Online Auction S Tarting Bid: $12,500,000 Auction Dates: August 9-11, 2021 Click to View Auction Website

230 LINCOLN RD

±51,493 SF ROSS ANCHORED TROPHY ASSET DIRECTLY ON ONLINE SOUTH BEACH’S LINCOLN RD AUCTION AUGUST 9-11, 2021 AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

CONFIDENTIALITY AGREEMENT This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

FOR AUCTION AND PROPERTY RELATED QUESTIONS, PLEASE CONTACT:

THE OFFERING PROCESS An online auction event will be conducted on RealINSIGHT Marketplace in accordance with the Sale Event Terms and Conditions (https://marketplace.realinsight.com/legal-sale-terms).

DUE DILIGENCE Due diligence materials are available to qualified prospective bidders via an electronic data room hosted by RealINSIGHT Marketplace. Prospective bidders will be required to electronically execute a confidentiality agreement prior to being allowed access to the materials. All due diligence must be conducted prior to signing the purchase and sale agreement. You may contact the sales advisors with any due diligence questions.

BUYER QUALIFICATION Prospective bidders will be required to register with RealINSIGHT Marketplace to bid. Each bidder will be required to provide current contact information, submit proof of funds up to the full amount they plan to bid, and agree to the Auction Terms and Conditions. In order to participate in an auction, the Seller requires bidders to provide proof of their liquidity in an amount of at least their anticipated maximum bid for those assets they wish to bid on. Such liquidity must be in the form of cash, or cash equivalents, and must be available immediately without restriction.

Generally, recent bank statements, brokerage account statements, or bank letters are acceptable. A line of credit statement may be acceptable only if it is already closed and in place, has undrawn capacity, and may be funded immediately without bank approval. Loan pre-approval letters, term sheets, and the like, where the loan would be collateralized by the property up for auction and funded at escrow closing, are NOT acceptable. Capital call agreements, investor equity commitments, and the like, are evaluated on a case-by-case basis. The acceptance of any proof of funds documents are made at the sole and absolute discretion of RealINSIGHT Marketplace. For further information, please visit the Bidder Registration FAQ (https://marketplace.realinsight.com/faq-bid-registration).

AUCTION DATE The Auction end date is set for AUGUST 9-11, 2021.

RESERVE AUCTION This will be a reserve auction and the Property will have a reserve price (“Reserve Price”). The starting bid is not the Reserve Price. The seller can accept or reject any bid. All bidders agree to execute the non-negotiable purchase and sale agreement, which will be posted to the electronic data room prior to bidding commencement, should they be awarded the deal. For further information about how to bid, please visit the Bidding page (https://marketplace.realinsight.com/faq- bidding).

CLOSING Following the auction, the winning bidder will be contacted by phone and email to go over specifics of the sale, including the execution of the purchase agreement and all documentation involved in the purchase. The winning bidder must be available by telephone within two hours of the sale. More information can be found on the RealINSIGHT Marketplace website. 230 LINCOLN RD PROPERTY OVERVIEW PROPERTY OVERVIEW INVESTMENT ANALYSIS Trophy FLAGSHIP LOCATION

INVESTMENT OVERVIEW CBRE and KARSON & CO are proud to offer a 230 Lincoln Road, a Ross anchored trophy asset located in Miami Beach, FL (the ‘Property’ or ‘Offering’). The property, built in 2017, is comprised of a four-story, ±51,493-square-foot, urban high-street retail asset located in the heart of South Beach, directly along the world renowned Lincoln Road corridor. The Property presents an investor the perfect opportunity to acquire a cash flowing generational asset with a national credit tenant in place on a long term lease and tap into a dynamic trade area with various opportunities for significant upside.

The Property was the original home of the Carib Theater, which opened in 1950 and was a Miami Beach staple for 65 years. In 2015, it was demolished and renowned architect Luis Revuelta of Revuelta Architecture International provided a stunning redesign and transformed the property into the 4-story centerpiece on Lincoln Road that it is today. The redesigned property features an open foyer complete with a lush living wall, fully glass enclosed elevator with glass elevator shaft, dual escalators to 2nd and 3rd Floors, rooftop restaurant with outdoor lounge area and the most recognizable feature, a stunning wood accent wall running the entire height of the building which becomes 6 cantilevered beams covering the open air foyer. The beautifully modern design has translated into 230 Lincoln Road being one of the most widely recognized buildings in Miami Beach. The Property offers an unbeatable branding opportunity conveniently located between Collins and Washington Avenue with irreplaceable Lincoln Road frontage.

The Property is anchored by Ross Dress for Less, which occupies ±30,226 SF and spans the entire second and third floors. The first floor (ground level) retail space contains ±11,909 SF and is currently vacant along with the fourth floor roof-top, built for a restaurant and boasting ±9,358 SF of indoor seating space and providing an additional ±6,000 SF of outdoor seating space with amazing views of both Lincoln Road and Collins Avenue. This unique property is positioned in a world-class trophy location offering an unprecedented amount of value for investors with immediate value add via long term lease-up at market rates. This premier address makes it one of the most desirable and high-demand locations for tenants with the ability to achieve premium rental rates for the market.

230 Lincoln Road is positioned on a ±0.52 AC parcel located between Washington and Collins Avenues, on the south side of Lincoln Road, in the heart of South Beach. Lincoln Road is a mile-long retail corridor with a mix of nationally recognized and high-end retailers. This Lincoln Road asset is positioned in a trophy/flagship location for retailers in the heart of South Beach, just one block west of the high-end hotel corridor on Collins Avenue. The pedestrian friendly Lincoln Road District is considered one of the most prestigious retail corridors in the country with some of the highest volumes of foot traffic welcoming 11 million visitors in 2019. The site is surrounded by an abundance of hospitality, restaurants, and amenities as well as numerous condominium and high end residential developments. There are over 8,000 hotel rooms within a five minute walk of Lincoln Road and over 20,000 rooms servicing the greater Miami Beach. Additionally, the Convention Center Hotel has been recently approved and will be another key traffic driver for Lincoln Road.

Although tourism is the heartbeat of the local economy, the immediate area boasts strong residential demographics and a booming residential real estate market that is breaking records. Both during and post COVID-19, the Miami Beach housing market has been on fire, with heavy sales volume and a shortage of inventory. The Property’s location further benefits from strong demographics with a population of ±236,878 and an average household income of $95,718 within a 5-mile radius. This affluent demographic combined with the international influx of tourists and visitors will continue to create tremendous opportunities for the local economy, retailers and property investors.

51,493 SF LOT SIZE 4 year built 58.7% SQUARE FEET 0.52 AC stories 2017 LEASED

230 LINCOLN ROAD, MIAMI BEACH 7 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT STRATEGICALLY LOCATED BETWEEN BETWEEN LOCATED STRATEGICALLY

COLLINS AVENUE AND WASHINGTON AVENUE AVENUE AND WASHINGTON AVENUE COLLINS

IRREPLACEABLE FRONTAGE ALONG LINCOLN ROAD ROAD LINCOLN ALONG FRONTAGE IRREPLACEABLE PRIME LOCATION PRIME JUST ONE-BLOCK FROM THE WORLD RENOWNED BEACH RENOWNED WORLD THE FROM ONE-BLOCK JUST LEASED 58.7% INVESTMENT HIGHLIGHTS ±51,493 SF, FOUR-STORY, HIGH-STREET RETAIL LOCATED ON THE EASTERN EDGE OF LINCOLN ROAD BETWEEN WASHINGTON AND COLLINS AVENUES IN THE HEART OF SOUTH BEACH

TROPHY ASSET IN THE HIGHLY SOUGHT-AFTER LINCOLN ROAD MALL CORRIDOR WITH STRONG LOCAL AND REGIONAL FUNDAMENTALS

ANCHORED BY ROSS DRESS FOR LESS (±60% GLA) WITH 6+ YEARS REMAINING ON THE INITIAL TERM, AND FOUR ADDITIONAL 5-YEAR OPTIONS WITH RENTAL ESCALATIONS EVERY 5-YEARS

VALUE-ADD OPPORTUNITY THROUGH STRATEGIC LEASE-UP OF OVER ±40% OF THE BUILDING, ALONG WITH NOI GROWTH THROUGH BUILT-IN RENTAL ESCALATIONS WITH ROSS DRESS FOR LESS

NEWLY REDESIGNED PROPERTY FEATURES AN OPEN FOYER WITH LUSH LIVING WALL, FULLY GLASS ENCLOSED ELEVATOR WITH GLASS ELEVATOR SHAFT, DUAL ESCALATORS TO 2ND AND 3RD FLOORS, ROOFTOP RESTAURANT WITH OUTDOOR LOUNGE AREA AND A STUNNING WOOD ACCENT WALL RUNNING THE ENTIRE HEIGHT OF THE BUILDING WHICH BECOMES 6 CANTILEVERED BEAMS COVERING THE OPEN AIR FOYER

SURROUNDING DEVELOPMENTS INCLUDE THE RECENT $620 MILLION RENOVATION/EXPANSION OF THE MIAMI BEACH CONVENTION CENTER AS WELL AS A $67 MILLION OVERHAUL OF THE LINCOLN ROAD CORRIDOR

230 LINCOLN ROAD, MIAMI BEACH 9 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT

230 LINCOLN ROAD, MIAMI BEACH 11 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT PRIME LOCATION COVETED LINCOLN ROAD FRONTAGE IN DENSE URBAN AREA

230 LINCOLN ROAD, MIAMI BEACH 13 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT PRIME LOCATION PRIME PROPERTY SURVEY 100’ frontage on lincoln road with UNLIMITED OPPORTUNITIES

230 LINCOLN ROAD, MIAMI BEACH 15 DILIGENCE DILIGENCEDILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DUE DOWNLOAD DOWNLOAD VISIT AUCTION SITESITESITE AUCTION AUCTION AUCTION VISIT VISIT VISIT ACRES ACRES TROPHY TROPHY ON ±0.52 LOCATION LOCATION POSITIONED POSITIONED IN 2017 PREMIER PREMIER FLAGSHIP FLAGSHIP SITE BUILT SITE BUILT ELEVATIONS END OF END OF LINCOLN LINCOLN

RETAIL ON ON RETAIL Completely Redeveloped AND DESIGNED BY renowned architect, Luis Revuelta architect, renowned BY DESIGNED AND Redeveloped Completely ±51,493 SF ±51,493 SF

THE EASTERN THE EASTERN

WEST ELEVATION WEST EAST ELEVATION EAST FLOOR PLANS flexible floor plans 01 02 FLOOR FLOOR

230 LINCOLN ROAD, MIAMI BEACH 17 DILIGENCE DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITE AUCTION VISIT R ROOF

FLOOR 04

FLOOR 03 FLOOR PLANS FLOOR IMMEDIATE AVAILABILITY 04 FLOOR

±9,358 SF OF INDOOR SPACE PROVIDING AN ADDITIONAL 6,000 SF OF OUTDOOR SEATING SPACE WITH AMAZING VIEWS; IDEAL FOR A RESTAURANT GROUP

04 FLOOR

230 LINCOLN ROAD, MIAMI BEACH 19

01 01 FLOOR FLOOR DILIGENCE

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FRONTAGE & SIGNAGE & SIGNAGE FRONTAGE

±11,909 SF AVAILABLE ±11,909 SF AVAILABLE

ON THE 1ST FLOOR HIGH

FOR A MULTITUDE OF END FOR A MULTITUDE

OPPORTUNITIES ALLOWING STREET RETAIL WITH PRIME STREET RETAIL IMMEDIATE AVAILABILITY IMMEDIATE 230 LINCOLN RD FINANCIAL OVERVIEW FINANCIAL OVERVIEW RENT ROLL 59% OCCUPIED WITH SIGNIFICANT VALUE ADD AND FULL FLOOR AVAILABILITIES

6+ YEARS ±30,226 SF FLAGSHIP LEASED ON REMAINING ON STORE A NNN-LEASE INITIAL TERM; OCCUPYING WITH (4) 5-YR TENANT IN- THE FULL 2ND OPTIONS & PLACE SINCE AND 3RD ESCALATIONS OCTOBER FLOORS 2017

230 LINCOLN ROAD, MIAMI BEACH 23 DILIGENCE DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITE AUCTION VISIT HISTORICAL Profit & loss Profit HISTORICAL JANUARY-DECEMBER 2020 JANUARY-DECEMBER FINANCIALS TENANT OVERVIEW Ross Anchored Trophy Asset

Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2020 revenues of $12.5 billion. The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,585 locations in 40 states, the District of Columbia, and Guam at fiscal 2020 year-end. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 274 dd’s DISCOUNTS® stores in 21 states at the end of fiscal 2020 that feature a more moderately- priced assortment of first-quality, in-season, name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com

ROSS STORES REPORTS STRONG FIRST QUARTER 2021 EARNINGS Ross Stores, Inc. reported earnings per share for the 13 weeks ended May 1, 2021 grew 17% to $1.34 on net income of $476 million. This compares to $1.15 per share or net earnings of $421 million for the 13 weeks ended May 4, 2019. Sales totaled $4.5 billion, with comparable store sales up a robust 13% versus 2019. Barbara Rentler, Chief Executive Officer, commented, “First quarter sales significantly exceeded our expectations as we benefited considerably from a combination of government stimulus payments, ongoing vaccine rollouts, easing of COVID restrictions, and pent-up consumer demand. In addition, customers responded enthusiastically to the broad assortment of great bargains we offered throughout our stores. Operating margin of 14.2% was well above plan and slightly above 2019 as leverage from the strong comparable sales gains offset the expected expense pressures from higher freight and wages, as well as ongoing COVID-related operating costs.”

BOARD APPROVES NEW $1.5 BILLION STOCK REPURCHASE PROGRAM THROUGH FISCAL 2022 The Company’s Board of Directors authorized a new program to repurchase up to $1.5 billion of its common stock through fiscal 2022, with plans to buy back $650 million this year and $850 million in 2022. Rentler, noted, “The reinstatement of our share repurchase program reflects the current strength of our balance sheet, confidence in the Company’s ability to generate excess cash after funding our growth and other capital needs of the business, and our long-standing commitment to enhancing stockholder value and returns.”

SOURCE: GMCVB Visitor Industry Overview 2020; GMCVB.com

230 LINCOLN ROAD, MIAMI BEACH 25 DILIGENCE DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITE AUCTION VISIT 230 LINCOLN RD MARKET OVERVIEW MARKET OVERVIEW MIAMI-DADE COUNTY major metropolitan area dynamic business climate and exceptional quality of life

Miami, officially the City of Miami, is a coastal city located in southeastern Florida in the United States. It is the third most populous metropolis on the East coast of the United States, and it is the 7th largest in the country. Miami is a major center and leader in finance, commerce, culture, arts, and international trade.

Greater Downtown Miami has one of the largest concentrations of international banks in the United States, and is home to many large national and international companies. The Health District, home to Jackson Memorial Hospital and the Leonard M. Miller School of Medicine at the University of Miami among others, is a major center for hospitals, clinics, and the biotechnology and medical research industries. PortMiami is the busiest cruise port in the world in both passenger traffic and cruise lines, and refers to itself as the “Cruise Capital of the World”. Miami is also a major tourism hub for international visitors, ranking second in the country after New York City.

FAVORABLE TAX STRUCTURES NO LOCAL CORPORATE NOR PERSONAL STATE INCOME TAXES Compared to other major metropolitan areas in the United States and throughout the world, Miami-Dade County offers businesses of all sizes and industries a very favorable tax structure. Companies enjoy relatively low sales and property taxes and there are no local personal or local corporate income taxes. On the state level, businesses and individuals pay no personal income taxes. Florida has a comparatively low corporate income tax rate of 5.5 percent, with no inventory tax, no unitary tax and several sales tax exemptions.

OUTSTANDING COMMERCIAL VALUES Miami-Dade is a constant magnet for new domestic and international investment in prime commercial real estate, despite ups and downs in the sector. The Miami-Dade community is a global access point for business and is home to some of the country’s most creative architects, real estate developers and builders. Based in the country’s third largest state, Miami-Dade attracts new commercial real estate investors because of its robust economic growth; unmatched connections by air, sea and land to domestic and world markets; a skilled, multicultural population of over 2.7 million; and a business-friendly culture.

230 LINCOLN ROAD, MIAMI BEACH 29 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT HOTEL HOTEL

#8 AVERAGE AVERAGE OCCUPANCY OCCUPANCY OCCUPANCY

ADR RATE #2 AVERAGE AVERAGE

DAILY ROOM ROOM DAILY

ROOM #1 REV PAR AVAILABLE AVAILABLE REVENUE PER REVENUE PER

WITHIN WALKING DISTANCE TO LINCOLN ROAD DISTANCE WITHIN WALKING

major categories (Occupancy, ADR and RevPAR) when compared against the Top 25 U.S. Hotel Markets by STR. Hotel Markets 25 U.S. Top against the when compared ADR and RevPAR) (Occupancy, major categories compared to 2019, and ADR of $188.01, a decrease of -4.1%. In 2020, Greater Miami ranked among the top 10 in all three in all three among the top 10 Miami ranked Greater In 2020, of -4.1%. a decrease ADR of and $188.01, to 2019, compared of the pandemic. The destination ended the year with an average hotel Occupancy rate of 46.4%, a decrease of - 38.9% a decrease of hotel Occupancy rate 46.4%, average with an ended the year destination The of the pandemic. for hotel performance monitoring, Greater Miami ranked high in the Top 25 U.S. Hotel Markets in 2020 despite the turmoil the despite 2020 in Markets Hotel 25 U.S. Top in the high ranked Miami Greater monitoring, performance hotel for Greater Miami offers a diverse hotel product for leisure and business travelers alike. According to STR, the industry leader the industry leader to STR, According alike. and business travelers for leisure a diverse hotel product Miami offers Greater TOP HOTEL MARKET IN THE U.S. IN MARKET HOTEL TOP

2019, with Miami Beach remaining their top pick. remaining with Miami Beach 2019, sun, fun, and entertainment. International visitors basically stuck to the same areas they stayed in during 2020 as they did in they stayed in during 2020 to the same areas visitors basically stuck International entertainment. and fun, sun, GMCVB Visitor Industry Overview 2020 report shows that its quite clear that Florida residents flock to the famed beaches for beaches famed the to flock residents Florida that clear quite its that shows report 2020 Overview Industry Visitor GMCVB South Miami, the Design District, Bal Harbour and even Miami Gardens all increased over a year ago. Additionally, the Additionally, ago. over a year all increased even Miami Gardens Bal Harbour and the Design District, South Miami, likelihood to visit Miami Beach than they did last year. Many other areas became more popular as well- South Dade, Aventura, Aventura, Dade, popular as well- South became more Many other areas they did last year. than to visit Miami Beach likelihood The desire to visit Miami Beach did not go away in 2020 despite the pandemic. Florida Residents showed an even greater showed an even greater Residents Florida go away in 2020 despite the pandemic. did not to visit Miami Beach desire The HIGHLY DESIRABLE DESTINATION DESIRABLE HIGHLY 100 airlines and 1,000 daily direct flights to domestic/international locations. flights to domestic/international direct and 1,000 daily 100 airlines businesses working in foreign locations. Miami’s International Airport provides easy access for business travelers with over with over travelers access for business easy provides Airport International Miami’s locations. working in foreign businesses operate in Europe, Asia and western US in the same day. Miami also provides a stable economy and banking system for system and banking economy a stable provides Miami also day. the same US in western Asia and in Europe, operate to make Miami their regional base of operations. Multi-lingual talent pool and Eastern Time Zone enables businesses to businesses enables Zone Time Eastern and pool talent Multi-lingual ofbase regional their Miami operations. make to Miami’s unique geographic location, internationally trained workforce and modern infrastructure enable business leaders leaders business enable infrastructure modern and workforce trained internationally location, geographic unique Miami’s GLOBAL BUSINESS HUB BUSINESS GLOBAL SOURCE: GMCVB Visitor Industry Overview 2020; GMCVB.com Visitor SOURCE: GMCVB MIAMI BEACH, FL PREMIER world class DESTINATION

Miami Beach is a coastal resort city in Miami-Dade County, FL located on natural and man-made barrier islands between the Atlantic Ocean and Biscayne Bay. Miami Beach’s estimated population is 88,885 and is the 26th largest city in Florida based on official 2019 estimates from the US Census Bureau. It has been one of America’s preeminent beach resorts since the early 20th century. World-renowned Miami Beach is both a tourist mecca and a vibrant business and residential community with more than seven miles of white-sand beaches, three golf courses, twenty parks, world-class hotels, extravagant nightlife, chef-driven restaurants, and revered cultural institutions. An island city of just 7.1 square miles, Miami Beach is regarded as one of the world’s top tourism destinations and a trend-setting arts and entertainment hub for visitors from around the world, celebrities and locals alike. From cafés, clubs and shopping along South Beach’s Ocean Drive, Lincoln Road, and Washington Avenue; to the international hotels and restaurants of Collins Avenue and Middle Beach; and to the re-emerging neighborhoods in North Beach, Miami Beach offers visitors and residents a dazzling array of amenities to enjoy.

According to Greater Miami Convention & Visitors Bureau’s 2019 Visitor Industry Overview, the state of Greater Miami’s tourism industry was strong in 2019, with employment in the travel and hospitality sector reaching a record 147,000 jobs, making it one of the leading employment sectors in the community. Greater Miami and the Beaches’ hotel industry had a strong performance in 2019, ranking in the top 10 among the top 25 hotel markets in the U.S. according to STR, the leader in providing insights for the hotel industry. Visitors to Miami remain very satisfied with their experience in the area. The beaches continue to be the main draw and are a big reason why people love the Greater Miami area, but shopping, special events, sports, business and the weather all contribute as well.

230 LINCOLN ROAD, MIAMI BEACH 31 10% of ± DILIGENCE DILIGENCE 7,429 SF. 7,429 SF. DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT Negotiability 1,192 from the year- 1,192 from 4,271 over the same LISTING DISCOUNT LISTING -3.1% 75.3% to ± 24.8% to ± ± ± 57.4% faster than the same period last year. last year. 57.4% faster than the same period ± ±6 10% annual decline in average sales size to ± 10% annual decline in average 10.7 months or ± Marketing Time DAYS ON MARKET DAYS 3,472 SF. 3,472 SF.

$2,550,000. All condo price trend indicators surged to new records with an assist by the with an assist by the to new records surged indicators trend All condo price $2,550,000.

PRICES

MEDIAN SALES PRICE +54%

SOUTH FLORIDA CAPTURING THE MAJORITY OF THAT GROWTH. THAT OF MAJORITY THE CAPTURING SOUTH FLORIDA WARM WEATHER, AND A HIGH POTENTIAL FOR BUSINESS GROWTH. FOR BUSINESS HIGH POTENTIAL A AND WEATHER, WARM

MIAMI BEACH RESIDENTIAL MARKET SKYROCKETS and breaks records AMID COVID-19 AMID records and breaks SKYROCKETS MARKET RESIDENTIAL BEACH MIAMI

LOWER TAXES, DIVERSE TALENT, IMPROVED QUALITY OF LIFE, YEAR-ROUND YEAR-ROUND OF LIFE, QUALITY IMPROVED TALENT, DIVERSE TAXES, LOWER

24.9% year over year jump in average sales size to ± sales size jump in average over year 24.9% year

MORE THAN 1,000 PEOPLE MIGRATE TO FLORIDA EACH DAY, WITH MIAMI AND AND WITH MIAMI DAY, EACH FLORIDA TO MIGRATE THAN 1,000 PEOPLE MORE

COMPANIES ARE RELOCATING AND EXPANDING TO THE REGION IN SEARCH OF OF THE REGION IN SEARCH TO AND EXPANDING ARE RELOCATING COMPANIES

RECORD-SETTING MARKET and all price trend indicators surged to new records despite the ± to new records surged indicators and all price trend to new highs as listing inventory fell to the second-lowest level on record. The luxury single family market began at $11.5M began at luxury single family market The to new highs as listing inventory fell to the second-lowest level on record. months of supply for both property types fell sharply year over year. Single family sales and price trend indicators rose sharply rose indicators Single family sales and price trend over year. types fell sharply year months of supply for both property all condo sales, began at a record ± a record began at all condo sales, ± and while listing inventory tripled to a record highs as sales nearly to record surged indicators All single family price trend

months to sell all condo inventory at the current sales rate, was was sales rate, the current months to sell all condo inventory at ago quarter, the highest year-over-year rate on record. Condo listing inventory plunged Condo on record. rate the highest year-over-year ago quarter, of a measure the number of months of average supply, The the pace of accelerated. the condo market As a result, period. the top representing luxury condo market, The to new records. over year year surged indicators price trend Condo

record prices, heavy sales volume, and a decline in listing inventory. Condo sales surged sales surged Condo and a decline in listing inventory. sales volume, heavy prices, record According to The Elliman Report of Quarterly Survey for Miami Beach/Barrier Islands (1Q21), Miami Beach continued to see to continued Beach Miami (1Q21), Islands Beach/Barrier ofMiami for Survey Quarterly Report Elliman The to According

first time in three quarters. first time in three trend indicators set new records as sales surged year over year; and the overall number of sales rose year over year for the for number of over year year and the overall over year; year sales rose as sales surged set new records indicators trend including: condo price trend indicators increased as sales and listing inventory edged higher; overall single family price edged higher; overall as sales and listing inventory increased indicators including: condo price trend There were three key factors in the Miami Beach residential housing market that were positively affected during COVID-19 during COVID-19 positively affected were that housing market residential factors in the Miami Beach key three were There SOURCE: Q1-2021; The Elliman Report • Quarterly Survey of Miami Beach/Barrier Islands, FL Residential Sales Residential FL Survey of • Quarterly Islands, Miami Beach/Barrier Elliman Report The SOURCE: Q1-2021; LINCOLN ROAD one-mile road stretching from Alton Road to LINCOLN ROAD WELCOMES MORE THAN 11 MILLION Washington avenue in the heart of south beach VISITORS EACH YEAR Located just steps away from the iconic Miami Beach shoreline, Lincoln Road is among the first outdoor pedestrian shopping streets in the USA. The pedestrian oriented Lincoln Road District has been a Miami Beach icon dating back to the mid-20th century, welcoming 11 million visitors in 2019. Masterfully combining a rich architectural history with innovation, the promenade, with its outdoor café culture, prominent cultural institutions, and eclectic shopping has remained a critical component of the fabric of ±50% OF ALL TRAVELERS TO the Miami Beach community. MIAMI VISIT LINCOLN ROAD AT LEAST ONCE DURING Considered a hub for arts, architecture, and culture, some of Miami’s most popular THEIR STAY performance venues are located in the Lincoln Road District, including New World Symphony, the Fillmore Miami Beach at the Jackie Gleason Theatre, The Colony Theatre (originally home to Paramount Pictures), The Miami Beach Urban Studios (MBUS), 1111 Lincoln Road, Oolite Arts, and Regal South Beach cinema complex. The proof is in the numbers - the New World Symphony welcomes over 80,000 attendees a year, the LINCOLN ROAD IS THE Colony Theatre welcomes over 40,000 theater goers annually, and the Fillmore Miami MOST VISITED DESTINATION Beach welcomes over 120,000 concert goers each year. AMONGST INTERNATIONAL VISITORS TO MIAMI (±36%) The Lincoln Road District is home to over 260 shops, restaurants and art galleries. With over 800,000 SF of retail, the mix on Lincoln Road counts major national brands including Nike’s only flagship store in Florida; the largest H&M and Zara stores in the South East US, located in tastefully re-purposed historical buildings, and one of the busiest Apple stores, alongside many others. Major brands aren’t the only story in retail though - Lincoln Road has long had a reputation for eclectic local boutiques, bookstores ±37% OF ALL TRAFFIC ON and unique galleries. Numerous restaurants and cafés with extensive outdoor seating LINCOLN ROAD IS LOCAL line the road from end to end offering diverse cuisines. TimeOut chose Lincoln Road as the location of its second international food hall which opened in 2019 to great acclaim.

Over 1 million SF of office space also line the road providing a steady stream of daytime professionals at lunch hour and after work. LINCOLN ROAD IS HOME TO Hospitality is synonymous with Miami Beach and Lincoln Road is central to many 344 BUSINESSES AND 74 important new developments. With over 20,000 hotel rooms servicing Miami Beach RESTAURANTS and the Miami Beach Convention Center, over 8,000 rooms are within a 5-minute walk to Lincoln Rd. Anchored by Ritz Carlton, SLS, Delano, Loews and the Raleigh Hotel redevelopment, Lincoln Road is seeing a surge in interest with almost 2000 new hotel rooms under construction in Miami Beach. Development on the Miami Beach Convention Center Hotel has been approved by voters and will be a key driver to traffic between the Convention Center and adjacent Lincoln Road. LINCOLN ROAD GENERATES MORE THAN $1 BILLION IN TAXABLE SALES FOR THE CITY LINCOLN RD OF MIAMI BEACH ANNUALLY ONE (1) OUT OF IS THE MOST EVERY TWO (2) PEOPLE FREQUENTLY VISITED WHO VISIT MIAMI VISIT LOCATION ON MIAMI LINCOLN ROAD BEACH FOR PEOPLE LIVING LOCALLY. LINCOLN ROAD HAS AN OVER 69% OF LOCAL LINCOLN ROAD IS ONE ±88.60% APPROVAL RATING RESIDENTS VISIT 2-3 BLOCK FROM THE NEWLY AS GOOD/EXCELLENT TIMES A MONTH. RENOVATED MIAMI BEACH AMONG ALL TYPES OF (CITY OF MIAMI BEACH CONVENTION CENTER WHICH VISITORS RESIDENT SURVEY, 2019) WELCOMES OVER 600,000 VISITORS ANNUALLY

230 LINCOLN ROAD, MIAMI BEACH 33 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT (MIAMI HERALD) driving onto the walkway. from Washington to Alton Road. to Washington from OWNERS AND CITY OWNERS AND CITY LINCOLN ROAD’S $67M $67M ROAD’S LINCOLN fueling an economic generator for the region. fueling an economic generator MAKEOVER TAKES BIG STEP BIG STEP TAKES MAKEOVER At the large scale, the Master Plan proposes the Master Plan proposes scale, At the large to the improvements physical and operational District encompassing the streets Lincoln Road including Lincoln Lanes adjacent to Lincoln Road Pennsylvania, and South as well as Drexel, North Michigan and Lenox Jefferson, Meridian, Euclid, the Master detailed scale, On a more Avenues. on outlining recommendations Plan concentrates of for the pedestrian portion extending Road the In July 2019, the City of committed Beach Miami 2019, July In The Lincoln Road. $67 million to revitalize ofphases initial the to led has vote unanimous the Operations’ Field Corner James long-anticipated will keep improvements planned The Plan. Master locals, for tourists and a destination Lincoln Road designed which Operations, Field Corner James developed a plan famed High Line, York’s New promenade for the eight-block pedestrian work, utility to include underground grew that Avenue Washington the at trellis a signature the Morris Lapidus follies and restoring entrance, and landscaping lighting, new installing fountains, New to the connectors and providing cameras, The Center. and Convention Symphony World of plan includes a reorganization Corner James public more elements, new sculptural tables, cafe black- and a re-imagined space, and green seating center the up running pattern key piano and-white include Other improvements of the walkway. end of each at Lincoln security bollards artistic vehicles from pedestrian mall to prevent Road’s “ WITH NEW ACCORD BETWEEN BETWEEN ACCORD WITH NEW LINCOLN ROAD TOURISM MARKET ±28 M PREMIER DESTINATION visitors IN 1 year

230 LINCOLN ROAD

230 LINCOLN ROAD, MIAMI BEACH 35

DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT POST COVID-19 POST ANNUALLY IN THE REGION. REGION. THE IN ANNUALLY 12.6 MILLION HOTEL STAYS STAYS HOTEL MILLION 12.6 ARRIVE IN MIAMI WITH OVER OVER WITH IN MIAMI ARRIVE 28 MILLION VISITORS A YEAR YEAR A 28 VISITORS MILLION

A COMBINED AVERAGE OF OVER OVER OF AVERAGE COMBINED A

and a Top Pick For Destinations & Experiences Destinations For Pick Top and a Tripadvisor's 2021 Summer Travel Index Reveals Reveals Index Travel Summer 2021 Tripadvisor's TRENDING IS MIAMI BEACH With summer right around the corner, it's not just the weather that's heating up. up. heating that's weather the just not it's corner, the around right summer With is - with every passing day - travel that reveals Index Travel 2021 Summer Tripadvisor's survey Tripadvisor half Nearly ofAmericans (±43%) in a recent making a big comeback. Americans no longer settling With months. within three activity will rebound believe travel coming back en getaways are true vacation it appears and local trips, for staycations of of the top is near says Miami Beach the list in searches destinations Tripadvisor vogue. Consumer Tripadvisor to the According planning summer vacations. travelers by U.S. a trip planning to take ofAmericans (67%) are than two-thirds more Sentiment Survey, planning on spending more. – and they’re a comeback makes this summer as travel 26 of 1 and March January this between shows that platform Tripadvisor the from Data for the summer travelers by U.S. destination was the 5th most searched Miami Beach year, 2021). Aug 31, June 1 and months (between *Figures are from 2019, the last year before Covid-19. before 2019, the last year from are *Figures

IN 1 year

visitors visitors

±28 M M ±28

current levels of levels current government services*. Without the taxes generated by tourism, each Florida household would pay as much as ±$1,744 in additional taxes to maintain to maintain taxes pay as much as ±$1,744 in additional Florida household would each by tourism, generated Without the taxes migration, a talent pipeline and a stronger tax base. Tax revenue generated from tourism is reinvested in the local communities. in the local communities. tourism is reinvested from generated revenue Tax tax base. a talent pipeline and a stronger migration, Tourism is the backbone of the region’s economic foundation, generating real estate and economic development, corporate corporate and economic development, estate real generating economic foundation, of is the backbone the region’s Tourism

© Tripadvisor; http://www.prnewswire.com/news-releases/travel-is-heating-up-two-thirds-of-americans-planning- summer-vacations-301272259.html http://www.prnewswire.com/news-releases/travel-is-heating-up-two-thirds-of-americans-planning- © Tripadvisor;

© Greater Miami Convention & Visitors Bureau — The Official Destination Sales & Marketing Organization for Greater Miami and the Beaches. CS-03629 Greater for Organization — The Official Destination Sales & Marketing & Visitors Bureau Miami Convention © Greater SOURCES: SOURCES:

230 LINCOLN ROAD, MIAMI BEACH 37 DILIGENCE DILIGENCEDILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DUE DOWNLOAD DOWNLOAD VISIT AUCTION SITESITESITE AUCTION AUCTION AUCTION VISIT VISIT VISIT

LINCOLN RD 230230

SURROUNDED BY A PLETHORA OF HOSPITALITY, DINING AND ENTERTAINMENT AMENITIES AND ENTERTAINMENT DINING OF HOSPITALITY, A PLETHORA BY SURROUNDED TOURIST-DRIVEN MARKET TOURIST-DRIVEN DEMAND DRIVERS WITHIN WALKING DISTANCE TO LINCOLN ROAD

FLAMINGO PARK

ESPANOLA WAY

230 LINCOLN ROAD

LUMMUS PARK

1 BLocK 0.2-MI 0.3-MI 0.5-MI miami beach Soundscape Park & The Fillmore ESPANOLA WAY ‘the sand’ New World Center 0.4-MI 0.4-MI 0.5-mi 0.5-MI Miami Beach Miami Beach BASS ART MUSEUM & LUMMUS PARK Convention Center City Hall Collins Park

230 LINCOLN ROAD, MIAMI BEACH 39

DILIGENCE DILIGENCEDILIGENCE 74 DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DUE DOWNLOAD DOWNLOAD VISIT AUCTION SITESITESITE AUCTION AUCTION AUCTION VISIT VISIT VISIT BIKE SCORE BASS ART MUSEUM ART BASS 61 transit SCORE 96 WALK SCORE WALK

MB BOTANTICAL GARDEN MB BOTANTICAL MB CONVENTION CENTER Golf Club MOUNT SINAI Miami Beach Miami Beach 2.5-MI 0.8-MI THE FILLMORE CITY HALL AIRPORT AND PORT MIAMI’S CRUISE SHIP TERMINAL CRUISE SHIP MIAMI’S PORT AND AIRPORT

A COMBINED AVERAGE OF OVER 28 MILLION 28 MILLION OVER OF AVERAGE COMBINED A

PIER & PARK

Miami Beach Miami Beach

SOUTH POINTE SOUTH POINTE

EASILY ACCESSIBLE FROM MAINLAND MIAMI, MIAMI INTERNATIONAL MIAMI INTERNATIONAL MIAMI, MAINLAND FROM ACCESSIBLE EASILY

MILLION HOTEL STAYS ANNUALLY IN THE REGION. THE REGION. IN ANNUALLY STAYS HOTEL MILLION

1.8-MI

0.6-MI LINCOLN ROAD SPANS THROUGH THE HEART OF MIAMI BEACH AND IS IS AND BEACH OF MIAMI HEART THE THROUGH SPANS ROAD LINCOLN

NEW WORLD SYMPHONY NEW WORLD

VISITORS A YEAR ARRIVE IN MIAMI WITH OVER 12.6 12.6 WITH OVER ARRIVE IN MIAMI YEAR A VISITORS

Botanical Garden Botanical LINCOLN ROAD SPANS THE HEART OF MIAMI BEACH OF MIAMI BEACH THE HEART SPANS ROAD LINCOLN

AND IS EASILY ACCESSIBLE FROM MAINLAND MIAMI MAINLAND MIAMI FROM ACCESSIBLE EASILY AND IS AND THE MIA AIRPORT AND CRUISE SHIP TERMINAL. SHIP AND CRUISE AIRPORT THE MIA AND 230 LINCOLN ROAD MIAMI BEACH CONVENTION CENTER WITHIN WALKING DISTANCE (±O.5 MILES) TO LINCOLN ROAD

MIAMI BEACH CONVENTION CENTER (MBCC) The Miami Beach Convention Center (MBCC) is located a short walk from Lincoln Road, which provides the nearest services to attendees for dining, shopping and entertainment. Conveniently situated only ±12 miles from Miami International Airport, Downtown Miami and PortMiami, MBCC is readily accessible to domestic and international travelers alike. Spanning four sunny city blocks in the heart of Miami Beach, the Center is within easy walking distance of the historic Art Deco District, spectacular beaches, inspiring art and culture, luxurious resorts, delectable fine dining and shopping on iconic Lincoln Road.

The Miami Beach Convention Center is the stunning centerpiece of Miami and Beaches’ meetings and conventions offerings. Re- imagined following a ±$620-million renovation, the enhanced MBCC includes a magnificent new ±60,000 SF Grand Ballroom, ±500,000 SF of flexible exhibition space, expansive pre-function areas, a dramatic Grand Lobby, 84 breakout rooms and 2,100 miles of Cat 6 cabling to support all IT communications. Surrounding the MBCC are nine acres of public green area that can serve as incremental event space, plus ±$7.1 million worth of inspiring art by internationally acclaimed artists and so much more. The Miami Beach Convention Center is a destination unto itself: a lively hub of activity connecting the arts, cultural and business communities in tropical Miami Beach. A six-acre green space lies to the west of the Center, offering a flexible lawn for special events, native landscaping for relaxing in the shade and a lively public plaza. Along the north side, Collins Canal Park offers three acres of lush space lined with stunning interactive sculptures to inspire visitors, perfect for intimate outdoor receptions. The Center’s immediate proximity to museums, theaters, concert halls, cafes, gardens and shopping makes it the ideal setting for the discerning planner and there are thousands of guest rooms that can fit any budget — from distinctive boutique hotels to leading brands and luxury independent resorts — are within a 5-10 minute walk from MBCC. Coming soon in 2023, the Center’s new, connecting headquarter hotel will make conventions in Miami Beach a breeze.

230 LINCOLN ROAD 4 SOURCE: Miami Beach Convention Center; MiamiMeetings.com VISIT AUCTION SITE DOWNLOAD DUE DILIGENCE 230 LINCOLN ROAD, MIAMI BEACH

LOCATED IN THE HEART OF SOUTH BEACH AND FOLLOWING A $620 MILLION INVESTMENT, THE NEWLY RE-IMAGINED MBCC IS A LIVELY HUB OF ACTIVITY REFLECTING THE ENERGY AND EXCITEMENT OF MIAMI BEACH

• ±1.4 MILLION TOTAL SF AND NEARLY 500,000 SF OF VERSATILE EXHIBIT SPACE MBCC IS A STATE-OF-THE- • STUNNING NEW 60,000 SF GRAND BALLROOM and NEW 20,000 SF JUNIOR BALLROOM ART FACILITY, A DESTINATION • 84 BREAKOUT/meeting ROOMS • THE LATEST IN AV TECHNOLOGY AND SOUNDPROOFING UNTO ITSELF and a major • SUSTAINABILITY AND LEED SILVER-CERTIFIED • GLOBAL BIORISK ADVISORY COUNCIL® (CBAC) STAR™ FACILITY ACCREDITATION demand driver for both • ONLY ±12 MILES AND ±25 MINUTES FROM MIAMI INTERNATIONAL AIRPORT the city & dade county • SHORT WALK TO lincoln road, THE ART DECO DISTRICT AND SPECTACULAR BEACHES

SOURCE: Miami Beach Convention Center; MiamiMeetings.com VISIT AUCTION SITE 41 DOWNLOAD DUE DILIGENCE 226 LINCOLN RD

230 LINCOLN ROAD, MIAMI BEACH 43 DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT DESTINATION IN DESTINATION SOUTH FLORIDA LINCOLN ROAD IS LINCOLN ROAD THE MOST VISITED 226 LINCOLN RD226 LINCOLN RD DEMOGRAPHICS 5-MILE RADIUS

230 LINCOLN ROAD, MIAMI BEACH 45

DILIGENCE DILIGENCE DOWNLOAD DUE DUE DOWNLOAD DOWNLOAD DUE DUE DOWNLOAD VISIT AUCTION SITESITE AUCTION AUCTION VISIT VISIT 5, 15, 30 MINUTES 5, 15, DRIVE TIME MAP TIME DRIVE DEMOGRAPHICS ONLINE AUCTION AUGUST 9-11, 2021

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ADAM SKLAVER ARDEN KARSON PHIL KATES T: 954-745-7467 T: 786-271-3447 T: 954-745-7468 C: 301-706-4619 LIC #: BK3004310 C: 305-206-1286 E: [email protected] [email protected] E: [email protected] © 2021 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.