Summit Oaks Office 1S450 Summit Ave., Oakbrook Terrace, IL 60181

Investment Offering Memorandum

Private Investment Offering for Sale: Inspection by Appointment Only Please do not disturb Tenants

Exclusively offered by ForeFront Properties LLC

Confidentiality Agreement Summit Oaks Office Oakbrook Terrace, IL

The information contained in the following Offering Memorandum (“OM”) is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from ForeFront Properties LLC (the “Sales Agent”) and should not be made available to any other person or entity without the written consent of the Sales Agent. This Offering Memorandum has been prepared to provide summary, preliminary information to prospective investors and to establish only a preliminary level of interest in the subject project. The information contained herein is not a substitute for a thorough due diligence investigation. The Sales Agent or Seller (“Summit Oaks Venture LLC”) does not make any warranty or representation with respect to the accuracies or the completeness of the income, cost, schedule, expenses and risks of the subject project. All potential investors must take appropriate measures to verify all of the information set forth herein. In full disclosure and in accordance with Illinois Law it is also noted that members of ForeFront Properties LLC (“Sales Agent”) have interest in Summit Oaks Venture LLC (“Seller”).

PLEASE NOTE: THIS OFFERING MEMORANDUM PROVIDES A SUMMARY OUTLINE ABOUT A POSSIBLE INVESTMENT OPPORTUNITY. FOR GENERAL INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE AND LISTING MAY BE WITHDRAWN WITHOUT NOTICE

Property Summary Summit Oaks Office Oakbrook Terrace, IL

• Property – Location

The property is a 91,844 rentable square foot all-masonry three-story multi-tenant office facility. The property is in DuPage County providing a significant real estate tax advantage to Cook County alternatives. The location is strategically located with nearby access to Route 83 (Kingery) and the East- West Tollway 88 . These access points provide efficient access to Interstate 355, Interstate 294, Interstate 90, O’Hare International! Airport, and Downtown Chicago. The immediate area provides all the amenities an office center would benefit from including abundant restaurants, hotels and shopping including Oakbrook Center Mall (see next page).

Metra Buffalo Grove Train Station

Property Summary Summit Oaks Office Oakbrook Terrace, IL

• Property - Overview Map

Summi t Oaks Aerial Convenient access to I-88 and just west of the Oakbrook Center Mall

Summit Oaks Oakbrook Center Mall

22nd Street

I-88 Tollway

O March 07, 2016 a

Property Summary Summit Oaks Office Oakbrook Terrace, IL

• Property - Repositioned

The building was built in 1982 with a major transformation from 2017-2020. This was achieved with the aid of new ownership and a substantial equity infusion coupled with a hands-on approach (Leasing and Management on site with full time on site maintenance). The end result is the property has been uniquely repositioned to compete with Class A properties at Class B pricing. There were two larger tenants with spaces over 20,000 sq. ft. prior to 2016 and current ownership implemented a two-step strategy to benefit the building long term. First step was to demise the larger spaces to be in line with the Oakbrook marketplace core demand of 1,000 – 10,000 square foot users. Secondly the tenant finishes were outdated and were substantially modernized in several of the units with LED lighting, herculite glass entries/conference rooms, modern ceiling tiles, and upgraded kitchens with high end cabinets and countertops. Hard surface flooring in many instances were upgraded as well with LVT and ceramic tile. The outcome has been positive evidenced with occupancy going from 38% to 90% during this three-year program and activity remains brisk for the remaining spaces. Furthermore; the overall building has benefitted from an HVAC upgrade with two (2) new eighty-ton cooling units including remote access HVAC control software, along with upgrading the corridor walls and flooring, new digital tenant directory, and improving the common lunch/vending room and conference room with modern touches. The cumulative upgrades have created the ultimate benefit being both more ascetically pleasing but also a more energy efficient building being awarded with a 2019 Energy Star Certificate since 2017.

Perhaps most importantly by default the building has been proactively adapted to be well positioned with the post Covid-19 era of office demand. That demand will likely be in strong submarkets with access to both the airports and city yet smaller and mid-size office footprints with efficiency conscious private areas that allow for separation as needed, smaller banks of open areas, and private break areas. Summit’s core consists of all this in sizes bulkily from 1,000 – 5,000 sq. ft. There are three units above this size but only one unit representing more than 10% of the building at 12,683 sq. ft. space and is under lease for another five years. The appetite will likely fade from users seeking to pay a premium for amenities such as workout areas, dense cafes and oversized lobbies that while aesthetically attractive will be less utilized and the excessive loss-factor will be a greater component to evaluating such properties. Summit Oaks on the contrary offers a low loss-factor; low flow common areas (not due to vacancy rather minimizing uses that focus on large bullpens) while focusing on providing a positive work environment for professional conscious companies. All of this plus the key to most targeted areas to have close access to both abundant area amenities and nearby non-congested access to highway systems. Summit Oaks is aligned with this vision affording a new owner to benefit from the demising and upgrading of the building that has already recently taken place plus an irreplaceable location.

The following page provides a sample of photos of some of the components noted above.

Private Break Area (Make Corp)

Waiting/Reception Area (Holy & Schultz)

Sample of Glass entries from hallway

Property Summary Summit Oaks Office Oakbrook Terrace, IL

• Property - Land Site / Parking / Walk to Amenities

The land site is 4.7 acres and possesses 347 parking stalls (a 3.8 parking ratio per thousand square feet of rentable building). The existing parking readily accommodates the current need of the building based on the tenancy mix in place with excess for future final lease up. Current ownership acquired separately the 2.3 acres immediately north of Summit Oaks allowing for up to 7 acres. The site is being held as a potential future build to suit and/or land-bank if any additional parking was needed at Summit Oaks if the office demand was more call center or medical based which did not end up as the need. This site may be purchased with or without the Summit Oaks Office building. The traffic count on Summit Oaks is 17,400 and offers several walk-to amenities such as newly opened Stan’s Donuts & Coffee, Frankie’s Deli (opened July 2019), Chase Bank, Wendy’s, McDonalds, and other local food and service options plus all that Oakbrook has to offer.

FOR!SALE!OR!!!! ! !!1!S!410!Summit!Ave.!!!!!!!!!!!!!!!!!!!!!!!!!! LAND!LEASE! !! Oakbrook!Terrace,!ILLINOIS!

1.0!–!2.3!ACRES!!!! F!!Easy!Access!to!IF88! F!!Ideal!location!within! minutes!to!Oakbrook!!

Center,!!strong!

demographics!and!large! ! ) daytime!population.! F!DUPAGE!COUNTY! F!17,400!Traffic!Count! Sale:!$800,000/Acre!!! !Divisible!Site!1!–!2.3!Acres! Lease:!As!Quoted!!!!!!! !

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Lincolnshire,!IL!60069! !

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Submarket Strength Summit Oaks Office Oakbrook Terrace, IL

• Oakbrook Terrace Office Submarket Strength

The Oakbrook Terrace Office submarket of approximately 4.5M square feet is approximately 12% vacant and has historically been the most highly sought after Chicago suburban office market for all that it has to offer in terms of location, quality, and access to central highways that access the key components such as the City of Chicago and both airports (O’Hare and Midway). It has also benefitted from being in Dupage County where is approximately half the real estate tax liability than the neighboring Cook County office alternatives. The average rents as shown by the table below have steadily increased the past three (3) years from about $19.27/fs to about $28.72/fs. The current average rent in place at Summit Oaks is $19.49 / fs. Several of the leases were negotiated in the early stages of this cycle when rents were primarily in the $19s with many of the leases providing for an annual $.50 increase. These increases will allow increases in the NOI yet not surpass the current market rents. This allows either upside over time to market rents or alternatively mitigate downside risk given the building rents were locked in the lower range of the market.

All the above / below has been extracted from CoStar analytical reporting and subject to verification.

Aggregate Historical Vacancy Report

Summary totals for existing properties

SF Vacant % Vacant SF Vacant Available % Vacant Available Average Rate Period Properties RBA Direct Sublet Total Direct Sublet Total Direct Sublet Total Direct Sublet Total Direct Sublet Total Current 51 4,559,924 548,371 45,417 593,788 12.0% 1.0% 13.0% 545,415 45,417 590,832 12.0% 1.0% 13.0% $29.20/fs $21.84/fs $28.72/fs 2020 1Q 51 4,559,924 525,778 68,634 594,412 11.5% 1.5% 13.0% 481,202 47,132 528,334 10.6% 1.0% 11.6% $27.40/fs $21.75/fs $27.25/fs 2019 4Q 51 4,559,924 526,616 100,891 627,507 11.5% 2.2% 13.8% 526,616 100,891 627,507 11.5% 2.2% 13.8% $27.67/fs $21.08/fs $27.50/fs 2019 3Q 51 4,559,924 515,542 50,357 565,899 11.3% 1.1% 12.4% 504,817 50,357 555,174 11.1% 1.1% 12.2% $25.57/fs $20.87/fs $25.47/fs 2019 2Q 51 4,559,924 538,180 52,044 590,224 11.8% 1.1% 12.9% 518,365 46,195 564,560 11.4% 1.0% 12.4% $24.61/fs - $24.61/fs 2019 1Q 51 4,559,924 562,997 38,931 601,928 12.3% 0.9% 13.2% 531,098 15,067 546,165 11.6% 0.3% 12.0% $24.40/fs $19.88/fs $24.16/fs 2018 4Q 51 4,559,924 563,351 70,050 633,401 12.4% 1.5% 13.9% 544,587 70,050 614,637 11.9% 1.5% 13.5% $23.62/fs $19.88/fs $23.42/fs 2018 3Q 51 4,559,924 589,279 66,456 655,735 12.9% 1.5% 14.4% 551,097 61,084 612,181 12.1% 1.3% 13.4% $22.59/fs $19.44/fs $22.40/fs 2018 2Q 51 4,559,924 615,544 61,084 676,628 13.5% 1.3% 14.8% 608,211 61,084 669,295 13.3% 1.3% 14.7% $22.45/fs $19.93/fs $22.28/fs 2018 1Q 51 4,559,924 561,943 69,509 631,452 12.3% 1.5% 13.8% 542,272 65,949 608,221 11.9% 1.4% 13.3% $21.95/fs $19.99/fs $21.80/fs 2017 4Q 51 4,559,924 663,644 50,853 714,497 14.6% 1.1% 15.7% 578,082 50,853 628,935 12.7% 1.1% 13.8% $22.10/fs $19.38/fs $21.95/fs 2017 3Q 51 4,559,924 685,957 40,197 726,154 15.0% 0.9% 15.9% 617,835 40,197 658,032 13.5% 0.9% 14.4% $19.19/fs $20.39/fs $19.27/fs

The information contained is subject to verification and no liability for errors or omissions is assumed. This information was 5/28/2020 obtained by sources believed to be reliable but no representation to accuracy is guaranteed. Copyrighted report licensed to Forefront Properties, LLC. - 61927.

Page 1

Tenant Summaries Summit Oaks Office Oakbrook Terrace, IL

There are twenty-six (26) tenants in place up from twelve (12) at acquisition in 2016. Highlighted below are the ten tenants that occupy more than 3,000 square feet. Several of the tenants below 3,000 square feet are real estate, legal, insurance, and financial professional office related.

Bishop & LaForte LTD (3,238 rentable square feet). Tenant since May 2018. Company founded / rooted from Bishop & Crawford in 1965. Multiple disciplines of law covering Cook and collar counties of Illinois. www.bishoplaforte.com/

Thomas Conveyor and Equipment Co., Inc. (3,431 rentable square feet). Tenant since July 2018. Company founded in 1976 and is focused on warehouse distribution equipment, lifts, mezzanines, and sophisticated conveyor systems. www.tceconveyors.com

Promedica Partners (3,544 rentable square feet). Tenant since December 2018 and recently relocated and expanded within the building December 2019 due to growth. Comprehensive services provider (billing, charts, insurance contracting for independent medical practices). www.promedicapartners.com

Vehicle Valuation (3,794 rentable square feet). Tenant since January 1999. Company founded in 1988 and is niched provider of valuation services aligned with insurance companies and claims related to commercial and specialty vehicles. www.vvsi.com

The Law Offices (3,826 rentable square feet). Tenant since December 2004. Group of four-attorney suite combining for full service high end experienced legal group.

Make Corporation (4,025 rentable square feet). Tenant since August 2006 and recently relocated and expanded within the building August 2019 due to growth. A recruiting company plus staffing services primarily in the finance, medical, and legal industries. www.makecor.com

Coulee Techlink (4,458 rentable square feet) subsidiary Logistics Health Inc. (“LHI”) operating in building. Tenant since March 2017. Company founded in 1999. LHI simplifies logistics of complex workforce health programs. www.logisticshealth.com

AMI Entertainment (6,020 rentable square feet). Tenant since May 2010. Founded in 1909 and has spent more than a century developing hi-tech music entertainment solutions for the bar, restaurant, and hospitality industries. www.amientertainment.com

USHealth Group (Lease with Yecina) (7,727 rentable square feet). Shawn and Agnes Yecina operating to sell USHealth Group products that include insurance for Health, Life, Specified Disease/Sickness, Accident and Disability. www.ushealthgroup.com

MSC – SM (12,683 rentable square feet). Tenant since May 2018. MoneySmart platform under Moneysmart Movement Entrepreneurship for Financial Consulting and Financial Management Training. www.moneysmartmovement.net

Pricing / Loan Assumption Summit Oaks Office Oakbrook Terrace, IL

Listing Price: $12,300,000 (rounded from below) (7.75% CAP with 10.2% vacancy, reserves, and .5% closing costs noted proactively factored) Rentable Square Feet: 91,844 Price Per Rentable SF: $133.92

2020 Gross Rent (*): $1,619,634 Less T&O @ $7.27 psf - 2020 Est. ($667,706) Less Reserves / Landlord Costs ($24,000) Less Vacancy Factor (N/A as 10..2% In-Place) $0 Add HVAC 10-yr AMT prepaid 2019 $30,000 Estimated Net Operating Income (NOI) $957,928

Pricing based on 7.75% CAP Rate: $12,360,361 Credit Back 2020 Inducement: ($49,270) Pricing Net of Absorption of Rent Abatement: $12,311,091 (round to: $12,300,000)

Loan Assumption: New Loan Assumption: 65% Loan to Value (LTV) Loan Amount: $7,995,000 Equity Difference: $4,305,000 Estimated Closing Costs (0.5% of PP): $61,500 Phase I/Legal/Lender/Closing Costs... Total Investor Equity (Estimated): $4,366,500

Hypothetical Loan Terms: Amortization Period: 25 Years Interest Rate: 4% Balloon: 5 Years Annual Debt Service (DS): $506,407

Est. YR 1 Cash Flow After Debt Service (DS) Including Abatement Credit / Vacancy Above: $451,521 Est. YR 1 Cash on Cash Return on Total Equity: 10.3% Est. YR 1 Principal Pay Down on Loan: $190,066 Total Return Including Pay Down: $641,587 Est. YR 1 Return (Cash on Cash plus Pay Down): 14.7%

(*): Gross Rent as highlighted within rent roll subject to verifications per disclaimer below

All figures are subject to verification. No liability for errors or omissions is assumed. Actual figures and/or loan terms may vary significantly and advise all prospective purchasers to consult with their respective accountant, attorney, financial advisor, or other qualified professionals that service commercial real estate analysis. Pricing and listing subject to change or be withdrawn without notice. Members of ForeFront Properties LLC have ownership interest in the subject property.

Summit Oaks Sale Comps Oakbrook Terrace & Oakbrook, IL

Comp Location Size Year Built Sale Date Sale Price Sale PSF CAP Rate % Vacancy Subject: 1S450 Summit Ave., Oakbrook Terrace 91,844 1982 TBD $ 12,300,000 $ 133.92 7.75% 10% #1 1111 W. 22nd St., Oakbrook 233,166 1984 11/30/18 $ 43,000,000 $ 184.42 7.10% 7% #2 18W140 Butterfield Rd., Oakbrook Terrace 317,525 1986 11/30/19 $ 45,000,000 $ 141.72 not published 20% #3 2021 Midwest Road, Oakbrook 55,993 1979 12/23/19 $ 5,700,000 $ 101.80 NA 60% #3 Note: High vacancy - user/investor to use 30% #4 2210 Midwest Road, Oakbrook 31,604 1972 7/30/19 $ 3,225,000 $ 102.04 NA 52% #5 1S443 Summit Ave., Oakbrook Terrace 28,806 1985 5/16/18 $ 3,430,000 $ 119.07 not published 3% #6 2 TransAm Plaza Dr., Oakbrook Terrace 117,759 1983 4/9/20 $ 14,630,000 $ 124.24 not published 13% #7 2122 York Road, Oakbrook Terrace 131,591 1978 8/14/19 $ 15,000,000 $ 113.99 NA 40% #7 Note: High vacancy and repositioning building

All buildings of similar age. All buildings within Dupage County. CAP rates not applicable on some due to high vacancy and others did not show NOI to calculate CAP. Overal submarket CAPs for office and pricing background shown on additional report. All information exported from CoStar Comparable Sale subscription and all information is subjec to verification and no liability for errors or omissions is assumed. 1 1111 W 22nd St - Oak Brook Gateway SOLD

Oak Brook, IL 60523 DuPage County

Recorded Buyer: Oak Brook Gateway, LLC Recorded Seller: BRE IL Office Owner LLC 30 Vreeland Dr 222 S Riverside Plz Skillman, NJ 08558 Chicago, IL 60606 True Buyer: Fairbridge Properties, LLC True Seller: The Blackstone Group L.P.

Map Page: Rand McNally C52 Sale Date: 11/30/2018 (16 days on mkt) Bldg Type: Class A Office Sale Price: $43,000,000 - Confirmed Year Built/Age: Built 1984 Age: 34 Price/SF: $184.42 RBA: 233,166 SF Land Area: 6.70 AC (291,852 SF) PrFrma Cap Rate: - Zoning: N Actual Cap Rate: 7.01% Sale Conditions: -

Parcel No: 06-26-200-008 Financing: $47,750,000 from Citi Real Estate Funding Inc.: due in 10 yrs; Conventional loan type Comp ID: 4594045 – Research Status: Confirmed

2 18W140 Butterfield Rd - One Lincoln Centre SOLD

Oakbrook Terrace, IL 60181 DuPage County

Recorded Buyer: Bpre Olc Holdings Recorded Seller: Bre Il Office Owner Llc 1075 W Georgia St Vancouver, BC V6E 3C9 True Buyer: Balfour Pacific True Seller: The Blackstone Group L.P.

Map Page: Rand McNally D20 Sale Date: 11/30/2019 (176 days on mkt) Bldg Type: Class A Office Sale Price: $45,000,000 - Confirmed Year Built/Age: Built 1986 Age: 33 Price/SF: $141.72 RBA: 317,525 SF Land Area: 5.26 AC (229,126 SF) PrFrma Cap Rate: - Zoning: C

Parcel No: 06-21-402-028, 06-21-402-043 Financing: $39,250,000 from VMC Lender LLC Comp ID: 4976869 – Research Status: Confirmed

3 2021 Midwest Rd - Midwest Plaza South SOLD

Oak Brook, IL 60523 DuPage County

Recorded Buyer: BBI Property Management Recorded Seller: Chesapeake Associates Limited II 2021 Midwest Rd 4141 N Benderson Rd Oak Brook, IL 60523 Arlington, VA 22203 (630) 450-3648 True Buyer: Carrier One Inc True Seller: Arthur L. Walters Co.

Map Page: Rand McNally D21 Sale Date: 12/23/2019 (559 days on mkt) Bldg Type: Class B Office Sale Price: $5,700,000 - Confirmed Year Built/Age: Built 1979 Age: 40 Price/SF: $101.80 RBA: 55,993 SF Land Area: 2.30 AC (100,188 SF) PrFrma Cap Rate: - Zoning: C

Parcel No: 06-22-303-030 Financing: Down payment of $1,387,500 (24.3%); $4,312,500 from Busey Bank Comp ID: 4991367 – Research Status: Confirmed

The information contained is subject to verification and no liability for errors or omissions is assumed. This information was obtained by sources believed to be reliable but no5/28/2020 representation to accuracy is guaranteed. Copyrighted report licensed to Forefront Properties, LLC. - 61927.

Page 1 4 2210 Midwest Rd SOLD

Oak Brook, IL 60523 DuPage County

Recorded Buyer: Dei Vitae Enterprises Recorded Seller: SSNN-2210 Midwest Rd, LLC 11600 N Community House Rd 830 E Higgins Rd Charlotte, NC 28277 Schaumburg, IL 60173 (704) 845-2382 (847) 592-3610

Recorded Buyer: Del Vitae Ents Llc Recorded Seller: Ssnn-2210 Midwest Road Llc 11600 N Community House Rd Map Page: Rand McNally D21 Charlotte, NC 28277

True Buyer: Susan L Burton True Seller: Sunil Srivastava 8029 Bristle Toe Ln 830 E Higgins Rd Charlotte, NC 28277 Schaumburg, IL 60173 (704) 543-1311 (630) 572-2500 Susan Burton

Sale Date: 07/30/2019 (91 days on mkt) Bldg Type: Class C Office Sale Price: $3,225,000 - Confirmed Year Built/Age: Built 1972 Renov 1985 Age: 47 Price/SF: $102.04 RBA: 31,604 SF

PrFrma Cap Rate: - Zoning: B-3, Oak Brook

Parcel No: 06-27-100-020 Financing: Down payment of $0 (0.0%) Comp ID: 4855546 – Research Status: Confirmed

5 1S443 Summit Ave - The Gallery Office Building SOLD

Oakbrook Terrace, IL 60181 DuPage County

Recorded Buyer: Dreamspace Oakbrook Llc Recorded Seller: 43 Building Corp 1802 Raes Creek Dr Bolingbrook, IL 60490 True Buyer: Guru Bhoopala True Seller: Chris N Chipain

Sale Date: 05/16/2018 Bldg Type: Class B OfficeMedical Sale Price: $3,430,000 Year Built/Age: Built 1985 Renov 2001 Age: 33 Price/SF: $119.07 RBA: 28,806 SF Land Area: 1.33 AC (57,935 SF) PrFrma Cap Rate: - Zoning: B

Parcel No: 06-22-108-023 Financing: $2,572,500 from Bank of Edwardsville: due in 5 yrs Comp ID: 4324543 – Research Status: Research Complete

Page 2 6 2 TransAm Plaza Dr - Two TransAm Plaza (Part of Portfolio) SOLD

Oakbrook Terrace, IL 60181 DuPage County

Recorded Buyer: 2 Transam Plaza LLC Recorded Seller: 2 Transam LLC 2200 Cabot Dr 8114 Lawndale Ave Lisle, IL 60532 Skokie, IL 60076

Recorded Buyer: 750 Warrenville Rd., LLC Recorded Seller: 750 Warrenville, LLC Map Page: Rand McNally D20 2200 Cabot Dr 8114 Lawndale Ave Lisle, IL 60532 Skokie, IL 60076

True Buyer: RE Development Solutions True Seller: American Landmark Properties 2200 Cabot Dr 8114 Lawndale Ave Lisle, IL 60532 Skokie, IL 60076 (630) 324-1200 (847) 568-0808

Sale Date: 04/09/2020 Bldg Type: Class B Office Sale Price: $14,630,000 - Full Value Year Built/Age: Built 1983 Renov 2015 Age: 37 Price/SF: $124.24 RBA: 117,759 SF

PrFrma Cap Rate: - Zoning: MU, Oakbrook Terrace Actual Cap Rate: - Sale Conditions: Bulk/Portfolio Sale

Parcel No: Financing: - Comp ID: 5107093 – Research Status: Full Value

7 2122 York Rd - Clearwater Center SOLD

Oak Brook, IL 60523 DuPage County

Recorded Buyer: 2122 York Road (Oak Brook) Recorded Seller: Lincoln Property Company Owner LLC 1110 Jorie Blvd 181 W Madison St Oak Brook, IL 60523 Chicago, IL 60602 (630) 954-7000 True Buyer: Murphy Development Group True Seller: Foxford Communities , LLC

Map Page: Rand McNally D21

Sale Date: 08/14/2019 Bldg Type: Class B Office Sale Price: $15,000,000 - Confirmed Year Built/Age: Built 1978 Renov 1994 Age: 41 Price/SF: $113.99 RBA: 131,591 SF Land Area: 4.13 AC (179,903 SF) PrFrma Cap Rate: - Zoning: C

Parcel No: 06-24-308-015 Financing: $21,030,000 from Wintrust Bank; Construction loan type Comp ID: 4864647 – Research Status: Confirmed

Page 3 Sale Comps Analytics

CAP RATE SALE PRICE/SF AVERAGE SALE PRICE SALES VOLUME SALE VS ASKING PRICE AVERAGE SF MONTHS TO SALE 7.3% $179 $21.5M $345M -18.9% 58.2K 14.2

Key Metrics

Sales Volume Survey Lowest Highest Sales Price Survey Lowest Highest

Transactions 63 - - Cap Rate 7.3% 7.0% 7.7%

Sales Volume $345M $3.1M $129M Sale Price/SF $179 $102 $471

Properties Sold 55 - - Average Sale Price $21.5M $3.1M $129M

Sold SF 3.7M 1.3K 584K Sale vs Asking Price -18.9% -24.0% -7.9%

Average SF 58.2K 1.3K 584K % Leased at Sale 75.2% 0% 100.0%

For Sale Survey Lowest Highest

Listings ---

For Sale SF ---

List Price/SF ---

Cap Rate ---

Average SF ---

Key Performance Indicators

1 Year Ago Current Typical Range Extreme Range 10 Years Average (2010 - 2020) Vacancy Rate 18.48% 20.42%

13.89% 17.33% 20.77% 9.82% 24.23%

12 Month Net Absorption SF (335,442) (85,133)

(213,895) (19,471) 174,974 (516,349) 253,674

12 Mo Net Delivered SF 0

75,064 0

Annual Rent Growth 2.7% 4.6%

-1.5% 1.3% 4.1% -6.8% 6.3%

Market Rent Per SF $25.21 $25.80

$21.18 $22.70 $24.22 $20.95 $25.80

Market Sale Price Per SF $156

$137 $148 $159 $115 $159

Market Cap Rate 7.62% 7.75%

7.05% 7.42% 7.79% 7.00% 8.58%

12 Month Sales Volume $86.8M $257M

$33.1M $128M $223M $0 $257M