Galleria at Sunset 702-968-7333 702-968-7334 375 N

PROPERTY HIGHLIGHTS

CommercialSun Real Estate, Inc.

Lisa Hauger Tim Erickson Senior Vice President Senior Associate GALLERIA AT SUNSET 702-968-7333 702-968-7334 375 N. Stephanie Street, Building #11, Henderson, NV, 89014 [email protected] [email protected] CONTACT TEAM

Lisa Hauger Timothy Erickson Senior Vice President Senior Associate 702-968-7333 702-968-7334 [email protected] [email protected]

Exclusively listed by: Sun Commercial Real Estate, Inc. 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148 702 | 968 | 7300 Ph • 702 | 968 | 7301 Fax www.SunCommercialRE.com

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 2 of 15 CONFIDENTIALITY & DISCLOSURE

SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.

The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.

Lisa Hauger Timothy Erickson Cathy Jones, CPA, SIOR, CCIM Senior Vice President Senior Associate CEO [email protected] [email protected] [email protected]

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 3 of 15 TABLE OF CONTENTS

Property Overview Section 1 Investment Summary Property Summary Property Photos Floor Plans Assessor Parcel Map Surrounding Aerial Map Las Vegas Valley Location Map

Market Overview Section 2 Las Vegas Office & SE Las Vegas/Henderson Submarket Review Area Demographics

Page 4 of 15 INVESTMENT SUMMARY

THE OFFERING

Sun Commercial Real Estate, Inc. is pleased to offer an exceptional opportunity to purchase a two-tenant office comprising of ±8,540 SF. One tenant currently occupies 3,164 SF and the remaining space is 2nd generation. The property is ideal for an owner/user looking to offset the costs of ownership or an investor looking to get into a growing office market. The building is part of the Galleria Corporate Center located at the Southwest Corner of Warm Springs Road and Stephanie Street near the heavily trafficked Stephanie Street Retail corridor.

INVESTMENT HIGHLIGHTS

• Ideal for owner/user or value add investor • 100% built out • Below replacement cost • ±3,164 SF existing lease provides income to offset ownership costs • Near a wide variety of retail and restaurant amenities • Very well maintained • Close to both I-515 and I-215 freeways

SUMMARY

Asking Price: $1,400,000.00 Occupancy: 37%

Total Building Area: ± 8,540 SF Price Per SF: $164

Total Land: ± 0.75 acres Year Built: 2001

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 5 of 15 PROPERTY SUMMARY

Property Location: The Galleria Corporate Center is ideally located at the corner of Warm Springs Road and Stephanie Street. It is near numerous restaurants and retail shops as well as the Sunset Station Casino and the Galleria Mall. Freeway access is minutes away to both the I-515 and I-215 freeways.

Property Description: This property consists of a single story, two tenant office building totaling ±8,540 SF. The vacant unit consists of a lobby/reception area, 10 exam rooms, 7 private offices, restrooms, a kitchen/break room, file room and a large open area.

Assessor Parcel Number: 178-09-520-020

Zoning: Community Commercial (CC)

Site Size - Acres: ± 0.75 Acres

Building Size - SF: ± 39,313 SF

Construction Year: 2001

Traffic Counts: On N. Stephanie Street, N. of W. Warm Springs Road: ± 34,000 CPD On W. Warm Springs Road, W. of N. Stephanie Street: ± 27,000 CPD

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 6 of 15 PROPERTY PHOTOS

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 7 of 15 FLOOR PLAN

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 8 of 15 ASSESSOR PARCEL MAP

This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK CO., NV. SEC. This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK CO., NV. MAP BOOK T22S R62E 9 N 2 NE 4 178-09-5 SEC. MAP Michele W. Shafe - Assessor BOOK T22S R62E 9 N 2 NE 4 178-09-5 Michele W. Shafe - Assessor 8 4 8 4 No liability is assumed for the accuracy of the data deliniated herein. 141 8 4 8 4 No liability is assumed for the accuracy of the data deliniated herein. ROAD PARCEL NUMBER 141 6 5 4 3 2 1 PARCEL BOUNDARY CONDOMINIUM UNIT 001 139 140 6 5 4 3 2 1 Information on roads and other non-assessed parcels may be obtained PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER 139 140 5 1 Information on roads and other non-assessed parcels may be obtained SUB BOUNDARY 7 8 9 10 11 12 1 5 AIR SPACE PCL 001 PARCEL NUMER 162161 160 121110987 5 1 5 1 fromfrom thethe Road Road Document Document Listing Listing in in the the Assessor's Assessor's Office. Office. SUB BOUNDARY AIR SPACE PCL 001 PARCEL NUMER 162161 160 PM/LDPM/LD BOUNDARY BOUNDARY ACREAGE 18 17 16 15 14 13 RIGHT OF WAY PCL1.00 ACREAGE1.00 18 17 16 15 1314 6 2 ROAD EASEMENT RIGHT OF WAY PCL 6 2 6 2 2 6 ROAD EASEMENT 19 20 21 22 23 24 ThisThis mapmap is is compiled compiled from from official official records, records, including including surveys surveys and and deeds, deeds, SUB-SURFACE PCL PARCELPARCEL SUB/SEQ SUB/SEQ NUMBER NUMBER 19 23222120 24 MATCHMATCH / LEADER / LEADER LINE LINE SUB-SURFACE PCL 202 202 177 178177 179178 179 30 29 28 2730 2629 2528 27 26 25 7 7 3 3 7 3 butbut onlyonly contains contains the the information information required required for for assess assessment.ment. See See the the HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER 3 7 NOTES HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER NOTES recordedrecorded documents documents for for more more detailed detailed legal legal information. information. HISTORIC SUB BOUNDARY 31 31 32 3635343332 33 34 35 36 HISTORIC SUB BOUNDARY BLOCK5 BLOCKNUMBER NUMBER 190191 189190191 189 8 4 8 8 4 4 8 4 USEUSE THIS THIS SCALE(FEET) SCALE(FEET) WHEN WHEN MAP MAP REDUCED REDUCED FROM FROM 11X17 11X17 ORIGINAL ORIGINAL HISTORICHISTORIC PM/LD PM/LD BOUNDARY BOUNDARY 5

MAP LEGEND 5 LOT NUMBER MAP LEGEND 5 LOT NUMBER SECTIONSECTION LINE LINE 5 5 51 1 1 5 1 00 100100 200200 400400 600600 800 800 GL5 GOV.GL5 LOTGOV. NUMBER LOT NUMBER Scale: Scale:1" = 200' 1" = 200'Rev: 4/27/2016Rev: 4/27/2016

012012 015015 006006 008 008 010 010 009009 50 50 > WARMWARM SPRINGS SPRINGS RD RD > >

50 003 50 003 50 001001 134 010 174.51 122.62 122.62 210.70 210.70 007 62.39 134 010 009 008009 008 011 011 174.51R=25 R=25 401.96 401.96 007 62.39 R=25 R=25 53.87 145 R=25

012 51.12 013 53.87 145 R=25

48.78 012 013 51.12

48.78 93.47 30 93.47 30 70 003 01670

DESERT LINN 016150.14 77.79 003

DESERT LINN 150.14 77.79 015 142.67 0.66 015 99.73 0.73

106.41 0.66 510 100.71 142.67

99.73 0.73

106.41 510 100.71 0.98 003 006 008 009 0.98 126.46 31.50

003 006 008 279.48 009

VERDE VIEJO-UNIT 1 126.46 31.50

279.48 279.48 VERDE VIEJO-UNIT 1 279.51 0.86 0.96 0.92 1.24 031 129.73

PB 46-08 279.51 279.48 279.51 129.73

275.48 0.86 0.96 0.92 1.24 254.05 031 115.27 34.77 PB 46-08 279.51 42.62 87.11

275.48 See Condo List Page 31.50 See Condo List Page 254.05 1.02 115.27 42.62 87.11 34.77 1.02 31.50 "A" 55.20 8.02 202.19

GALLERIA CORPORATE CENTER 8.02 "A" 518 PT2 GALLERIA CORPORATE CENTER 55.20 202.19 518 PT2 PB 82-50 033 PT2 PT2 PT2 PB 68-54 034PB 82-50 033 013 004

PM 90-92 116.63 034 013124.62 PT2 PT2 PT2 PB 68-54 237.57 0.55 0.5 0.58 004 PM 90-92 116.63 237.57 0.5 124.62

145.36 73.15 165.29 030 0.55 133.68 0.58

145.36

165.29 73.15 102 515 030 202.06133.68

131.83 102 158.35 0.59 142.36 202.05 202.06 515DESERT LINN CONDOMINIUMS UNIT 2 AMD 8.7 131.83 158.35 0.59 144.87 155.84 142.36 202.05 DESERT LINN CONDOMINIUMSPB 63-96 UNIT 2 AMD 8.7 See Condo List Page 697.87 003 144.87 155.84 007 PB 63-96 178.69 36.14 039 041

697.87 90 See Condo List Page 003 90

105 007 7 178.69 36.14 039 87.95 041 0.49 96.33 0.3 90 "F" 38.4 0.32 90

105 574.18 7 42.16 87.95 0.49 0.3 113.63 96.33 "F" 38.4 0.32 204.25 574.18 027 44.16113.63 42.16 202.29 204.25 VERDE VIEJO-UNIT 2 159.36 027 0.83 040 44.16 202.29 90 042

VERDE VIEJO-UNIT 2 159.36 90 511 128.39 0.83 040 92.05 See Condo List Page 0.3 90 0.33 042 51.53 90

128.39

511 130.10 31.5 236.72 144.87 0.3 157.74 92.05 184.40 009 See Condo List PBPage 49-97 51.53 0.33

164.24 130.10 31.5 236.72 144.87 138.36 157.74 "B" PB 49-97 512 0.86184.40 009 164.24 "B" PB 67-08 502 028 520 138.36 0.86

512 92.56 PB 67-08 227.97 502 0.66 028 520

54.33 227.97 92.56 205.27 517 See Condo List Page 0.66 164.50 036

173.16

191.85 154.31 205.27 54.33

213.50 517 See Condo ListPB 54-71 Page 0.76 164.50 036

G125 DESERT LINN 173.16 "C" 154.31 037 191.85 G126 CONDOMINIUMS 94.12 213.50 513 PB 54-71 99.50 G127 0.76 G125 DESERT LINN 0.8 G128 "C" 037 005 G126 1 CONDOMINIUMSUNIT 3 94.12 55.24 513 71.36 99.50 G127 56.23 G129 DR PRIVATE 0.8 0.87

30.94 005 VERDE VIEJO- G128 1 61.83 77.50 89.23 G130 UNIT 3 420.66 26.65 91 55.24 PRIVATE G131 71.36 9056.23 239.54 G144

PRIVATE DR PRIVATE G143 0.87 G142 89.5 G129 G141 See Condo List Page DESERT LINN 30.94 G132 61.83 77.50127.63

274.72 VERDE VIEJO- 420.66 35.5 91 101.1989.23 UNIT 4 G130 ANNABELLE LN 26.65 STEPHANIE ST PRIVATE G131

78.63

239.54 78.63 90 PRIVATEG144 DR G143 514 "G" G142 89.5 G141 CONDOMINIUMS G140 G133 G139 See Condo List Page DESERT LINN 30.79 126.18 G132 G138 127.63 G137

274.72

35.5 82 G134 104.04 101.19 UNIT 4 ANNABELLE LN 025 019 STEPHANIE ST G135 135.54 011 UNIT 1 70 78.63

020 70 514 "G" PRIVATE DR 023 02278.63 CONDOMINIUMS 54 G140 G139 G136 G133 85.04 126.18 151.72 30.79 G138 31.5 31.5 G137

88.50 PITTMAN FLOODCHANNEL 0.59 24.5 82 G134 0.36 104.04 G192 0.75 025 0.41 0.43 45.78 0190.13 G135 135. 011 56.91 G191 UNIT 1 70 020 023 70 022 31 86.38

G136 85.04 CHRISTY LN G190 151.72 31.5 32.25 31.5

MANTI PL 88.50 PITTMAN FLOODCHANNEL 0.59 24.5 G189 G192 28.29 0.75 0.41 0.36 45.78 0.13 41 28.58 0.43 018

PRIVATE G191 56.91

31 41 86.38

58.05 74.48 41

40.25 CHRISTY LN G190 142.5 99 32.25

MANTI PL 3 135.5 See Condo List Page G188 237.420.39

G189 9 . 28.29 G187 114.49 41 018 PRIVATE 4 68.88 28.58 91.07

41 1 G186 41

"E" 58.05

41 PRIVATE 521 74.48 G185 142.5 99 40.25 C.A. See Condo List Page PBG188 90-23 3 135.5 0.39

DALLAS TERRACEDALLAS 237.42 "I" 0109 G187 118.33. 114.49

100 4 009 00868.88 007 A 91.07 006

1 0051 004 "E" G186 003 100 G209 002 001 PRIVATE 521 C.A. G185 PB 90-23 G210 10

521 TERRACEDALLAS 8 5 89 G180"I" .2 010 67 2345 1 PB 90-23 G211 3 7 118.33 60 60 60 97-001 . 009 100 70 G179 3 008 007 60 70 60 A G212 1 006 0051 60 452.83 004 003 002 100 3 001 G178 521 G209 7 9 See Condo List Page 1 011 . 10 G177 PB 90-23 G210 521 8 8 5 89 G180 .2 67 2345 3 1 PB 90-23 G211 3 60 97-001 7 60 60 51 11 . PB 63-23WARM SPRINGS 70- PHASE 1 G179 3 REEBOK TERRACE 60 70 60 G212 3 1 60 452.83 105.65 G178 521 3 3 7 9 See Condo List Page . 1 011 . 50 516 See Condo List Page DESERTG165 G166 G167 G168 LINN CONDOMINIUMS UNIT 4 PB 90-23 5 85 005

SUNWARD DR G177

PRIVATE DALLAS TERRACE 6 8 85 95 3

11 PB 63-23WARM SPRINGS - PHASE 1 51 8 REEBOK TERRACE 4 65 2 3 VERDE VIEJO- .57 024 65 96-001 1 105.65 50 025 . 50 PB 72-17 3 50 032 G197 G198 G199 G200 004 0 012 . 50 516 G166 PB 53-21 G165 G166 G167 G168 5 G165 G167 G168 142100 See Condo List Page DESERT LINN CONDOMINIUMSSee Condo List Page UNIT 4 7 9710085 110005 125 UNIT 3 AMD SUNWARD DR 6 85 PRIVATE 521DALLAS TERRACE 102.89 014 015 96 95

110 PB 90-23 519 238.24 "D" 7.17 79.7612

8 97.48 013 4 2 65 VERDE VIEJO- .57 024 65 96-001 1 50 025 . 50 50 032 8 42.27 PB 72-17 60 G197 G198 G199 G200 004 7 0 13 14 023 60

15 70 . 012 PB 53-21 G166 G165 G167 G168 142100 See Condo List Page 7 026 97100 031 110 UNIT 3 AMD 8 61 125 521 102.89 60 65014 015 96 3 97-002

110 PB 90-23 519 1 141 95 238.24 "D" 7.17 79.7612

PRIVATE 013 97.48 98 3030 124.59 8 42.27 "H" 60 7 13 14 023 60

15 70 . 3 019 C.A.031 70 026 8 61 60 65 70 6 85 022 . 3 97-002 92.6 030 1 70 PB 54-52 100 100 1 018 017 016 141027 2 95

PRIVATE 98 R=15 1 006 1 140 618.11 3030 19 JOHN HENRY DR "H" PT 2 020 124.59 94 004 55.71 1718 16 99 PT B 3 019 C.A. 60 50 70 30 20 70 6 85 022 . 002 8 92.6 60 030 91.2 . 70 PB 54-52 100 100 1 3 EVAN PICONE DR 60 2 50 6 018 017 016 021 027 1 R=15 4 029 003 006 1 140 50 9 70 KELSO DUNES AVE 618.11 014 PT 2 19 100 JOHN HENRY DR 94 97-011 8 WARM SPRINGS - PHASE 1139 028 .01 30 30 004 001 . 020 55.71 1718 16 99 93 110 DRAINAGE 8 ELLEN TRACY WAY PT B 5 60 50 100 97-010 30 E 20 100 D 002 001 8 91.2 . 83.41 60 64.75 EVAN PICONE DR 60 100 60 3 50 6 85 021

54.14 029 96-003 003 21 4 50 KELSO DUNES AVE 31 014 9 100 028 70 97-011 8 WARM SPRINGS - PHASE 1139 30 30 001 84.36 . 93 110 .01 8 ELLEN4 TRACY WAY DRAINAGE 5 D 97-010 4 E 001 100100 64.75 83.41 100 85 60

TAX 60 DIST 505 96-003 54.1 31 21 84.36 4 TAX DIST 505

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 9 of 15 SURROUNDING AERIAL MAP

Galleria at Sunset 3.9 Miles

W Sunset Rd Galleria Commons Stephanie Street W Warm Springs Rd Shopping Center N Stephanie St

Subject Property

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 10 of 15 LAS VEGAS VALLEY LOCATION MAP

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 11 of 15 Las Vegas – First Quarter 2018 LAS VEGAS OFFICE & SE LAS VEGAS/HENDERSON SUBMARKET REVIEWFirst Quarter 2018 – Las Vegas Las Vegas Office Market Las Vegas Office Market SE Las Vegas/Henderson Market Market Highlights – Class “A, B & C” Market Highlights – Class “A, B & C”

Class A Market Statistics First Quarter 2018 Deliveries, Absorption & Vacancy Historical Analysis, All Classes Existing Inventory Vacancy YTD Net YTD Under Quoted Delivered SF Absorption SF Vacancy Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 0.100 25.0% Central East Las Vegas 7 1,315,158 295,598 295,598 22.5% (51,773) 0 0 $30.11 Central North Las Vegas 2 273,958 12,620 12,620 4.6% 300 0 0 $27.00 0.080 Downtown Las Vegas 10 1,791,889 210,109 212,434 11.9% 39,305 0 0 $31.61 20.0%

North Las Vegas 0 0 0 0 0.0% 0 0 0 $0.00 Percent Vacant Northwest Las Vegas 19 2,076,169 450,033 450,033 21.7% 34,932 0 0 $24.47 0.060 Outlying NE Clark County 0 0 0 0 0.0% 0 0 0 $0.00 15.0% Outlying S Clark County 0 0 0 0 0.0% 0 0 0 $0.00 0.040

SE Las Vegas/Henderson 3 296,443 146,140 146,140 49.3% 0 0 0 $25.65 Millions SF 10.0% South Las Vegas 24 1,788,936 111,064 130,894 7.3% 10,579 0 0 $27.05 0.020 Southwest Las Vegas 28 3,453,601 81,644 123,578 3.6% 313,292 152,000 75,000 $22.81 West Las Vegas 7 683,816 110,099 110,099 16.1% (6,989) 0 144,574 $37.43 5.0% 0.000 Totals 100 11,679,970 1,417,307 1,481,396 12.7% 339,646 152,000 219,574 $27.91 Source: CoStar Property®

(0.020) 0.0% First Quarter 2018 Class B Market Statistics 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Source: CoStar Property® Central East Las Vegas 178 5,191,505 1,002,398 1,020,944 19.7% 94,054 0 61,146 $18.37 Central North Las Vegas 49 1,422,806 93,299 93,299 6.6% (2,946) 0 0 $20.84 Downtown Las Vegas 65 2,634,847 112,243 114,596 4.3% 12,255 0 0 $23.01 Vacant Space Quoted Rental Rates North Las Vegas 151 2,050,007 260,114 260,114 12.7% 18,422 0 0 $14.26 Historical Analysis, All Classes Historical Analysis, All Classes Northwest Las Vegas 358 7,310,299 1,023,329 1,031,888 14.1% (175,304) 0 0 $17.46 Outlying NE Clark County 32 261,028 64,209 64,209 24.6% (3,000) 0 0 $11.33 Direct SF Sublet SF $25.00 0.50 Outlying S Clark County 4 44,287 0 0 0.0% 0 0 0 $0.00 SE Las Vegas/Henderson 83 1,190,510 197,922 197,922 16.6% 9,848 0 44,000 $14.16 0.45 $20.00 South Las Vegas 532 9,777,261 1,281,961 1,297,746 13.3% (33,822) 60,000 9,946 $17.79 0.40 Southwest Las Vegas 508 8,033,872 917,120 930,802 11.6% 135,409 54,506 62,646 $19.77 0.35 West Las Vegas 398 6,429,495 690,139 881,313 13.7% 83,618 0 6,665 $14.92 $15.00 0.30 Totals 2,358 44,345,917 5,642,734 5,892,833 13.3% 138,534 114,506 184,403 $17.80 Source: CoStar Property® 0.25

0.20 $10.00 Millions SF Class C Market Statistics First Quarter 2018 Dollars/SF/Year Existing Inventory Vacancy YTD Net YTD Under Quoted 0.15 Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 0.10 $5.00 Central East Las Vegas 473 2,782,557 354,155 354,155 12.7% (48,283) 0 0 $11.31 0.05 Central North Las Vegas 90 658,242 34,749 34,749 5.3% 3,943 0 0 $15.84 0.00 $0.00 Downtown Las Vegas 251 925,092 103,001 103,001 11.1% 5,148 0 0 $17.26 2017 1q 2017 3q 2018 1q 2017 1q 2017 3q 2018 1q North Las Vegas 59 446,718 67,855 67,855 15.2% (19,234) 0 0 $15.02 Northwest Las Vegas 177 924,421 24,441 25,441 2.8% (9,707) 0 0 $14.04 Source: CoStar Property® Source: CoStar Property® Outlying NE Clark County 19 79,135 6,853 6,853 8.7% 0 0 0 $11.64 Outlying S Clark County 20 112,158 0 0 0.0% 0 0 0 $13.80 Existing Inventory Vacancy Net Delivered Inventory UC Inventory Quoted SE Las Vegas/Henderson 72 495,307 32,814 32,814 6.6% 18,294 0 0 $10.89 Period # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates South Las Vegas 208 1,139,817 36,157 36,157 3.2% 33,008 0 0 $12.61 2018 1q 158 1,982,260 376,876 19.0% 28,142 0 0 1 44,000 $18.18 Southwest Las Vegas 52 360,197 11,426 11,426 3.2% 4,238 0 0 $21.19 2017 4q 158 1,982,260 405,018 20.4% 28,803 0 0 1 44,000 $15.43 West Las Vegas 145 811,386 52,899 52,899 6.5% 8,851 0 0 $12.10 Totals 1,566 8,735,030 724,350 725,350 8.3% (3,742) 0 0 $12.77 2017 3q 158 1,982,260 433,821 21.9% (810) 0 0 0 0 $18.17 Source: CoStar Property® 2017 2q 158 1,982,260 433,011 21.8% 3,566 2 89,300 0 0 $18.25 2017 1q 156 1,892,960 347,277 18.3% (10,610) 1 6,500 2 89,300 $19.25 First Quarter 2018 Total Office Market Statistics 2016 4q 155 1,886,460 330,167 17.5% 15,407 0 0 2 85,300 $15.44 Existing Inventory Vacancy YTD Net YTD Under Quoted 2016 3q 155 1,886,460 345,574 18.3% 1,283 0 0 2 85,300 $18.58 Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 2016 2q 155 1,886,460 346,857 18.4% (1,196) 0 0 2 85,300 $18.03 Central East Las Vegas 658 9,289,220 1,652,151 1,670,697 18.0% (6,002) 0 61,146 $20.02 Central North Las Vegas 141 2,355,006 140,668 140,668 6.0% 1,297 0 0 $20.80 2016 1q 155 1,886,460 345,661 18.3% 16,867 0 0 1 6,500 $18.95 Downtown Las Vegas 326 5,351,828 425,353 430,031 8.0% 56,708 0 0 $26.24 2015 4q 155 1,886,460 362,528 19.2% 17,726 0 0 1 6,500 $14.14 North Las Vegas 210 2,496,725 327,969 327,969 13.1% (812) 0 0 $14.29 2015 3q 155 1,886,460 380,254 20.2% 36,370 0 0 0 0 $18.16 Northwest Las Vegas 554 10,310,889 1,497,803 1,507,362 14.6% (150,079) 0 0 $19.24 2015 2q 155 1,886,460 416,624 22.1% 10,505 0 0 0 0 $17.95 Outlying NE Clark County 51 340,163 71,062 71,062 20.9% (3,000) 0 0 $11.46 2015 1q 155 1,886,460 427,129 22.6% 9,438 0 0 0 0 $19.14 Outlying S Clark County 24 156,445 0 0 0.0% 0 0 0 $13.80 2014 4q 155 1,886,460 436,567 23.1% (38,967) 1 10,000 0 0 $14.15 SE Las Vegas/Henderson 158 1,982,260 376,876 376,876 19.0% 28,142 0 44,000 $18.18 2014 3q 154 1,876,460 387,600 20.7% 6,921 0 0 1 10,000 $18.95 South Las Vegas 764 12,706,014 1,429,182 1,464,797 11.5% 9,765 60,000 9,946 $18.57 2014 2q 154 1,876,460 394,521 21.0% 55,749 0 0 1 10,000 $18.99 Southwest Las Vegas 588 11,847,670 1,010,190 1,065,806 9.0% 452,939 206,506 137,646 $20.24 West Las Vegas 550 7,924,697 853,137 1,044,311 13.2% 85,480 0 151,239 $18.70 Source: CoStar Property® Totals 4,024 64,760,917 7,784,391 8,099,579 12.5% 474,438 266,506 403,977 $19.56 Source: CoStar Property®

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 12 of 15 AREA DEMOGRAPHICS - 1 MILE RADIUS Demographic and Income Profile Demographic and Income Profile 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri Ring: 1 mile radius Longitude: -115.04646 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 Ring: 1 mile radius Longitude: -115.04646 Summary Census 2010 2017 2022 Population 15,468 17,557 19,202 Trends 2017-2022 Households 6,079 6,814 7,406 2 Families 3,813 4,226 4,576 1.8 Average Household Size 2.54 2.57 2.59 1.6 Owner Occupied Housing Units 3,343 3,427 3,706 1.4 Renter Occupied Housing Units 2,736 3,387 3,700 1.2 Median Age 36.7 38.4 38.9 Trends: 2017 - 2022 Annual Rate Area State National 1 Population 1.81% 1.52% 0.83% 0.8 0.6 Households 1.68% 1.40% 0.79% Area Families 1.60% 1.36% 0.71% 0.4 State Owner HHs 1.58% 1.39% 0.72% (in percent) Rate Annual 0.2 USA Median Household Income 1.40% 1.45% 2.12% 0 2017 2022 Population Households Families Owner HHs Median HH Income Households by Income Number Percent Number Percent <$15,000 630 9.2% 711 9.6% Population by Age $15,000 - $24,999 524 7.7% 559 7.5% 16 $25,000 - $34,999 564 8.3% 553 7.5% $35,000 - $49,999 1,179 17.3% 1,162 15.7% 14 $50,000 - $74,999 1,545 22.7% 1,441 19.5% 12 $75,000 - $99,999 981 14.4% 1,148 15.5% 10 $100,000 - $149,999 812 11.9% 1,063 14.4% $150,000 - $199,999 370 5.4% 490 6.6% 8 Percent $200,000+ 209 3.1% 280 3.8% 6

Median Household Income $55,968 $60,000 4 2017 2022 Average Household Income $71,952 $80,991 2 Per Capita Income $28,764 $32,069 0 Census 2010 2017 2022 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Population by Age Number Percent Number Percent Number Percent 0 - 4 843 5.4% 926 5.3% 1,030 5.4% 2017 Household Income 2017 Population by Race 5 - 9 895 5.8% 913 5.2% 1,006 5.2% $25K - $34K 10 - 14 1,041 6.7% 949 5.4% 1,006 5.2% 65 $35K - $49K 8.3% 15 - 19 1,094 7.1% 1,002 5.7% 979 5.1% 17.3% $15K - $24K 60 20 - 24 1,093 7.1% 1,228 7.0% 1,183 6.2% 7.7% 55 25 - 34 2,404 15.5% 2,919 16.6% 3,247 16.9% 50 35 - 44 2,228 14.4% 2,383 13.6% 2,788 14.5% <$15K 45 9.2% 45 - 54 2,348 15.2% 2,420 13.8% 2,363 12.3% 40 55 - 64 1,774 11.5% 2,264 12.9% 2,466 12.8% 35 30 65 - 74 1,023 6.6% 1,566 8.9% 1,861 9.7% $200K+ Percent 75 - 84 569 3.7% 736 4.2% 965 5.0% $50K - $74K 3.1% 25 85+ 156 1.0% 251 1.4% 309 1.6% 22.7% $150K - $199K 20 5.4% Census 2010 2017 2022 15 10 Race and Ethnicity Number Percent Number Percent Number Percent $100K - $149K White Alone 11,408 73.8% 12,169 69.3% 12,609 65.7% 11.9% 5 $75K - $99K 0 Black Alone 912 5.9% 1,220 6.9% 1,465 7.6% 14.4% White Black Am. Ind. Asian Pacific Other Two+ American Indian Alone 102 0.7% 118 0.7% 130 0.7% Asian Alone 1,247 8.1% 1,667 9.5% 2,083 10.8% 2017 Percent Hispanic Origin: 22.0% Pacific Islander Alone 95 0.6% 115 0.7% 134 0.7% Some Other Race Alone 860 5.6% 1,144 6.5% 1,422 7.4% Two or More Races 844 5.5% 1,124 6.4% 1,360 7.1%

Hispanic Origin (Any Race) 2,923 18.9% 3,858 22.0% 4,667 24.3% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. Data Note: Income is expressed in current dollars. March 06, 2018

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 13 of 15 AREA DEMOGRAPHICS - 3 MILE RADIUS Demographic and Income Profile Demographic and Income Profile 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri Ring: 3 mile radius Longitude: -115.04646 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 Ring: 3 mile radius Longitude: -115.04646 Summary Census 2010 2017 2022 Population 118,611 132,457 144,076 Trends 2017-2022 Households 46,324 50,854 54,870 2 Families 29,361 31,921 34,344 1.8 Average Household Size 2.55 2.60 2.62 1.6 Owner Occupied Housing Units 24,957 25,333 27,215 1.4 Renter Occupied Housing Units 21,367 25,521 27,655 1.2 Median Age 35.6 36.7 37.2 Trends: 2017 - 2022 Annual Rate Area State National 1 Population 1.70% 1.52% 0.83% 0.8 0.6 Households 1.53% 1.40% 0.79% Area Families 1.47% 1.36% 0.71% 0.4 State Owner HHs 1.44% 1.39% 0.72% (in percent) Rate Annual 0.2 USA Median Household Income 1.10% 1.45% 2.12% 0 2017 2022 Population Households Families Owner HHs Median HH Income Households by Income Number Percent Number Percent <$15,000 5,017 9.9% 5,612 10.2% Population by Age $15,000 - $24,999 4,473 8.8% 4,701 8.6% 16 $25,000 - $34,999 5,337 10.5% 5,310 9.7% 14 $35,000 - $49,999 8,329 16.4% 8,301 15.1% $50,000 - $74,999 10,255 20.2% 9,704 17.7% 12 $75,000 - $99,999 6,707 13.2% 7,812 14.2% 10 $100,000 - $149,999 6,339 12.5% 7,941 14.5% $150,000 - $199,999 2,315 4.6% 2,901 5.3% 8 $200,000+ 2,083 4.1% 2,588 4.7% Percent 6

4 Median Household Income $53,896 $56,928 2017 Average Household Income $72,355 $80,358 2 2022 Per Capita Income $28,112 $30,904 0 Census 2010 2017 2022 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Population by Age Number Percent Number Percent Number Percent 0 - 4 7,529 6.3% 8,007 6.0% 8,833 6.1% 2017 Household Income 2017 Population by Race 5 - 9 7,647 6.4% 7,861 5.9% 8,396 5.8% $25K - $34K 65 10 - 14 7,962 6.7% 7,880 5.9% 8,349 5.8% 10.5% 60 $15K - $24K 15 - 19 8,082 6.8% 7,877 5.9% 8,082 5.6% $35K - $49K 8.8% 55 20 - 24 8,548 7.2% 9,647 7.3% 9,843 6.8% 16.4% 50 25 - 34 18,561 15.6% 21,644 16.3% 23,815 16.5% <$15K 45 35 - 44 17,389 14.7% 18,034 13.6% 20,279 14.1% 9.9% 40 45 - 54 17,096 14.4% 17,559 13.3% 17,314 12.0% 35 55 - 64 13,643 11.5% 16,235 12.3% 17,367 12.1% 30

65 - 74 7,449 6.3% 11,259 8.5% 13,322 9.2% Percent $200K+ 25 75 - 84 3,629 3.1% 4,816 3.6% 6,516 4.5% 4.1% $50K - $74K 20 85+ 1,076 0.9% 1,636 1.2% 1,960 1.4% $150K - $199K 20.2% 4.6% 15 Census 2010 2017 2022 10 Race and Ethnicity Number Percent Number Percent Number Percent $100K - $149K 5 White Alone 83,745 70.6% 86,943 65.6% 88,976 61.8% 12.5% $75K - $99K 0 Black Alone 8,570 7.2% 11,240 8.5% 13,335 9.3% 13.2% White Black Am. Ind. Asian Pacific Other Two+ American Indian Alone 796 0.7% 930 0.7% 1,021 0.7% Asian Alone 8,921 7.5% 11,726 8.9% 14,515 10.1% 2017 Percent Hispanic Origin: 23.6% Pacific Islander Alone 839 0.7% 1,013 0.8% 1,183 0.8% Some Other Race Alone 9,198 7.8% 12,052 9.1% 14,805 10.3% Two or More Races 6,542 5.5% 8,552 6.5% 10,241 7.1%

Hispanic Origin (Any Race) 24,199 20.4% 31,264 23.6% 37,409 26.0% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. Data Note: Income is expressed in current dollars. March 06, 2018

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 14 of 15 AREA DEMOGRAPHICS - 5 MILE RADIUS Demographic and Income Profile Demographic and Income Profile 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 375 N Stephanie St, Henderson, Nevada, 89014 2 Prepared by Esri Ring: 5 mile radius Longitude: -115.04646 375 N Stephanie St, Henderson, Nevada, 89014 Latitude: 36.05412 Ring: 5 mile radius Longitude: -115.04646 Summary Census 2010 2017 2022 Population 269,884 297,327 320,952 Trends 2017-2022 Households 104,752 113,531 121,611 2 Families 67,046 72,080 77,031 1.8 Average Household Size 2.57 2.61 2.63 1.6 Owner Occupied Housing Units 62,295 63,302 67,619 1.4 Renter Occupied Housing Units 42,457 50,230 53,992 1.2 Median Age 37.7 38.9 39.2 Trends: 2017 - 2022 Annual Rate Area State National 1 Population 1.54% 1.52% 0.83% 0.8 0.6 Households 1.38% 1.40% 0.79% Area Families 1.34% 1.36% 0.71% 0.4 State Owner HHs 1.33% 1.39% 0.72% (in percent) Rate Annual 0.2 USA Median Household Income 1.09% 1.45% 2.12% 0 2017 2022 Population Households Families Owner HHs Median HH Income Households by Income Number Percent Number Percent <$15,000 11,806 10.4% 13,085 10.8% Population by Age $15,000 - $24,999 10,411 9.2% 10,836 8.9% $25,000 - $34,999 12,132 10.7% 11,971 9.8% 14 $35,000 - $49,999 17,488 15.4% 17,304 14.2% 12 $50,000 - $74,999 23,079 20.3% 21,553 17.7% $75,000 - $99,999 15,212 13.4% 17,597 14.5% 10 $100,000 - $149,999 13,845 12.2% 17,304 14.2% 8 $150,000 - $199,999 4,968 4.4% 6,252 5.1%

$200,000+ 4,591 4.0% 5,709 4.7% Percent 6 4 Median Household Income $53,736 $56,734 2017 Average Household Income $71,807 $79,950 2 2022 Per Capita Income $27,785 $30,628 0 Census 2010 2017 2022 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Population by Age Number Percent Number Percent Number Percent 0 - 4 16,446 6.1% 17,220 5.8% 18,798 5.9% 2017 Household Income 2017 Population by Race 5 - 9 16,739 6.2% 17,402 5.9% 18,498 5.8% $25K - $34K 65 10.7% 10 - 14 17,525 6.5% 17,424 5.9% 18,764 5.8% 60 15 - 19 17,745 6.6% 16,979 5.7% 17,689 5.5% $15K - $24K $35K - $49K 9.2% 55 20 - 24 17,676 6.5% 19,390 6.5% 19,207 6.0% 15.4% 50 25 - 34 38,294 14.2% 44,320 14.9% 48,311 15.1% <$15K 45 35 - 44 38,937 14.4% 39,654 13.3% 44,085 13.7% 10.4% 40 45 - 54 39,243 14.5% 39,444 13.3% 38,789 12.1% 35 55 - 64 33,166 12.3% 38,392 12.9% 40,277 12.5% 30

65 - 74 20,538 7.6% 29,454 9.9% 34,049 10.6% Percent $200K+ 25 75 - 84 10,380 3.8% 13,216 4.4% 17,349 5.4% 4.0% 20 85+ 3,194 1.2% 4,431 1.5% 5,136 1.6% $50K - $74K $150K - $199K 20.3% 4.4% 15 Census 2010 2017 2022 10 Race and Ethnicity Number Percent Number Percent Number Percent $100K - $149K 5 White Alone 189,384 70.2% 194,636 65.5% 198,041 61.7% 12.2% $75K - $99K 0 Black Alone 18,249 6.8% 23,373 7.9% 27,413 8.5% 13.4% White Black Am. Ind. Asian Pacific Other Two+ American Indian Alone 1,945 0.7% 2,244 0.8% 2,445 0.8% Asian Alone 19,614 7.3% 25,494 8.6% 31,320 9.8% 2017 Percent Hispanic Origin: 25.6% Pacific Islander Alone 1,955 0.7% 2,299 0.8% 2,656 0.8% Some Other Race Alone 24,875 9.2% 31,482 10.6% 37,973 11.8% Two or More Races 13,861 5.1% 17,799 6.0% 21,104 6.6%

Hispanic Origin (Any Race) 60,683 22.5% 76,061 25.6% 89,643 27.9% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022. Data Note: Income is expressed in current dollars. March 06, 2018

Offering Memorandum | 375 N. Stephanie Street, Building #11 Page 15 of 15