Oahu | Research & Forecast Report RETAIL MARKET Year-End 2016

Delivery of Ka Makana Alii Regional Mall Contributes to Market Growth Mike Hamasu Director of Research | Hawaii

Oahu’s retail marketplace received a 502,178 square foot boost “We anticipate Oahu’s retail in net absorption in 2016 as , International market to continue to strengthen Market Place and Ka Makana Alii developments added nearly 1.4 million square feet of additional inventory. However, more than as the introduction of new 600,000 square feet of this new space is either vacant or under retailers add to the vibrancy of construction, resulting in a vacancy rate spike. our market.” Over the past two years, the island-wide vacancy rate doubled Nathan A. Fong (B), Senior Vice President from 4.09% at year-end 2014 to 8.44% currently. The last time vacancy rates exceeded 8% was in 2003 when JCPenney shut Market Indicators Year End down and left signifi cant vacancies at Ala Moana Center and Relative to prior quarter 2016 . VACANCY

Colliers anticipates that vacancy rates will steadily decline NET ABSORPTION in 2017 when a projected 400,000 square feet of the new CONSTRUCTION inventory becomes occupied. RENTAL RATE

Oahu Retail Net Absorption vs. Vacancy Rate Summary Statistics Year End 2016 Retail Market 8.44% 600,000 9.00% YTD Net Absorption 502,178 SF 502,178 8.00% Vacancy Rate 8.44% 500,000 7.00% Average Asking Rent Range $3.52 to $4.33 psf/mo 400,000 6.00% Average Asking Rent NNN $3.92 psf/mo 5.00% Average Operating Exp. $1.30 psf/mo 300,000 4.00% 200,000 3.00%

100,000 2.00% 1.00% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0.00% (100,000) -1.00% Net Absorption (SF) Vacancy

©2016 Colliers International Research and Consulting. All rights reserved. Oahu Retail Employment (October)

104,000 Healthy Economy Continues 102,300 102,000 99,600 Hawaii’s economic outlook remains optimistic with 100,000 98,000 continued job growth and rising air passenger arrival 96,000 94,000 counts. Oahu’s unemployment rate fell to a nine 89,700 92,000 year low for the month of October of 2.9%. All of 90,000 the major employment categories posted job growth 88,000 over the past year. The retail sector generated 86,000 84,000 the highest number of new jobs by adding 2,700 82,000 positions over the past twelve months. Currently, the 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 retail industry employs 102,300 and even surpassed Source: DBEDT government (100,700 positions) as the largest Total Air Passenger Arrivals (October YTD) employment sector for the island. 5,000,000 4,538,470 4,427,960 The October year-to-date air passenger arrivals 4,500,000 count surpassed 4.5 million for the fi rst time and the Hawaii Tourism Authority is forecasting a 2.3% 4,000,000 increase over the year-end 2015 record level. Visitor 3,500,000 expenditures are also anticipated to hit another record by surpassing 2015 spending by a healthy 3,000,000 3.9%. Earlier in the year, Canadian, Japanese, 2,500,000 Korean and Chinese currencies had weakened 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 against the U.S. dollar as tourism expenditures Source: DBEDT incurred a mid-year lull in activity. Since September, Oahu SFH Median Home Price vs. Unit Sales (October) foreign currencies have rebounded and resort retail $800,000 4,000 sales likely garnered a boost in activity. 3,043 $700,000 3,500

Oahu’s median single family home price rose for $600,000 3,000 the fi fth consecutive year to a record $742,000 in $500,000 2,500 October 2016. Additionally, sales transaction counts $400,000 2,000 for single family homes rose to its highest level in nine years. $300,000 1,500 $200,000 1,000

Rising home prices usually translate to a perceived $100,000 500 $742,000 higher net worth by residents and an increase in $0 0 retail spending. However, retail sales on Oahu 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 slowed for the second consecutive year from a Median Price (October) Unit Sales Source: DBEDT, HBR record $27.28 billion established for fi scal year 2013-2014 to $25.77 billion in fi scal year 2015-2016, Oahu Retail Tax Base (Fiscal Year July - June) for a 5.54% loss. Colliers speculates that the loss $Billions of retail sales could be due to the increasing use of $30.00 e-commerce and internet buying websites, i.e. the $25.00 impact of Amazon.com.

$20.00 $27.28 $26.23 $25.77

$15.00

$10.00

$5.00

$0.00 2005- 2006- 2007- 2008- 2009- 2010- 2011- 2012- 2013- 2014- 2015- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Dept. of Taxation

2 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International Growth in E-Commerce

New or Expanding Tenants The National Retail Federation forecasts that holiday sales will increase by 1849 Eating House Limon Rotisserie roughly 3.6% for 2016. The e-commerce Aldo Shoes Outlet Lorna Jane component of total U.S. retail sales is Anytime Fitness Lucky Strike anticipated to post a 17% growth rate for Applebee’s Magnolia Ice Cream the year to $393 billion. By 2017, U.S. AutoZone Mahina & Sun’s e-commerce sales are projected to reach Bakery & Table Moku Kitchen $440 billion or more than 10% of the Baku Moncler $4 trillion of total retail sales for the U.S. This accelerated e-commerce sales Banzai Bowls Maui Brewing growth rate benefi tted from the convergence of the millennial generation’s Bedmart Mattress Company emergence as a prime consumer demographic and the proliferation of mobile (i.e. cell phones and tablets) and internet technology. Bevy Market Maui Mikes Fire Bikini Bird Roasted Chicken A recent study conducted by UPS and ComScore found that Millennials make BLT Market Minamoto Kitchoan 54% of their purchases on-line (excluding groceries). This alone is driving Boiling Crab Nashville Waikiki the need for retailers to present multiple sales channels that integrate web, Brick Fire Tavern Nitrogenie mobile technology, bricks and mortar, distribution, payment and returns into BYO Bowls Orangetheory Fitness a seamless off ering. GAFO (general merchandise, apparel and accessories, Celine Papa Murphy’s furniture and other sales) retailers have already been greatly impacted by Chanel Shoes Pieology Pizzeria e-commerce. Women’s Wear Daily reported that 2015 online sales at Walmart ‘Olino by Consolidated Piggy Smalls ($13.48 billion), Macy’s ($4.83 billion), Costco ($3.62 billion), Nordstrom ($2.7 billion) and Target ($2.52 billion) are dwarfed by the amount of online sales Theaters Pint and Cork being generated by Amazon ($79.27 billion). If these retailers do not adapt, Cynthia Rowley Gastropub they might easily be supplanted by the more aggressive internet retailer. It is Dean & Deluca Pressed Juicery projected that by 2017, Amazon will likely surpass Macy’s in total apparel sales. Dickeys Barbeque Pitt Rain on Fort Street Donut King Refi nery Rising Importance of Restaurants Dolce & Gabbana Rice Paper Dunkin’ Donuts Saks Fifth Avenue/ Colliers has tracked news stories for 2016 Eden in Love Saks Off 5th that related to new or expanding retailers Fabletics Scratch Kitchen & on Oahu. Of the 83 press releases compiled Five Guys Burgers Bake Shop (see adjacent table of New or Expanding and Fries Shinola Tenants), 67% were for restaurants or food Flour & Barley Sonic purveyors. This is quite a profound change from the 43 retail news articles announcing Gen Korean BBQ Stripsteak and 20 restaurants opening in 2010. The Hachibei Sura Hawaii increasing role that food and restaurants Hawaii Fudge Sushi Maru Tesla has had on retail tenancy is a trend that has been highlighted in the Colliers Company and corresponds to the National Restaurant Association’s Tory Burch Outlet National Spotlight Report Herringbone forecast that restaurants in 2017 will post a seventh consecutive year of Tory Sport Jersey Mikes increased sales, surpassing the $783 billion mark for 2016. Johnny Rockets TR Fire Grill Jollibee The Tchin Tchin! Bar As e-commerce continues to grab a growing and larger share of retail sales, Jo Malone UFC Gym consumers can often fi nd better deals on-line than at a shopping center. In an eff ort to adjust to this consumer paradigm, retail centers are evolving by Juic’d Life Valentino incorporating a wide array of new service off erings and activities including Kiehl’s Vintage Cave Café healthcare, live entertainment, bowling, dance studios, and a plethora of new Kona Grill Yauatcha restaurants. The objective is to provide the perspective that the retail center is more than just shopping, but an integral part of where people can enjoy an “active social experience”.

3 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International Rental Rates Increase

Oahu Retail Average Asking Base Rent The island-wide average retail asking base rent rose by 2.1% (psf/mo) to $3.92 per square foot per month (“psf/mo”) from $3.84 $4.00 psf/mo a year ago. This is the fourth consecutive year of rental rate increases which have grown by a robust 21%

$3.50 $3.92

$3.84 since 2012.

$3.64 Average retail asking base rents have increased in every $3.00 $3.35 trade area on Oahu. Over the past fi ve years, retail centers $3.24 on the North Shore and Waikiki posted the greatest increase $2.50 in base rents of 64.22%, and 45.79%, respectively. Of the various types of centers tracked, the resort/specialty $2.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 category boasted the greatest jump in rents during this time ©2016 Colliers International Research and Consulting. All rights reserved. period. All of these aforementioned markets have benefi tted from the surge in air passenger arrivals and the subsequent boost in tourism expenditures. Outlook for 2017

Rental Rate Change 2011 vs 2016 (Trade Area) After years of tightened market conditions on Oahu, the Leeward 6.25% surge in new development has given new and expanding West 20.33% tenants the opportunity to enter a market that had historically East 21.15% very little fi rst generation space to lease. The expansion of Windward 22.19% Ala Moana Center coupled with the delivery of International Central 27.27% Market Place in Waikiki and Ka Makana Alii regional mall in Waianae 30.67% Kapolei, provide national, regional and local tenants with the 32.35% chance to open in three prime retail trade areas on Oahu. Waikiki 45.79% As a result, numerous new retailers have been added to our North Shore 64.22% market with many more to follow

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% It is projected that the recent spike in vacancy will diminish ©2016 Colliers International Research and Consulting. All rights reserved. once the spaces that are currently under construction are delivered and occupied. By year-end 2017, Colliers predicts that the vacancy rate will fall to a range of 6.0% to 6.5%.

Rental Rate Change 2011 vs 2016 (Type of Center) Oahu Retail Net Absorption vs. Vacancy Rate Forecast FORECAST Strip Mall 0.80% 600,000 9.00% 8.00% 500,000 Regional 17.93% 7.00% 400,000 6.00% Community/Power Center 18.13% 5.00% 300,000 4.00% 200,000 Neighborhood 22.96% 3.00%

100,000 2.00% Resort/Specialty 58.72% 1.00% 0 0.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (100,000) -1.00% Net Absorption (SF) Vacancy ©2016 Colliers International Research and Consulting. All rights reserved. Source: ©2016 Colliers International Research and Consulting. All rights reserved.

4 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International Dean Hirabayashi, Elton Murakami, Karen Sakamoto, Nathan Fong and Trung Lam discuss retail expansion at a recent ICSC Hawaii event. (Photo courtesy: Cycle City Hawaii) Managing Retail Expansion During a Busy Construction Cycle Kelli Yanagawa Wilinski (S) Vice President

Hawaii’s retail real estate market remains strong as tenants continue to expand and open new stores across the state. The booming construction industry, however, aff ects permit timing, contractor availability, scheduling and pricing - issues that can materially impact store openings. How can landlords, tenants and other parties work to eff ectively address new store construction in this competitive environment?

Recently the Hawaii chapter of International Council of Shopping Centers (ICSC) hosted a lively panel discussing this topic. Participants represented the landlord, fi nance, tenant, construction and design roles of the retail real estate industry: Nathan Fong, Senior Vice President and Retail Services Division Leader at Colliers International; Dean Hirabayashi, Senior Vice President and Manager, Commercial Real Estate Finance at American Savings Bank; Trung Lam, Chief Financial Offi cer at La Tour Bakehouse and Co-Owner of La Tour Cafe; Elton Murakami, Manager, Special Projects Division at Nordic PCL Construction and Karen Sakamoto, Principal at Next Design LLC.

Three overarching themes arose during the interactive “talk story” session on retail expansion in Hawaii:

ENGAGE ADVISORS EARLY

Especially in Hawaii, it is never too early for tenants and landlords to involve their lender, architect and contractor when considering a retail space, commercial acquisition or special construction project. For example, many shopping center owners are converting retail vacancies into higher traffi c uses not impacted by the internet, such as restaurant, entertainment venues, and medical clinics. Challenges with conversion to these types of operations may include signifi cant infrastructure upgrades, diff erent parking requirements and specialized permits.

Our panel emphasized the importance of asking key questions early on, such as: How much money will the lender provide? Is there infrastructure capacity to support the operator’s use? How much will construction cost and how long will build out take? An early discussion that includes a realistic understanding of schedules, costs and capacity will ideally manage all parties’ expectations.

5 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International CAPACITY COMPRESSION CONTINUES

Alliteration aside, compressed construction capacity remains one of the most signifi cant challenges in Hawaii’s building industry. The confl uence of steady project volume, limited availability in the trades and a low unemployment rate have materially impacted the state’s construction pricing, with Hawaii being in the unenviable position of second highest construction costs in the world according to a recent Rider Levett Bucknall publication (behind Oslo, Norway and only slightly higher than New York City).

One common industry belief is that recent shopping center openings and high-rise residential condominium completions will moderate the industry, resulting in increased contractor availability, improved pricing and faster permit approvals. Not so, according to our panelists, who indicate the construction industry remains busy as a “second wave” of retail inventory build-outs (tenants that have executed leases but not yet opened) are underway and other sector projects such as (residential and resort) fi ll contractor pipelines. CREATE COLLABORATIVE PARTNERSHIPS

Retail landlords, tenants, buyers and sellers may have limited control over construction pricing or permit approval speed. However, in spite of this challenging environment, Hawaii retail professionals can fi nd creative ways to structure agreements and “get deals done.”

Our representative landlord and tenant panelists agreed that it was essential to involve architects and contractors early on when a retail space lease requires signifi cant improvement work. Doing so provides an understanding of the existing site condition and infrastructure against the operator’s requirements. The parties can then eff ectively negotiate various provisions such as delivery condition, timing, deadlines and allowances.

Hawaii’s economy should remain stable through the next year as visitor arrivals and business activity remains steady. Tenant expansion is expected to continue due to the availability of new retail inventory and strong sales projections, especially in the restaurant and entertainment categories. However, operators are advised to closely manage construction costs, labor availability and business expenses when exploring growth opportunities. In the current competitive market, successfully opening and operating a great retail location is possible for parties that start early, assemble the right advisory team and collaborate eff ectively with stakeholders.

Setting the Stage for 2017 Nathan A. Fong (B) Senior Vice President NEW RETAIL DEVELOPMENTS OPEN IN 2016

2016 brought the delivery and opening of the remaining portion of Ala Moana Center’s new Ewa Wing, a newly re- developed International Market Place, and the long awaited Ka Makana Ali’i. Those three projects alone added another 1.4 million square feet of fully developed retail to the Oahu market. Ala Moana Center’s anchor line up included the opening of its new Nordstrom store (approximately 186,000 square feet), Foodland Farms’ fl agship full service supermarket (approximately 47,000 square feet), and ’s Japan Village Walk retail and restaurant complex (approximately 44,000 square feet). International Market Place opened in the third quarter, anchored by an 80,000 square foot Saks Fifth Avenue store, along with a full level of large format restaurants. The fourth quarter brought the opening of DeBartolo Development’s Ka Makana Ali’i to the west side of Oahu. This is the fi rst new regional mall in decades and the center is anchored by Hawaii’s fi rst ground up Macy’s, H&M, Victoria’s Secret, and F21 Red.

6 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International NEW RETAIL, RESTAURANT & ENTERTAINMENT CONCEPTS AND LOCATIONS

Ka Makana Ali`i In addition to the major new retail center openings, Oahu also experienced the opening of several retail, restaurant, and entertainment concepts new to the islands. Restaurants included Michael Mina’s Stripsteak, Kona Grill, Five Guys Burgers and Fries, Pieology Pizzeria, Johnny Rockets, and Pressed Juicery. The founders of Teddy’s Bigger Burgers even came out with their new concept, BYO Bowls. Entertainment off erings include Consolidated Theatres’ Olino concept at Ka Makana Ali’i and the fi rst ever Lucky Strike coming to Ala Moana next year. New retailers include Celine, Dolce & Gabbana, Jo Malone, International Market Place Cynthia Rowley, Kiehl’s, Moncler, and Valentino. New local retail concepts and locations included Eden in Love and The Refi nery.

INSIGHT INTO 2017

2017 will bring us the Year of the Rooster and it will be a powerful one with no middle road. Positive traits of the Rooster include loyalty, hard work, and Ala Moana Center commitment. Yet we must not forget about its other traits, such as ambition, pride, desire, and courage. With all those combined, it sets itself up for a busy and productive year. The door will remain open for retailers to secure great opportunities at many of these new developments. With record breaking sales performance and proven track records from concepts that have already landed, we are sure to see multiple brands emerge within each category. We will also continue to see competition by retailers for Oahu’s well-positioned retail projects. South Shore Center

New Retail Developments on Oahu

PROJECTED NAME OF PROJECT* LOCATION RETAIL GLA DELIVERY DEVELOPER DATE Ala Moana Center - Bloomingdales Wing Honolulu 272,905 2015-2017 General Growth Properties International Market Place Waikiki 129,000 2016-2017 Taubman Properties Ka Makana Alii Regional Mall Kapolei 300,000 2016-2017 DeBartolo Development Nanakuli Village Center Waianae 34,733 2017-2018 Department of Hawaiian Home Lands, Nanakuli Hawaiian Homestead Community Assocation 208 Kapahulu Waikiki 5,000 2016-2017 Malu Investment LLC Kealanani Plaza Kapolei 20,000 2017 CFT Developments, LLC Whole Foods Ward Villages Honolulu 50,000 2017 Howard Hughes Corporation Moiliili Gateway Honolulu 213,500 2017 Shops at Anahulu Haleiwa 5,000 2017 Lokea Kai Partners LLC 1020 Wakea St Kapolei 10,000 2017 Coastal Rim Properties, Inc. North Shore Gateway Project Haleiwa 2,000 2017 Lucky Cole Keauhou Lane Kakaako 39,145 2017 Stanford Carr Development LLC Collection Kakaako 12,022 2017 A&B Properties Wong Leong Building (755 Kapahulu Ave) Honolulu 5,975 2017 Wong Leong Families Lau Hala Shops Kailua 60,000 2017-2018 A&B Properties TOTAL 1,159,280 *The information in this table was provided to us by sources we deem reliable, but no warranty or representation is made as to the accuracy thereof.

7 Oahu Retail Research & Forecast Report | Year-End 2016 | Colliers International YEAR-END 2016 - Oahu Retail Market Statistics RETAIL MARKET INVENTORY - BY SUBMARKET AREA YTD NET AVG. LOW NNN AVG. HIGH NNN TOTAL INVENTORY VACANT SPACE VACANCY AVG. CAM EXPENSES AVG. OP. EXP. ABSORPTION ASKING RENTS ASKING RENTS (SF) (SF) RATE (PSF/MO) (PSF/MO) (SF) (PSF/MO) (PSF/MO) CENTRAL OAHU 889,235 14,653 1.65% 38,144 $3.67 $4.46 $0.98 $0.98 EAST OAHU 1,511,774 39,029 2.58% -3,442 $4.90 $6.10 $1.42 $1.54 HONOLULU* 4,853,532 433,221 8.93% 231,882 $3.14 $4.07 $1.51 $1.38 LEEWARD OAHU 4,407,948 192,928 4.38% -80,156 $3.48 $4.00 $1.17 $1.15 NORTH SHORE 198,125 2,585 1.30% 822 $3.75 $3.88 $1.43 $1.39 WAIANAE 342,060 55,315 16.17% 4,602 $1.75 $2.50 $0.97 $0.98 WAIKIKI 1,736,180 289,215 16.66% 110,267 $9.18 $19.92 $2.12 $1.97 WEST OAHU 1,721,637 363,304 21.10% 214,801 $3.74 $4.50 $1.17 $1.29 WINDWARD OAHU 1,621,750 68,809 4.24% -14,742 $3.23 $4.38 $1.32 $1.37 TOTALS* 17,282,241 1,459,059 8.44% 502,178 $3.52 $4.33 $1.30 $1.29

*Islandwide total for average rents and operating expense calculations exclude Waikiki and Ala Moana Center RETAIL MARKET INVENTORY - BY BUILDING CLASS YTD NET AVG. LOW NNN AVG. HIGH NNN TOTAL INVENTORY VACANT SPACE VACANCY AVG. CAM EXPENSES AVG. OP. EXP. ABSORPTION ASKING RENTS ASKING RENTS (SF) (SF) RATE (PSF/MO) (PSF/MO) (SF) (PSF/MO) (PSF/MO) COMMUNITY/POWER CENTER 3,381,852 236,931 7.01% -58,066 $4.09 $4.77 $1.47 $1.41 NEIGHBORHOOD 4,725,648 158,372 3.35% 1,193 $3.61 $4.21 $1.21 $1.27 REGIONAL* 5,682,175 648,112 11.41% 442,699 $4.25 $10.08 $2.30 $2.41 RESORT/SPECIALTY 1,907,377 293,017 15.36% 115,063 $8.73 $18.29 $2.08 $1.95 STRIP 1,585,189 122,187 7.71% 1,289 $3.33 $4.27 $1.26 $1.21 TOTALS** 17,282,241 1,458,619 8.44% 502,178 $3.52 $4.33 $1.30 $1.29

* Includes Ala Moana Center in calculations **Islandwide total for average rents and operating expense calculations exclude Waikiki and Ala Moana Center

TERMS AND DEFINITIONS > TOTAL INVENTORY - Total rentable square footage in shopping centers greater than 20,000 square feet. > VACANCY RATE - The ratio of vacant space divided by the total inventory square footage. > NET ABSORPTION - The net change in occupied space over a period of time. Year-to-date net absorption is > AVERAGE OPERATING EXPENSE - The ratio of tenant expenses, such as building utilities, management fees, the diff erence in occupied space between the end of the previous year and the current quarter. building maintenance, real property taxes and insurance, divided by the total available space within a specifi c > AVERAGE ASKING RENT - The ratio of aggregate landlord asking rents divided by the total available space geography or building class. within a specifi c geography or building class. > NNN “TRIPLE-NET” RENT - Rents paid to the landlord that do not include building operating expenses and additional > VACANT SPACE - Space that is not occupied by a tenant. This includes sublease space that is unoccupied. taxes and fees.

EXECUTIVE MANAGEMENT CONSULTING & RESEARCH Mark D. Bratton** (B) CCIM Emalia Pietsch (S) Jodi A. Webb (S) +1 808 523 9708 +1 808 523 9710 +1 808 523 9791 Sarah Lee Morihara (B) Mike Y. Hamasu [email protected] [email protected] [email protected] President/Managing Director Director of Consulting & Research +1 808 523 9706 +1 808 523 9792 Kim F. Scoggins*** (B) CCIM Erin Mitsuyoshi (S) [email protected] [email protected] +1 808 523 9762 +1 808 523 9713 [email protected] [email protected] Nanette Vinton (S) Andrew D. Friedlander (B) SIOR Research Consultant / Project Nathan A. Fong (B) Julia Matsuura (S) Principal Broker Manager +1 808 523 9740 +1 808 523 8317 +1 808 523 9797 +1 808 523 9764 [email protected] [email protected] [email protected] [email protected] Kelli Yanagawa Wilinski (S) Cathy Kong (S) +1 808 523 9758 +1 808 523 9761 RETAIL SERVICES [email protected] [email protected] Jon-Eric Greene* (B) Byron “Biff ” Graper (S) Masato Itoh (S) +1 808 330 2900 +1 808 523 9737 +1 808 799 5509 [email protected] biff [email protected] [email protected] *Greene Property Group, LLC **Bratton Realty Advisers, Ltd.

***Rokit, Inc. Exclusively contracted to Colliers International HI, LLC

Colliers International | Hawaii Copyright © 2016 Colliers International. 220 S. King Street, Suite 1800 | Honolulu, Hawaii 96813 The information contained herein has been obtained from sources deemed reliable. While every reasonable eff ort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers +1 808 524 2666 are encouraged8 to consult their professional advisors prior to acting on any of the material contained in this report. colliers.com/hawaii