1870 BRICKELL AVENUE DEVELOPMENT SITE OPPORTUNITY 1870 Brickell Avenue • Miami , FL 33129 NON - ENDORSEMENT and DISCLAIMER NOTICE

Home , Brickell, Brickell Avenue, Brickell City Centre, Brickell Flatiron, Greater Downtown Miami, MacArthur Causeway

Offering Memorandum

1870 BRICKELL AVENUE DEVELOPMENT SITE OPPORTUNITY 1870 Brickell Avenue • Miami , FL 33129 NON - ENDORSEMENT AND DISCLAIMER NOTICE

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 Real Estate Investment Services of Florida, Inc. ("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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement Notice 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.

1870 BRICKELL AVENUE Miami , FL ACT ID ZAA0390655

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 Property Overview Regional Map Local Map Aerial Photo

FINANCIAL ANALYSIS 02 Pricing Detail

BRICKELL DEVELOPMENTS 03 Development Pipeline

MARKET OVERVIEW 04 Market Analysis Demographic Analysis

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INVESTMENT OVERVIEW

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OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY

OFFERING SUMMARY Price $7,500,000 MAJOR EMPLOYERS Down Payment 100% / $7,500,000 Loan Type All Cash EMPLOYER # OF EMPLOYEES * Lot Size (SF) 17,500 Cable Wrless Cmmunications Inc 6,156 Land Price/SF $428.57 HIG Surgery Centers LLC 5,100 Lot Size (Acres) 0.40 acre(s) Royal Caribbean International 4,965 Price/Acre $18,668,571 Ibt Group LLC 4,442 Number of Lots 1 Bursars Office 4,418 Price/Lot $7,500,000 County Miami Dade AVI Dept 4,000 Type of Ownership Fee Simple Miami Dade Transit 4,000 Development Type Residential Development Nephrology Division 4,000 Zoning T5-R Kimpton Epic Miami 3,724 Floor Area Ratio (FAR) N/A ROYAL CARIBBEAN 3,400 Density 26-Dwelling Units Keystone Holdings 3,076 (Proposed) Buildable SF 79,711 Miami Vamc 3,000 (Proposed) Leasable SF 32,361 Price/SF $232 DEMOGRAPHICS Height 5-Stories Additional Height Benefit 1-Story 1-Miles 3-Miles 5-Miles 2018 Estimate Pop 38,415 198,620 451,252 2010 Census Pop 32,514 177,237 406,118 2018 Estimate HH 20,142 86,415 190,768 2010 Census HH 16,915 76,433 170,965 Median HH Income $55,909 $34,818 $37,734 Per Capita Income $48,102 $29,697 $30,562 Average HH Income $91,692 $67,653 $71,772

* # of Employees based on 5 mile radius

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PROPERTY OVERVIEW PROPERTY OVERVIEW

Marcus & Millichap is proud to present 1870 Brickell Avenue, a new development site containing 17,500 square feet of land (0.40-acre acres) located in Miami, Florida. This development site is one of the last remaining vacant parcels of land with direct frontage on Brickell Avenue which boasts high traffic counts of approximately 27,000 Vehicles Per Day (VPD). The property is conveniently located in Brickell, which is the financial heart of South Florida and has become a top destination location for many South American visitors. Brickell is home to the largest concentration of international banks in the United States and is the second- largest financial hub outside of New York City’s financial district. This location provides easy access to Interstate-95, Downtown Miami Central Business District (CBD), and Miami International Airport (MIA). This Brickell avenue development sire is in a well-established, mixed-use(zoning) area within the Brickell market.

1870 Brickell Avenue is zoned T5-R, Urban Center Transect under the City of Miami’s Miami 21 Zoning Code. This zoning consists of higher density and allows a variety of uses including mixed-use buildings that accommodate retail, office, and apartment uses. The zoning allows for a density of 26 dwelling units with a maximum building height of five stories.

Current Ownership has development plans on the property which call for a five-story, 26-unit luxury condominium building with underground parking and an active roof deck. The building will consist of 79,711 buildable square feet with units ranging from 1,575 – 2,130 square feet for a total of 32,361 square feet of habitable space. At an acquisition price of $7,500,000 this equates to $232 per square foot. Construction cost is estimated to be approximately $200 - $250 per square foot and the estimated sales price (per square foot) is $650 - $800 per square foot. This represents a profit potential of $5.4 Million to $10.3 Million.

PROPERTY OVERVIEW

▪ Rare Brickell Development Site Zoned T5-R ▪ Premier Frontage on Brickell Avenue, Which Has Over 27,000 VPD ▪ Strong Residential, Professional, and Retail Presence in the Surrounding Area ▪ Current Ownership Has Development plan for a Five-Story, 26-Unit Luxury Development ▪ .40-Acre Parcel (17,500 Square Feet) ▪ Proximity to I-95, I-395, FL-836, Macarthur Causeway, and Rickenbacker Causeway

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PROPERTY OVERVIEW PROPERTY OVERVIEW

One mile north of the subject property is Brickell City Centre, a $1.05 billion shopping and mixed-use project. When fully finished, this major project will span up to five blocks to the west of Brickell Avenue and to the south of the Miami River, in the Brickell District of Greater Downtown. Approximately two miles north is the Florida Brightline (All Aboard Florida) Miami station. Florida Brightline (Brought to you by All Aboard Florida) is a $2.5 billion railroad project that is in the works to provide service between Miami, Fort Lauderdale, West Palm Beach, and Orlando.

This development site offers robust demographics. There is a population of 43,502 and an average household income of $97,010 within a one-mile radius. With the great exposure this property possesses, this Brickell Avenues development site is set to substantially benefit from sustained household and job growth over the next 20 years The attractive zoning, strong demographics, and high construction activity provides an investor with the opportunity to purchase an asset with great development and economic potential. This is an excellent opportunity for a develop looking to develop in this exploding Brickell submarket.

PROPERTY OVERVIEW

▪ Great Exposure With Excellent Visibility ▪ Flexible Development Options ▪ Attractive Acquisition Price Point ▪ Robust Demographics With a Population of 43,502 and an Average Household Income of $97,010 Within a One-Mile Radius ▪ Rapid Growth of High-Rise Buildings and Mixed-Use Developments in the Brickell Submarket ▪ AAA Location in an exploding Brickell Submarket

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OFFERING SUMMARY PROPERTY SUMMARY

THE OFFERING Property 1870 Brickell Avenue Price $7,500,000 Property Address 1870 Brickell Avenue , Miami , FL Assessors Parcel Number 01-4139-001-2150 Zoning T5-R Lot Size Dimensions 100' X 175' Utilities City of Miami Ingress/Egress Brickell Ave Access Brickell Ave SITE DESCRIPTION Lot Size (SF) 17,500 Price/SF $428.57 Lot Size (Acres) 0.4000 Price/Acre $18,668,571 (Proposed) Buildable SF 79,711 (Proposed) Leasable SF 32,361 Number of Units 26 Price/SF $232 Estimated Construction Costs/SF $200 - $250 FAR N/A Density 26 Dwelling Units Number of Lots 1 Price/Lot $7,500,000 Type of Ownership Fee Simple PUBLIC UTILITIES Sanitary Sewer Yes, City of Miami Storm Sewer yes, City of Miami Potable Water Yes, City of Miami

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SURVEY

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DEVELOPMENT PLAN FLOOR PLAN

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DEVELOPMENT PLAN INFORMATION

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RENDERING

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ZONING

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ZONING

SUBJECT PROPERTY

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ZONING

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ZONING

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ZONING

R Allowed By Right W Allowed By Warrant: Administrative Process - CRC (Coordinated Review Committee) E Allowed By Exception: Public Hearing - granted by PZAB (Planning, Zoning & Appeals Board) Boxes with no designation signify Use prohibited. Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of this Code. See City Code Chapter 4 for regulations related to Alcohol Beverage Service Estab. * Additional densities in some T6 zones are illustrated in Diagram 9. ** AZ: Density of lowest Abutting Zone

Subject property is zoned T5-R

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ZONING

R Allowed By Right Boxes with no designation signify Use prohibited. Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of W Allowed By Warrant: Administrative Process - CRC (Coordinated Review Committee) this Code. See City Code Chapter 4 for regulations related to Alcohol Beverage Service Estab. E Allowed By Exception: Public Hearing - granted by PZAB (Planning, Zoning & Appeals Board) * Additional densities in some T6 zones are illustrated in Diagram 9. ** AZ: Density of lowest Abutting Zone

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ZONING

Subject property is zoned T5-R

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INVESTMENT OVERVIEW

Why Brickell Is Miami's Fastest-Growing Neighborhood 6,090 viewsMar | 29, 2019, 09:00am Three hotel projects: More developments Miami-based developer Habitat Group is Other notable projects include Chetrit River Walk, a mixed-use development that will among those embracing West Brickell, blend condominium, hotel and commercial space. and specifically the Hospitality District of In the middle of one of the world's fastest-growing, West Brickell. Leading that district's Also well worth mention is The Gallery at West Brickell. Upon completion, this condo most dynamic urban meccas exists one of the metamorphosis are three primary residence will feature 287 units. The development will also provide affordable housing, country's most swiftly emerging neighborhoods. The projects: Millux Hotels, Brickell Lux and workforce housing and a Miami-Dade School Board-approved school. city is Miami, and the neighborhood Brickell, a Smart Brickell. Millux Hotels, which is thriving district located in the city's core, between actually comprised of two sophisticated In all, West Brickell will serve the hospitality industry with more than 1,450 units, about Coral Gables and Miami Beach. hotels totaling 114 Instagram-worthy 3,120 condominiums and 390,000 commercial spaces coming to the area by 2025. rooms, provides a boutique hotel Put it all together and it is little wonder many visitors and permanent newcomers to Even if you've never lived in or near Miami, you are experience. Each hotel features a Miami are bypassing the trendier-than-thou destination of South Beach, and eagerly likely familiar with the community of Brickell. It is so rooftop bar, lounge and pool. gaining a toehold in Brickell. sizable that 45% of greater Downtown Miami's population resides there, and it is such a tourism and Brickell Lux, situated adjacent to Brickell business magnet that more than 15 million visitors go City Centre, brings a vibrant, elegant to Brickell every year. Not surprisingly, the last several ambience to West Brickell. The mixed- years have seen the enclave welcome enormous use project features 108 residents, 60 amounts of development, including one now serving hotel rooms and high-end shopping. as home to a veritable United Nations of Elegant finishes and private residential residents, Brickell City Centre. amenities are among its hallmarks.

It is also home to the largest concentration of Inspired by Habitat Group's Smart Living international banks in the United States and is the philosophy and breaking ground today, second-largest financial hub outside of New York Smart Brickell was created to synthesize City's financial district. Renowned as one of the flexible usage, the latest design thinking hottest retail real estate markets in the United States, and up-to-the-minute technological it is benefitting from the influx of newcomers to the advances. Three towers will comprise Sunshine State, estimated by some to be 900 a day. the mixed-use development. Tower 1 is to be a residential condominium tower Of that total, a quarter are choosing Miami-Dade with 100 residences, while Tower 2 is County as their new home, making the area a slated as a 100-room hotel and destination not only for travelers but for full-time and condominium structure. Tower 3 will part-time residents. The district has a total population feature 97 residential units and in of 463,347 and is attracting a younger demographic of addition incorporate 12,000 square feet professionals between the ages of 25 and 44, with of commercial space devoted to most out-of-staters from New York and Canada. shopping, a restaurant and a cafe.

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INVESTMENT OVERVIEW

Six Reasons Everyone Is Moving To Miami's Brickell Neighborhood 26,053 views Feb 14, 2019, 08:20am What's driving this growth? An located right at Brickell City Centre Delicious Eats Dock Your Yacht For Dinner explosion of new build and the connectivity and sprawling Miami's top spot for sushi is To be fair, this might not be a condominiums, trendy new bars shopping center is reminiscent of eight-seat NAOE on Brickell primary reason for moving, but and restaurants, business the mega-shopping malls of Key. The discreet omakase- it's definitely a nice side effect opportunities and the nearly Shanghai and Hong Kong. The Asian only restaurant celebrates of the Miami perfect weather make Brickell inspiration is not surprising, 10 years in March. Chef lifestyle. Zuma will cater on especially appealing to a considering that Swire Properties is Kevin Cory serves sushi with your yacht for a $5,000 cosmopolitan, international part of Hong Kong-based, publicly his family's own sake and minimum with 72 hours crowd. Many new residents are traded Swire Pacific Ltd. The model soy sauce, eschewing advance notice, including Central and South American that's worked so well in densely endangered bluefin tuna in premium sake tasting, izakaya along with people fleeing the populated Asian metropolises has favor of kinmedai golden stations, mear carving, a raw cold weather and high taxes in been implemented with great eye snapper, karasumi bar and maki The modern the northeast. success here. BCC has a remarkably well-curated mullet roe and invasive local Japanese menu is popular if Convenience + Connectivity selection of brands, including the lionfish, a sweet and predictable, with similarities to Residents of the 43- first US locations for European delicate bite of nigiri. Nobu, Morimoto and Roka story Reach & Rise duo of brands like Acqua di Akor. It's the perfect kind of condominiums at Brickell City Look + Feel Your Best Parma, Mirtoand Le Roy René. food to enjoy with a chilled Centre are spoiled with the glass of sake on the outdoor Mexico's luxury theater brand CMX With warm weather that profusion of services and terrace while watching the Cinemas launched its US operations requires your best beach body amenities at their fingertips. sunset. Kiki on The River, The here and has since rapidly expanded year-round, Brickell also helps Each of the identical towers Standard’s Lido and Seaspice al Visitors are opting to stay here to a dozen locations across the residents look and feel their best has its own hammam spa and so offer docking services. country. with a first-rate offering of spas, Move over, South Beach. Miami's instead of the beach in greater massive amenity deck with numbers than ever too, salons and gyms – including two downtown core is one of the barbecue grills, tropical Creative Culture thanks to hot new hotels Equinox locations. Pop into fastest-growing destinations in the gardens, children's play room Downtown's not just for shopping like EAST, Miami, SLS Lux the Caudalie boutique for a country. Florida's population is and outdoor fitness area. though. Just north of Brickell, Brickell and W Miami. When facial powered by grape water, growing at a rate of 900 people per Museum Park hosts music festivals the Mandarin Oriental, Miami resveratrol and powerful day, second in the country only The Brickell financial district and is home to two of Miami's opened in 2000, it was a polyphenol antioxidants behind Texas. Within Florida, honestly feels more like New newest museums – Pérez Art pioneer on Brickell Key, the extracted from grape seeds and Brickell is the hotspot, with the York than Miami, with a similar Museum Miami and the Phillip and first luxury property in the skins. newest construction condos, ambition, fast-paced lifestyle Patricia Frost Museum of Science. neighborhood, but now its The Forbes five-star Spa at and nearly tripling its population and walkability. Everything you The interactive science museum stately elegance is joined by Mandarin Oriental, Miami is still between 2000 and 2016. The boom need to live, work, shop and combines planetarium and three- chic vibes at EAST, Swire the premier spa in downtown shows no signs of stopping. relax can be found within a level aquarium with natural history Hotels' first North American Miami, with a focus on oriental- highly concentrated urban through engaging exhibits for kids property. Paperless check-in, core. inspired treatments in a truly According to the Miami Herald and of all ages, and adults too. Pretend restorative environment, along international cuisine and Miami's free Metromover has Miami Downtown Development you're Matt Damon in The Martian with facial treatments modern art installations been a boon to the recent Authority's 2018 report, downtown during a surround sound outer featuring Biologique Recherche. appeal to a new generation of development, making the area is now home to 92,000 people, and space odyssey. There are two split-level connected Millennial business more accessible for both this is projected to grow to more Mandarin Suites with multi-jet travelers. residents and workers. One of than 109,000 residents by 2021 tubs overlooking Biscayne Bay. the Metro mover's 21 stations is

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INVESTMENT OVERVIEW More people than ever live in downtown Miami — and they’re starting to raise families MAY 29, 2018 03:17 PM, UPDATED SEPTEMBER 04, 2018 03:43 PM

……The idea of raising a family in the downtown urban The Greater Downtown Miami area comprises 3.8 square miles core — with its high-rise living, stop-and-go traffic and east of I-95, west of Biscayne Bay, south of I-195 and north of adult-oriented entertainment such as nightclubs and the Rickenbacker Causeway. It is made up of seven restaurants — might have seemed nutty as recently as a neighborhoods: Brickell, Midtown, Edgewater, Wynwood, decade ago. Historic Overtown, and the Central Business and Arts & But a new analysis of Greater Downtown Miami Entertainment districts. demographics by the Miami Downtown Development According to 2017 fourth-quarter figures from the DDA, the Authority, which uses data from the U.S. Census, shows average rental for a condo in Greater Downtown Miami was the population in Greater Downtown Miami has hit an all- $2,525, a four percent drop from 2016. The average resale price time high of 92,235 — a 65 percent jump from 2000-2010 of existing condos was $405 per square foot, which was higher and another 38 percent increase from 2010-2018. than Aventura ($352), Coral Gables ($274) and Doral ($191). The number is projected to swell another 19 percent by Only Miami Beach fetched more, at $1,025 per square foot. 2021, with the total population in Greater Downtown Miami expected to reach 109,617. By comparison, the The number of completed condo units at the end of 2017 was downtown area populations in similarly sized cities range 6,312, which is higher than the number of units under from 26,850 in Atlanta to 48,000 in Dallas to 80,000 in construction (5,002). That's an indication that developers Denver. continue to use caution before launching new projects, with the Young professionals between the ages of 25-44 are the exception of uber-luxury towers such as theAston Martin most populous group in downtown Miami, comprising 45 Residences or the Missoni Baia in Edgewater, which are being percent of dwellers. But the number of children aged 14 financed privately and are pitched at ultra-wealthy buyers and and under has grown 53 percent since 2010, to a current investors. total of 11,484 residents. The number of family households — defined as people related by birth, adoption or marriage — has also spiked 42 percent, to 47,958. "Ten years ago, we were focused on building downtown Miami as a global brand," said Christina Crespi, acting director of the Miami DDA. "Now we're focused on serving the people who live here. A lot of millennials have grown up and now have kids. We're creating a sense of community so people who live in downtown don't want to leave.“

A higher number of children translates into a greater demand for schools. Although there areplenty of elementary and middle schools with space to accommodate hundreds of students throughout the Greater Downtown area, the need for a high school will intensify in the next few years. The Mater Academy charter school network has proposed a charter school, to be called Brickell Preparatory Academy, that would be built on Southwest Second Avenue and 17th Road and would ultimately serve grades K-12.

▪ Downtown's daytime population, which includes residents, workers, students and tourists, is 250,757, or nearly 66,000 people per square mile — the densest in Miami-Dade County. Fort Lauderdale's downtown daytime population is 79,962, while West Palm Beach hits 25,187. ▪ The median household income in 2018 was $76,610, nearly double the Miami-Dade County median household income of $44,224, according to the U.S. Census. The per capita income was $52,200, more than double the Miami-Dade per capita income of $24,515. https://www.miamiherald.com/news/business/real-estate-news/article211743454.html

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INVESTMENT OVERVIEW

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INVESTMENT OVERVIEW

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INVESTMENT OVERVIEW

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PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT OVERVIEW OVERVIEWSUMMARY MATRIXMATRIX

1870 Brickell Avenue, Miami , FL 33129

CLOSE PROXIMITY TO:

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REGIONAL MAP 1870 BRICKELL AVENUE

LOCAL MAP

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PROPERTY PHOTO

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REDERING

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AERIAL PHOTO

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AERIAL PHOTO

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AERIAL PHOTO

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AERIAL PHOTO

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AERIAL PHOTO

Midtown Edgewater

Port Miami Wynwood Downtown

Brickell

SUBJECT PROPERTY

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FINANCIAL ANALYSIS

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FINANCIAL ANALYSIS PRICING DETAIL

THE OFFERING FINANCING New Acquisition Financing All Cash Land Price $7,500,000 Lot Size (SF) 17,500 Lot Size (Acres) 0.40 Land Price/SF $428.57 Land Price/Acre $18,668,571 Number of Lots 1 Development Type Residential Development Type of Ownership Fee Simple Zoning T5-R Floor Area Ratio (FAR) n/a Density 26-Dwelling Units Buildable SF (Proposed) 79,711 Leasable SF (Habitable) 32,361 Height 5-Stories Additional Height Benefit 1 - Story

SITE DESCRIPTION Assessor’s Parcel Number 01-4139-001-2150 Zoning T5-R Frontage Brickell Avenue

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ACQUISITION FINANCING

MARCUS & MILLICHAP CAPITAL CORPORATION WHY MMCC?

CAPABILITIES Optimum financing solutions to enhance value MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and Our ability to enhance buyer terms. pool by expanding finance options We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of Our ability to enhance financing options. seller control • Through buyer Our dedicated, knowledgeable experts understand the challenges of financing qualification support and work tirelessly to resolve all potential issues to the benefit of our clients. • Our ability to manage buyers finance expectations • Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings • By relying on a world class Closed 1,678 National platform 6.24 billion Access to more set of debt/equity sources debt and equity operating billion total capital sources financings within the firm’s national than any other and presenting a tightly in 2018 brokerage offices volume in 2018 firm in the underwritten credit file industry

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DEVELOPMENT PIPELINE

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SALES COMPARABLES MAP

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1 Hotel Indigo

2 Capital at Brickell

3 Banco Santander

4 Villa Magna

5 Miami Riverwalk Towers

6 Homewood Suites

7 Cassa Brickell

8 Le Parc at brickell

9 Brickell Flatiron

DEVELOPMENT PIPELINE

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SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

HOTEL INDIGO CAPITAL AT BRICKELL BANCO SANTANDER 145 SW 11th Street, Miami, FL, 33130 1420 South Miami Avenue, Miami, FL, 33130 1401 Brickell Ave, Miami, FL, 33131

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Survey Date 8/2019 Survey Date 8/2019 Survey Date 8/2019 Total SF 900,000 Total SF 600,000 Total SF 1,053,396 Year Built 2019-2020 Year Built Proposed Year Built Proposed – 2021 Developer Sunview Companies | HES Group Developer Cabi Development Developer Banco Santander Development Type Hotel Development Type Retail Development Type Mixed-Use

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ENTITLED: YES | PERMIT READY: YES ENTITLED: YES | PERMIT READY: YES NOTES NOTES NOTES This under-construction development will include a 230-room hotel. This development will include over 520,000 square feet of retail. This proposed development is currently on hold for the time being. However, with approved permits this development will include 1 million square feet of office space and 5,000 square feet of retail space.

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SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

VILLA MAGNA MIAMI RIVERWALK TOWERS HOMEWOOD SUITES 1201 Brickell Bay Drive, Miami, FL, 33131 275 SW 6th Street , Miami, FL, 33130 1750 SW 1st Ave, Miami, FL, 33129

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Survey Date 8/2019 Survey Date 8/2019 Survey Date 08/2019 Total SF 1,685,295 Total SF - Total SF 104,802 Year Built Proposed – 2020 Year Built Proposed Year Built 2017 Developer MG Properties Developer Chetrit Group Developer Baywood Hotels Development Type Mixed Use Development Type Mixed use Development Type Hotel

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ENTITLED: YES | PERMIT READY: YES ENTITLED: YES | PERMIT READY: YES NOTES NOTES NOTES This proposed development will include an 81-story tower with 787 This proposed development will include over 1,700 residential condos and This completed development is a six-story, 103-room hotel with average residential with 57,000 square feet of public space. 300 hotel rooms. room size 750 square feet.

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SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

CASSA BRICKELL LE PARC AT BRICKELL BRICKELL FLATIRON 201 SW 17th Road, Miami, FL, 33129 1600 SW 1st Ave, Miami, FL, 33129 1001 South Miami Ave, Miami, FL, 33130

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Survey Date 8/2019 Survey Date 8/2019 Survey Date 8/2019 Total SF 81,694 Total SF 150,000 Total SF 730,000 Year Built 2017 Year Built 2017 Year Built 2019-2020 Developer TSG Paragon Development Developer Alta Strategic Properties Developer CMC Group Development Type Residential Development Type Residential Development Type Mixed-Use

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NOTES NOTES NOTES This recently completed 10-story, 5-star mid rise apartment condo has 81- This recently completed 12-story, 4-star mid-rise apartment condo This under-construction development will be a 64-story, 549 residential units with an average unit size of 1,000 square feet. There are 41 one- development has128 residential units with an average unit size of 800 condos with 40,000 square feet of retail. bedrooms, 20 two-bedroom units, and 20 three-bedroom units. square feet.

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MARKET OVERVIEW

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MARKET OVERVIEW MIAMI-DADE OVERVIEW

Miami-Dade County is a gateway to South American and Caribbean markets and a tourist destination. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by the Florida Keys. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. The metro, with a population of roughly 2.7 million, is located entirely within Miami- Dade County. Miami is the most populous city, with slightly more than 443,000 residents, followed by Hialeah with roughly 237,000 people.

METRO HIGHLIGHTS

BUSINESS-FRIENDLY ENVIRONMENT The metro has no local business or personal income taxes, which attracts businesses and residents to the area.

INTERNATIONAL GATEWAY Miami is a gateway for international trading activities, tourism and immigration, connecting to airports and ports around the world.

MEDICAL COMMUNITY The county contains the largest concentration of medical facilities in Florida, drawing residents needing services throughout the state.

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MARKET OVERVIEW

ECONOMY ▪ Various industries provide a diverse economy. Trade, international finance, healthcare and entertainment have become major segments in the local business community. ▪ A strong tourism industry has developed with ties to Latin America and the Caribbean. ▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami International Airport are both major contributors to employment and the economy. ▪ The Miami metro gross metropolitan product (GMP) expansion is expected to be on par with the U.S. GDP in 2019 and retail sales for the county are also rising.

MAJOR AREA EMPLOYERS

Baptist Health South Florida University of Miami American Airlines Miami Children’s Hospital Publix Supermarkets Winn-Dixie Stores Florida Power & Light Co. Carnival Cruise Lines AT&T * Forecast Mount Sinai Medical Center

SHARE OF 2018 TOTAL EMPLOYMENT

4% 14% 12% 12% 7% MANUFACTURING PROFESSIONAL AND GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES BUSINESS SERVICES

25% 5% + 16% 2% 4% TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES AND UTILITIES HEALTH SERVICES

46 1870 BRICKELL AVENUE

MARKET OVERVIEW

DEMOGRAPHICS

▪ The metro is expected to add nearly 127,000 people over the next five years. During the same period, approximately 62,000 households will be formed, generating SPORTS demand for housing. ▪ The homeownership rate of 53 percent is below the national rate of 64 percent, maintaining a strong rental market. ▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.

2018 Population by Age

6% 17% 6% 28% 27% 16% 0-4 YEARS 5-19 YEARS 20-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS EDUCATION

2018 2018 2018 2018 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 2.7M 954K 39.9 $45,300 Growth Growth U.S. Median: U.S. Median: 2018-2023*: 2018-2023*: 4.6% 6.5% 38.0 $58,800

QUALITY OF LIFE Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant business and cultural community. The metro has an abundance of popular attractions. Miami hosts the Capital One Orange Bowl and is home to several professional sports teams, ARTS & ENTERTAINMENT including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county has a broad array of cultural attractions, historic sites and parks. These include the Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park. The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy access to Latin America and the Caribbean.

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

47 PROPERTY1870 BRICKELLNAME AVENUE

MARKETINGDEMOGRAPHICS TEAM Created on August 2019

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2023 Projection ▪ 2018 Estimate Total Population 43,905 212,364 473,700

$250,000 or More 5.39% 3.60% 4.21% ▪ 2018 Estimate

Total Population 38,415 198,620 451,252 $200,000 - $249,999 3.04% 2.06% 2.16%

▪ 2010 Census $150,000 - $199,999 5.79% 3.48% 3.57% Total Population 32,514 177,237 406,118 $125,000 - $149,999 4.06% 2.64% 2.69% ▪ 2000 Census

Total Population 20,083 148,347 366,059 $100,000 - $124,999 10.09% 6.05% 5.58%

▪ Daytime Population $75,000 - $99,999 10.85% 7.68% 7.93%

2018 Estimate 51,723 364,634 782,015 $50,000 - $74,999 14.65% 12.37% 13.49% HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection $35,000 - $49,999 10.35% 11.95% 12.71%

Total Households 23,681 95,519 205,316 $25,000 - $34,999 9.44% 11.03% 11.04%

▪ 2018 Estimate $15,000 - $24,999 9.53% 14.21% 14.00% Total Households 20,142 86,415 190,768 Under $15,000 16.82% 24.92% 22.62% Average (Mean) Household Size 1.90 2.22 2.30

▪ 2010 Census Average Household Income $91,692 $67,653 $71,772

Total Households 16,915 76,433 170,965 Median Household Income $55,909 $34,818 $37,734 ▪ 2000 Census Per Capita Income $48,102 $29,697 $30,562 Total Households 9,603 59,459 146,917

48 PROPERTY1870 BRICKELLNAME AVENUE

MARKETINGDEMOGRAPHICS TEAM Created on August 2019

POPULATION PROFILE 1 Miles 3 Miles 5 Miles POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population by Age ▪ Population 25+ by Education Level

0 to 4 Years 5.80% 5.72% 5.58%

5 to 14 Years 6.16% 7.97% 8.52% 2018 Estimate Population Age 25+ 30,772 152,882 344,355 15 to 17 Years 1.41% 2.17% 2.42%

18 to 19 Years 0.87% 1.43% 1.53%

20 to 24 Years 5.65% 5.73% 5.64% Elementary (0-8) 7.12% 13.99% 11.99%

25 to 29 Years 12.79% 9.42% 8.80% Some High School (9-11) 3.56% 8.91% 8.85%

30 to 34 Years 14.06% 10.05% 9.33% High School Graduate (12) 16.11% 26.69% 26.99%

35 to 39 Years 11.13% 8.52% 8.14% Some College (13-15) 9.12% 10.26% 11.47%

40 to 49 Years 14.57% 14.47% 14.63% Associate Degree Only 7.55% 6.63% 7.30%

50 to 59 Years 10.84% 12.89% 13.24% Bachelors Degree Only 29.28% 18.50% 18.42% 60 to 64 Years 4.06% 4.95% 5.14% Graduate Degree 26.04% 12.92% 12.82% 65 to 69 Years 3.68% 4.34% 4.53%

70 to 74 Years 3.01% 3.84% 3.91%

75 to 79 Years 2.36% 3.20% 3.23%

80 to 84 Years 1.71% 2.43% 2.42%

Age 85+ 1.90% 2.85% 2.93%

Median Age 36.34 39.37 40.02

49 PROPERTY1870 BRICKELL NAME AVENUE

MARKETINGDEMOGRAPHICS TEAM

Population Race and Ethnicity In 2018, the population in your selected geography is 38,415. The The current year racial makeup of your selected area is as follows: population has changed by 91.28% since 2000. It is estimated that the 87.26% White, 3.00% Black, 0.02% Native American and 2.74% population in your area will be 43,905.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are: represents a change of 14.29% from the current year. The current 70.20% White, 12.89% Black, 0.19% Native American and 5.59% population is 49.55% male and 50.45% female. The median age of the Asian/Pacific Islander. People of Hispanic origin are counted population in your area is 36.34, compare this to the US average independently of race. which is 37.95. The population density in your area is 12,246.40 people per square mile. People of Hispanic origin make up 71.19% of the current year population in your selected area. Compare this to the US average of 18.01%.

Households Housing There are currently 20,142 households in your selected geography. The median housing value in your area was $357,276 in 2018, The number of households has changed by 109.75% since 2000. It is compare this to the US average of $201,842. In 2000, there were estimated that the number of households in your area will be 23,681 3,795 owner occupied housing units in your area and there were 5,808 five years from now, which represents a change of 17.57% from the renter occupied housing units in your area. The median rent at the current year. The average household size in your area is 1.90 time was $553. persons.

Income Employment In 2018, the median household income for your selected geography is In 2018, there are 46,680 employees in your selected area, this is also $55,909, compare this to the US average which is currently $58,754. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 64.57% 68.50% of employees are employed in white-collar occupations in this since 2000. It is estimated that the median household income in your geography, and 31.46% are employed in blue-collar occupations. In area will be $67,052 five years from now, which represents a change 2018, unemployment in this area is 2.33%. In 2000, the average time of 19.93% from the current year. traveled to work was 26.00 minutes.

The current year per capita income in your area is $48,102, compare this to the US average, which is $32,356. The current year average household income in your area is $91,692, compare this to the US average which is $84,609.

50 1870 BRICKELL AVENUE

8 DEMOGRAPHICS

51 PROPERTY1870 BRICKELLNAME AVENUE

PRICINGPRICING ANDANDLOCATION MARKET VALUATIONVALUATIONTENANTMARKETING OVERVIEW SUMMARY MATRIXMATRIX PLAN TRAFFIC COUNT

YEAR COUNT

2019 70,000

2019 29,500

2019 21,000

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