2525 SW 27TH AVENUE 9,900 SF / 13,015 SF GLA Office Building Owner/User Or Investment Opportunity

Home , Coconut Grove station, Douglas Road (Miami)

2525 SW 27TH AVENUE 9,900 SF / 13,015 SF GLA Office Building Owner/User or Investment Opportunity

MIAMI, florida

FOR SALE: Owner/User Opportunity or Income Investment TABLE OF CONTENTS

EXECUTIVE SUMMARY 3

PROPERTY DESCRIPTION 9

MARKET OVERVIEW 16

Financial overview 24

For More Information, Contact:

primary Contact: additional contact: JOHN F. BELL Mariano Perez Managing Director Senior Associate 100 SE 2nd Street, Suite 3100 [email protected] [email protected] Miami, Florida 33131 Direct: 305.808.7820 Direct: 305.808.7314 305.808.7310 Cell: 305.798.7438 Cell: 305.542.2700 www.transwestern.com/miami

The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of the property described herein (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of the owner (the “Owner”) or Transwestern. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. The material in this Offering Memorandum has been compiled by Transwestern from sources considered reliable and has not been independently verified by Transwestern. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein. Qualified prospective purchasers should conduct appropriate due diligence and review all legal documents, which are available from Transwestern, and make their own conclusions. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Transwestern, nor any of their respective officers, agents or employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum, or any additional verbal or written information provided. This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property. Each prospective purchaser is to rely solely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. No liability is assumed by and none shall be asserted against the Owner or Transwestern on account of any statements, descriptions or information, or projections or estimates, contained herein or omitted here from. The Owner reserves the right, at its sole discretion, to reject any or all offers to acquire the Property and/or to terminate discussions with any prospective purchaser, at any time, with or without notice or cause. The Owner expressly reserves the right to sell the Property on any basis or using any criteria. In addition, the Owner expressly reserves the right, at its sole discretion, to withdraw, supplement, change, amend, bifurcate, or reduce the Offering Memorandum and/or the Property.

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the Owner. 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

2525 SW 27TH AVENUE | MIAMI FLORIDA Gateway to Coconut Grove, Minutes to Coral Gables and Downtown

Front Exterior t Transwestern presents the opportunity to purchase the Alban Muller International Building (the “Property”), a 3-story professional office building ideally configured for either:

• Owner/User.

• Cash Flow Investment.

• Partial User / Partially Leased.

The Property strategically offers convenient access to Miami’s major employment centers and prestigious residential neighborhoods.

Property Summary

Asking Price: $2,300,000 or $232/SF

Address: 2525 SW 27th Ave

City, State: Miami, FL

Year Built: 1965

Property Type: 3 level office building

Building Size: 9,900 SF NRA / 13,015 SF Gross

Land Area: 8,378 SF

Current 50% - Tenant first floor / Tenant half of 2nd floor Occupancy: Occupancy: 50%

In Place NOI: $3,958 aerial view t Parking: 22 spaces, including 8 gated garage spaces

th Tenancy: The Property is currently 50% leased to two 2525 SW 27 Ave tenants. The 50% occupancy excludes the entire third floor currently occupied by the Owner that will vacate their space upon sale. Bus Stop

Post sale: SW 27th Ave • owner/Seller will vacate after sale.

• owner/Seller will stay in top floor space for 4 months at $20/SF full service rent.

3 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

Investment Highlights vacant suite 100 t IDEAL FOR AN OWNER/USER Current ownership occupies the entire third floor, which consists of 3,300 SF with a high quality marble floor lobby. Owner will vacate the 3rd floor after sale.

Tenancy Flexibility Owner/User can potentially occupy a portion of building, and earn revenue from remaining space. Common areas on each floor designed to allow effective multi-tenant use.

• Floors 1 & 2 designed to accommodate two tenants or single user per floor. Floor two is half leased.

• one of the floor 1 suites allows direct secured access. floor one is fully leased to a single tenant

reserved Secured and covered parking The gated, covered garage parking of 8 spaces is a competitive advantage. There are a total of 22 parking spaces on site.

Rent Roll

Suite Size (SF) Tenant Annual Rent Expiration

100/101 3,300 Vacant $56,100 Mar. 2017 $17.00/SF vacant suite 100 t 200 1,650 Absolute $28,814 Sept. 2017 Video $17.4 6/SF

201 1,650 Vacant - N/A

300 3,300 Owner will - N/A vacate

Total 9,900 $84,914

vacant suite 200 t

4 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

Investment Highlights

mETROrAIL sYSTEMt Metrorail Service Palmetto Northside Hialeah The Property is conveniently located within walking Tri-Rail distance to the Coconut Grove Station, located near Okeechobee Dr. Martin Luther King Jr. the intersection of Southwest 27th Avenue and US Brownsville Highway 1 to the south, offering tenants and visitors Earlington Heights Allapattah convenient access to and from the building. Santa Clara Miami Civic Center International Bus Service Airport Historic Overtown/ Culmer Lyric Theatre A bus station is located immediately south of the

9 Government Center Property that runs Route 27--which stretches from AVE 2525 SW 27TH AVE TH Brickell Coconut Grove to the south up to Sun Life Stadium to SW 27 SW the north. Vizcaya Coconut Grove • Convenient for commuting employees. Douglas Road • Steps from the Property’s entrance. University N Orange Line (Dadeland South to MIA) Green Line (Palmetto to Dadeland South) South Miami Station

Station with Parking Facilities Interior Atrium Stairwell Dadeland North Station with Overnight/Long-Term Parking The Property features a dramatic three level interior Dadeland South stairwell atrium at the front center of the common areas extending from the first to third floor of the building.

Interior stairwell atrium t Interior stairwell atrium t

5 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

Investment Highlights

3rd Floor Owner/User Tenant Space

• Smith & Gonzalez LLC (Seller). Will vacate post sale.

• Full floor tenant.

• Includes Arched Hallway.

• 3,300 SF

• Windows on north and west sides of building.

• Space is in good condition and ideally configured for a full floor user.

• Seller will vacate this suite after sale.

• Seller would like to stay for 4 months at a rent of $20/SF, full service, and then vacate. This is so they can prepare to move. 3rd floor owner/user suite t

3rd floor owner/user suite t s

6 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

location - Centrally located between Coral Gables, Downtown & Coconut Grove

Direct Exposure on SW 27th Avenue - Prime Signage • Attracts tenants, and offers users signage/advertising opportunity.

Nearby amenities are extensive • Numerous nearby restaurants and retail amenities along SW 27th Avenue, Coral Way and US Highway #1.

Ease of Access to Business Centers • Convenient proximity to Coconut Grove, Coral Gables, Brickell and Downtown.

• Central to prime residential neighborhoods. MIAMI BEACH MIAMI INTERNATIONAL AIRPORT 836 MIAMI 95 9 DOLPHIN EXPY 953 DOWNTOWN

968 TH IN SW 8 ST M 5

41 BRICKELL AVE CORAL 2 TH MIN 826 GABLES

SW 27 SW CORAL WAY 972

AVE 1 TH 1MIN

Inventory - Coral Way SW 37 SW LE JEUNE RD JEUNE LE YTD 2014 2013 2012 2011 2010 2009 976 COCONUTClass A 84,248 84,248 84,248 84,248 84,248 0 Class B 1,087,752 1,087,752 1,087,752 TH1,085,292 1,085,292 1,085,292 GROVEClass C 1,255,43125251,257,359 SW1,257,359 27 1,264,251 AVE1,264,251 1,264,251 Inventory - Coral Way S DIXIE HWY Total 2,427,431 2,429,359 2,429,359 2,433,791 2,433,791 2,349,543 YTD 2014 2013 2012 2011 2010 Source:2 0CoStar09 Class A 84,248 84,248 84,248 84,248 84,248 0 Class B 1,087,752 1,087,752Absorption1,087,752 - Coral Way1,085,292 1,085,292 1,085,292 Class C Y1,255,431TD 2014 1,257,3592013 1,257,3592012 1,264,2512011 1,264,2512010 1,264,2512009 ClassTota lA 2,4207,431 2,4209,359 2,4209,359 2,4303,791 2,84,248433,791 2,3409,543 Strong - Low Vacancy submarket Class B 29,320 (2,503) 4,950 7,733 71,728 Source:(58,399) CoStar Class C 6,969 24,206 13,506 (13,790) (3,612) (47,696) Inventory - Coral Way Total 36,289 21,Absorption703 18 -, 4Coral56 Way(6,057) 152,364 (106,095) YTD 2014 2013 2012 2011 2010 2009 YTD 2014 2013 2012 2011 2010 Source:2 0CoStar09 Class A 84,248 84,248 84,248 84,248 84,248 0 Class A 0 0 0 0 84,248 0 Class B 1,087,752 1,087,752 1,087,752 1,085,292 1,085,292 1,085,292 Class B 29,320 (2,503)Vacancy - 4,950Coral Way 7,733 71,728 (58,399) Class C 1,255,431 1,257,359 1,257,359 1,264,251 1,264,251 1,264,251 Class C YT6,969D 2014 24,2062013 13,5062012 (13,790)2011 (3,612)2010 (47,696)2009 Total 2,427,431 2,429,359 2,429,359 2,433,791 2,433,791 2,349,543 ClassTota lA 30.0%6,289 20.0%1,703 10.0%8,456 (0.0%6,057) 150.0%2,364 (10.0%06,095) Source: CoStar Class B 3.5% 6.2% 6.0% 6.2% 6.9% Source:13.6% CoStar Class C 4.4% 5.1% 7.0% 8.6% 7.5% 7.2% Absorption - Coral Way Total 3.8% 5.4Vacancy% - 6Coral.3% Way 7.2% 7.0% 10.2% • A Popular,YTD 2014 In Demand,2013 20 1Office2 20 11 Market.2010 2009 YTD 2014 2013 2012 2011 2010 Source:2 0CoStar09 Class A 0 0 0 0 84,248 0 Class A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Class B 29,320 (2,503) 4,950 7,733 71,728 (58,399) Class B 3.5% Full Service6.2% Rental 6.0%Rates - Coral6.2% Way 6.9% 13.6% Class • C Only 3.8%6,969 Vacancy24,206 R13,506ate For(13,790) Class B (3,612)Coral Way(47,696) Class C YTD4.4% 2014 25.1%013 27.0%012 28.6%011 27.5%010 27.2%009 Total 36,289 21,703 18,456 (6,057) 152,364 (106,095) ClassTota lA 3n/a.8% 5n/a.4% 6n/a.3% 7n/a.2% 7n/a.0% 1n/a0.2% Office Market. Source: CoStar Class B $27.55 $27.33 $24.49 $23.38 $23.50 Source:$23.32 CoStar Class C $21.04 $21.40 $22.65 $22.82 $23.95 $25.84 Vacancy - Coral Way Total $24.06 Full Service$24.15 Rental$2 Rates3.50 - Coral$23 Way.08 $23.74 $24.68 • $27.55/SFYTD 2014 Class2013 B Average2012 R2ental011 Rate.2010 2009 YTD 2014 2013 2012 2011 2010 Source:2 0CoStar09 Class A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Class A n/a n/a n/a n/a n/a n/a Class B 3.5% 6.2% 6.0% 6.2% 6.9% 13.6% Class B $27.55 $27.33 $24.49 $23.38 $23.50 $23.32 Class C 4.4% 5.1% 7.0% 8.6% 7.5% 7.2% Class C $21.04 $21.40 $22.65 $22.82 $23.95 $25.84 Total 3.8% 5.4% 6.3% 7.2% 7.0% 10.2% Total $24.06 $24.15 $23.50 $23.08 $23.74 $24.68 Source: CoStar Source: CoStar7

Full Service Rental Rates - Coral Way YTD 2014 2013 2012 2011 2010 2009 Class A n/a n/a n/a n/a n/a n/a Class B $27.55 $27.33 $24.49 $23.38 $23.50 $23.32 Class C $21.04 $21.40 $22.65 $22.82 $23.95 $25.84 Total $24.06 $24.15 $23.50 $23.08 $23.74 $24.68 Source: CoStar 2525 SW 27TH AVENUE MIAMI, FLORIDA EXECUTIVE SUMMARY

THE OFFERING PROCESS The Coral Springs Financial Plaza is being offered subject to limiting conditions described in this Offering Memorandum and the Confidentiality Agreement.

>> Property Tours: Interested purchasers should contact Transwestern to arrange a Property tour. We respectfully request that you do not contact either the Owner or the leasing & management personnel at the Property.

FOR MORE INFORMATION, CONTACT:

primary Contact: additional contact: JOHN F. BELL Mariano Perez Managing Director Senior Associate [email protected] [email protected] Direct: 305.808.7820 Direct: 305.808.7314 Cell: 305.798.7438 Cell: 305.542.2700

100 se 2nd street, suite 3100, Miami, Florida 33131 www.transwestern.com

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the owner 8 PROPERTY DESCRIPTION 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

property overview 2525 SE 27th Avenue The Alban Muller International Building (“Property”) enjoys Address 2525 SW 27th Avenue a high profile location at 2525 Southwest 27th Avenue, a Size 9,900 SF NRA/13,015 SF Gross heavily travelled corridor between US Highway 1 (South Dixie Highway) and Coral Way (SW 22nd Street). The three Year Built 1965 story office building is ideally configured to easily and 22 spaces, including 8 space Parking efficiently accommodate either a user or multi-tenant use. garage.

Site Size 8,378 SF

Property Highlights

• Central Location: High profile gateway to third party tenants, or can be used as a location to the Coconut Grove residential and customer entrance separate from the upper level business core, and minutes to both Coral Gables operations for a full building user. and Downtown Miami. • Distinctive Interior Atrium: The Property • Valuable Signage Opportunities: Location on features a dramatic three level interior stairwell highly travelled SW 27th Avenue offers valuable atrium at the front center of the common areas signage opportunities for businesses. extending from the first to third floor of the building. • Secured Parking: Eight covered and secured parking spaces in a below grade gated parking • Bus Stop: Bus Stop is steps from the front garage– an attractive amenity for executives of building, convenient for bus commuting and company principals with protective parking employees. for luxury automobiles. A competitive leasing advantage over other neighborhood offices. • Metrorail Walking Distance: Nearby Metrorail station, allowing direct access to Downtown • Ease of Access: Convenient access from 27th Miami and Brickell markets. Avenue or from a rear alley off 25th Street. • Sturdy Design to Weather Storms: Less likely • Design Flexibility: The Property offers a cost to incur business interruption from potential effective and efficient operating strategy for users, hurricane damage due to the 1st & 2nd floors investors, or a hybrid of a user-investor. only having windows on the east side of the building, an advantage in that it lessens • Separate Entrances: Direct, separate entry to one the impact of hurricane damage with fewer of the ground floor suites, provides leasing options penetration points. Interior stairwell atrium t Interior stairwell atrium t

10 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

Location overview

The Property is located on SW 27th Avenue between Coral Way and US Highway 1, at the gateway to the Coconut Grove business and residential districts. The locale provides convenient access to other major residential and employment hubs including Coral Gables, Brickell, Downtown and Little Havana.

Ample Dining Amenities Substantial nearby amenities along SW 27th Avenue, Coral Way, and US 1 are also a big draw for tenants, and

include a number of dining and shopping options within walking distance of41 the Property. There are two cafés SW 8TH ST directly across from the Property,41 as well as a Jimmy John’s, Coral Bagels, and Daily Bread Marketplace all within immediate walking distance. MIAMI

TO DOWNTOWN / BRICKELL SW 16TH ST

95 AVE

TH RD AVE

SW 3 PONCE DE LEON BLVD 12 SW

1 CORAL WAY 972

913 AVE CORAL TH Miracle AVE

GABLES Marketplace ND

SW 17 SW SW 22 SW

AVE S MIAMI AVE

TH 1 B Bus

Stop SW 27 SW AVE Metrorail Deering

AVE ND AVE Station TH

ND 2525 SW 27 AVE M Channel

SW 32

SW 37 SW 42 S DIXIE HWY 9

COCONUT TIGERTAIL AVE GROVE S BAY SHORE DR

PUBLIX RD Residential Development Infusion SW 23 ST SW 23RD ST GRAND AVE GIBRALTAR A significant amount of residential development has occurred APARTMENTS

9 in and around the immediate area over the past year.

AVE

AVE TH ND • The largest new development is the 184-unit Grove Station 2525 SW 27TH AVE

TH 27 SW SW 24 TERRACE 22 SW Tower Apartments which is currently under construction near SW 25TH ST the corner of SW 27th Avenue and US 1, next to the Coconut TH CAFÉ SW 25 ST Grove Metrorail Station, and is scheduled for delivery later

TH TH CAFÉ SW 25 TERRACE SW 25 TERRACE this year. GROVE VIEW CONDOS

TH APT BUILDING SW 26 ST • The Gibraltar Apartments is a 12-story multifamily building GATEWAY TO THE GROVE CONDOS at 2350 SW 27th Avenue set to be completed March 2015.

TH DAILY SW 27 ST SW 27TH ST BREAD • At the NW corner of SW 27th Avenue and SW 26th Street

GROVE STATION TOWER TH LN just one block south of the Property, ground has broken APARTMENTS SW 26 TH SW 27 TERRACE S DIXIE HWY on a new twelve-story apartment building. JIMMY 1 JOHN’S M • grove View condo is an eight-story, 38-unit building CORAL Metrorail Station BAGELS OVERBROOK ST located across the street at 2550 SW 27th Avenue that was

S DIXIE HWY built in 2004, and Gateway to the Grove is an eleven-story, 56-unit condo building located at 2600 SW 27th Avenue built in 2006. 11 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

Bus Service A bus station is located just steps to the south of the Property that runs Route 27/27a--which provides service from Coconut Grove to the south, running north to Sun Life Stadium, with convenient transfers to other routes along the way.

Metrorail The Property is conveniently located within walking distance to the Coconut Grove Station, located near the intersection of Southwest 27th Avenue and US Highway 1 to the south, offering tenants and visitors convenient access to and from the building. The Metrorail system is a 25-mile dual track, elevated rapid transit system that provides service to Miami International Airport (MIA) and runs from Kendall through South Miami, Coral Gables, and Downtown Miami; to the Civic Center/Jackson Memorial Hospital area; and to Brownsville, Liberty City, Hialeah, and Medley in northwest Miami-Dade, with connections to Broward and Palm Beach counties at the Tri-Rail/Metrorail transfer station. The system currently uses 136 train cars. Metrorail Service t

Palmetto Northside Hialeah Tri-Rail Okeechobee Dr. Martin Luther King Jr. Brownsville Earlington Heights Allapattah Santa Clara Miami Civic Center International Airport Historic Overtown/ Culmer Lyric Theatre

9 Government Center AVE

2525 SW 27TH AVE TH Brickell SW 27 SW Vizcaya Coconut Grove Douglas Road

University N Orange Line (Dadeland South to MIA) Green Line (Palmetto to Dadeland South) South Miami Station

Station with Parking Facilities Dadeland North Station with Overnight/Long-Term Parking Dadeland South 12 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

Site Data

Site Data Parking • The Property has 22 parking spaces, eight of which 2525 Southwest 27th Avenue Address are located in a secure, gated garage underneath the Miami, FL 33133 building, equating to 2.22 spaces per 1,000 rentable Lot Size 8,378 SF – 0.19 Acres square feet. There is one disabled space in the parking garage. Tax Parcel 01-4115- 0 07-1760 Number • Street parking is not allowed directly before or after the Topography and The site is generally level and driveway entering the garage, with an ideally located bus Drainage at street grade. lane at the front of the building, which allows for safe 2014 Assessed $1,251,767 ingress and egress from the garage. Value 2014 Real Estate $28,388 Tax Ingress/Egress Access to and from the site is accomplished via curb cuts th located on SW 27th Avenue, as SW 25 St well as via an alley with access from SW 25th Street.

Flood Plain The Property is located in Designation Zone X – which corresponds NOT PART OF OFFERING to areas outside the 100-

year floodplains. areas of Ave th 100-year sheet flow flooding where average depths are less than 1 foot, areas of 100- SW 27 year stream flooding where the contributing drainage NOT PART area is less than 1 square OF OFFERING ALLEY mile, or areas protected from the 100-year flood by levees. Single Family Residence Single Family Zoning T-4 O – General Urban Zone “THE PROPERTY” This zoning designation Parking Lot Access allows for a transition from lower density T-3 zoning, to higher density properties. Most uses are allowed by right, including multifamily, commercial, and mixed 2525 SW 27th Ave use. The zoning allows 36 Garage Access Three Story dwelling units per acre, and Commercial a maximum building height Building with Bus of three stories. Underground Stop Parking

13 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

Building Data

Year Built 1965 Building Size • 13,015 Gross Square Feet Per Tax Appraiser’s Records. • 9,900 Rentable Square Feet. Windows • The 3rd floor has windows on the west and north walls – ideally suited for executive offices. • 1st and 2nd floors are provided a significant amount of natural light through windows along the west side of the building, with no windows on other sides of these floors. Interior Finishes / Office Areas • Floor Coverings: Marble, tile, carpet and laminate flooring. • Walls: Painted drywall. • Ceilings: Suspended acoustical tile. Restrooms Separate men’s and women’s restrooms on each floor, allowing flexibility for multi-tenant or full building user. Kitchens Kitchens are available in 3 suites – Suite 300, Suite 200, and Suite 100. Flexible Configuration First and second floors are partitioned for two equal sized suites for multitenant use, but are connected and can be efficiently used as full single floor tenants. The 3rd floor has a high quality reception lobby, and is efficiently configured for a full floor user as executive offices. First Floor Private Entry Suite 101 has a separate entrance from both the street and main lobby, providing tenant flexibility and secured entry. Roofing The roof is in need of repair, with estimates that it can be resealed for between $18,000 to $20,000. HVAC Rooftop compressor and 1 unit per floor. 3rd Floor unit and rooftop compressor were replaced December 2014. Life Safety/Security The building has a fire alarm system that was installed roughly ap- proximately four years ago. The entire Property is equipped with a closed circuit camera system. Elevator One passenger elevator, accessing the garage and floors 1 through 3. Stairwells Interior, 3-level atrium style stairwell that is the focus of the common areas. Stairwell at the rear of the building provides access from the garage to the rear of the building, and to each floor, and is where the HVAC units are located.

14 2525 SW 27TH AVENUE MIAMI, FLORIDA PROPERTY DESCRIPTION

First Floor Suite 100 t Suite 101 t

Second Floor Suite 200 t

Third Floor

Third Floor Suite 300 t

15 Market Overview 2525 SW 27TH AVENUE MARKET OVERVIEW MIAMIMarket, FLORIDA Overview Market Overview Market Overview The Property is located in Miami, Florida, just west of Downtown/Brickell, at the northern gateway to TheThethe PropertyCoconut Grove isis located located market, in in Miami, Miami,and just Florida, F westlorida, just of justCoral west west Gables of Downtown/Brickell of .D owntown/Brickell,, at the at northern the northern gateway gateway to to the Coconutthe Coconut Grove Grove market, market, and and just just east west of of Coral Coral GGablesables.. The Miami Metro is part of a larger economic region often referred to as “South Florida,” but formally The Miami Metro is part of a larger economic region often referred to as “South Florida,” but formally known Theknown Miami as theMetro Miami is part-Fort of Lauderdale a larger economic-Pompano region Beach often Metropolitan referred to Statistical as “South Area Florida,” (“MSA”). but formallyComprised as the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area (“MSA”). Comprised of Mi- known as the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area (“MSA”). Comprised ami-of MiamiDade,-Dade, Broward, Broward, and andPalm Palm Beach Beach Counties, Counties, the the MSA MSA is is the the eightheighth largestlargest economic economic region region in thein the United States,ofUnited Miami with States,-Dade, 5.8 with Broward,million 5.8 millionyear-round and Palm year Beach- roundresidents Counties, residents and thethousands and MSA thousands is the of seasonalei ofghth seasonal largest visitors. visitors. economic region in the United States, with 5.8 million year-round residents and thousands of seasonal visitors. OOverver the the pastpast two decades,decades, South South Florida Florida has has been been one oneof the of fastest the fastest-growing-growing regions regions in the country. in the country. Since 2000,OverSince the the 2000, past Miami- the two MiamiF decades,ort L-Fortauderdale-Pompano South Lauderdale Florida-Pompano has been Beach Beach one Metropolitan of Metropolitan the fastest -Statisticalgrowing Statistical regions Area Area in(MSA),(MSA), the country. which includes Mi- ami-SinceincludesD 2000,ade, Miami Broward,the Miami-Dade, and- FortBroward, Palm Lauderdale Beachand Palm-Pompano Counties, Beach Counties,Beach has grown Metropolitan has bygrown 714,950 Statisticalby 714,950 residents, Area residents, (MSA), an increase an which increase of more than 14%.includesof more Miami than 1-4Dade,%. The Broward, MSA is nowand Palmthe eighth Beach most Counties,-populous has growngeographic by 714,950 region residents,in the US. an increase of more than 14%. The MSA is now the eighth most-populous geographic region in the US. TheMiam MSAi’s reputation is now the as aneighth international most-populous-class city geographicis expected to region allow South in the Florida US. to achieve the rank of Miamfifth fastesti’s reputation-growing as market an international among the-class 10 lacityrgest is expected MSAs over to the allow next South five Floridayears, yielding to achieve over the 330,000 rank of Miami’sfifthnew fastest residents reputation-growing according market as an to theinternational-classamong US Censusthe 10 laandrgest Niel cityMSAssen is-Claritas. overexpected the next to five allow years, South yielding Florida over 330,000to achieve the rank ofnew fifth residents fastest-growing according to themarket US Census among and the Niel 10sen largest-Claritas. MSAs over the next five years, yielding over 330,000 new residents according to the US Census and Nielsen-Claritas. Demographic Overview Demographic Overview D emographic Overview

PPopulation:opulation: MMiami’siami’s S Strongtrong GrowthGrowth to to Continue Continue Population: Miami’s Strong Growth to Continue Population Analysis 2525 SW 27th Avenue Population Analysis 2525 SW 27th Avenue 2014-2019 Area 2000 2010 2014 2019f ann.2014 growth-2019 Area 2000 2010 2014 2019f 1-mi Radius 32,845 35,527 36,600 38,706 ann. growth1.13% 13-mi-mi Radius Radius 209,22232,845 225,21535,527 233,20336,600 246,26738,706 1.13%1.10% 35-mi-mi Radius Radius 209,222394,058 225,215439,276 233,203462,236 246,267492,755 1.10%1.29% 5Miami-mi Radius-Ft. Lauderdale MSA 5,007,564394,058 5,564,635439,276 5,722,514462,236 6,046,549492,755 1.29%1.11% MiamiFlorida-Ft. Lauderdale MSA 15,982,3785,007,564 18,801,3105,564,635 19,383,4755,722,514 20,434,2866,046,549 1.11%1.06% Florida• The three mile radius includes15,982,378 the prestigious18,801,310 residential19,383,475 neighborhoods20,434,286 of Coconut1.06% Grove, • The three mile radius includes the prestigious residential neighborhoods of Coconut Grove, Downtown • The three mile radius includes the prestigious residential neighborhoods of Coconut Grove, Miami,Downtown and Coral Miami, Gables. and Coral Gables. Downtown Miami, and Coral Gables. Income: Incomes growing alongside job growth IIncome:ncome: IIncomesncomes growinggrowing alongside alongside job job growth growth Average Household Income Analysis 2525 SW 27th Avenue Average Household Income Analysis 2525 SW 27th Avenue 2014-2019 Area 2014 % over $100k 2019f % over $100k ann. growth 2014-2019 Area 2014 % over $100k 2019f % over $100k 1-mi Radius $64,382 16.6% $74,410 20.1% ann. growth2.94% 13-mi-mi Radius Radius $64,382$60,220 16.6%16.2% $74,410$69,621 20.1%19.0% 2.94%2.94% 35-mi-mi Radius Radius $60,220$58,595 16.2%15.3% $69,621$67,379 19.0%18.0% 2.94%2.83% 5Miami-mi Radius-Ft. Lauderdale MSA $58,595$70,014 15.3%19.7% $67,379$79,964 18.0%23.0% 2.83%2.69% MiamiFlorida-Ft. Lauderdale MSA $70,014$65,254 19.7%16.8% $79,964$74,287 23.0%19.7% 2.69%2.63% Florida $65,254 16.8% $74,287 19.7% 2.63%

• Income growth within the 1- and 3-mile radii of the Property is projected to outpace the Metro and Flori- da as a whole, with projected growth of 3% annually over the next five years.

• The surrounding densely populated neighborhoods are also home to exclusive, high income, residential neighborhoods of Coral Gables and Coconut Grove.

17 • Income growth within the 1- and 3-mile radii of the Property is projected to outpace the Metro and Florida as a whole, with projected growth of 3% annually over the next five years. • The surrounding densely populated neighborhoods are also home to exclusive, high income, residential neighborhoods of Coral Gables and Coconut Grove.

2525 SW 27TH AVENUE MARKET OVERVIEW MIAMI, FLORIDAEconomic Overview – Florida Enjoys Leading Job Growth • Job growth intensifies demand for office space for projects such as the 2525 SW 27th Avenue asset. Economic Overview – Florida Enjoys Leading Job Growth

• Job growth intensifies demand for office space for projects such as the 2525 SW 27th Avenue asset. Job Growth 2009-2014 Texas Job Growth 2009-2014

Texas Florida California FloridaMichigan New York MichiganNorth Carolina Ohio North CarolinaGeorgia Massachusetts Colorado Georgia Indiana Pennsylvania Colorado WashingtonTennessee Pennsylvania Illinois Utah Tennessee MinnesotaVirginia Utah SouthArizona Carolina Virginia Oklahoma Wisconsin South CarolinaKentucky Oregon Oklahoma 0 200 400 600 800 1,000 1,200 1,400 North Dakota Kentucky

0 200 400 600 800 1,000 1,200 1,400

Source: Bureau of Labor and Statistics

Miami is an International Gateway

18 2525 SW 27TH AVENUE MIAMI, FLORIDA MARKET OVERVIEW

Miami is an International Gateway to u.s. Miami’s role as the US gateway to Latin America has provided a consistent boost to the local economy.• Gateway Many City Latin: Miami’s American role as and the European US gateway companies to Latin America require hasa presence provided for a consistent their multi boost-national operationsto the local in the economy. Miami Manyarea. L atin American and European companies require a presence for their multinational operations in the Miami area.

• Corporate Enclave: US companies increasingly base their Latin American operations in Miami, including• US companiesmajor companies increasingly such as baseAmerican their Airlines, Latin American HBO, HJ Hoperationseinz, ExxonMobil, in Miami, Starbucks, including Kraft major Foodscompanies and the newest such arrival,as American Miller Beer.Airlines, HBO, HJ Heinz, ExxonMobil, Starbucks, Kraft Foods and the newest arrival, Miller Beer.

• Global Reach: International tourism, especially from Latin America has been strong, and the Caribbean cruise industry has been expanding in South Florida, generating leisure & hospitality employment.• International tourism, especially from Latin America has been strong, and the Caribbean cruise industry has been expanding in South Florida, generating leisure & hospitality employment.

• MultiNationals: Miami-Dade County is home to more than 1,100 multinational corporations, dozens• Miami of foreign-Dade consulatesCounty is andhome trade to moreoffices, than and 1,100 various multinational bi-national chamberscorporations, of commerce. dozens of In foreign addition to major US companies that operate Latin American or worldwide headquarters in Miami, consulates and trade offices, and various bi-national chambers of commerce. In addition to the roster includes companies from Latin America, the Caribbean, Europe, Asia, and the Middle East. major US companies that operate Latin American or worldwide headquarters in Miami, the roster includes companies from Latin America, the Caribbean, Europe, Asia, and the Middle East.

• A•mongAccording Job G therowth Bureau Leaders of Labor: Accordingand Statistics, the Bureauthe Miami/Ft of Labor Lauderdale and Statistics, MSA the ranked Miami/ 4thF amongt Lauderdale MSA ranked 4th among the 15 largest MSAs in the US in job growth over the past five years,the with 15 growth largest projected MSAs in theto continue. US in job Thatgrowth trend over held the true past for five the years, state ofwith Florida growth as aprojected whole, to with thecontinue. state adding That trendover 600,000 held true jobs for since the state2009. of Florida as a whole, with the state adding over 600,000 jobs since 2009.

16% 14% 12% 10% 2014 8% 6% 4% 2% Job Growth 2009 - 0%

Source: Bureau of Labor and Statistics

19 2525 SW 27TH AVENUE MIAMI, FLORIDA MARKET OVERVIEW

Office Market Overview – 3 Quarter 2014 Results Office Market Overview – 3 Quarter 2014 Results Existing Inventory Vacancy YTD Ne t YTD Under Quoted Market # Blds Total RBA Dir e ct SF Total SF Vac % Absorption Deliveries Const SF Rate s Aventura 52 2,194,259 169,545 174,233 7.9% 56,552 0 40,724 $39.33 Biscayne Corridor 131 3,722,606 706,721 709,021 19.0% 17,180 0 0 $31.12 Brickell 67 7,830,615 1,142,231 1,168,978 14.9% 70,005 0 150,830 $39.44 Coconut Grove 97 1,996,132 198,838 205,538 10.3% (6,108) 0 0 $31.32 Coral Gables 440 10,703,939 1,156,537 1,183,604 11.1% 238,369 0 68,030 $34.32 Coral Way 229 2,424,871 90,945 93,970 3.9% 36,895 0 0 $23.76 Dow ntow n Miami 79 11,054,081 1,976,098 2,003,579 18.1% 117,178 0 0 $33.66 Hialeah Gardens 57 408,430 16,477 16,477 4.0% 1,775 0 0 $21.50 Kendall 531 11,724,566 1,055,064 1,055,408 9.0% (11,124) 0 60,000 $27.83 Medley/Hialeah 341 4,379,539 357,033 360,809 8.2% 47,671 0 36,942 $22.52 Miami 562 6,949,511 453,995 486,599 7.0% (21,912) 0 92,589 $25.89 Miami Airport 349 16,122,850 1,836,040 1,873,027 11.6% 264,463 80,000 60,000 $24.15 Miami Beach 157 4,332,550 408,095 408,095 9.4% (38,718) 0 0 $33.67 Miami Lakes 137 3,509,595 753,259 753,569 21.5% 58,593 0 0 $22.12 Northeast Dade 505 6,391,324 735,007 735,007 11.5% 81,118 0 0 $22.38 Outlying Miami-Dade Cnty 7 194,314 1,854 1,854 1.0% (1,854) 0 0 $17.96 South Dade 216 2,199,101 210,850 212,350 9.7% (13,973) 0 0 $20.91 Wes t Miami 358 3,338,980 100,202 100,202 3.0% 12,164 0 0 $22.84 Totals 4,315 99,477,263 11,368,791 11,542,320 11.6% 908,274 80,000 509,115 $29.67 Source: CoStar Property®

Coral Way Submarket The Property is located in the Coral Way Submarket, and is an exceptionally strong market. Coral Way Submarket • Vacancy is only 3.9% The Proper•ty isThird loc lowestated vacancyin the Corater alof theWa 17y S submarketsubmarket ,comprising and is an Miami exceptionall-Dade County.y st rong market. • Market boundaries are SW 8th Street to the north, SW 37th Avenue to the west, US-1 to the • Vacancy is south,only 3.9% and I-95 to the east. • The submarket is strategically located at the gateway to the Coconut Grove business and residential neighborhoods, and nestled between Downtown/Brickell and Coral Gables. • Third lowest vacancy rate of the 17 submarkets comprising Miami-Dade County. • The market’s success is driven by its ease of access, nearby executive housing, multiple public transit options, and wealth of immediate area amenities of restaurants and shopping. • Market• boundariesTamer put are the SW proper 8th tyStreet on the to map the belownorth, please SW 37th Avenue to the west, US-1 to the south, and I-95 to the east.

• The submarket is strategically located at the gateway to the Coconut Grove business and residential neighborhoods, and nestled between Downtown/Brickell and Coral Gables.

The Coral Way market’s success is driven by its ease of access, nearby executive housing, multiple public transit options, and wealth of immediate area amenities of Restaurants and shopping.

20 2525 SW 27TH AVENUE MIAMI, FLORIDA MARKET OVERVIEW

Coral Way Submarket

41 SW 8TH ST 41

9 SW 16TH ST

AVE TH

AVE RD AVE TH

SW 3

PONCE DE LEON BLVD 12 SW CORAL WAY SUBMARKET 17 SW CORAL WAY 1 972 913

CORAL

AVE

AVE ND

GABLES TH

SW 27 SW 22 SW S DIXIE HWY S MIAMI AVE 1

AVE Deering

AVE ND AVE

TH ND 2525 SW 27TH AVE Channel

SW 32

SW 37

SW 42

COCONUT GROVE TIGERTAIL AVE S BAY SHORE DR Inventory Inventory GRAND AVE Inventory Inventory - Coral Way YTD 2014 2013Inventory -2012 Coral Way2011 2010 2009 Class A YTD84,248 2014 84,2482013 84,2482012 84,2482011 84,2482010 20090 Class BA 1,087,75284,248 1,087,75284,248 1,087,75284,248 1,085,29284,248 1,085,29284,248 1,085,2920 Class CB 1,255,4311,087,752 1,257,3591,087,752 1,257,3591,087,752 1,264,2511,085,292 1,264,2511,085,292 1,264,2511,085,292 TotalClass C 2,427,4311,255,431 2,429,3591,257,359 2,429,3591,257,359 2,433,7911,264,251 2,433,7911,264,251 2,349,5431,264,251 Total 2,427,431 2,429,359 2,429,359 2,433,791 2,433,791Source:2,349,543 CoStar Source: CoStar • The majority• The of majority the market of the is market Class Bis andClass Class B and C Class Space. C Space. • TheThe majority inventory of has the remained market is relativelyClass B and consistent Class C Space. as a largely built out neighborhood, with only • The inventory has remained relatively consistent as a largely built out neighborhood, with only the • the The demolition inventory hasof some remained Class relativelyB and C buildings consistent, as as well a largely as the builtaddition out neighborhoodof the sole Class, with A space only demolitionthe of demolitionsome Class of B some and ClassC buildings, B and C buildingsas well as, as the well addition as the addition of the sole of the Class sole AClass space A space in the submarketin in the 2010, submarket the CIMA in 2010, Corporate the CIMA Center Corporate located Center at 1728 located W Coralat 1728 Way. W Coral This Way 84,248. This SF 84,248 building is in the submarket in 2010, the CIMA Corporate Center located at 1728 W Coral Way. This 84,248 100% occupiedSF building by an is owner/user,100% occupied CIMA by an Telecom owner/user, Group. CIMA Telecom Group. SF building is 100% occupied by an owner/user, CIMA Telecom Group. Absorption Absorption Absorpt ion

Absorption - Coral Way YTD 2014 2013Absorption 2012- Coral Way2011 2010 2009 Class A YTD0 2014 20130 20120 20110 84,2482010 20090 Class BA 29,3200 (2,503)0 4,9500 7,7330 71,72884,248 (58,399)0 Class CB 29,3206,969 24,206(2,503) 13,5064,950 (13,790)7,733 71,728(3,612) (58,399)(47,696) ClassTotal C 36,2896,969 21,70324,206 18,45613,506 (13,790)(6,057) 152,364(3,612) (106,095)(47,696) Total 36,289 21,703 18,456 (6,057) 152,364Source:(106,095) CoStar • Absorption has been limited as the market is highly successful and has minimalSource: space CoStar to absorb and very few spaces• Absorption become available.has been limited as the market is highly successful and has minimal space to absorb • andAbsorption very few has space beens becomlimitede asavailable the market. is highly successful and has minimal space to absorb • The success of the market is also due to its comparatively affordable alternative to costlier nearby • and very few spaces become available. submarketsThe of success Brickell, of Coral the market Gables, is also and due Coconut to its comparatively Grove. affordable alternative to costlier • Thenearby success submarkets of the market of Brickell, is also Coral due Ga tobles, its comparatively and Coconut Grove.affordable alternative to costlier nearby submarkets of Brickell, Coral Gables, and Coconut Grove. 21 2525 SW 27TH AVENUE MIAMI, FLORIDA MARKET OVERVIEW

Vacancy Coral Way Submarket

Vacancy Vacancy - Coral Way YTD 2014 2013 2012 2011 2010 2009 Vacancy Class A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Class B 3.5% 6.2% 6.0% 6.2% 6.9% 13.6% Vacancy - Coral Way Class C 4.4% 5.1% 7.0% 8.6% 7.5% 7.2% YTD 2014 2013 2012 2011 2010 2009 Total 3.8% 5.4% 6.3% 7.2% 7.0% 10.2% Class A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Source: CoStar Class B 3.5% 6.2% 6.0% 6.2% 6.9% 13.6% Class C 4.4% 5.1% 7.0% 8.6% 7.5% 7.2% Total• The Coral3.8% Way submarket5.4% boasts6.3% one of the7.2% lowest 7.0%vacancies 10.2%in all of Miami-Dade County. This can again be attributed to its central location coupled withSource: its relative CoStar affordability and • The Coral Way submarketabundance boasts of one nearby of the executive lowest housvacanciesing communities in all of Miami- that decisionDade County. makers likeThis to is locate their • The Coral Way submarket boasts one of the lowest vacancies in all of Miami-Dade County. This attributed to its centralbusinesses location couplednear. with its relative affordability and abundance of nearby executive housing communitiescan again be attributedthat decision to its makers central likelocation to locate coupled their with businesses its relative near. affordability and • Vacancy in the Class B space has improved by over 1,000 basis points to its current level of 3.5%, abundance of nearby executive housing communities that decision makers like to locate their while Class C space has improved by 280 basis points to stand at 4.4%. • Vacancy inbusinesses the Class near B space. has improved by over 1,000 basis points to its current level of 3.5%, while Class C space has •improvedBelow isby an 280 analysis basis of points peak occupancyto stand at rates 4.4%. for the Coral Way Submarket, that has reached • Vacancy in the Class B space has improved by over 1,000 basis points to its current level of 3.5%, near 100% occupancy – a strong and stable market indeed. • Below is anwhile analysis Class Cof space peak has occupancy improved rates by 280 for basis the Coralpoints Wayto stand Submarket, at 4.4%. that has reached near 100%

occupancy• Below – a strong is an analysis and stable of peak market occupancy indeed. rates for the Coral Way Submarket, that has reached near 100% occupancy – a strong and stable market indeed. Coral Way Submarket Occupancy Coral Way Historical Submarket Occupancy Current LowCurrentLow DateLow PeakLow DatePeakPeak Date PeakUpside Date Upside 96.5% 86.4% 4Q 2009 98.6% 1Q 2006 2.1% Class B 96.5%Class BCoral86.4% Way Submarket4Q 2009 Occupancy98.6% 1Q 2006 2.1% Class C 95.6%Class C 91.4%95.6% 4Q 201191.4% 99.1%4Q 2011 1Q 99.1%2006 1Q3.5% 2006 3.5% Current Low Low Date Peak Peak Date Upside Class B 96.5% 86.4% 4Q 2009 98.6% 1Q 2006 2.1% Class C Coral95.6% Way Historical91.4% Submarket4Q 2011 Full Service99.1% Rental1Q 2006Rate 3.5% Rents Current Low Low Date Peak Peak Date Upside

Rents Class B $27.52 $21.71 2Q 2010 $28.99 3Q 2008 5.3% Rents Class C $21.04 Full$19.81 Service Rental2Q 2006 Rates - Coral$27.59 Way 2Q 2008 31.1% YTD 2014 2013 2012 2011 2010 2009 Class A n/a n/a n/a n/a n/a n/a Class B $27.55 $27.33 $24.49 $23.38 $23.50 $23.32 Full Service Rental Rates - Coral Way Class C $21.04 $21.40 $22.65 $22.82 $23.95 $25.84 YTD 2014 2013 2012 2011 2010 2009 Total $24.06 $24.15 $23.50 $23.08 $23.74 $24.68 Class A n/a n/a n/a n/a n/a n/a Source: CoStar Class B $27.55 $27.33 $24.49 $23.38 $23.50 $23.32 • RentalClass rates C for Class$21.04 B space$21.40 have been$22.65 rising $22.82steadily since$23.95 2009,$25.84 as space is limited while demand intensifies.Total $24.06• Rental$24.15 ratesCoral for WayClass$23.50 Historical B space$23.08 haveSubmarket been$23.74 risingOccupancy steadily$24.68 since 2009, as space is limited while demand intensifies. Source: CoStar Current Low Low Date Peak Peak Date Upside • Rents still have room• toRents grow still to have reach room the tohistorical grow to peakreach rentalthe historical rates achieved, peak rental as rates detailed achieved, in the as below detailed in analysis.• RentalClass rates B for Class96.5% B space have86.4% been rising4Q 2009 steadily98.6% since 2009,1Q as 2006 space is 2.1%limited while the below analysis. demandClass inte C nsifies.95.6% 91.4% 4Q 2011 99.1% 1Q 2006 3.5% • Rents still have room to grow to reach the historical peak rental rates achieved, as detailed in the below analysis.Coral Way Historical Submarket Full Service Rental Rate

Current Low Low Date Peak Peak Date Upside Class B $27.52 $21.71 2Q 2010 $28.99 3Q 2008 5.3% Class C $21.04 $19.81 2Q 2006 $27.59 2Q 2008 31.1%

22 2525 SW 27TH AVENUE MIAMI, FLORIDA MARKET OVERVIEW

Comparable Office Properties • The comp set was derived from competing office buildings in both the NW 27th Avenue and Coral Way corridors.

• Occupancy in the competitive set is 89%, and totals 92% when Grove Plaza located at 2900 SW 28th Terrace which is currently under renovation is excluded from the analysis.

41 SW 8TH ST 41 TO DOWNTOWN / BRICKELL 5 4 6 7 MIAMI 9 SW 16TH ST 95

9 AVE TH

8 AVE RD AVE TH

SW 3 19 16 15 12 SW PONCE DE LEON BLVD 11 10 2 29 27 17 SW 23 21 CORAL WAY 1 972 913

ComparableCORAL Office Properties 20 AVE

AVE 14 ND 30 TH 18 17

GABLES 28 25 24 SW 22 SW

26 22 27 SW S DIXIE HWY S MIAMI AVE th • The comp set was derived from12 competing office buildings1 in both the NW 27 Avenue and

AVE Deering

AVE ND AVE Coral Way corridors.

TH ND 13 TH • 2525 SW 27 AVE Channel Occupancy in the competitiveSW 32 set is 89%, and totals 92% when Grove Plaza located at 2900 SW

SW 37 SW 42 th 3 28 Terrace which is currently1 under renovation is excluded from the analysis. • Average asking rent is $25.61/SF. COCONUT TIGERTAIL AVE GROVE S BAY SHORE DR PUT A Map after this

Rent Comparables

Average Direct Vacant Building Name GRAND AVE Building Address Class Year Built Size (SF) % Leased Asking Rent Space Alban Muller International Bldg 2525 SW 27th Ave C 1965 9,900 $18.00 50.0% 4,950 1 Grove Plaza (Under Renov) 2900 SW 28th Terr B 1986 32,322 N/A .0% 32,322 2 2251-2255 SW 22nd St - 1930 3,322 $30.10 65.2% 1,156 3 Grove Plaza 2750 SW 26th Ave - 1988 12,722 $35.00 94.0% 760 4 1142-1148 SW 27th Ave - 1946 4,146 $30.20 100.0% 0 5 1149 SW 27th Ave C 1975 14,700 $15.73 69.4% 4,500 6 1221 SW 27th Ave C 2003 7,823 $13.20 68.0% 2,500 7 Lina Building 1250 SW 27th Ave B 1973 16,368 $20.89 88.8% 1,829 8 1790 SW 27th Ave C 1968 6,329 $24.00 60.5% 2,500 9 1821 SW 27th Ave C 1924 2,400 $20.50 .0% 2,400 10 Galeno Building 1933 SW 27th Ave C 1969 3,657 $15.00 56.3% 1,600 11 1950 SW 27th Ave C 1978 4,292 $27.60 76.7% 1,000 12 Plaza 2650 2650 SW 27th Ave B 1972 23,169 $18.37 82.1% 4,140 13 Mizzen Plaza 2770 SW 27th Ct - 2014 6,000 $45.00 67.5% 1,950 14 1750 Coral Way C 1970 10,000 $29.00 50.0% 5,000 15 1801 Coral Way C 1981 33,657 $18.55 81.5% 6,219 16 1871 Coral Way C 1980 4,400 $28.50 50.0% 2,200 17 2050 Coral Way B 1972 23,500 $33.00 98.4% 382 18 Coral Plaza 2100 Coral Way B 1983 50,347 $23.00 95.4% 2,300 19 21/22 Center 2103 Coral Way B 1983 74,461 $22.73 100.0% 0 20 2414 Coral Way C 1954 4,000 $18.50 100.0% 0 21 2501 Coral Way - 1958 22,600 $28.00 90.7% 2,100 22 The Aston 2690-3020 Coral Way - 2003 22,459 $22.00 79.5% 4,600 23 The Related Group Building 2828 Coral Way B 1985 66,918 $26.00 86.6% 8,953 24 2860 Coral Way - 1944 6,844 $21.92 100.0% 0 25 3160 Coral Way - 1950 5,109 $35.23 100.0% 0 26 Midtown Lofts 3180 Coral Way - 2006 2,470 $27.00 66.6% 825 27 Madison Circle 3191 Coral Way B 1985 130,000 $27.00 100.0% 0 28 Gables Marquis 3232 Coral Way B 2007 150,000 $27.00 97.3% 4,080 29 3301 Coral Way - 1986 243,047 $34.75 95.0% 12,093 30 LTD 3400 Coral Way B 1982 22,227 $32.50 84.2% 3,509 23 Financial Overview 2525 SW 27TH AVENUE MIAMI, FLORIDA financial overview

Area Measures Flexibility of Tenancy

Total SF # of Suites % (SF) • Ideal for both Owner/User, OR Partial user Leased 4,950 2 50% investment scenarios • Cash Flow Income Opportunity for an investor Vacant 4,950 3 50% Total 9,900 5 $100% The Property is currently 50% leased to two tenants, includ- Market Rent $20.00 Full Service ing the entire third floor occupied by the Owner and 1,650 SF leased by a third party tenant on the second floor.

Seller Future Occupancy Senarios:

• The Owner/Seller intends to vacate and move to new space after the sale, allowing a new buyer to either occupy the upgraded suite, or lease it out to a new tenant.

• The Seller would pay rent for 4 months after sale at $20/SF, full service, then vacate building.

Existing Tenants Seller will vacate the third floor after sale.

Rent Roll

Suite Size (SF) Tenant Annual Rent Full Service Rent/SF Expiration 100/101 3,300 E.R. Brownell, Inc. $56,100 $17.00/SF (1) Mar. 2017

200 1,650 Absolute Video $28,814 $17.4 6/SF Sept. 2017 201 1,650 Vacant - N/A

300 3,300 Owner will vacate - May hold over for 4 months at $20/SF, full Service

Total 9,900 $84,914

(1) 4% Annual Increase

25 2525 SW 27TH AVENUE MIAMI, FLORIDA financial overview

Real Estate Taxes

2525 SW 27th Avenue Folio: 01-4115-007-1760

Year Assessed Value Tax W/ 4% Discount

2014 $1,251,767 $28,388 $27,252

2013 $1,251,767 $28,354 $27,220

2012 $1,377,990 $31,133 $29,888

2011 $1,431,618 $32,564 $31,261

2010 $1,485,247 $35,955 $34,517

Cash Flow

Cash Flow Tamer spell out “suite”In Place in chart. Per SF Pro Forma Per SF Rental Revenue Suite 200 - Absolute Video $28,814 $17.4 6 $28,814 $17.4 6 In Place Per SF Pro Forma Per SF Suite 100/101 - E.R. Brownell, Inc. $56,100 $17.0 0 $56,100 $17.0 0 Rental Revenue 4,950 Ste 200SF Vacant- Absolute at marketVideo rent (1) $28,814 $0$2.91 $0 $0.00$0.00 $94,050 $19.00 Ste 300 - Smith & Gonzalez - Ow ner $127,740 $12.90 $0 $0.00 Total Operating Expenses $84,914 $8.59 $178,964 $18.08 All suites at market ($18/SF) 1 $0 $0.00 $178,200 $18.00 Total RentalVacancy Revenue Allowance $156,554 $0$15.81 $178,200 $18.00$0.00 $0 $0.00

TotalEffective Tenant Gross Revenue Revenue $156,554 $84,914$15.81 $178,200 $18.00$8.58 $178,964 $18.08 Operating Expenses Potential Gross Revenue $156,554 $15.81 $178,200 $18.00 Electricity $11,820 $1.19 $11,820 $1.19 Vacancy Allow ance $0 $0.00 $0 $0.00 Water & Sewer $1,152 $0.12 $1,152 $0.12 Effective Gross Revenue $156,554 $15.81 $178,200 $18.00 Cleaning Services $6,672 $0.67 $6,672 $0.67 Operating Expenses R epair Electricity & Maintenance $11,820 $2,400$1.19 $11,820 $1.19$0.24 $2,400 $0.24 Water & Sew er $1,152 $0.12 $1,152 $0.12 Insurance Cleaning Services $6,672 $16,680$0.67 $6,672 $0.67$1.68 $16,680 $1.68 Repair & Maintenance $2,400 $0.24 $2,400 $0.24 Property Tax (3) $28,070 $2.84 $28,070 $2.84 Insurance $16,680 $1.68 $16,680 $1.68 2 Sales Property Taxes Tax $28,070 $10,062$2.84 $28,070 $2.84$1.02 $10,062 $1.02 Sales Taxes $10,062 $1.02 $10,062 $1.02 Elevator Elevator $1,560 $1,560$0.16 $1,560 $0.16$0.16 $1,560 $0.16 Alarm $1,140 $0.12 $1,140 $0.12 Alarm $1,140 $0.12 $1,140 $0.12 Mis c . Per mits $1,400 $0.14 $1,400 $0.14 Misc.Total Permits Operating Expenses $80,956 $1,400$8.18 $80,956 $8.18$0.14 $1,400 $0.14

TotalNet Operating Income Expenses $75,598 $80,956$7.64 $97,244 $9.82$8.18 $80,956 $8.18

NetNotes: Operating Income $3,958 $0.40 $98,008 $9.90

Notes: 1- Pro forma rental revenue assumes all suites rented at market rent of $18.00/SF. 1- Pro forma rental revenue assumes Suite 201 leased at $17/SF and Suite 300 leased at $20/SF, full service. 2- real estate taxes used for both scenarios utilize 2014 actual taxes with 4% discount for early payment, increased by 3%. 26