For Sale Offering Memorandum

CENTENNIAL SQUARE

N. DURANGO DR. // 17,488 CPD

W. CENTENNIAL PKWY. // 15,288 CPD

FOR SALE OFFERING MEMORANDUM

presented by:

CHRIS RICHARDSON, CCIM JASON OTTER Director Director 702.954.4110 702.954.4109 [email protected] [email protected] CONFIDENTIALITY AGREEMENT

This Offering Memorandum contains select information pertaining to the business and By acknowledging your receipt of this Offering Memorandum from LCRE, you agree: affairs of 6408 - 6446 N. DURANGO DR., LAS VEGAS, NV 89149. This Memorandum 1. The Offering Memorandum and its contents are confidential; was prepared based on information supplied by Seller and Broker. It contains selected 2. You will hold it and treat it in the strictest of confidence; and information about the Property and the real estate market, but does not contain all the 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this information necessary to evaluate the acquisition of the Property. The financial projections Offering Memorandum or its contents in any fashion or manner detrimental to the contained herein (or in any other Confidential Information) are for general reference only. interest of the Seller. The projections are based on assumptions relating to the general economy and local competition, among other Seller and LCRE expressly reserve the right, at their sole discretion, factors. Accordingly, actual results may vary materially from to reject any and all expressions of interest or offers to purchase the such projections. Various documents have been summarized Property and to terminate discussions with any person or entity reviewing herein to facilitate your review; these summaries are not this Offering Memorandum or making an offer to purchase the Property intended to be a comprehensive statement of the terms or unless and until a written agreement for the purchase and sale of the legal analysis of such documents. Property has been fully executed and delivered.

The information contained in this Offering Memorandum A prospective purchaser’s sole and exclusive rights with respect to this is confidential and furnished solely for the purpose of a prospective transaction, the Property, or information provided herein review by a prospective purchaser of the Property. It is not or in connection with the sale of the Property shall be limited to those to be used for any other purpose or made available to any expressly provided in an executed Purchase Agreement and shall be other person without the written consent of Seller or Logic subject to the terms thereof. In no event shall a prospective purchaser Commercial Real Estate (LCRE). The material is based in have any other claims against Seller or LCRE or any of their affiliates or any part upon information supplied by the Seller and in part of their respective officers, Directors, shareholders, owners, employees, upon financial information obtained from sources it deems or agents for any damages, liability, or causes of action relating to this reliable. Seller, nor their officers, employees, or agents solicitation process or the marketing or sale of the Property. makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering This Offering Memorandum shall not be deemed to represent the state Memorandum or any of its contents and no legal liability of affairs of the Property or constitute an indication that there has been is assumed or shall be implied with respect thereto. While no change in the state of affairs of the Property since the date this the information contained in the Memorandum and any other Confidential Information is Offering Memorandum. believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a LCRE has a policy of proactive broker cooperation with the investment brokerage prospective purchaser must make its own independent investigations, projections, and community. If applicable, a cooperating broker fee of the sales price shall be paid at closing conclusions regarding the acquisition of the Property without reliance on this Memorandum to cooperating broker that procures and represents the buyer that acquires this property. or any other Confidential Information. Although additional Confidential Information which If applicable, cooperation does not include brokers that represent themselves as Principals may include engineering, environmental or other reports may be provided to qualified or broker’s whose member of his immediate family is participating in the purchase of the parties as marketing proceeds, prospective purchasers should seek advice from their own property. No broker will be recognized on a prospect that has previously contacted or been attorneys, accountants, engineers, environmental and other experts. contacted by the Seller or the Seller’s representatives.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT LISTING AGENTS FOR MORE DETAILS. CONTENTS

1 EXECUTIVE SUMMARY 7 MAPS, AERIALS, AND PLANS 14 COMPARABLES 16 FINANCIAL OVERVIEW 20 MARKET OVERVIEW BROKERAGE CHRIS RICHARDSON, CCIM Director 702.954.4110 [email protected]

JASON OTTER Director 702.954.4109 [email protected] EXECUTIVE SUMMARY

1COMPARABLES

MAPS, AERIALS, AND PLANS

FINANCIAL OVERVIEW

MARKET OVERVIEW EXECUTIVE SUMMARY 2

LOGIC Commercial, on behalf of the owner, is pleased to present the opportunity PROPERTY NAME: Centennial Square to purchase a +/- 46,316 SF multi-tenant retail center in the booming northwest Centennial submarket of Las Vegas, NV. The shopping center is located at the ADDRESS: 6408 - 6446 N. Durango Dr., signalized intersection of N. Durango Dr., and W. Centennial Pkwy., Las Vegas, NV, Las Vegas, NV 89149 with direct access to the CC 215 Beltway and US-95 Freeway. APN: 125-20-801-002

The subject property was constructed in 2009 and offers both surface and OFFERING PRICE: $16,918,000 subterranean parking. The tenant mix includes successful tenants such as NOI: $1,141,968 7-Eleven, American Family Insurance, Distill Tavern, North End Pizza, Medical Care Now, as well as other restaurant, retail, and office tenants. CAP RATE: 6.75% PSF: $365 Centennial Square is located in the Centennial northwest sub-market, which enjoys very low overall vacancy. Located nearby is the Centennial Hills Hospital TOTAL SIZE: +/- 46,316 SF + Vacant PAD and Medical Center, as well as 12 automotive dealership franchises and two multi- ACREAGE: +/- 3.5 AC tenant office buildings. OCCUPANCY: 89% YEAR BUILT: 2009 NUMBER OF SUITES: 21 ZONING & JURISDICTION: Town Center District (T-C), Las Vegas

The information herein was obtained from sources deemed reliable; however Logic Commercial Real The Estateinformation makes herein no guarantees, was obtained warranties from sources or representation deemed reliable; as to the however completeness Logic Commercial or accuracy Real thereof Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. EXECUTIVE SUMMARY 3

INVESTMENT HIGHLIGHTS

DOMINANT TRADE AREA: Centennial submarket boasts low vacancies in the Las Vegas Valley and one of the “must locate” areas for national tenants VISIBLE STREET PRESENCE: Highly visible signalized corner with exposure to CC 215 Beltway. Pylon signage and sign fascia placed for optimal effect FUTURE DEVELOPMENT: Many nearby developments under construction signify the high demand in the area as well as increased density NEARBY PROJECTS: Centennial Hills Hospital, Montecito Crossings, Centennial Center anchored by Walmart, Sams Club, Home Depot and others as well as new master planned communities including Providence, Skye Canyon, Villages at Tule Springs and Aliante STABILIZED PROPERTY: Long standing tenants and low tenant turn over in center and staggered lease expirations STRONG DEMOGRAPHICS: 3 mile radius includes more than 41,000 households and a household average income over $92,000 SUBTERRANEAN PARKING GARAGE: Along with surface parking, the property features subterranean parking with access via elevator and stairway UPSIDE POTENTIAL: Future pad development that would allow a +/- 1,300 SF user

7-ELEVEN Square Footage: +/- 2,746 The world’s largest operator, franchisor, and licensor of convenience stores Lease Expiration Date: 10/2019 with +/- 65,000 stores in 18 countries. Company Website: www.7-eleven.com

BARK PLACE Square Footage: +/- 1,300 Professional pet groomer offering pets everything from bathing, ear cleaning, Lease Expiration Date: 01/2020 BARK PLACE fur coat trimming, shaving, and nail trimming. Bark Place Grooming has been Company Website: www.barkplacegrooming702.com a tenant since 2010.

FRESH WRAP & PHILLY STEAK Family owned and operated restaurant serving philly steak sandwiches, gyros, Square Footage: +/- 1,345 burgers and kabobs. Philly Steak Express has been a tenant since 2013 and Lease Expiration Date: 09/2018 has two las vegas locations.

MASSAGE 1 Premiere destination for massage therapy in Las Vegas. Currently operating Square Footage: +/- 1,735 three locations in the Las Vegas Valley and growing. Offers full hour massages Lease Expiration Date: 08/2021 at a low price in a relaxing atmosphere. The company boasts a 4.9 star rating Company Website: www.massage1.com on Yelp.

SMOKE SHOP EXPRESS Square Footage: +/- 971 Local long-standing operator. Focused on customer service and offers a SMOKE SHOP Lease Expiration Date: 04/2020 variety of smoking accessories and higher end cigars.

CHILL HAUS Square Footage: +/- 1,231 Chill Haus sells a variety of boba teas and coffees as well as soft serve ice Lease Expiration Date: 11/2021 cream. Chill Haus has been a tenant since 2018 and boasts a 4.5 star rating on Company Website: www.perfectscooplv.com Yelp.

PRETTY KITTY Square Footage: +/- 1,385 Full service waxing salon with multiple locations nationwide. Pretty Kitty is Lease Expiration Date: 03/2021 the industry leader in waxing and other services. The company boasts a 5 star Company Website: www.prettykittywax.com rating on Yelp.

WAFFLES CAFE Square Footage: +/- 1,400 Family owned and operated restaurant serving specialty waffles for breakfast Lease Expiration Date: 05/2027 and lunch, in addition to a variety of smoothies, boba teas, shakes, and other Company Website: www.wafflescafe.vegas specialty drinks. Waffles Cafe has been a tenant since 2011.

NORTH END PIZZA Square Footage: +/- 1,787 Restaurant serving a variety of Italian specialties including pizzas, calzones, Lease Expiration Date: 09/2022 salads, pasta dishes, subs, and desserts. North End Pizza has been a tenant Company Website: www.northendpizzadelivery.com since 2013.

4 UR NAILS Square Footage: +/- 1,938 Full service nail salon, specializing in gal design. 4 Ur Nails has been a tenant Lease Expiration Date: 10/2020 since 2013. The company boasts a 4.2 star rating on Yelp. Company Website: www.4urnailsandspa.com

THE BUTCHER BLOCK Square Footage: +/- 1,500 The Butcher Block is a full-service meat and sea food market. The Butcher Lease Expiration Date: 05/2020 Block boasts 4.5 stars on Yelp. Company Website: www.thebutcherblocklv.com

CHIP OFF THE BLOCK DELI Square Footage: +/- 1,690 Deli compliment to the Butcher Block tenant. The deli serves a lot of the Lease Expiration Date: 04/2023 unique meats provided by the Butcher Block. The deli boasts 4 stars on Yelp. Company Website: www.chipofftheblocklv.com

AMERICAN FAMILY INSURANCE American Family Insurance offers auto, home, life, umbrella, business, health, Square Footage: +/- 826 farm and ranch insurance as well as retirement products. They currently Lease Expiration Date: 05/2020 operate in 19 states and are the nation’s third-largest mutual property/casualty Company Website: www.amfam.com insurance company.

DANIELSON CHIROPRACTIC Square Footage: +/- 826 Dr. Jacob Danielson specializes in chiropractic care, providing proper spinal Lease Expiration Date: 11/2019 alignment. Danielson Chiropractic has been a tenant since 2014. Company Website: www.danielsonchiropractic.com

MEDICAL CARE NOW Medical Care Now, run by a family physician and primary care doctor, Dr. Square Footage: +/- 2,769 McGrorey, offers several different medical services ranging from routine MEDICAL Lease Expiration Date: 05/2028 medical care for all ages to on-site blood draw to a healthy weight loss Company Website: www.medicalcarenowlv.com program. Medical Care Now has (4) exam rooms, (1) procedure room, as well CARE NOW as an X-Ray room. DISTILL TAVERN Distill Tavern is a neighborhood bar with three Las Vegas locations serving up Square Footage: +/- 6,663 specialty drinks, wine, domestic and imported beer, both in the bottle and on Lease Expiration Date: 02/2027 draught, as well as hand crafted food. You can also enjoy playing on one of Company Website: www.distillbar.com their new gaming machines, “watching the game”, playing pool, or sipping on your favorite cocktail.

VEGE-WAY Square Footage: +/- 2,060 Vege-Way sells a variety of “vegan” fast food favorites such as burgers, fries, Lease Expiration Date: 11/2021 popcorn, sandwiches, milkshakes, and more. Vege-Way has two Las Vegas Company Website: www.vegewaylv.com locations and has been a tenant since 2016.

ALL STAR DRY CLEANERS All Star Dry Cleaners is an owner operated business providing dry cleaning Square Footage: +/- 2,324 services, leather services, alterations, services for household items, wedding Lease Expiration Date: 05/2025 gown preservation, and mascot cleaning and repair. All Star Dry Cleaners has Company Website: www.allstardc.com been a tenant since 2011.

CAMP RHINO CROSSFIT Camp Rhino Crossfit is a bootcamp style fitness training in a team atmosphere. Square Footage: +/- 6,900 They have been in business for over 15 years with two other indoor locations Lease Expiration Date: 06/2022 in Las Vegas, NV. They also promote multi-outdoor boot-camp classes and Company Website: www.camprhino.com events.

FINANCIAL OVERVIEW

MARKET OVERVIEW OVERALL MAP - MAPS, AERIALS, AND PLANS 8

CENTENNIAL SQUARE

The Theinformation information herein herein was wasobtained obtained from from sources sources deemed deemed reliable; reliable; however however Logic Logic Commercial Commercial Real Real Estate makesEstate no guarantees,makes no guarantees, warranties warrantiesor representation or representation as to the completeness as to the completeness or accuracy or thereof. accuracy thereof AERIAL - MAPS, AERIALS, AND PLANS 9

RENO

TULE SPRINGS RANCH N. DURANGO DR. DURANGO N. SKYE CANYON , acre community with a planned , homes SILVERSTONE

GOLF CLUB

N. TORREY PINES DR. TORREY PINES N.

N. DECATUR N. BLVD.

N. BRADLEY RD. BRADLEY N. N. JONES BLVD. JONES N.

VILLAGES AT ALIANTE MASTER VILLAGES AT TULE SPRINGS PLANNED COMMUNITY TULE SPRINGS , acre community , acre community with with , homes a planned , homes

PROVIDENCE , acre community with a planned , homes W. ELKHORN RD. W. ELKHORN RD. VALLEY VISTA acre community with a planned , homes

SUBJECT SITE

CENTENNIAL CENTER BLVD. CC 215 BELTWAY // 15,288 CPD W. CENTENNIAL PKWY.

W. AZURE DR.

W. TROPICAL PKWY. N. DURANGO DR. DURANGO N.

US-95 FREEWAY // 84,500 CPD

W. ANN RD. W. ANN RD. PAINTED DESERT ESTATES & GOLF CLUB acre community with , homes

W. ELKHORN RD.

Mountain Ridge Park Ralph Cadwallader DR Horton Middle School

N Centennial D M Hills Hospital ON Centennial T E Hills Park C

I T

W Y

W. CENTENNIAL PKWY.

SUBJECT SITE

Clark County Public Works CC 215 BELTWAY // 15,288 CPD

N. DURANGO DR.

Northwest City of Career & Las Vegas Technical C Academy E N TE N US-95 // 84,500 CPD NIA L C EN W. TROPICAL PKWY. T E

LVVWD B

N. TENAYA WAY

CCRFCD D

Detention / /

Basin 9

P PET SUPPLIES • GROOMING • BAKERY D JAMBOREE BAGELS

W. ANN RD. // 19,163 CPD

CENTENNIAL SQUARE

N. DURANGO DR. // 17,488 CPD

CC 215 BELTWAY // 15,288 CPD

SUBJECT N. DURANGO DR. // 17,488 CPD

W. CENTENNIAL PKWY. // 15,288 CPD

BLDG. 6446

STE 130A STE 130B

STE 115 STE 135

STE 120 STE 140 STE 155-160

STE 145

STE 150 STE 145B STE 145A

STE 130-140 STE 105 STE 110 STE 120 STE 125

BLDG. 6440 (Second Floor)

BLDG. 6410

N DURANGO DR STE 120-130 STE 110 VACANT PAD

BLDG. 6430

W CENTENNIAL PWY

BLDG#, SUITE# TENANT SF BLDG#, SUITE# TENANT SF 6410, 110 Vege-Way 2,060 6440, 155-160 Medical Care Now 2,769 6410, 120-130 All Star Dry Cleaners 2,324 6446, 105-110 7-Eleven 2,746 6430, 110-115 Distill Tavern 6,663 6446, 115 Bark Place 1,300 6430, Lower Level Camp Rhino Crossfit 6,900 6446, 120 Fresh Wrap & Philly Steak 1,345 6440, 105 North End Pizza 1,787 6446, 130A Vacant 1,400 6440, 110 4 Ur Nails 1,938 6446, 130B Massage 1 1,735 6440, 120 Chip Of The Block Deli 1,690 6446, 135 Smoke Shop Express 971 6446, 140 Chill Haus 1,231 6440, 125 The Butcher Block 1,500 6446, 145 Pretty Kitty 1,385 6440, 130-140 Vacant 1,200 - 3,520 6446, 150 Waffles Cafe 1,400 6440, 145A American Family Insurance 826 FUTURE PAD Vacant 1,279 6440, 145B Danielson Chiropractic 826

MAPS, AERIALS, AND PLANS

COMPARABLES

14 FINANCIAL OVERVIEW

MARKET OVERVIEW SOLD - COMPARABLES 15

NAME & ADDRESS

Centennial Square 6408-6446 N. Durango Dr. 1 $16,918,000 CENTENNIAL SQUARE Price: PSF: $365

SUBJECT CAP: 6.75% Building Size: +/- 46,316 SF Occupancy: 89% 4 Caroline’s Court 7703 N. El Capitan Way

Price: $4,410,000 1 PSF: $395 CAP: 7.30% Building Size: 11,161 SF Closed Date: 04/16 Occupancy: 95%

Rocksprings Plaza 7175 W. Lake Mead Blvd. 2 Price: $17,550,000 2 PSF: $444 CAP: 6.45% Building Size: 39,526 SF 3 Closed Date: 01/17 Occupancy: 96%

Boca Park Retail 8950-8980 W. Charleston Blvd.

Price: $7,800,000 3 PSF: $541 CAP: 7.13% Building Size: 14,416 SF Closed Date: 06/17 Occupancy: 100%

Centennial Gateway 5720-5780 Centennial Center

Price: $27,885,000 4 PSF: $297 CAP: 7.00% Building Size: 93,906 SF Closed Date: In Escrow Occupancy: 94%

This map is intended for general representation purposes only, may not be to exact scale or exact boundaries.

MAPS, AERIALS, AND PLANS

COMPARABLES

FINANCIAL OVERVIEW

16 MARKET OVERVIEW RENT ROLL 17

RENTABLE % OF TERM END 2018 RATE MONTHLY 2018 RATE LEASE PROFORMA PROFORMA BLDG-SUITE# TENANT ESCALATIONS SQFT TOTAL (MOS) DATE PSF/MO. RENT ANNUALIZED TYPE PSF/MO. ANNUALIZED

1 6446-105-110 7-Eleven 2,746 5.93% 120 10/19/19 $3.45 $9,478.39 $113,740.68 NNN 3% - -

2 6446-115 Bark Place 1,300 2.81% 60 01/31/20 $2.45 $3,185.00 $38,220.00 NNN N/A - -

Fresh Wrap and Philly 6446-120 1,345 2.90% 60 09/30/18 $2.33 $3,133.85 $37,606.20 NNN 3% - - 3 Steak

4 6446-130B Massage 1 1,735 3.75% 60 08/31/21 $2.07 $3,591.45 $43,097.40 NNN 3% - -

5 6446-135 Smoke Shop Express 971 2.10% 60 04/30/20 $1.91 $1,855.00 $22,260.00 NNN 3% - -

6 6446-140 Chill Haus 1,231 2.66% 60 11/30/21 $2.06 $2,535.86 $30,430.32 NNN 3% - -

7 6446-145 Pretty Kitty 1,385 2.99% 60 03/31/21 $2.07 $2,867.00 $34,404.00 NNN 3% - -

8 6446-150 Waffles Cafe 1,400 3.02% 120 05/31/27 $2.63 $3,684.60 $44,215.20 NNN 4% - -

9 6440-105 North End Pizza 1,787 3.86% 60 09/30/22 $3.20 $5,718.40 $68,620.80 NNN 3% - -

10 6440-110 4 Ur Nails 1,938 4.18% 60 10/31/20 $1.97 $3,817.86 $45,814.32 NNN 3% - -

11 6440-120 Chip Off The Block Deli 1,690 3.65% 60 04/30/23 $2.47 $4,180.00 $50,160.00 NNN 3% - -

12 6440-125 The Butcher Block 1,500 3.24% 84 05/31/20 $2.74 $4,106.00 $49,272.00 NNN 4% - -

13 6440-145A American Family Insurance 826 1.78% 61 09/30/19 $2.02 $1,670.70 $20,048.40 NNN 3% - -

14 6440-145B Danielson Chiropractic 826 1.78% 61 11/30/19 $1.90 $1,569.40 $18,832.80 NNN 3% - -

15 6440-155-160 Medical Care Now 2,769 5.98% 60 05/31/28 $2.57 $7,116.33 $85,395.96 NNN 3% - -

16 6430-110-115 Distill Tavern 6,663 14.39% 120 02/28/27 $2.35 $15,658.05 $187,896.60 NNN 12% @ yr6 -

17 6410-110 Vege-Way 2,060 4.45% 60 11/30/21 $2.77 $5,706.20 $68,474.40 NNN 2.5% - -

18 6410-120-130 All Star Dry Cleaners 2,324 5.02% 120 05/31/25 $2.66 $6,184.00 $74,208.00 NNN 3% - -

19 Lower Level Camp Rhino Crossfit 6,900 14.90% 60 06/30/22 $1.60 $11,040.00 $132,480.00 NNN 3% - -

20 6446-130A VACANT 1,400 3.02% ------$2.25 $37,800.00

21 6440-130-140 VACANT 1,200-3,520 7.60% ------$2.00 $84,480.00

PAD PAD / VACANT ------$3.00 $46,044.00

Total RSF Avg Rate Total Monthly Total Annual

46,316 $2.38 $97,098.09 $1,165,177.08 $168,324.00

Total RSF OCCUPIED 41,396 89.38% Proforma Annual

Total RSF VACANT 4,920 10.62% $1,333,501.08

PROPERTY DATA OPERATING EXPENSES AMOUNT PERCENTAGE

TOTAL SF: 46,316 General Maintenance $2,250 0.82% OCCUPANCY RATE: 89% Disposal Service $21,873 7.94% TOTAL EXPENSES: $275,436 Electric: Common Area $15,689 5.70% NNN'S PSF: $5.95 Lighting (Labor & Supplies) $6,583 2.39%

ESTIMATED NET RENTS: $1,165,177 Asset Management Fee $25,039 9.09% ESTIMATED RECAPTURE: $229,848 Insurance $6,805 2.47% ESTIMATED ASSET MGMT FEE: $22,380 Management Fee $41,090 14.92% EXPENSES: ($275,437) ESTIMATED NOI: $1,141,968 Administrative $1,800 0.65%

SALES PRICE AT 6.75% CAPITALIZATION RATE: $16,918,044 Water $22,977 8.34%

Fire / Life / Safety $8,702 3.16% PROFORMA NET RENTS: $1,333,501 Porter $8,160 2.96% FULL RECAPTURE: $259,107 ESTIMATED ASSET MGMT FEE: $25,040 Window Washing $1,396 0.51% ($275,437) EXPENSES: Pest Control $2,184 0.79% PROFORMA NOI: $1,342,211 Signage $4,500 1.63% SALES PRICE AT 6.75% CAPITALIZATION RATE: $19,884,601 Sewer $26,936 9.78%

Landscaping $5,700 2.07%

Landscaping Repairs $300 0.11%

Parking Lot / Pressure Washing $2,076 0.75%

Parking Lot / Misc. $6,099 2.21%

Real Estate Taxes $65,277 23.70%

TOTAL EXPENSES $275,436 100%

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Analysis Year Ending Number of Net Rentable Percent of Year Dec. 31 Suites SF Expiring Total SF

1 2018 1 1,345 2.90%

2 2019 3 4,398 9.50%

3 2020 4 5,709 12.33%

4 2021 4 6,411 13.84%

5 2022 2 8,687 18.76%

6 2023 1 1,690 3.65%

7 2024 0 - 0.00%

8 2025 1 2,324 5.02%

9 2026 0 - 0.00%

10 2027 2 8,063 17.41%

11 2028 1 2,769 5.98%

Total Expiring 19 41,396 57.32%

Vacant 2 4,920 10.62%

Total Square Feet 46,316 46,316 67.95%

MAPS, AERIALS, AND PLANS

COMPARABLES

FINANCIAL OVERVIEW 20 MARKET OVERVIEW DEMOGRAPHICS 21

POPULATION 1-mile 3-mile 5-mile RADIUS MAP 2017 Population 10,742 102,454 240,532 2022 Projected Population 12,340 115,758 266,339 2010 Census Population 8,624 81,556 205,047 Annual Growth 2010 - 2017 3.08% 3.20% 2.23% Annual Growth 2017 - 2022 2.81% 2.47% 2.06%

INCOME 1-mile 3-mile 5-mile 2017 Average Household Income $83,591 $92,639 $85,366 2022 Projected Average Household Income $94,370 $103,112 $95,386 2017 Per Capita Income $30,370 $32,979 $31,314 2022 Estimated Per Capita Income $34,108 $36,471 $34,652

HOUSEHOLDS 1-mile 3-mile 5-mile 2017 Households 3,828 36,359 87,459 2022 Projected Households 4,378 40,835 96,074 2010 Census Households 3,096 29,275 75,760

HOUSING 1-mile 3-mile 5-mile 2017 Total Housing Units 4,819 41,363 97,691 2017 Owner Occupied Housing Units 2,050 25,095 60,378 2017 Renter Occupied Housing Units 1,779 11,264 27,081 2022 Total Housing Units 5,521 46,293 107,207 2022 Owner Occupied Housing Units 2,331 28,113 66,194 2022 Renter Occupied Housing Units 2,048 12,722 29,880

19 15 SKYE CANYON 14 Estimated Construction Value +/- $18 Billion Major Freeway Projects Major Office Projects ECV = $1,490,000,000 ECV = $164,500,000

Major Resort Corridor Projects Major Medical Projects 25b ECV = $14,837,000,000 ECV = $1,330,000,000 Major Retail Projects Edcuational Facilities ECV = $150,000,000 ECV = $80,000,000

Estimated Construction Value (ECV) * Estimated Construction Value currently not available 11 PROJECTS OVER $40MM 1 Resorts World Las Vegas - $4 billion 2 Wynn West - $3 billion 12 21 3 Las Vegas Raiders - $1.9 billion 8 4 25a 4 Fontainbleau Resort Las Vegas - $1.8 billion 6 16 1 5 Wynn – Paradise Park - $1.5 billion 2 24 6 LVCVA Convention Center Expansion - $1.5 billion 22 9 5 10 7 Las Vegas Extreme Sports Park - $800 million 8 Palace Station Expansion - $191 million 9 Palms Hotel & Casino Renovation - $146 million 10 *MSG Sphere Las Vegas - TBD 3 23 11 *Cashman Soccer Team Stadium - TBD I-15 Expansion “Project Neon” - $900 million 7 CANDENCE 12 18 13 I-11 Boulder City Bypass - $318 million 14 US-95 / CC 215 Interchange “Centennial Bowl” - $214 million 15 I-15 / US 93 Garnet Interchange - $58 million Las Vegas 51’s AAA Baseball Stadium - $150 million 25c 16 17 *St. Rose Costco Anchored Center - TBD 18 *Smith’s Anchored Center, Cadence - TBD 13 19 *Smith’s Anchored Center, Skye Canyon - TBD 20 *Las Vegas Raiders Practice Facility - TBD Downtown Summerlin Office Building - $119.5 million 17 21 22 Aristocrat Technologies Campus - $45 million HENDERSON AIRPORT 23 Union Village Medical Campus - $1.2 billion 20 24 Sunrise Hospital Expansion - $130 million 25 CSN Student Union Buildings - $80 million (3 campus locations)

Most Favorable Tax Most Policy Friendly Most Favorable Quality Climate in the West State for Entrepreneurs of Life in the Southwest Southern Nevada Nevada Southern Nevada Ranks #1 Ranks #1 Ranks #1 Source: Boyd Corporate Site Selection Source: SBE Council, Small Business Source: LVGEA Competitiveness Leading Indicator Poll Policy Index 2016, The Boyd Co., Inc. 2016 Survey, SBE Council

CLARK COUNTY NEVADA Southwest Quality of Life Graph

Southern Nevada 36.36%

Southern California 26.08%

Salt Lake City 9.92%

Phoenix 10.57%

Denver 17.07%

Clark County is a county located in the U.S. state of Nevada. As of the 2010 The Las Vegas Valley, a 600 sq mi (1,600 km2) basin, includes Las Vegas as well as census, the population was 1,951,269, with an estimated population of the other primary population center, the unincorporated community of Paradise. 2,000,759 in 2012. It is by far the most populous county in Nevada, accounting for nearly two-thirds of its residents. Las Vegas, Nevada’s most populous city, Clark County is today known as a major tourist destination, with 150,000 hotel has been the county seat since the county was established. rooms. The Las Vegas Strip, home to most of the hotel-casinos known to many around the world, is located not within the City of Las Vegas city limits, but in The county was formed by the Nevada Legislature by splitting off a portion of unincorporated Paradise. It is, however, located in the Las Vegas Valley. Lincoln County on February 5, 1909, and came into existence on July 1, 1909.

SUMMERLIN MASTER PLANNED COMMUNITY

Summerlin is an affluent master-planned community in the Las Vegas Valley of Nevada. It lies at the edge of the Spring Mountains and Red Rock Canyon, on the western periphery of Las Vegas, Nevada in unincorporated Clark County. The community occupies 22,500 acres and includes a variety of land uses, including: residential, commercial, recreational, educational, medical, open space, and cultural. At the 2010 census, Summerlin’s population was nearly 100,000, having risen from 59,000 in 2000.

“Best Places to Live in America” – Money Magazine

Summerlin lies within both an incorporated municipality and unincorporated area. The area north of Charleston Boulevard is within the city of Las Vegas, while property south of Charleston Boulevard is located within unincorporated Clark County. The county portion is generally a part of Summerlin South. The northern portion, east of the 215 beltway, is mostly Summerlin North. The area west of the 215 beltway is Summerlin West. Many individual neighborhoods also have their own subdivision homeowners associations.

With an average annual household income of $139,061, Summerlin is among the most affluent communities in Nevada. In 2014, Summerlin was named one of the “Best Places to Live in America” by Money Magazine.

Summerlin is developed in villages. Each village features different amenities and residential offerings. Summerlin Centre is the community’s most dynamic village under development as Summerlin’s urban core and includes Downtown Summerlin.

Source: Wikipedia

The Summit Club Nestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, The Summit is a private, luxury gated golf community located on 555 acres of scenic, secluded land within Summerlin, Las Vegas’ premier master planned community. The Summit is just 9 miles from the Las Vegas strip and is surrounded by world-class lifestyle and entertainment opportunities.

Red Rock Resort Red Rock Resort is a hotel and casino. It is owned and operated by Station Casinos on 70 acres located in Downtown Summerlin in the village of Summerlin Centre in Summerlin, Nevada. Located on Charleston Boulevard, at the interchange of Clark County 215 and some distance from the Las Vegas Strip, the resort is known as a locals casino. It is the flagship property of Station Casinos and the company’s Downtown Summerlin corporate headquarters is located on the Downtown Summerlin, one of the premier regional mixed- property. use development sites in the U.S., will be part of a planned urban core which will serve the entire Las Vegas Valley with Tivoli Village over 125 shops and restaurants in an open-air shopping Tivoli Village is a mixed-use development environment. The 106-acre, 1.6 million square foot mixed-use center consisting of retail and office space, development along the Clark County 215 Beltway is located located on 28.43 acres) of land at 410 South only 15 minutes from the Las Vegas Strip and Airport. When Rampart Boulevard in Las Vegas, Nevada, next complete, Downtown Summerlin will include retail, office to the Summerlin community. The property is and entertainment, designed to create a vibrant, walkable owned by Great Wash Park LLC. downtown in the heart of the affluent 22,500-acre master planned community. With over 100,000 residents today, the ever-increasing population in the Summerlin master planned community is expected to double to 200,000 when completed.

AIRPORTS

McCarran International Airport is the primary commercial airport serving the Las Vegas Valley, a major metropolitan area in the U.S. state of Nevada. McCarran received over 47,435,640 passengers in 2016, an increase over the previous year but still below pre-recession levels. It is the 26th busiest airport in the world by passenger traffic and the 8th busiest Lowest Corporate Travel Total Aircraft by aircraft movements. Cost in Western US Movements

It has undergone significant expansion since then and has 1st 8th Busiest employed various innovative technologies, such as common- use facilities. The airport consists of four runways and two passenger terminals: Terminal 1 and Terminal 3. Terminal 1 is composed of four concourses, namely the A, B, C, and D Gates; Terminal 3 contains the E Gates. A people mover system is in place between the pre-security area of Terminal 1 and the C and 2016 National 2016 Total En/Deplaned D Gates, as well as between the D Gates and Terminal 3. Passenger Traffic Air Passengers YTD

The airport has nonstop air service to destinations in North 9th Busiest 47.4 MM America, Europe, and Asia. It is an operating base for Allegiant Air, as well as a crew and maintenance base for Frontier Airlines,Southwest Airlines, and Spirit Airlines.

Source: Las Vegas Convention and Visitors Authority

SUMMARY TABLE OF TRAVEL PLANNING CHARACTERISTICS

2011 2012 2013 2014 2015 Proportion of visitors who traveled to Las Vegas by ground 56% 57% 58% 58% 57% TRANSPORTATION transportation (automobile/bus/RV) RTC Transit is a public transportation system providing bus service Proportion of visitors who traveled to Las Vegas by air 44% 43% 42% 42% 43% throughout Las Vegas, Henderson, North Las Vegas and other areas Source: Las Vegas Convention and Visitors Authority of the valley. A bus rapid-transit link in Las Vegas called the Strip & Downtown Express (previously ACE Gold Line) with limited stops and frequent service was launched in March 2010, and connects downtown Las Vegas, the Strip and the Las Vegas Convention Center.

Interstates 15, 515, and US 95 lead out of the city in four directions. Two major freeways – Interstate 15 and Interstate 515/U.S. Route 95 – cross in downtown Las Vegas. I-15 connects Las Vegas to Los Angeles, and heads northeast to and beyond Salt Lake City. I-515 goes southeast to Henderson, beyond which US 93 continues over the Mike O'Callaghan–Pat Tillman Memorial Bridge towards Phoenix, Arizona. US 95 connects the city to northwestern Nevada, including Carson City and Reno. US 93 splits from I-15 northeast of Las Vegas and goes north through the eastern part of the state, serving Ely and Wells. A partial beltway has been built, consisting of Interstate 215 on the south and Clark County 215 on the west and north.

2016 Average Daily Traffic: Average I-15 at Visitor Volume All major highways NV/CA Border 43MM 115,229 45,329

Source: Las Vegas Convention and Visitors Authority

CONVENTIONS 5 Largest Conventions Held in Las Vegas Annually

In 2016, over 6.3 million convention and trade show delegates traveled to Las Vegas, Consumer Electronics Show (CES) generating over $9 billion in non-gaming revenue. Las Vegas hosted more than 21,800 CES in 2016 runs from January 6-9 and will occupy 2.4 million meetings and conventions in 2016. SF by 3,600 companies.

National Finals Rodeo (NFR) Las Vegas has also been the No. 1 domestic convention location for two decades. The NFR is a very popular event, made possible through professional ranking comes from the Trade Show News Network (TSNN), which released its list of conference planners, brings more than 175,000 spectators from the top 250 trade shows in the United States. Las Vegas hosted 57 of the largest shows, all over the world to Las Vegas. more than the next two competitors combined. Men’s Apparel Guild of California (MAGIC) MAGIC picks February in Las Vegas to offer a preview the season’s fashion offerings to more than 85,000 attendees.

Convention Convention Center Annual Convention Conventions World of Concrete Location Expansion Budget Attendees Per Year The World of Concrete features more than 18,000 companies welcoming more than 60,000 attendees to town to showcase 1ST $1.4B 6.3MM 21,864 the newest in commercial construction innovations. National Association of Broadcasters (NAB) NAB is the world’s largest event covering filmed entertainment along with the development, management Source: Las Vegas Convention and Visitors Authority and delivery of content across all mediums. 2016 brought more than 100,000 attendees to Las Vegas.

Source: International School of Hospitality

LAS VEGAS PROFESSIONAL SPORTS TEAMS

The Las Vegas metropolitan area is home to many sports, most of which take place in the unincorporated communities around Las Vegas rather than in the city itself. The Las Vegas Valley has one major league professional team: the Vegas Golden Knights of the NHL who began play in 2017 as the region's first major pro team. The Oakland Raiders of the NFL will begin play in Las Vegas as the Las Vegas Raiders by 2020 and become the region's second major professional team. Las Vegas is also home to one minor league sports team: the Las Vegas 51s of Minor League Baseball.

The Las Vegas Raiders

A domed stadium is to be built in Paradise, Nevada for the Las Vegas Raiders of the National Football League (NFL) and the UNLV Rebels football team from the University of Nevada, Las Vegas (UNLV). Construction of the stadium is planned to begin in 2017 and be completed in time for the 2020 NFL season. The state of Nevada approved $750 million for a new stadium. Raiders owner Mark Davis pledged $500 million toward the project, and a report from the Southern Nevada Tourism Infrastructure Committee estimates the total stadium cost to be $1.9 billion.

The Las Vegas 51s

The Las Vegas 51s Triple-A minor league baseball team will get a new home in 2019, but not before representatives of the Las Vegas Convention and Visitors Authority board of directors debated for 1½ hours on whether the $80 million dedicated to stadium naming rights is money well-spent.

The Las Vegas Aces

The Las Vegas Aces is a professional basketball team based in Las Vegas, Nevada, playing in the Western Conference in the WNBA. The team was founded in Salt Lake City, Utah as the Utah Starzz before the league’s inaugural 1997 season began; then moved to San Antonio before the 2003 season and became the San Antonio Silver Stars, then simply the San Antonio Stars in 2014; then relocated to Las Vegas before the 2018 season. The Las Vegas Golden Knights

The Vegas Golden Knights are a professional ice hockey The Las Vegas Lights FC team that is based in the Las Vegas metropolitan area. The team began play in the 2017–18 NHL season, and is a Las Vegas Lights FC is a planned expansion member of the Pacific Division of the Western Conference team for the United Soccer League for the of the National Hockey League (NHL). The team is owned 2018 season. The team will play at Cashman by Black Knight Sports & Entertainment, a consortium led Field in downtown Las Vegas. The team name by Bill Foley, and plays its home games at T-Mobile Arena was selected by a user poll from a list of six on the Las Vegas Strip in Paradise, Nevada. candidates.

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LOGIC COMMERCIAL REAL ESTATE | 3900 S. Hualapai Way, Suite 200, Las Vegas, Nevada 89147 | 702.888.3500 The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof.