left on initial term, with 2-5 year options • Dollar Tree Stores, Inc., is a Fortune 150 company and operates 14,835 stores throughout the 48 contiguous U.S. states and Canada. • Future T6-12 zoned land development in the urban core of the City of Miami, with a possible up- zone during the lease • Located in the densely populated neighborhood of Little Havana, just West of I-95, Downtown Miami, and Brickell • Surrounded by national drivers such as: McDonald’s, Family Dollar, Foot Locker, Safeguard Storage, Walgreen’s, Regions Bank, and the Miami Marlin’s stadium • Just South of the country's largest concentration of medical and research facilities after Houston. The neighborhood is composed primarily of hospitals, research institutes, clinics and government offices, and is the center of Miami's growing biotechnology and medical research industry. It is the home of the University of Miami Leonard M. Miller School of Medicine and the UM Life Science and Technology Park. The Health District is approximately five minutes north of Downtown Miami via rapid transit on the Miami Metrorail. PROPERTY DESCRIPTION

Subject Property

STOREFRONT ZONING ANALYSIS

Property Address 1043-1049 W Flagler Street, Miami, FL 33130 Zoning T6-12 O, T-4 R (Parking Lot) Density 150 developable units per acre Allowable Units 103 Units (12 Floors Max.) Uses Allowed Live - Work, Retail, Commercial, Office, Entertainment, Education, Multifamily, Residential, Lodging, Civic

Lot Size: 29,000 sq. ft. Leasable: 13,923 sq. ft. (Dollar Tree Building) Parking 28 On-site Parking Spaces LOCATION Area Maps

LITTLE HAVANA SUBMARKET OVERVIEW

Located in between the prestigious communities of the Brickell Financial District and Coral Gables, Little Havana is among Miami’s most beloved neighborhoods, one of South Florida’s top cultural tourist attractions and one of Miami’s rapidly developing neighborhoods.

As one of Miami’s most rapidly developing neighborhoods, Little Havana has a rich Hispanic history from founding Cuban exiles to an influx of Central Americans, South Americans, Mexicans, and Spaniards. As a locale so rich in history and culture, Little Havana has attracted a strong contingent of young professionals and artists drawn to the area’s cultural renaissance, and the food, art and lifestyle afforded them by that renaissance. As a major cultural attraction, Little Havana and Calle Ocho (US-41/Southwest 8th Street) have been recognized by National Geographic Travel, Lonely Planet, and the Greater Miami Convention and Visitors Bureau as top tourist neighborhoods in Miami. Cultural events such as the monthly Viernes Culturales (Cultural Fridays), held on the last Friday of every month, includes art, dance, music, poetry, theater, and film exhibits. The ongoing success of Viernes Culturales (whose organization is housed in the same building as the Sponsor’s headquarters) has helped solidify Little Havana’s visibility on the national and international stage.

In the most recent economic cycle, Little Havana has established itself as a major contender amongst Miami’s most prolific art and cultural neighborhoods including Wynwood, the Design District, and Edgewater. During 2013’s Art Basel fair, Little Havana for the first time participated, with several blocks of Calle Ocho consumed by the festival which produces an estimated $2 billion in local economic activity.

Little Havana is currently home to 24 separate art galleries centered on two blocks of Southwest 8th Street alongside upscale restaurants including Spanish, Thai, and Latin-fusion cuisines. Little Havana is also home to a vibrant performing arts scene, with venues such as ArtSpoken and Teatro 8 catering to both English- and Spanish-speaking audiences. Other important landmarks include the art-house Tower Theater, operated by Miami-Dade College and described by USA Today as one of the top10 places to “see a movie in splendor” in the United States, the Interamerican Campus of Miami- Dade College, and Marlins Park, the new $600 million home to Major League Baseball’s Miami Marlins. LOCATION

Local Maps

Epicenter Location in Miami’s Flourishing Cultural Arts Scene

Little Havana is quickly developing as one of Miami’s fastest growing art districts. Its involvement in Miami’s Art Basel, the world’s largest art fair, has catapulted the neighborhood onto the national stage and ignited a cultural renaissance creating relentless demand to live, work and play in Little Havana.

Influx of Young, Affluent Residents into Miami’s Urban Core.

Over 23,000 units were developed during the condo boom of the mid-2000’s, 97% of which are occupied today by Miami’s young, affluent resident base. As a result of this rapid absorption and continued strong demand, new residential development is now underway in the Brickell submarket.

During the past five years, the Brickell area has attracted a thriving, young professional resident base that enjoys the 24-hour, live-work-play experience that the area offers. According to Claritas, Downtown Miami and Brickell’s population increased by almost 27% between 2010 and 2014, with additional growth of 17% projected over the next five years with average household earnings an impressive $95,130 per year. Little Havana, the neighborhood in which the bulk of the Portfolio is located, is considered the gateway to Miami’s urban core and a substitute location for downtown Miami’s high retail rental rates.

Brickell City Centre to Accelerate Miami’s International Urban Transformation. In May of 2011, Swire Development announced a new 5.4 million square foot, $1.05B mixed use project in the heart of the Brickell financial district, just six blocks east of Little Havana and directly adjacent to the sponsor’s Brickell Station asset. City Centre will consist of a 565,000 square foot open-air shopping center, 929 condominium and apartment units, a 263-key luxury hotel, a 131,000 square foot wellness center and 120,000 square feet of office.

With its massive scale, Brickell City Centre will accelerate the pace of Miami's urban renaissance, transforming the city’s core into one of the country’s most cosmopolitan live-work-play destinations. The project is currently under construction with completion anticipated in 2015. LOCATION

Area Maps

MIAMI RIVER RESTAURANT

SW 17 SW DISTRICT

8TH AVE BRIDGE TH AVENUE

EAST LITTLE HAVANA

DOWNTOWN MIAMI W FLAGLER STREET

SW 1 STREET

JUST WEST O BRICKELL TENANT PROFILE

Rent Roll

Dollar Tree, Inc. (NASDAQ: DLTR) is an American chain of discount variety stores that sells every item for $1.00 or less. A Fortune 500 company, Dollar Tree is headquartered in Chesapeake, Virginia and operates 4,763 stores throughout the 48 contiguous U.S. states and in Canada. Its stores are supported by a nationwide logistics network of nine distribution centers. The company operates dollar stores under the names of "Dollar Tree" and "Dollar Bills". The company also operates a multi price-point variety chain under the name "Deal$". Tenant Dollar Tree Stores, Inc. Dollar Tree competes in the dollar store and low-end retail markets. Each Dollar Tree stocks a variety of products Demised Premises including national, regional, and private-label brands. 13,923 square feet located at 1043-1049 W Flagler Departments found in a Dollar Tree store include health and Street, Miami, FL 33130, including a 14,000 SF lot for beauty, food and snacks, party, seasonal decor, housewares, parking directly behind the building. glassware, dinnerware, household cleaning supplies, candy, toys, gifts, gift bags and wrap, stationery, craft supplies, Lease Type teaching supplies, automotive, electronics, pet supplies, and NNN, LL is responsible for Roof & Structure books. Some Dollar Tree stores also sell frozen foods and dairy items such as milk, eggs, pizza, ice cream, frozen Current Term dinners, and pre-made baked goods. Ten Years

Rent Commencement SW 232 STREET April 21, 2016

Expiration April 21, 2026 Period Lease Year Annual

Options Two, Five year renewal options April 21, 2016 1-10 $253,293.42 Tenant must provide Landlord written notice not less than 180 days prior to the expiration of the then current term. Terms of the extensions will remain the Option Periods same as terms of the original lease. New base rental amounts under the options are listed in the table April 21, 2026 11-15 $260,168.92 above.

April 21, 2031 16-20 $267,044.42 FINANCIAL OVERVIEW

PRICING ANALYSIS

Existing Base Rent Occupied Space $ 253,293 Gross Potential Rent $ 253,293 Expense Re-imbursements $ 50,785 Gross Potential Income $ 295,626 Effective Gross Income $ 295,626 Total Expenses $ 50,785 Net Operating Income $ 253,292 Asking Price: $ 4,600,000 Debt Service $ - Net Cash Flow After Debt Service $ 253,292 CAP Rate: 5.51% Principal Reduction $ - Total Return 5.51% Gross Leasable Area: (GLA) 13,923 SF

Lot Size: 29,000 SF

Year Renovated: 2016 Expenses

NOI: $253,292 Real Estate Taxes $ 36,885 Insurance $ 13,900 $/SF (Building) $330.38 TOTAL EXPENSES $ 50,785 $/SF (Land) $158.62 EXPENSES/SF $3.64 FINANCIAL OVERVIEW Cash Flow

1043 Dollar Tree Pro-Forma 10 Year Income Projection

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25

Potential Gross Income Dollar Tree $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293

Base Rental Revenue $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 Absorbtion & Turnover Vacancy Base Rent Abatements

Scheduled Base Rental Revenue $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293

Expense Reimbursement Revenue

Real Estate Taxes $28,433 $29,286 $30,165 $36,885 $37,991 $39,131 $40,305 $41,514 $42,760 $44,042 Insurance $13,900 $14,317 $14,747 $15,189 $15,645 $16,114 $16,597 $17,095 $17,608 $18,136

Total Reimbursement Revenue $42,333 $43,603 $44,912 $52,074 $53,636 $55,245 $56,902 $58,609 $60,368 $62,178

Total Potential Gross Revenue $295,626 $296,896 $298,205 $305,367 $306,929 $308,538 $310,195 $311,902 $313,661 $315,471

Effective Gross Revenue $295,626 $296,896 $298,205 $305,367 $306,929 $308,538 $310,195 $311,902 $313,661 $315,471 SW 232 STREET

Operating Expenses

Real Estate Taxes $28,433 $29,286 $30,165 $36,885 $37,991 $39,131 $40,305 $41,514 $42,760 $44,042 Insurance $13,900 $14,317 $14,747 $15,189 $15,645 $16,114 $16,597 $17,095 $17,608 $18,136

Total Operating Expenses $42,333 $43,603 $44,912 $52,074 $53,636 $55,245 $56,902 $58,609 $60,368 $62,178

Net Operating Income $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293 $253,293

Asking Price $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 $4,600,000 CAP RATE 5.51% 5.51% 5.51% 5.51% 5.51% 5.51% 5.51% 5.51% 5.51% 5.51% DEMOGRAPHICS DEMOGRAPHICS Arnaldo Cantero lll 1637 SW 8 Street Suite 200 Miami, FL 33135 O (305) 396-8842 M (305) 967-0557 E [email protected]