Junction Little River Nw 82Nd St John F Kennedy Cswy Littlene 79Th St River Nw 79Th St

Home , Little River (Casco Bay), Miami Ironside

JUNCTION @ LITTLE RIVER

OFFERING MEMORANDUM JUNCTION @ LITTLE RIVER

TABLE OF CONTENTS

I THE OFFERING

II ASSEMBLAGE PHOTOS

III DEMAND DRIVERS

IV INVESTMENT HIGHLIGHTS

V DEVELOPMENT OVERVIEW

VI LOCATION OVERVIEW

VII AREA DEMOGRAPHICS

VIII MARKET OVERVIEW

IX MARKET COMPARABLES NE 82nd Terrace THE OFFERING 1 2

he Junction @ Little River is a true covered land play in one of the fastest growing and most promising markets in South Florida. The site currently consists of 8 apartment buildings with a total of 59 units that are currently 100% occupied on short term leases. The T-shaped Tsite fronts both NE 82nd Street and NE 82nd Terrace and is situated on 2.07 acres. The entire site has been rezoned to T6-8-O under the City of Miami’s Miami21 Zoning Code. The site’s zoning is very flexible and allows for a wide array of potential uses, including: Multifamily, Hotel, Commercial Office, Commercial Retail, Restaurant, Live-Work Space, Affordable/Workforce 3 4 5 6 7 Housing and more.

Furthermore, the sites proximity to the future 79th Street Brightline Station affords it with the highly sought-after Transit Oriented Development NE 4th Place 4th NE (“TOD”) designation which allows for a significant reduction in parking requirements, among other incentives.

Altogether, this offering presents a rare opportunity to acquire a cash flowing assemblage while positioning the property for future ground-up development. NE 82nd Street

PARCEL ADDRESS FOLIO ZONING BUILDING SIZE LOT SIZE

1 460 NE 82nd Terrace 01-3207-054-0120 T6-8-O 4,797 SF 8,800 SF NE 82ND TERR

2 500 NE 82nd Terrace 01-3207-054-0130 T6-8-O N/A 11,440 SF

3 421 NE 82nd Street 01-3207-023-0070 T6-8-O 11,332 SF 26,698 SF 460 NE 82nd Terr

4 433 NE 82nd Street 01-3207-023-0060 T6-8-O 7,060 SF 8,656 SF 425 NE 82nd St

NE 4TH PL 5 437 NE 82nd Street 01-3207-023-0050 T6-8-O 7,180 SF 8,645 SF 505 NE 82nd St 433 NE 82nd St 437 NE 82nd St 439 NE 82nd St 429 NE 82nd St 421 NE 82nd St 6 439 NE 82nd Street 01-3207-023-0040 T6-8-O 3,802 SF 8,635 SF

7 505 NE 82nd Street 01-3207-023-0020 T6-8-O 5,917 SF 17,238 SF NE 82ND ST

TOTAL: 42,088 SF 90,112 SF 4 5 ASSEMBLAGE PHOTOS

JUNCTION @ LITTLE RIVER

1 460 NE 82nd Terrace 2 500 NE 82nd Terrace 3 421 NE 82nd Street

4 433 NE 82nd Street 5 437 NE 82nd Street 6 439 NE 82nd Street 7 505 NE 82nd Street

6 7 ^ N JUNCTION @ LITTLE RIVER 7 BISCAYNE BLVD

The Citadel - 60,000 SF hub for dining, The Anderson - Miami icon. A local shopping, and working with a food hall favorite 80’s inspired bar with artful cocktails and beer served in a casual and Midpoint Center - Midpoint is a 347,000 NE 79th Street comfortable setting. 3 SF mixed-use (retail and office) property 6 sitting on 18-acres of land.

DEMAND DRIVERS 5 1. Junction @ Little River 2. The Citadel

3. Brightline Station Brightline Station - Inter-city higher speed rail between Miami and West Palm Beach, 4. Midpoint Center Florida. Triton Center - Mixed use development project - 25,000 5. Miami Ironside SF of commercial space, a 139 room hotel with 325 loft style apartments and an additional 12 story apartment 6. Triton Center Miami Ironside - Mixed-use urban center with 60+ building. 7. The Anderson design showrooms, salons, boutiques, shops, studios, cafes, playrooms, galleries and a wellness center. 8 9 INVESTMENT 90,112 SF development site west of Biscayne Boulevard & 100 feet from the upcoming 79th HIGHLIGHTS 2.07 Street/Little River Train Station. Currently ACRE SITE producing nearly $850,000 in gross annual income - collect income while finalizing plans. COVERED LAND PLAY WITH SIGNIFICANT IN-PLACE REVENUE The Junction @ Little River is a true covered land play producing significant gross revenue of over $850,000 annually with below market rents and tremendous development upside. The Liberal zoning, with close proximity to Biscayne Boulevard & transit, promotes a assemblage encompasses 59 multifamily units with a 100% occupancy rate. This property is T-6-8-O dense, mixed-use development. Build up to ideal for an efficient and cost effective redevelopment with the ability to receive supplemental ZONING 12 stories with 80% lot coverage. cash flow throughout the planning and approval process.

TRANSIT ORIENTED DEVELOPMENT DESIGNATION WITH T6-8-O REZONING Site has official TOD designation with Miami-Dade County. Reduction in parking The Junction @ Little River is positioned less than 100 feet from the planned Brightline station, TOD requirements translates directly into huge offering residents high speed transportation access to all surrounding major neighborhoods. DESIGNATION construction cost savings. This proximity affords the site with official TOD designation which allows up to a 30% to 50% reduction in parking requirements, greatly reducing a developer’s construction costs. The maximum FLR and unit density can each be boosted through participation in the City EXCELLENT LOCATION AND POPULATION GROWTH 25% of Miami’s Public Benefits Program. The height can also be increased from 8 to 12 Accessibility is everything in Miami as traffic becomes similar to major Metropolitan cities like BONUS DENSITY stories. New York and Los Angeles. The Junction @ Little River sits within close proximity to Biscayne Boulevard and the MiMo district, a highly trafficked corridor with walkable access to shops,

restaurants, and just a block away from the planned Brightline Station. In the height-restricted Upper East Side, TO an area of mostly single family homes, The area has high density demographics with over 160,000 residents living within a 3-mile 8 12 this location is the only pocket in the area radius and over 460,000 people withing a 5-mile radius. Renter demand continues to grow as supportive of future transit, multifamily, and STORIES commerce initiatives. new households are formed through population growth which has recently been fueled by record setting migration from high-tax states. This is of course just one of South Florida and Miami’s many demand drivers. With TOD designation, density bonuses, +150 parking reductions, an urban core location, & a hard corner, the site is perfectly suited for UNITS PER ACRE mixed use / multifamily development. 10 11 UNIT & INCOME ZONING OVERVIEW JUNCTION @ LITTLE RIVER ANALYSIS

The T6 zoning district consists of the highest density and greatest UNIT BREAKDOWN variety of uses available within the Miami21 Zoning Code. A refined BUILDING ADDRESS LIVING UNITS 2 BED/2 BATH 2 BED/1 BATH 1 BED/1 BATH STUDIO list of allowable use includes: 1-3 421-429 NE 82nd Street 12 - 12 - - 4 433 NE 82nd Street 11 1 - 7 3 5 437 NE 82nd Street 11 1 - 7 3 • Multifamily 6 439 NE 82nd Street 4 - 4 - - • Hotel 7 505 NE 82nd Street 12 - - 12 - • Commercial (Office) 8 460 NE 82nd Terrace 9 - - 4 5 • Commercial (Retail, Restaurant, etc.) TOTAL 59 2 16 30 11 • Live-Work INCOME & OCCUPANCY OVERVIEW • Affordable / Workforce Housing ANNUAL MONTHLY MONTHLY REVENUE BUILDING ADDRESS LIVING UNITS OCCUPIED UNITS OCCUPANCY REVENUE REVENUE PER UNIT T6 emphasizes a network of blocks of streets with wide sidewalks. In 1-3 421-429 NE 82nd Street 12 12 100% $208,800 $17,400 $1,450 4 433 NE 82nd Street 11 11 100% $154,185 $12,849 $1,168 T6 zones there is consistent street tree planting, and buildings with 5 437 NE 82nd Street 11 11 100% $149,268 $12,439 $1,131 short setbacks (set close to the frontage) with frequent windows 6 439 NE 82nd Street 4 4 100% $63,540 $5,295 $1,324 and doors to encourage pedestrian activity. 7 505 NE 82nd Street 12 12 100% $160,812 $13,401 $1,117 8 460 NE 82nd Terrace 9 9 100% $115,500 $9,625 $1,069 TOTAL 59 59 100% $852,105 $71,009 $1,204 T6-8-O ZONING SUMMARY SUMMARY NE 82nd Terrace OPERATING EXPENSES Lot Coverage 80% max EXPENSE AMOUNT 1 2 Real Estate Taxes $100,000 Maximum Height 8 / 12 with Public Benefit Insurance $45,000 Property Management $40,000 Floor Lot Ratio (FLR) 5.0 / 25% additional Public Benefit Utilities $40,000 3 4 5 6 7 Repairs & Maintenance $25,000 Density (Units / Acre) 150-300 / 25% additional Public Benefit

Total $250,000 Place 4th NE

The maximum height, FLR and density can each be boosted through NE 82nd Street participation in the City of Miami’s Public Benefits Program. 12 13 DEVELOPMENT POTENTIAL DEVELOPMENT SCENARIO SUMMARY Depicted below is an example development scenario for a mixed-use project that achieves the following: 1. Maximizes the site’s allowable density through participation in the City of Miami’s Public Benefits Program Under the Miami21 Zoning Code a developer can construct an 8-story tower with 2. Minimizes the site’s parking requirements because of the valuable TOD designation. a FLR of 5. Density varies across the different allowable uses but ranges from 150 units per acre for standard residential developments, to 300 units per acre for A developer can add 4 stories with an additional 78 residential units and 112,640 square feet, with up to 380 fewer parking hotel and affordable/workforce or senior housing developments. The maximum spaces than would be required outside of a TOD. height, FLR and density can each be boosted through participation in the City of Miami’s Public Benefits Program. The zoning allows for up to 55,000 square feet PROPERTY DESCRIPTION of ground floor non-office commercial space which would serve as an amenity Total Land Size (Square Feet) 90,112 to any vertical residential or office development along with the surrounding Total Land Size (Acres) 2.07 population. Zoning T6-8-O Developable Units Per Acre 150 ADDITIONAL DENSITY THROUGH PARTICIPATION IN THE MIAMI21 PUBLIC FLR 5.00 BENEFITS PROGRAM FLR & Unit Density Bonus 25% DEVELOPMENT OVERVIEW WITHOUT BONUS BONUS1 WITH BONUS The City of Miami grants a 4-story height bonus and 25% bonus to FLR and unit density through participation in the Miami21 Public Benefits Program. The intent Maximum Building Height 8 4 12 of the Public Benefits Program is to allow bonus building capacity in T6 zones Maximum Developable Units 310 78 388 in exchange for the developer’s contribution to specified programs that provide Maximum Developable Space (SF) 450,560 112,640 563,200 benefits to the public. Maximum Commercial Space (SF) - Non-Office 55,000 0 55,000 [1] The proposed bonus Height and FLR shall be permitted in exchange for contribution to the City for the following public benefits: affordable/workforce housing, Public The following public benefits each have defined criteria for obtaining bonus Parks and Open Space, Green Buildings, Brownfields, and Civic Space or Civil Support space. See Miami21 Code Section 3.14. density. More information can be found within the Miami21 Zoning Code. SUMMARY (INPUTS FOR PARKING SPACE CALCULATION) 1. Affordable/Workforce Housing Residential Units 388 2. Public Parks and Open Space Commercial Space (SF) - Non-Office 55,000 3. Green Buildings WITHOUT TOD PARKING REQUIREMENTS (ASSUMING BONUS) 30% REDUCTION1 50% REDUCTION2 4. Brownfields REDUCTION 5. Civic Space or Civil Support Space Required Residential Parking Spaces 621 434 310

TRANSIT ORIENTED DEVELOPMENT DESIGNATION Required Commercial (Non-Office) Parking Spaces 138 96 69 TOTAL 759 530 379 The parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver or by up to fifty percent [1] The parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver [2] The parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (50%) by process of Waiver and payment into a transit (50%) by process of Waiver and payment into a transit enhancement Trust Fund. enhancement Trust Fund.

14 15 SURROUNDING JUNCTION @ LITTLE RIVER NEIGHBORHOODS

UPPER EASTSIDE The Junction @ Little River is located one block from the Little River Arts District, north of Wynwood and the Design District, minutes from

MiMo and approximately one mile from the proposed Magic City MIMO Innovation District. Situated just west of Biscayne Boulevard, Miami’s DISTRICT main North to South thoroughfare, the site is easily accessible from MORNINGSIDE all major urban core neighborhoods,

The neighborhood is primarily composed of a mix of retail and DESIGN DISTRICT industrial buildings which have been adaptively re-purposed into other uses and is also composed of several residential pockets. Little River has been growing steadily in recent years, leading to MIDTOWN many savvy businesses, artists and startups quickly relocating for WYNWOOD convenience and growth opportunity. EDGEWATER

HEALTH DISTRICT

In a city undergoing a wholesale reinvention, one crane at a time, the MiMo district is carving out its own distinct identity as a low-scale, stylish but unflashy Main Street for the gentrifying collection of residential DOWNTOWN neighborhoods that flank the boulevard.” - Miami Herald PORT OF MIAMI

BRICKELL

16 17 NEIGHBORHOOD ^ ^ DEMAND DRIVERS N N PROXIMITY 19 18 PROXIMITY 17 16 19 18 17 # LOCATION MILES CAR BIKE TRAIN* # LOCATION MILES CAR BIKE TRAIN* 15 Junction @ Little River Junction @ Little River 16 15 1 Downtown Miami 6.6 Miles 14 Mins 32 Mins 2 Stops 12 13 1 Brickell City Centre 6.2 Miles 16 Mins 40 Mins 2-3 Stops 13 14 2 Brickell 7.8 Miles 17 Mins 40 Mins 2-3 Stops 2 Miami Central Station 5.6 Miles 13 Mins 33 Mins 2 Stops 14 Arts & Entertainment 12 3 4.5 Miles 13 Mins 27 Mins 1-2 Stops 11 3 Perez Art Museum 5.0 Miles 12 Mins 30 Mins 1-2 Stops District 4 South Beach 7.6 Miles 17 Mins 43 Mins N/A 11 4 Lincoln Road Mall 8.4 Miles 19 Mins 48 Mins N/A 10 5 Edgewater 3.2 Miles 9 Mins 20 Mins 1 Stop 10 5 Adrienne Arsht Center 4.7 Miles 9 Mins 27 Mins 1 Stop 6 Wynwood 3.9 Miles 13 Mins 23 Mins 1-2 Stops 9 9 6 Wynwood Walls 4.2 Miles 13 Mins 23 Mins 1-2 Stops 7 Midtown Miami 3.3 Miles 13 Mins 20 Mins 1 Stop 7 Midtown Shops 3.4 Miles 13 Mins 19 Mins 1 Stop 8 8 8 The Design District 2.4 Miles 8 Mins 15 Mins 1 Stop 8 ICAM 3.2 Miles 10 Mins 18 Mins 1 Stop

9 Little Haiti 1.9 Miles 7 Mins 11 Mins - 9 Magic City Innovation 1.7 Miles 7 Mins 10 Mins - 7 7 10 Mimo District 0.4 Miles 2 Mins 3 Mins - 10 Buro Co-Working 0.8 Miles 3 Mins 5 Mins -

11 Upper East Side 0.4 Miles 2 Mins 3 Mins - 11 Panther Coffee 1.4 Miles 5 Mins 9 Mins - 6 6 12 Little River Arts District 0.5 Miles 2 Mins 3 Mins - 12 Miami Ironside 0.6 Miles 3 Mins 4 Mins - 5 5 13 Shorecrest 0.4 Miles 3 Mins 2 Mins - 13 The Citadel 0.7 Miles 3 Mins 4 Mins - 14 Shorecrest 1.1 Miles 6 Mins 7 Mins - 14 North Bay Village 2.0 Miles 7 Mins 12 Mins - 3 4 3 4 15 Miami Shores 0.6 Miles 2 Mins 6 Mins - 15 N Beach Town Center 4.5 Miles 13 Mins 24 Mins -

16 Miami Beach 4.4 Miles 13 Mins 23 Mins - 16 Barry University 2.5 Miles 6 Mins 15 Mins -

17 Bal Harbour 5.9 Miles 16 Mins 29 Mins N/A 17 Johnson & Wales 3.5 Miles 10 Mins 18 Mins 1 Stop

18 Biscayne Park 2.1 Miles 6 Mins 13 Mins 1 Stop 2 2 18 FIU 6.0 Miles 17 Mins 30 Mins 2 Stops

19 North Miami 2.7 Miles 8 Mins 17 Mins 1 Stop 19 Bal Harbour Shops 6.0 Miles 17 Mins 31 Mins N/A

*Based on proposed train stations issued by the South Florida Regional Transportation Authority *Based on proposed train stations issued by the South Florida Regional Transportation Authority 1 1

18 19 ^ 1 N MIXED-USE TOD’S A SELECT LIST OF COMPLETED, UNDER TRITON CENTER CONSTRUCTION, & PROPOSED TOD’S IN MIAMI IN MIAMI-DADE COUNTY 2

STATION / LINE / COMMERCIAL # TOD PROJECT NAME # OF UNITS NEIGHBORHOOD SQUARE FEET NE 79th St / Tri-Rail / Junction @ Little River - - Upper East Side Miami International Airport 3 NE 163rd St / Tri-Rail 1 Uptown Biscayne 245 210,000 / North Miami Beach SQUARE STATION

NE 79th St - Tri-Rail 4 2 Triton Center 325 25,000 Upper East Side 5 MIAMI CENTRAL NE 36th St / Tri-Rail / 3 Hyde at Midtown 410 20,000 Midtown 6 NE 20th St / Tri-Rail / 4 Wynwood 25 & 26 464 63,000 Wynwood 7 School Board Station 5 Square Station / MetroMover / 710 15,000 A&E District Miami Central 6 Miami Central Station / Brightline / 800+ 466,000 8 Downtown 8th Street / 7 Brickell City Centre MetroMover / 869 760,000 9 Brickell Grove Station / 10 8 Grove Station Tower MetroRail / 184 6,000 LINK AT DOUGLAS Coconut Grove Douglas Road / 9 Link at Douglas MetroRail / 970 367,530 Coconut Grove Douglas Road / 11 10 Gables Station MetroRail / 450 105,000 Coral Gables Dadeland North / 11 Motion Dadeland MetroRail / 294 8,346 South Miami

*Tri-Rail Stations based on proposed train stations released by the SFRTA & Tri-Rail 20 21 THE ^ NEIGHBORHOOD N ADELA AT MIMO BAY JUNCTION @ LITTLE RIVER The MiMo District is a very walkable neighborhood, located directly on Biscayne Boulevard, one of two major North to South Corridors in the area. Biscayne Boulevard is a four-lane Avenue that leads through many of the most notable Miami Neighborhoods, directly into Downtown Miami, with NW 79th Street 77,000 vehicles in each direction daily. The area has many types of housing available in Belle Meade, Morningside, Bay Point, and Little River, with a VAGABOND median income over $55,000. Dozens of great shopping and dining options allow for fresh options to choose from, and there are numerous family- friendly parks and public spaces, some of which are directly along Biscayne Bay. There are also top-rated schools and good public transportation running MIMO DISTRICT North to South and connecting nearby east and west.

GOLDDUST

NW 54th Street

IRONSIDE BARMELI

22 23 AREA BRIGHTLINE

TRIRAIL NW 87TH ST E 32ND ST DEMOGRAPHICS W 32ND ST JUNCTION AT @ METRORAIL JUNCTION LITTLE RIVER NW 82ND ST JOHN F KENNEDY CSWY LITTLENE 79TH ST RIVER NW 79TH ST

NE 2ND AVE 2ND NE

NW 17TH AVE 17TH NW NW 12TH AVE 12TH NW M NW 32ND AVE 32ND NW E 21ST ST W

E 8TH AVE 8TH E

4 E

While South Florida has no official boundaries and is defined differently by different sources, A

T V

H V A

A BISCAYNE BLVD H

T NW 22ND AVE

it most commonly refers to Miami-Dade, Broward, and Palm Beach County. The region is 4 W NW 62ND ST

the largest metropolitan area in the Southeastern United States with a population of 6.2 E 9TH ST million, making it the 7th largest population center in the country and the growth engine HIALEAH

27 NE 54TH ST

PALM BEACH for the entire state. Given its international appeal, the region’s growth has been fueled HIALEAH DR primarily through international migration and is one of the fastest growing major metro areas

NW 46TH ST Y in the country. South Florida’s lifestyle, variety of opportunities, bolstering economy, and W K SE 8TH AVE P

S DR EAST S I T

tax incentives make it one of the most desirable places to live globally and attracts visitors R

U C 195 BROWARD and residents from all walks of life. Florida recently surpassed New York to become the third NW 36TH ST most populous state in the nation. 95 NW SOUTHN RIVER DR W NW 29TH ST N O MIAMI R T H R AIRPORT IV E R D WITHIN 5 MILES OF SITE R MIAMI-DADE 953 NW 20TH ST

NW 14TH ST 395 836

MACARTHUR CSWY

NW 7TH ST NW 5TH ST

NE 1ST ST

SE 1ST ST DOWNTOWN MIAMI

SW 8TH AVE 8TH SW POPULATION MEDIAN HHI EMPLOYMENT W FLAGLER ST

DRIVE TIMES & E

POPULATION WITHIN SW 2ND AVE V

BEACOM BLVD A MIAMI

I SW 49TH AVE 498,161 $71,159 210,265 M

5 MINUTES 33,815 SW 8TH ST

A I

SW 37TH AVE 37TH SW

SW 27TH AVE 27TH SW

SW 42ND AVE 42ND SW M

E SW 11TH ST V S

10 MINUTES 190,047 A

RED RD RED H

T BRICKELL AVE 2

15 MINUTES 486,296 1

0 0.25 0.5 Miles W

SW 17TH AVE SW 3RD AVE S 20 MINUTES 1,486,544 SW 22ND AVE ¯ “South Florida’s Economic, Employment and Population Growth Continues to Outpace the National Average” GRANADA BLVD 24 25 SOUTH FLORIDA OVERVIEW JUNCTION @ LITTLE RIVER

TRANSPORTATION INFRASTRUCTURE

South Florida features excellent connectivity to local, regional, national The newest additional to the region’s infrastructure is the Brightline, and international markets. Florida’s Turnpike, I-95, I-595, I-75, Sawgrass the nation’s only privately owned and operated passenger rail system. Expressway, Palmetto Expressway (SR 826), Dolphin Expressway Operations for the high-speed rail service began in 2018 with terminals (SR 836) and Okeechobee Road (US Hwy. 27) are the major arteries in Miami, Fort Lauderdale, and West Palm. Additional stations are crisscrossing the region that provide easy access across all three planned Boca Raton and Aventura as well. Construction is currently counties. Miami International Airport, Fort Lauderdale-Hollywood underway to connect the South Florida terminals with a route to International Airport, Port Everglades, and Port Miami provide excellent Orlando by 2022. air and sea access, respectively, to domestic and international markets.

While the region has traditionally been dominated by automobile travel, South Florida also features a well-developed mass transit system, including the Tri-Rail Commuter Rail system, which links West Palm Beach, Fort Lauderdale and Miami. Miami also supports the local MetroRail system, which provides an elevated rail system throughout portions of Miami-Dade County.

26 27 SOUTH FLORIDA OVERVIEW JUNCTION @ LITTLE RIVER

TOURISM ECONOMY

Domestic and international tourism, which has traditionally been a Although tourism remains a key element to the South Florida economy, mainstay of the Florida economy, continues to thrive and has seen South Florida’s economy has experienced rapid diversification, robust growth in recent years. In 2019, more than 45 million people as international trade, finance, real estate, light manufacturing, visited South Florida. South Florida is home to two of the busiest cruise healthcare and telecommunications have grown to rival the traditional ports in the world. PortMiami is recognized as the “Cruise Capital of preeminence of tourism. South Florida supports a Gross Metropolitan the World” and has retained its leading world status for well over a Product of $354 billion which is 12th in the United States as of 2018. decade, with 15 cruise lines home porting in Miami and nearly 5 million The regions also boasts more than 1,200 multinational corporations passengers per year. Port Everglades, on the other hand, is the home and 40 bi-national chambers of commerce, as well as being home to port for the two largest cruise ships in the world (Royal Caribbean’s MS more international banks than any other metro on the east coast aside Oasis of the Seas and MS Allure of the Seas) and sees more than 3.8 from New York. The Miami Customs District reported total trade of million passengers per year. $111.4 billion in 2018, placing the District 12th in the U.S. South Florida is one of the few Districts that continues to report a trade surplus among those in the U.S., amounting to $11.8 billion during 2018. The connectivity to international markets in Latin America, as well as the economic diversity, has propelled Miami to a world-class city.

“South Florida Boasts More Than 1200 Multinational Corporations and 40 Binational Chambers of Commerce” 28 29 SOUTH FLORIDA OVERVIEW JUNCTION @ LITTLE RIVER

FINANCIAL SERVICES TECHNOLOGY

Thanks to its superior connectivity, Miami has become a financial hub Once an afterthought, Miami’s profile among tech firms is growing. with more international banks than any city on the east coast outside This is thanks to home grown companies like Ultimate Software and of New York. Because of this, some have branded Brickell, the city’s Chewy.com. Aided by investment from Microsoft and conventions financial epicenter, as the “Wall Street of the South.” This growth such as eMerge, Miami is now on the map as an emerging market has also been aided by migration of financial services companies for technology companies. Almost 67,000 workers are employed in relocating from high cost states due to the 2017 Tax Cuts and Jobs various tech fields and positions in South Florida. What’s more, South Act. Since 2015, employment in financial services has increased 7.9%; Florida ranked 8th in the growth rate of tech talent over a 5-year Pre-COVID-19 that figure was 10.1%). Given the current environment span in a recent CBRE report, ahead of markets such as Seattle, Los and underlaying fundamentals and advantages Miami has, this level of Angeles, New York, and Austin. Another key metric that supports growth is projected to continue, and more companies are expected to Miami’s burgeoning tech scene is the net “brain gain,” which counts relocate to the region. Recent examples include Icahn Enterprises and the amount of tech workers who enter a market vs. those who out- Starwood Capital. migrate. Out of the 50 markets scored in the report, only 16 posted a positive brain gain, one of which was South Florida.

30 31 SALES COMPARABLES

LE JEUNE STATION 250 BIRD SOUTH MIAMI TOWN SQUARE JOCKEY CLUB EXPANSION DIAMEDEX WYNWOOD WYNWOOD 29 DEVELOPMENT SITE 4238 NW 7th Avenue 250 Bird Road 5850 SW 73rd Street 11295 Biscayne Blvd 2140 Miami Avenue 2828 NW 1st Avenue Address: Address: Address: Address: Address: Address: Miami, FL Coral Gables, FL South Miami, FL Miami, FL Miami, FL Miami, FL Baptist Health South Bacardi JV ALTA Seller: Ocean Bank Seller: Seller: Seller: PZ Investments Seller: Diamedix Corporation Seller: Metro1 Florida Development Buyer: 360 Homebuilders Buyer: ALTA Development Buyer: AvalonBay Communities Buyer: Integra Investments Buyer: The Related Group Buyer: Related Group/Metro1

Sale Date: December 2020 Sale Date: December 2020 Sale Date: November 2020 Sale Date: July 2020 Sale Date: May 2020 Sale Date: May 2020

Sale Price: $14,000,000 Sale Price: $17,450,000 Sale Price: $18,950,000 Sale Price: $15,500,000 Sale Price: $18,500,000 Sale Price: $13,500,000

Land Size (Acres): 2.80 Land Size (Acres): 1.41 Land Size (Acres): 1.86 Land Size (Acres): 8.17 Land Size (Acres): 2.30 Land Size (Acres): 1.39

Price Per Acre: $5,000,000 Price Per Acre: $12,380,000 Price Per Acre: $10,190,000 Price Per Acre: $1,900,000 Price Per Acre: $8,040,000 Price Per Acre: $9,710,000 Planned / Planned / Planned / Planned / Planned / Planned / 261-300 215 283 293-380 317 209 Developable Units: Developable Units: Developable Units: Developable Units: Developable Units: Developable Units: Price Per Unit: $47,000-$54,0001 Price Per Unit: $81,0001 Price Per Unit: $67,0001 Price Per Unit: $41,000-$53,000 Price Per Unit: $58,0001 Price Per Unit: $65,000

Zoning: T6-8-O & T4-L Zoning: MX1 & MX2 Zoning: TODD-M6 Zoning: RU-4M Zoning: T6-8-O Zoning: T6-8-O, T5-O

[1] Price per unit value includes commercial/retail space. [1] Price per unit value includes commercial/retail space. [1] Price per unit value includes commercial/retail space. The site was sold with as of right density for 293 residential units [1] Price per unit value includes commercial/retail space. Developers began assembling in 2016. Related Group and Metro ($53,000/unit). 1 are now finalizing a construction permit for a project called The site was sold with the ability to develop 261 residential The buyer plans to develop 215 high-end apartment units along with The former Winn-Dixie grocery store was sold after approvals were Non-contiguous Wynwood development opportunity that sold to Wynwood 29. Two buildings are being built – 12 stories (178 feet) units ($54,000/unit) under current zoning, along with additional 30,000 SF of office space and 10,900 SF of retail space. granted for a 9-story, 283 apartment unit development with 36,395 The buyers are in the process of trying to up-zone from medium to without plans or approvals in place. and 8 stories, on opposite sides of the street. commercial/retail space. SF of commercial/retail space and 400 parking spaces. high density residential which would allow for the development of The commercial/retail space will have significant value in this high- 380 residential units ($41,000/unit). In December Related proposed an 860,000 SF project consisting of There is the potential to up-zone T4 zoned parcels to T5 zoning. rent Coral Gables corridor. The commercial/retail space will have a substantial value adjacent 317 apartment units, 22,700 SF of retail, 60,400 SF of office and 534 This would allow for the development of 300 residential units to Sunset Place. The project contains virtually no commercial/retail space. parking spaces. ($47,000/unit), along with additional commercial/retail space. The commercial/retail space will have significant value in the popular Wynwood Arts District. 32 33 SALES COMPARABLES RENTAL COMPARABLES Little River has seen double digit rent growth within the last 3 years

SHIPPING AVENUE APARTMENTS WYNWOOD GREEN WYNWOOD SQUARE

3811 Shipping Avenue 48-98 NW 29th Street Address: Address: Address: 2245 N Miami Ave Coral Gables, FL Miami, FL One Real Estate Seller: Mast Capital Seller: Lombardi Properties Seller: Investment Buyer: AvalonBay Communities Buyer: Lennar Buyer: CIM Group, LP

Sale Date: March 2020 Sale Date: January 2019 Sale Date: November 2018 AMLI MIDTOWN QUADRO WYNWOOD 25 Sale Price: $12,900,000 Sale Price: $17,000,000 Sale Price: $16,600,000 3000 NE 2nd Avenue 3900 Biscayne Blvd 215-339 NW 24th Street Land Size (Acres): 1.02 Land Size (Acres): 1.11 Address: Address: Address: Land Size (Acres): 1.79 Miami, FL Miami, FL Miami, FL

Price Per Acre: $12,650,000 Price Per Acre: $15,330,000 Price Per Acre: $9,270,000 Submarket: Midtown Submarket: Design District Submarket: Wynwood Planned / Planned / Planned / 254 189 241 # of Units: 511 # of Units: 198 # of Units: 289 Developable Units: Developable Units: Developable Units:

1 Price Per Unit: $51,000 Price Per Unit: $90,000 Price Per Unit: $69,0001 Building Levels: 14 Building Levels: 13 Building Levels: 9

Zoning: T6-12-O Zoning: T6-8-O Zoning: T6-8-O Average SF: 982 Average SF: 943 Average SF: 740

The site was sold after approvals were granted for a 20-story, 254 [1] Price per unit value includes commercial/retail space. [1] Price per unit value includes commercial/retail space. Average Rent: $2,832 Average Rent: $2,716 Average Rent: $2,377 apartment unit development with 319 parking spaces. Wynwood 29 will include: Adjacent to the Brightline train tracks and future Brightline stop. The The project contains virtually no commercial/retail space. land hand entitlements for a mixed use project when it was sold to Average Rent PSF: $2.88 Average Rent PSF: $3.21 Average Rent PSF: $3.21 248 apartments (starting at 464 square feet) CIM. 26,651 square feet of retail 372 parking spaces The project is currently under contruction for 241 apartments, Year Built: 2021 Year Built: 2020 Year Built: 2019 60,290 square feet of office space, 27,212 square feet of retail and 481 parking spaces.

34 35 CONFIDENTIALITY & DISCLAIMER STATEMENT

Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this JUNCTION @ LITTLE RIVER Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers International South Florida, LLC. JUNCTION @ LITTLE RIVER

OFFERING MEMORANDUM

MIKA MATTINGLY CHRISTINA SEARLES ARDEN KARSON +1 305 602 5020 +1 954 908 0791 +1 786 271 3447 [email protected] [email protected] [email protected]