Mark Steel Property

for sale - mark steel property

15 acres zoned high density multifamily near downtown salt lake city

offering memorandum table of contents

A. Executive Summary B. Property Overview C. Call For Offers D. Opportunity Zone E. Location Overview F. Market Overview

PROPERTY ADDRESS

1230 WEST 200 SOUTH | SALT LAKE CITY, UT 84104 Table of Contents Mark steel Property executive summary

Opportunities like this one don’t come along every day, especial- ly in the booming climate of Salt Lake County. The Mark Steel THE OFFERING Property is poised to be the next large multifamily development in Salt Lake City. THE MARK STEEL PROPERTY IS A RARE REDEVELOP- MENT OPPORTUNITY CONVENIENTLY LOCATED DIRECTLY BETWEEN SALT LAKE CITY AND THE SALT LAKE INTER- NATIONAL AIRPORT. IN ADDITION, A NEW PEDESTRIAN BRIDGE CONNECTS THIS PARCEL TO A LIGHT RAIL STOP IN FRONT OF THE UTAH STATE FAIR PARK. NOT OFTEN DO YOU FIND A PARCEL OF THIS SIZE ALREADY ZONED HIGH DENSITY MULTIFAMILY DEVELOPMENT.

executive summary mark steel property Property overview SHERWOOD PARK

ZONING DESCRIPTION: Total acres: 15.4 URBAN NEIGHBORHOOD STATION Parcels: 15-02-104-001 (2.45 acres) URBAN NEIGHBORHOOD STATION (TSA-UN): 15-03-233-017 (0.32 acres) AN EVOLVING AND FLEXIBLE DEVELOPMENT 15-02-103-001 (12.27 acres) PATTERN DEFINES AN URBAN NEIGHBORHOOD 15-02-151-002 (0.16 acres) STATION AREA. URBAN NEIGHBORHOODS 15-02-151-003 (0.16 acres) CONSIST OF MULTILEVEL BUILDINGS THAT ARE GENERALLY LOWER SCALE THAN WHAT IS Utilities: To site FOUND IN THE URBAN CENTER STATION AREA. THE DESIRED MIX OF USES WOULD INCLUDE Zoning: TSA-UN-T Urban Neighborhood Station. Permitted uses: GROUND FLOOR COMMERCIAL OR OFFICE USES Mixed-use, Commercial, Multifamily / Apartments WITH THE INTENT OF CREATING A LIVELY, AC- TIVE, AND SAFE STREETSCAPE. Located within Opportunity Zone Census Tract

Transit Oriented Development: Pedestrian Bridge to Light Rail Stop PEDESTRIAN BRIDGE on Jordan River Parkway Trail (12 min walk) PROPERTY OVERVIEW MARK STEEL PROPERTY Seller to demolish existing buildings on site SLC AIRPORT call for offers

The property is being offered through a controlled bid process. Call for offer date soon to be announced. Buyer should outline the terms for the purchase within a Letter of Intent format. Upon selection of a Buyer, a draft PSA will be negotiated between parties. Please provide a company bio highlighting similar developments to be attached with the LOI. Offers can be delivered in person, by mail or emailed electronically.

Call for offers mark steel property Preferred Offering Guidelines a. Bulk Purchase b. Purchase Price c. Earnest Money Deposit MARK d. Municipal Approval Time-frame STEEL e. Closing Time-frame PROPERTY Following the submission of the Proposals, the Seller and CBRE may (or may not) elect to negotiate with any prospective purchaser(s) whose agreement(s) are judged to be most attractive to the Seller, based on Seller’s sole and absolute discretion. At any time prior to entering into a Sale and Purchase Agreement, the Seller may request additional information from interested parties relevant to the transaction.

PROPOSALS SHOULD BE SENT TO THE FOLLOWING ADDRESS:

CBRE ATTN: PATRICK JUHLIN 222 SOUTH MAIN STREET, 4TH FLOOR SALT LAKE CITY, UT 84101 T: 801 869 8005 [email protected] MARK STEEL PROPERTY

PROPERTY OVERVIEW public utilities NAVAJO ST NAVAJO

200 NORTH Located within

Opportunity zone 3 TAX INCENTIVE BENEFITS

TEMPORARY DEFERRAL OF (CAPITAL) GAIN - Applies to any (capital) gain from the sale or The Opportunity Zone is a federal tax incentive program exchange of any property to an unrelated person that drives re-development in designated census tracts. SITE - $6 Trillion of potential eligible capital The Mark Steel Property is located within a designated area that qualifies for Opportunity Zone funds. Opportunity PARTIAL REDUCTION OF DEFERRED GAIN Zones are a new community development program estab- - Income Tax is still paid on a large portion of lished by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban the Deferred Gain and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest CENTRAL FORGIVENESS OF ADDITIONAL GAIN their unrealized capital gains into Opportunity Funds that - Applies to the appreciation in the investment are dedicated to investing into Opportunity Zones desig- BUSINESS nated. DISTRICT

Property Overview Mark Steel Property deferral, partial reduction, and forgiveness of additional gains Opportunity zone highlights

*Deferred gain Basis is equal Example recognized on to Fair Market Dec. 31, 2026 Value • Investor sells property for $30M ($20M of long term capital gain) on July 1, 2018 (1031 Exchange) Forgiveness of gains on • Investor invests $20M in an interest in an Opportunity Fund on sale appreciation of September 1, 2018. investment - Does not need to invest the entire $30M Basis increased Basis increased by 10% of the by 5% of the • December 31, 2026: deferred gain deferred gain - Investor’s tax basis in the O-Fund was increased by $3M investment (15% of $20M) Up to 90% taxed Up to 85% taxed *$2M on September 1, 2023, and $1M on September 1, 2025 HOW DO TAXPAYERS BENEFIT? - Investor has to pay tax on $17M long-term capital gain TAXPAYERS CAN DEFER AND PO- • September 2, 2028: TENTIALLY REDUCE TAXATION - Investment in the O-Fund has appreciated from $20M to $60M ON (CAPITAL) GAINS BY MAKING ($40M in potential gain) TIMELY INVESTMENTS IN OPPOR- held for 5 years held for 7 years held for 10 years - If the investment in the O-Fund is sold, then there is no taxable TUNITY FUNDS WHICH INVEST IN gain on the $40M of appreciation OPPORTUNITY ZONE PROPERTY. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

PROPERTY OVERVIEW MARK STEEL PROPERTY The Mark Steel Property will offer future residents restaurants, entertainment venues, shopping and the convenience of being minutes to several major access to Vivint Smarthome Arena, the Gateway, freeways, amenities, workplaces and all that Utah City Creek and Main Street. FAIRPARK STATION has to offer. A major draw to all who call Utah home is the TRAX FAIRPARK STATION IS The Salt Lake International Airport is only minutes abundance of outdoor activities and the ease in EASILY ACCESSIBLE FROM away, serving more than 23 million passengers which they are accessed. Hiking, skiing, camping, THE JORDAN RIVER PARK- annually and is ranked the 24th largest airport in biking, fishing, boating and the majestic mountain WAY TRAIL, JUST NORTH OF the country. Currently under renovation, Phase I ranges of the Wasatch Front are within a 20 to 30 THE PROPERTY ON NORTH will open in 2020. min drive. TEMPLE MAKING THE DAILY COMMUTE OR NIGHT ON THE

Location overview Mark steel property Downtown Salt Lake, which is a popular lifestyle TOWN A SIMPLE 12 MINUTE destination, offers a wide variety of acclaimed WALK ALONG THE RIVER.

Pleasant View

Ogden Ogden LEGEND

Roy TRAX Blue Line 701 Multi-Day Parking TRAX Red Line 703 Day Parking Clearﬁeld TRAX Green Line 704 Free Fare Zone S-Line Streetcar 720 FrontRunner 750 Layton

801-743-3882 (RIDE-UTA) rideuta.com rideuta Farmington

Woods Cross

Arena Temple Square overview location

Airport

Power Fairpark University Planetarium City Center Salt Lake City Medical Center Jackson/Euclid North Temple Bridge 1940 W. North Temple Old GreekTown Gallivan Plaza Salt Lake Central Fort Douglas

Library Trolley 900 East Stadium South CampusUniversity Courthouse

West Valley City 900 South

Ballpark

River Trail Central Pointe

South Salt Lake 300City East 500 East 700 East Sugarmont Fairmont Redwood Junction Millcreek Decker Lake

West Valley Central Meadowbrook South Salt Lake

Murray North Murray Murray Central

Fashion Place West

Bingham Junction Midvale Fort Union Historic Gardner Midvale Center West Jordan West Jordan City Center Midvale

Sugar Factory Rd. Historic Sandy

Jordan Valley Sandy Expo Sandy 4800 W. Old Bingham Hwy.

5600 W. Old Bingham Hwy. Sandy Civic Center

South Jordan Pkwy. South Jordan Crescent View Daybreak Pkwy. South Jordan

Draper Kimballs Lane

Lehi Draper Town Center Draper American Fork

Orem Central

Provo Central Provo International Salt Lake Airport Airport

UTA FRONTRUNNER TRAX RED LINE TRAX BLUE LINE TRAXGREEN LINE AADT 95,000 AADT perfectly positioned

AADT 22,000 REDWOOD RD

STATION

POWER R

TRAX

i ve

r r AADT 71,000 AADT

NORTH TEMPLE

Ri ve

400 SOUTH

SITE r P

T r a il

UTAH STATE

FAIRPARK STATION

FAIRPARK

TRAX TRAX

1000 WEST AADT 239,000 AADT

AADT 154,000 GATEWAY THE 600 NORTH

300 WEST PALACE BUSINESS SALT DISTRICT CENTRAL

SQUARE TEMPLE CREEK CITY CITY BUILDING CAPITOL

STATE STREET Location overview

The Mark Steel Property is in a location that will give its residents access to much of Salt Lake City within a 10 minute drive. Downtown Salt Lake City, Salt Lake International Airport, Sugarhouse, Liberty Park, Trolley Square, the State Capitol, City Creek and Temple Square, Library Square and the University of Utah are all within 10 minutes by car.

The Gateway, Salt Palace, International Peace Gardens, Vivant Smart Home Arena, Frontrunner, The Depot and the Farmer’s Market at Pioneer Park are all mark steel property within a 5 minute drive.

Within 2 minutes, residents can reach the Jordan River Parkway Trail, Utah State Fairpark, TRAX, Red Iguana 2, and Sherwood Park. location overview location LOCATION OVERVIEW MARK STEEL PROPERTY

JORDAN RIVER PARKWAY BRIDGE

THE 270 FOOT ARCH BRIDGE SPANS BRIDGE THREE MAINLINE RAILROAD TRACKS, CONNECTING RAMPS AND CONNECT- adjacent to Jordan River parkway ING ASPHALT TRAIL SECTIONS. THE RAMP AND BRIDGE WAS THE FINAL STAGE OF THE JORDAN RIVER TRAIL WHICH HAD BEEN PLANNED SINCE Flowing north from Utah Lake and emptying into The Great Salt Lake, the Jordan River is about 51 miles long. The Mark THE 1970’S. Steel Property has approximately 1,000 feet of Jordan River frontage. Along the east side of the river, residents of the PARKWAY TRAIL PARKWAY city can be found enjoying the Jordan River Parkway, a 40 mile, urban pedestrian and bicycle trail, and its many natural areas, botanical gardens, golf courses and water trails. The Jordan River Parkway Trail connects to the Legacy Parkway Trail and the Murdock Canal Trail providing 100 miles of continuous off-street, paved trail, making it one of the longest MARK of its kind in the United States. STEEL PROPERTY JORDAN RIVER

FISHER MANSION FISHER MANSION Built in 1893 for Albert Fisher, a German Brewer and his family, who founded the A. Fisher Brewing Co., the Fisher Mansion remains a historical site and community center in SLC.

UTAH STATE FAIRPARK

TA O BELL NORTH TEMPLE TRAX TRAX THE GATEWAY TEMPLE POWER FAIRPARK everybody’s downtown STATION STATION SQUARE 12 MIN WALK

SOUTH TEMPLE JORDAN RIVER VIVANT PARKWAY ARENA BRIDGE GameStop

STEVE Bath & Body Works JORDAN MADDEN RIVER SITE PARKWAY TRAIL 1000 WEST 1000

CHRISTOPHER’S Seafood & S teak House STATE STREET STATE 300 WEST 300

THE DEPOT PIONEER PARK TRAX GREEN LINE TRAX BLUE LINE 400 SOUTH TRAX RED LINE UTA FRONTRUNNER local amenities LIBRARY SQUARE market overview market overview mark steel property

The state of Utah has a total population of 3,114,000, with TOTAL POPULATION GROWTH IS ESTIMATED over 2,400,000 - almost at 80% of the population located AT AN AVERAGE OF 55,553 PER YEAR in the greater Salt Lake Metro. Utah continually has one of FOR THE NEXT 50 YEARS the fastest growth rates in the U.S. In 2016, Utah had the (KEM C. GARDNER POLICY INSTITUTE) nation’s highest population growth at 2%. (U.S. Census Bu- reau) 7,000 ESTABLISHED TECH-FOCUSED COMPANIES WITH A WORKFORCE OF Utah’s population growth is attributed by its natural increase ±65,000 PEOPLE rate of 11.4 per 1,000 people-the highest in the nation-as (EDCUTAH, OCT. 2017) well as significant migration to the state. As of July 2017, Utah grew by 59,045 people over the prior 12 months. #1 CITY POISED TO BECOME Growth is projected to continue, with an expected annual TOMORROW’S TECH MECCA population increase of 55,000 per year. (Kem C. Gardner Pol- (FORBES, MAR. 2017) icy Institute, 2017) 200,000+ HIGHER EDUCATION STUDENTS The Salt Lake metro area provides an incredible lifestyle WITH 35,000 GRADUATES PER YEAR destination. The Salt Lake Metro has continually been one SEEKING EMPLOYMENT AND HOUSING of the leading metros in the U.S. for economic, employment and population growth, and economic studies project con- EVERY MAJOR INDUSTRIAL SECTOR tinued growth long into the future. EXPANDED IN 2017

Many of the largest employers in the U.S. are locating to MEDIAN AGE IS 30.6 Utah to take advantage of the low costs, highly educated (YOUNGEST IN THE U.S.) employment base, ease of air travel and a lifestyle that al- lows them to recruit out-of-state employees. high growth multifamily market mark steel property

The Salt Lake Metro, is a top Western U.S. Market due to its consistently strong population and economic growth. National and international investors are desirous to invest in Salt Lake as they turn to growth markets for higher returns. Salt Lake has seen a continued increase of out-of-state and cross-border capital. Sales volume crested over $1 billion for total mulifamily sales in 2017 and topped the $2 billion threshold for all property types for the first time in Utah’s history. Salt market overview Lake is expected to see continued record-breraking interest from investors and developers alike.

POISED FOR GROWTH

2018 POPULATION GROWTH 2.1% #1 CITY WHERE YOUNG #2 STATE THAT WILL BOOM FASTEST GROWING POPULATION IN PEOPLE WANT TO BE OVER THE NEXT 5 YEARS THE U.S. 2016-2017 AT 2% (REALTOR.COM, APR. 2017) (FORBES, 2016) (KEM C. GARDNER POLICY INSTITUTE) SALT LAKE METRO COMMERCIAL MARKET SNAPSHOT salt lake market statistics 50,352,770 SF OFFICE BASE | 1,660,345 SF UNDER CONSTRUCTION 207,990,124 SF INDUSTRIAL BASE | 5,000,744 SF UNDER CONSTRUCTION 91,647,220 SF RETAIL BASE | 829,052 SF UNDER CONSTRUCTION

SALT LAKE COUNTY MULTIFAMILY STATS

3.9% VACANCY $1,133 AVG. RENT 5.1% RENT GROWTH YOY 85,229 UNITS

SALT LAKE COUNTY MULTIFAMILY UNDER CONSTRUCTION STATS

7,108 UNITS UNDER CONSTRUCTION 49 PROPERTIES UNDER CONSTRUCTION 2,032 UNITS DELIVERED OF THOSE UNDER CONSTRUCTION 68% OCCUPANCY OF UNITS DELIVERED 644 NUMBER OF UNITS DELIVERED YET TO BE ABSORBED 211 AVG. MON ABSORPTION OF NEW UNITS OVER LAST 12 MONTHS

Salt Lake 600 NORTH

International

Airport

PROJECT ICEHOUSE

new multifamily development J

o OPEN APTS rd an Riv er WEST 4TH WEST STATION & Jorda APTS APTS n R iv er Pa 644 CITY rk HARDWARE w STATION APTS NORTH ay APTS TEMPLE SKYHOUSE FLATS APTS BRIDGES AT NORTH TEMPLE CITIFRONT APTS

LIBERTY BODHI THE MERIDIAN APTS GATEWAY APTS GATEWAY APTS RD REDWOOD ALTA PAPERBOX GATEWAY LOFTS BLOCK 67

SITE WEST 1000 APTS PARAGON WEST STATION MILAGRO CENTRAL GATEWAY LOFTS APTS BUSINESS STREET STATE PIERPONT DISTRICT APTS DOWNTOWN BROADWAY 360 APTS PARK LOFTS 400 SOUTH

RECENTLY COMPLETED UNDER CONSTRUCTION PLANNED 500 SOUTH 300 WEST 300 Pro-Business State Highest for 43rd Consecutive Year GDP Growth #1 (Polina and AEDI, 2015) #3 (WalletHub) State Economic Best States Outlook Rankings for Business 2017 (ALEC, 2017) (Forbes, 2017)

State for Best Cities Business for Young Professionals (Wall Street, 2016) (Forbes, 2017)

ACSM America’s Best States American Fitness Fastest Growing Cities why utah? #7 (McKinsey & Company) #9 Index 2017 #10 (Forbes, 2017) Best Places to Live Best States for World-Class Ski Resorts (U.S. News & World Report Business & Careers • Alta • Park City #10 / Outside Magazine) #14 (Forbes, 2017) 14 • Snowbird • Deer Valley Utah is a national leader in job growth, unemployment, low cost of doing business, and talented labor. Utah regularly tops Rocky Mountain Power rates Located in Equal Distances rankings for best states for business, careers, living, health, 6.08 among nation’s lowest from all Major (Edison Electric Institute, 2016) Western Markets and quality of life. Utah boasts the most diverse economy in ¢/KWH the nation, while also providing expertise in areas such as Medical Device Manufacturing, Outdoor Products Manufac- Within 2.5 Hour Flight Ranked One of the of More than Half of Most “Outdoorsy” turing, Aerospace, Information Technology, and more. the U.S. Population States in the U.S.

Provo & SLC - Best U.S. Cities Top Mountain Bike to Live in if you like Destinations North America the outdoors (Singletracks, Nat’l Geographic) WASATCH FRONT UTAH?

THE WASATCH FRONT IS THE NAME GIVEN TO THE MAIN BUSINESS AND RESIDENTIAL AREA OF UTAH. THIS WHY SMALL AREA CONTAINS 77% OF UTAH’S POPULATION, CREATING A DENSELY POPULATED ‘CITY’ ROUGHLY THE SIZE OF OTHER LARGE CITIES SUCH AS THE GREATER SACRAMENTO, CA, CHARLOTTE, NC, OR PITTSBURGH, PA. TITLECITY,STATE

INTERSTATE INTERSTATE 1515

INTERSTATE INTERSTATE 215215 BECK ST AIRPORT/SLC International UTAH #1 FOR GROWTH INTERNATIONAL CENTER SALT LAKE CITY employment districts 1000 N (USA TODAY, JAN. 2018) 56,828 JOBS SALT LAKE CITY 600 N 11TH11TH AVE AVE SALT LAKE COUNTY JOB GROWTH RANKED NO. 3 AMONG NATIONS LARGE COUNTIES INTERSTATE INTERSTATE E SOUTH TEMPLE The Mark Steel Property is strategically located with close proximity to 80 (U.S. CENSUS, APR. 2016) DOWNTOWN the Downtown CBD, West Valley/Lake Park District, and Airport/Interna- Mark steel property CBD E 500 SUNIVERSITY OF UTAH tional Center District. The Downtown CBD and West Valley/Lake Park RESEARCH PARK 3.4% JOB GROWTH VS. 1.6% NATIONALLY E 800 S373,953 JOBS 27,578 JOBS District provide the highest concentration of jobs in the Salt Lake Valley. [43,500 NEW JOBS IN 2017] FOOTHILL DR

REDWOOD RD

Residents of the Mark Steel Property will spend less time commuting to S 1300 E (KEM C. GARDNER POLICY, AS OF MAY 2018) CALIFORNIA AVE S 700 E jobs Downtown and enjoy convenient roadway access to jobs anywhere SUGARHOUSE in the valley. ANNUAL EMPLOYMENT GROWTH RATE OF 3.1% WEST VALLEY/ 900 W SUGAR HOUSE FOOTHILL LAKE PARK CORRIDOR 201 201201 SUGAR HOUSE 357,367 JOBS INTERSTATE INTERSTATE 20,522 JOBS

market overview 38,387 JOBS 5% WAGE GROWTH IN 2017 80 SOUTHSOUTH EAST SALTSALT LAKE LAKE S 900 E EASTMILLCREEK MILLCREEK

5600 W 5600 E 3300 S WEST VALLEY W 3500 S INTERCHANGE CITY WEST VALLEY CITY 34,443 JOBS CENTRAL

4800 W 4800 W 4100 S

INTERSTATE INTERSTATE VALLEY EAST INTERSTATE INTERSTATE CENTRAL VALLEY 215 1515 E 4500 S 355,277 JOBS

160,448 JOBS HWY BANGERTER

© 2014 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, StreetPro, Microsoft Bing. MapFiles\Work2014\1stQtr\298601.wor 1/17/2014

TO SALT LAKE AIRPORT: 10 MIN (5.1 MILES) TO I-80: 2 MIN (1 MILE) TO I-15: 4 MIN (1.5 MILES) T0 I-215: 5 MIN (2 MILES)

DRIVE TIMES DRIVE TO MAIN STREET, DOWNTOWN: 6 MIN (2.2 MILES) TO SUGARHOUSE: 10 MIN (7.4 MILES) AVERAGE COMMUTE TIME: 22.2 MINUTES property located 5 miles from expanding international airport airport redevelopment DENVER 1 hour 30 minutes CHICAGO SEATTLE 3 hours 30 minutes NH ME 2 hours WA VT Arriving in 2020, the first phase of the new terminal complex will open with a new parking MT ND garage, terminal building and west portions of the north and south concourses. The new MN building will incorporate sustainable design, aiming for LEED Gold certification from the OR NY MA U.S. Green Building Council. Designers seek to generate as much power as it uses with ID SD WI RIR NEW YORK CITY the “Roadmap to Net Zero”. Salt Lake International Airport serves more than 24 million MI CT WY 5 hours 15 minutes passengers a year and is now a hub airport as Salt Lake City is an ideal starting point for PA NJ IA many destinations. mark steel property DE NV NE OH SAN FRANCISCO IL MD IN WV WASHINGTON D.C. 1 hour 45 minutes VA CA 4 hours 40 minutes UT CO KS MO KY NC CHARLOTTE OK TN 4 hours 20 minutes LOS ANGELES SC 1 hour 45 minutes AR market overview AZ NM GA ATLANTA AL 4 hours SAN DIEGO MS 1 hour 50 minutes LA PHOENIX TX ORLANDO 1 hour 30 minutes 4 hours 30 minutes FL AK NASHVILLE 3 hours 45 minutes HI DALLAS 2 hours 45 minutes $3.6 BILLION REDEVELOPMENT OF THE SALT LAKE INTERNATIONAL AIRPORT mark steel property

PATRICK JUHLIN PATRICK BODNAR BRUCE ZOLLINGER ELI MILLS VICE PRESIDENT SENIOR ASSOCIATE VICE PRESIDENT SENIOR VICE PRESIDENT LAND SERVICES GROUP CAPITAL MARKETS INVESTMENTS LAND SERVICES GROUP CAPITAL MARKETS INVESTMENTS 801 869 8005 801 869 8053 801 869 8040 801 869 8029 [email protected] [email protected] [email protected] [email protected]

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Confidentiality Agreement

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

Disclaimer

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.