Lakeland Industrial Land LAKELAND, FL

OFFERING MEMORANDUM

Subject Property Lakeland Industrial Land

LAKELAND, FL

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Lakeland Industrial Land

TABLE OF CONTENTS

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 MARKET OVERVIEW

Section 5 DEMOGRAPHIC ANALYSIS PRICING AND FINANCIAL ANALYSIS

Lakeland Industrial Land

LAKELAND, FL Lakeland Industrial Land LAKELAND, FL PRICING AND FINANCIAL ANALYSIS

FINANCIAL OVERVIEW

Summary

Property Lakeland Industrial Land Property Address 4501 Frontage Road South Lakeland, FL 33815

Financing Price $545,500 FIRST TRUST DEED Down Payment 100% / $545,500 Loan Type All Cash

Lot Size (SF) 237,620

Price/SF $2.30

Lot Size (Acres) 5.4550

Price/Acre $100,000

Buildable SF 50,000 Type of Ownership Fee Simple

Site Description Assessor's Parcel Number Zoning Ind

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Florida © 2017 Y0250731 Marcus & Millichap. All rights reserved. 1 PROPERTY DESCRIPTION

Lakeland Industrial Land LAKELAND, FL Lakeland Industrial Land LAKELAND, FL PROPERTY DESCRIPTION

INVESTMENT OVERVIEW

Investment Highlights

■ 5.455 Acres of Industrial Land

■ Southeast Corner of Interstate 4 Frontage and Polk Parkway

■ Adjacent to Insulfoam Office Warehouse Building

■ Easy Access to Tampa and Orlando via Interstate 4

■ 40 Minutes to Tampa International Airport

■ One Hour to Orlando International Airport

Lakeland Industrial Land is approximately 5.455 acres adjacent to the east of the Insulfoam office warehouse building in Lakeland, Florida. Insulfoam is a division of Carlisle Construction Materials LLC. Insulfoam is the nation’s largest block-molded polystyrene producer.

The property is ideally located at the southeast intersection of Interstate 4 and Polk Parkway (Toll Road 580) at 4500 Frontage Road South in Lakeland, Florida, in eastern Polk County. Polk County is part of the greater Tampa Bay area. Lakeland Industrial Land is 30 minutes east of downtown Tampa, 40 minutes east of the Tampa International Airport and is one hour west of downtown Orlando and the Orlando International Airport.

The property is zoned industrial and is well suited for any industrial use.

AREA MAPS

Local Map Regional Map

PARCEL MAP Note: The parcel map is an approximation and not to scale.

AERIAL PHOTO

Lakeland Industrial Land LAKELAND, FL Lakeland Industrial Land LAKELAND, FL RECENT SALES

RECENT SALES MAP

Lakeland Industrial Land 1) Futernick Associates Industrial 2) RNSS Bloomingdale 3) Aero Simulation, Inc. 4) County Line Logistics Center Land 5) Rooms to Go Land 6) Rooms to Go 7) Park 27 Industrial

PRICE PER SF AND PRICE PER ACRE AVERAGE PRICE/SF

4.00

3.60

3.20

2.80

2.40

2.00

1.60

1.20

0.80

0.40

0.00 Subject Futernick RNSS Aero County Rooms Rooms Park Associates Bloomingdale Simulation, Line to to 27 Industrial Inc. Logistics Go Go Industrial Center Land Land

AVERAGE PRICE/ACRE

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0 Subject Futernick RNSS Aero County Rooms Rooms Park Associates Bloomingdale Simulation, Line to to 27 Industrial Inc. Logistics Go Go Industrial Center Land Land

RECENT SALES Lakeland Industrial Land 4501 Frontage Road South Lakeland, FL 33815

Sale Price: $545,500 Lot Size (SF): 237,620 Down Payment: $545,500 Price/SF: $2.30 Down Payment %: 100% Lot Size (Acres): 5.4550 Zoning: Ind Price/Acre: $100,000 Lot Dimensions: Subject Property

Comments The property is adjacent to the east of the Insulfoam office warehouse building.

1 Futernick Associates Industrial 6855 US Highway 41 Ruskin, FL 33572

Close of Escrow: 8/25/2017 Lot Size (SF): 1,254,528 Sale Price: $2,662,500 Price/SF: $2.12 Down Payment: N/A Lot Size (Acres): 28.8000 Down Payment %: N/A Price/Acre: $92,448 Zoning: AG, Ind Lot Dimensions:

Comments Planned for industrial warehouses.

2 RNSS Bloomingdale 10626 West Bloomingdale Avenue Riverview, FL 33578

Close of Escrow: 5/10/2017 Lot Size (SF): 419,483 Sale Price: $1,510,274 Price/SF: $3.60 Down Payment: N/A Lot Size (Acres): 9.6300 Down Payment %: N/A Price/Acre: $156,830 Zoning: PD Lot Dimensions:

Comments Planned for a 120,000-square foot self-storage building with 750 units.

RECENT SALES

3 Aero Simulation, Inc. 8720 East Sligh Avenue Tampa, FL 33610

Close of Escrow: 10/27/2016 Lot Size (SF): 385,070 Sale Price: $1,225,000 Price/SF: $3.18 Down Payment: N/A Lot Size (Acres): 8.8400 Down Payment %: N/A Price/Acre: $138,575 Zoning: PD-C Lot Dimensions: 670' x 475'

Comments Purchased to build a 108,400-square foot headquarters facility with 100,000 square feet of warehouse space and 8,400 square feet of office space.

4 County Line Logistics Center Land County Line Road Plant City, FL 33811

Close of Escrow: 7/15/2016 Lot Size (SF): 3,082,306 Sale Price: $7,598,200 Price/SF: $2.47 Down Payment: $7,598,200 Lot Size (Acres): 70.7600 Down Payment %: 100% Price/Acre: $107,380 Zoning: Agricultural Lot Dimensions:

Comments Purchased to build 1,300,000 square feet of spec distribution space with 36' clear height space. Planned center will have four buildings, three between 130,000 and 175,000 square feet and one containing 876,240 square feet.

5 Rooms to Go Land 3626 Old Tampa Highway Lakeland, FL 33811

Close of Escrow: 12/15/2015 Lot Size (SF): 867,280 Sale Price: $2,130,000 Price/SF: $2.46 Down Payment: $2,130,000 Lot Size (Acres): 19.9100 Down Payment %: 100% Price/Acre: $106,981 Zoning: Industrial Lot Dimensions:

Comments Purchased for future warehouse.

RECENT SALES

6 Rooms to Go 3622 Old Tampa Highway Lakeland, FL 33811

Close of Escrow: 12/15/2015 Lot Size (SF): 522,720 Sale Price: $1,280,000 Price/SF: $2.45 Down Payment: N/A Lot Size (Acres): 12.0000 Down Payment %: N/A Price/Acre: $106,667 Zoning: RL-4 Lot Dimensions:

Comments This site is adjacent to the north of the buyer's distribution warehouse.

7 Park 27 Industrial 310 Deen Still Road Davenport, FL 33897

Close of Escrow: 2/27/2015 Lot Size (SF): 1,415,208 Sale Price: $5,260,000 Price/SF: $3.72 Down Payment: N/A Lot Size (Acres): 32.4900 Down Payment %: N/A Price/Acre: $161,896 Zoning: Industrial Lot Dimensions:

Comments Planned for warehouses. The property is approximately 1.6 miles north of Interstate 4, one block west of US Highway 27.

Lakeland Industrial Land LAKELAND, FL Lakeland Industrial Land LAKELAND, FL MARKET OVERVIEW

TAMPA-ST. PETERSBURG Market Highlights

Favorable business climate ■ A low cost of living and economic development bring a thriving business landscape to the Tampa Bay Area.

Ports of Tampa ■ One of the largest seaports in the Southeast, the Port of Tampa services passenger cruise ships and commercial freighters. The Port of St. Petersburg is also in the metro.

Diverse economy ■ The high-tech, tourism and seaborne commerce industries drive the local economy.

Geography

The Tampa-St. Petersburg-Clearwater metro spans four counties along the west coast of Florida, near the Gulf of Mexico: Hillsborough, Pasco, Hernando and Pinellas. Tampa Bay refers both to the entire metropolitan area and to the large bay that extends inland from the Gulf of Mexico. The city of Tampa is located northeast of the bay, and the city of St. Petersburg is located on the peninsula near the mouth of the bay. The topography of the region is flat, with the Hillsborough River stretching 56 miles through the center of Hillsborough County.

Tampa-St. Petersburg-Clearwater Metro

TAMPA-ST. PETERSBURG Metro The Tampa-St. Petersburg metro contains nearly 2.9 million residents. Tampa is the largest city with a population of 353,600 and is the Hillsborough County seat. St. Petersburg and Brandon are the next most populous cities. Higher-density redevelopment projects will spur urban population growth in the next five years.

Infrastructure Largest Cities by Population Tampa 353,600 Residents of the metro benefit from an extensive freeway St. Petersburg 248,100 network. Interstate 4 and Highway 60 facilitate Clearwater 108,800 eastbound and westbound travel, while Interstates 75 Brandon 108,300 Spring Hill 99,600 and 275 and Highway 301 accommodate northbound Town’n’Country 82,500 and southbound travel. Two international airports service the region: St. Petersburg/Clearwater and Tampa Airports ■ Tampa International Airport International. There are also three general aviation ■ St. Petersburg/Clearwater Int’l. Airport airports. Construction is progressing on the first phase ■ Three general aviation airports

of a $2.5 billion expansion to Tampa International Major Roadways Airport. The metro is also home to the Port of Tampa ■ Interstates 4, 75, 175, 275 and the Port of St. Petersburg. Port Manatee is also ■ Highways 19, 41, 60 and 301; 618 tollway nearby. In addition to cargo facilities, four cruise lines Rail ■ Freight - CSX dock at the Port of Tampa. The port is the largest in ■ Passenger - Amtrak terms of cargo tonnage in Florida and is positioned to Ports benefit greatly from the expansion of the Panama Canal. ■ Port of Tampa The port supports nearly 100,000 jobs and brings in $8 ■ Port of St. Petersburg billion of economic activity to the region each year. The Tampa-St. Petersburg Metro is: Tampa Bay Area Regional Transportation Authority ■ 85 miles from Orlando coordinates public transportation throughout the ■ 130 miles from Fort Myers ■ 280 miles from Miami region, with each county offering public transit. ■ 450 miles from Atlanta

* Forecast Sources: Marcus & Millichap Research Services, Experian

TAMPA-ST. PETERSBURG Economy The metro economy is expanding, with gross metropolitan product (GMP) expected to grow by 4.6 percent this year. Retail sales are expected to expand 6.2 percent this year compared with the U.S. level of 5.4 percent. Ongoing job gains in the metro through 2020 bode well for the region’s economy.

Bioscience and other high-tech industries are expanding, due in part to research at the metro’s nearly 80 institutions of higher learning. Growth in these industries further bolsters the region’s reputation as a high-tech corridor, often referred to as “Technology Bay.” The area is home to many large businesses, including WellCare Health Plans, Tech Data and Jabil Circuit, all of which are Fortune 500 companies. Tourism also plays a significant role in the local economy, injecting more than $3.5 billion each year. A large portion of the revenue comes from area hotels and resorts. The Seminole Hard Rock Hotel & Casino in the metro is among the largest casinos in the world.

Port of Tampa Quick Facts: FY 2014 Local ports contribute to a major presence in the Dry Bulk Cargo (net tons) 14,435,291 shipping, distribution and logistics industry. The nearby Liquid Bulk Cargo (net tons) 20,605,818 CSX Intermodal facility in Polk County provides quick General Cargo (net tons) 1,176,334 Passengers 888,343 access to markets nationwide. Amazon is another major Cruise Lines 4 player in the logistics industry. The company has a 1 Number of Sailings 198 million-square-foot fulfillment center in Ruskin.

* Forecast Sources: Marcus & Millichap Research Services, Tampa Port Authority, BLS, Moody’s Analytics, U.S. Census Bureau

TAMPA-ST. PETERSBURG Labor Containing nearly 1.3 million people, the Tampa-St. Petersburg employment base is stable and diverse. After expanding an average of 2.4 percent annually over the previous five years, employment growth in the metro is now forecast to average 1.9 percent annually through 2020, above the U.S. average of 1.3 percent per year. In the coming five years, job creation is expected in nearly all employment sectors, except manufacturing, which is expected to contract by 0.5 percent annually through 2020. These job losses will be outpaced by growth in the service sectors.

Representing 19 percent of regional jobs, the trade, transportation and utilities sector is the metro’s largest employer, offering more than 237,500 positions. Employment in this industry will grow by 0.5 percent annually through 2020, as the local economy expands. Professional and business services, and education and health services make up the next largest shares of metro employment. These sectors comprise 17 percent and 16 percent of all area jobs, respectively. Payroll expansion in both of these sectors is expected through the coming five years, with professional and business services forecast to increase 4.7 percent annually during this period, the largest gain among all sectors.

* Forecast Sources: Marcus & Millichap Research Services, BLS, Moody’s Analytics

TAMPA-ST. PETERSBURG Employers As part of Florida’s high-tech corridor, research facilities at area education institutions present an abundance of opportunities for emerging companies. Additional organizations in the region offer education, training and grant programs to help businesses succeed.

MacDill Air Force Base has been in operation since 1939 and is a major employer in the area, with approximately 15,000 military and civilian personnel. The local economic impact of the base is estimated at Major Employers BayCare Health Care System more than $2 billion annually. In addition, many Publix Supermarkets, Inc. military retirees remain in the region, indirectly adding HCA West Florida to the base’s impact on the local economy. Wal-Mart Verizon Communications, Inc. Finance, insurance and real estate firms, including MacDill Air Force Base Raymond James Financial Inc. and JPMorgan Chase, University of South Florida employ close to 100,000 people. Medical technology JPMorgan Chase companies such as Bausch & Lomb, Baxter Healthcare Citibank Corp. and Transitions Optical Inc. hire more than TECO Energy Inc. 10,000 people locally. The medical field in Tampa benefits from CAMLS, one of the most cutting-edge medical simulation training centers in the world. Also, the University of South Florida is planning to build a new medical school downtown.

Additionally, many large companies, including FedEx, Humana, Mortgage Investors Corp. and USAA, have relocated to or expanded in the region in recent years. Other nationally recognized brands, such as Checkers Drive-InsandtheHomeShoppingNetwork(HSN)are based out of Tampa.

* Forecast Sources: Marcus & Millichap Research Services, BLS, Moody’s Analytics

TAMPA-ST. PETERSBURG Demographics The population of the metro is nearly 2.9 million people, and will grow by 176,000 residents through 2020; the majority will come from in-migration.

The metro’s population is becoming more educated. More than 26 percent of the area’s population age 25 and older holds at least a bachelor’s degree, up from 22 percent in 2000. The uptick is due in part to an increased number of higher-paying technology jobs and improved retention of graduates from local colleges. These employment opportunities are helping to raise the median household income in the metro, which is roughly $49,900 per year.

Compared with the other Florida metros, houses in the metro are relatively affordable. The median home price, at $177,600, is less than the national median of $225,800. Nevertheless, rental housing remains the most logical option for many households employed in lower-paying service sectors. Currently 66 percent of the metro’s households own their homes, which is slightly above the national rate.

With a median age of 41.9 years, Tampa-St. Petersburg residents are much older than the U.S. as a whole. In addition, 18 percent of the population is age 65 or older, well above the U.S. average.

* Forecast Sources: Marcus & Millichap Research Services, Moody’s Analytics, U.S. Census Bureau, Experian, AGS

TAMPA-ST. PETERSBURG Quality of Life Tampa Bay boasts a mild climate and a beautiful waterfront that attracts many residents and visitors. The metro ranks high in terms of transportation, job creation, quality of life, cultural activities and educational opportunities. Recreational and cultural amenities in the region include the NFL’s Tampa Bay Buccaneers, NHL’s Tampa Bay Lightning and MLB’s Tampa Bay Rays. The metro has more than 200 golf courses and abundant water-related activities, with Tampa Bay and the Gulf Coast nearby. The world- famous Busch Gardens theme park draws visitors, as do the major festivals that reflect the area’s diverse cultural heritage. Ybor City, once a cigar-manufacturing center, is now a shopping, entertainment and nightlife destination near downtown Tampa.

Educational advancement is available at nearly 80 institutions of higher learning located in the Tampa Bay area. The University of South Florida, located in Tampa, is the third-largest university in the state, with an enrollment more than 48,000 undergraduate and graduate students and a staff of 15,000 people.

There are more than 11,000 acres of parkland and 100 trail acres within a 60-mile radius. The metro is also surrounded by numerous state parks, historic sites, museums, theaters and retail centers. Other popular destinations include the Lowry Park Zoo and Bok * Forecast Tower Gardens. Sources: Marcus & Millichap Research Services, Moody’s Analytics, U.S. Census Bureau, National Association of Realtors® The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.

Lakeland Industrial Land LAKELAND, FL Lakeland Industrial Land LAKELAND, FL DEMOGRAPHIC ANALYSIS

DEMOGRAPHIC REPORT 1 Mile 3 Miles 5 Miles 2000 Population 356 11,631 59,881 2010 Population 900 15,172 67,602 2014 Population 941 15,916 70,175 2019 Population 1,161 17,590 73,012

2000 Households 177 4,500 23,320 2010 Households 436 5,733 26,260 2014 Households 457 6,032 27,336 2019 Households 559 6,677 28,585

2014 Average Household Size 2.31 2.59 2.53

2014 Daytime Population 2,429 10,357 32,818

2000 Owner Occupied Housing Units 42.25% 54.87% 56.16% 2000 Renter Occupied Housing Units 21.30% 17.90% 26.62% 2000 Vacant 36.46% 27.23% 17.22%

2014 Owner Occupied Housing Units 70.86% 66.66% 62.29% 2014 Renter Occupied Housing Units 29.14% 33.34% 37.71% 2014 Vacant 12.95% 14.66% 12.91%

2019 Owner Occupied Housing Units 71.16% 66.15% 62.50% 2019 Renter Occupied Housing Units 28.84% 33.85% 37.50% 2019 Vacant 9.48% 12.51% 12.13%

$ 0 - $14,999 15.1% 16.7% 17.5% $ 15,000 - $24,999 16.7% 15.4% 16.1% $ 25,000 - $34,999 12.1% 14.3% 13.9% $ 35,000 - $49,999 17.6% 17.6% 17.3% $ 50,000 - $74,999 13.6% 14.9% 17.6% $ 75,000 - $99,999 9.3% 9.1% 8.3% $100,000 - $124,999 10.6% 6.4% 4.3% $125,000 - $149,999 3.4% 2.8% 1.9% $150,000 - $199,999 1.7% 1.2% 1.3% $200,000 - $249,999 0.0% 0.5% 0.6% $250,000 + 0.1% 1.2% 1.3%

2014 Median Household Income $38,826 $37,334 $36,868 2014 Per Capita Income $25,037 $20,262 $20,431

2014 Average Household Income $51,497 $53,301 $52,106

SUMMARY REPORT

Geography: 5 miles Population

In 2014, the population in your selected geography is 70,175. The population has changed by 17.19% since 2000. It is estimated that the population in your area will be 73,012 five years from now, which represents a change of 4.04% from the current year. The current population is 48.08% male and 51.91% female. The median age of the population in your area is 38.9, compare this to the Entire US average which is 37.3. The population density in your area is 894.47 people per square mile.

Households There are currently 27,336 households in your selected geography. The number of households has changed by 17.22% since 2000. It is estimated that the number of households in your area will be 28,585 five years from now, which represents a change of 4.56% from the current year. The average household size in your area is 2.52 persons.

Income In 2014, the median household income for your selected geography is $36,868, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 18.19% since 2000. It is estimated that the median household income in your area will be $42,572 five years from now, which represents a change of 15.47% from the current year.

The current year per capita income in your area is $20,431, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $52,105, compare this to the Entire US average which is $74,533.

Race & Ethnicity The current year racial makeup of your selected area is as follows: 67.35% White, 21.73% Black, 0.07% Native American and 1.30% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 18.87% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.

Housing In 2000, there were 15,821 owner occupied housing units in your area and there were 7,499 renter occupied housing units in your area. The median rent at the time was $387.

Employment In 2014, there are 32,817 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 48.40% of employees are employed in white-collar occupations in this geography, and 51.60% are employed in blue-collar occupations. In 2014, unemployment in this area is 8.17%. In 2000, the average time traveled to work was 23.3 minutes.

POPULATION DENSITY

Number of people living in a given area per square mile.

EMPLOYMENT DENSITY

The number of people employed in a given area per square mile.

AVERAGE HOUSEHOLD INCOME

Average income of all the people 15 years and older occupying a single housing unit.

TRAFFIC COUNTS

* Traffic Count Estimate

Lakeland Industrial Land LAKELAND, FL

OFFERING MEMORANDUM

Paul Bouldin Senior Associate Member, National Land Group Tampa Office License: FL: BK236288 Tel: (813) 387-4747 Fax: (813) 387-4710 [email protected] www.marcusmillichap.com/PaulBouldin

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