401 Vonderburg Dr 6,300 SF Office Building

Underwriting Report 401 Vonderburg Dr 6,300 SF Office Building

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Anne Nymark ANNE NYMARK PA Table Of Contents

SUBJECT PROPERTY

Property Details 2

MARKET SUMMARY

East Tampa Submarket Summary 5

Tampa Market Summary 6 Tampa Economic Summary 7

PEER PROPERTIES

Peer Properties Summary 11 Peer Property Photos 13 Peer Property Comparison 15 Peer Property Details 19

LEASING ANALYTICS

Vacancy Analytics 26 Rent Analytics 32 Absorption Analytics 34 Leasing Analytics 35

LEASE COMPS

Lease Comps Summary 38 Lease Comps Details 40

CONSTRUCTION

Overall Construction Summary 49 Tampa Construction 50

East Tampa Construction 51 Construction Activity 55

Under Construction Summary 60 Under Construction Details 63 Completed Construction Past 12 Months 74 Deliveries Past 12 Months Details 76

SALE COMPS

Investment Trends 79 Sale Comps Detail 83 Sales Volume 91

Sales Pricing 92

Cap Rates 94

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Top Buyers & Sellers 95

DEMOGRAPHICS

Overview 98

APPENDIX

Historical Leasing Data 100 Historical Construction Data 102

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401 Vonderburg Dr Brandon, FL 33511 - East Tampa Submarket

PROPERTY LOCATION Type: Class C Office Walk Score®: Somewhat Walkable (59) Yr Blt/Renov: 1984 Transit Score®: Some Transit (29) Property Size: 6,300 SF Stories: 1 Typical Floor: 6,300 SF EXPENSES PER SF Parking Spaces: 3.17/1,000 SF Taxes: $1.57/SF (2018)

VACANCY OWNER Current: 0.0% George & Mary Dermarkar MD Last Quarter: 0.0% Purchased 1/30/2004 Year Ago: 0.0% Price $485,000; $76.98/SF Peers: 14.5% Submarket 1-3 Star: 9.0%

GROSS ASKING RENT PER SF 12 MO. LEASING SF ACTIVITY Current: - Subject Property: 0 Last Quarter: - Peers Total: 10,931 Year Ago: - Peers Avg: 910 Peers: $16.75 Submarket Total: 637,477 Submarket 1-3 Star: $21.58 Submarket Avg: 736

AVAILABLE SPACES

Currently No Available Spaces KEY TENANTS

Tenant Industry Floor SF # Emps Move Date Exp Date Florida Hematology & Oncology Medical 1st 1,200 8 Jul 2016 - George & Mary Dermarkar MD - 1st 500 - Apr 2005 - CoStar Research Moving Out Moving In My Data Shared Data

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TRUE OWNER

George & Mary Dermarkar MD 401 Vonderburg Dr Brandon, FL 33511 (813) 684-2339

RECORDED OWNER

George & Mary Dermarkar MD 401 Vonderburg Dr Brandon, FL 33511 (813) 684-2339

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Anne Nymark ANNE NYMARK PA East Tampa Submarket Summary East Tampa Office

East Tampa is fundamentally sound, with a vacancy rate submarket. well below the 20-year average. The tight vacancies Other than periodic build-to-suit deliveries, primarily in have allowed elevated annual rent growth over recent the medical office or back-end financial sectors, East quarters, among the best of Tampa submarkets. Tampa has seen very little recent construction. In early 2019, USAA completed Crosstown Phase Two, a Demand stems from the heavy concentration of financial 240,000-square-foot building that will house their firms. Top tenants include a mix of headquarters for local expanding campus. banking institutions and major regional operations for national financial services. As a result, the submarket Investment activity has reached a record high in 2019, has a higher share of 4 & 5 Star inventory (over 30%) thanks to one massive transaction, when the portfolio than the metro-wide average of 25%. including both Crosstown Center One and Two closed for $199 million. This trade alone outperformed any other The inventory is among the oldest in the metro, which year in East Tampa's history for total sales volume. contributes to East Tampa's struggles attracting desirable Pricing appears near peak value for the cycle, as cap tenants. The bulk of the higher-grade product can be rates have been relatively flat for the past four years. found along I-75, which effectively bisects the

NET ABSORPTION, NET DELIVERIES & VACANCY

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Tampa’s office market is fundamentally sound and one of the lowest construction metros in the nation this effectively in equilibrium. After the average vacancy rate cycle by percent inventory added. Though the recession reached the lowest mark ever recorded last year, it has is nearly a decade in the rearview mirror, local only gently risen over recent quarters due to a handful of developers maintain long memories after being one of large tenant move-outs. Additionally, annual rent gains the hardest-hit metros in the nation. are among the best in the nation. However, the metro is on the cusp of a significant wave The tenant base is strong and dominated by financial of office construction in 2019, including numerous large services, with a heavy concentration of office-using speculative projects that could add millions of square feet employment in back-office operations and business in upcoming years. Among the expected services firms. Lately, office demand has increasingly groundbreakings later this year are 1001 Water Street favored financial services, even by Tampa's historical and Midtown Tampa. Heights Union, a 300,000 SF office trends. Over the last twelve months, well over 90% of mid-rise project spread across two buildings, recently office-using employment has consisted of financial broke ground and subsequently signed co-working giant activity job growth. Tampa also benefits from some of the WeWork to a 50,000 SF lease. WeWork has been active nation's best population growth and below-average in the Tampa area and also expects to occupy 60,000 business costs, which further stabilizes office demand. SF in a downtown tower, including naming rights for the building to WeWork Place. Record low vacancies have allowed landlords to push rates somewhat aggressively over recent quarters. Following a relative investment boom period, sales Asking rents remain comfortably above prerecession volume has begun to cool. After mildly slowing by about peaks in 2019, a benchmark they've exceeded now for 5% in 2018, sales have further cooled this year and are the past two years. on pace for the lowest total in over five years. While pricing is still increasing and caps generally compressing, Despite the positive indicators, developers have both are also showing signs of flattening. remained wary of the Tampa market, which has been

NET ABSORPTION, NET DELIVERIES & VACANCY

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Tampa’s overall economy is booming, with both job and Tourism is a large economic driver of Tampa's economy. population growth rates exceeding the national average. Tourism activity has ramped up with four consecutive full The average working age population growth over the last years of positive growth, something not seen since the two years has been roughly three times the national late 1990s. In the most recently-released calendar year average. With a relatively flat natural population growth figures, a record 22.6 million people visited Tampa and rate over recent years, Tampa has become increasingly the Hillsborough County area, according to Visit Tampa reliant upon in-migration to fuel the robust economy. In Bay. Taxable hotel revenue has also been pouring in, fact, since 2013, 99.7% of all new household formation with recent record-setting bed taxes qualifying has come from in-migration. New residents are drawn to Hillsborough County to join neighboring Pinellas County Tampa's robust employment opportunities, relatively as one of only nine high-impact tourism counties in the affordable housing, climate, and overall comparatively state of Florida. Perhaps even more impressive was how lower cost of living than in typically-sized metros. Hillsborough achieved this status, as the other eight counties include direct beach access or are home to In addition to a strong domestic migration, international theme parks such as Disney World or Universal Studios. migration has become an increasingly significant contributor to migration trends and now accounts for Part of the increase in tourism can be attributed to the 30%. While a boon to new household formation, the high city's expanding presence housing major sporting events, level of international migration does place an increasing such as the 2017 College Football Playoff National level of risk exposure on Tampa to policy changes or Championship. The majority of the week-long festivities macroeconomic events that might stem the flow of centered on the Tampa Riverwalk, which has been a immigrant workers. Though the population has been hotbed of development - many cranes building luxury growing rapidly in Tampa for decades, the metro has residential towers dotted the skyline throughout the struggled historically to bring in the prime renting cohort televised broadcasts. Other examples of Tampa's of 20 - 34 year olds. However, that is changing in recent increased sports visibility include hosting the 2018 NHL years as this segment has grown at roughly twice the All-Star Game, WrestleMania 36 in 2020, and the move national average. With Tampa's continued push to of Super Bowl LV to Tampa in 2021. become a more urban, walkable metro, the market should continue to get younger and compete more Corporate relocations and expansions are common in favorably with other popular millennial migration Tampa, such as Fortune 500 firm Mosaic's recent destinations. announcement they were relocating their corporate headquarters to Tampa from Plymouth, Minnesota. Tampa's economy is historically driven by the office- Though the recent job gains are net positive, there have using employment aggregate, primarily in financial been some large job cuts announced, such as T. Rowe activities and professional and business services, as well Price Group closing their Tampa operations center and as significant employment nodes in leisure and relocating or eliminating 400 employees and Syniverse hospitality, retail trade, and education and health laying off roughly 300 employees. services. Over the last two years, much of the job growth has centered on financial activities, construction, and Port Tampa Bay, the state's largest by both tonnage and leisure and hospitality. Although Tampa has a well- land, is critical to not just the Tampa economy but that of earned reputation as home to a significant concentration all Central Florida. In addition to the thriving cargo of financial back-end operations and call centers, the shipping industry, the port is a significant source of majority of recent financial activities job creation has cruise departures with nearly one million passengers been focused on traditionally high-wage jobs. each year. Port Tampa Bay has also benefited from new cruise lines to Cuba, which played a large role in the Much of the recent construction jobs stem from Tampa's port's record-setting operating revenue in fiscal year current heavy multifamily build period, the largest supply 2017. Port Tampa Bay has also approved a $55 million wave the metro has seen since the 1980s. Although plan to make room for larger ships in the channel by construction has been booming in Tampa for the last four widening it from 200 feet to 250 feet and increasing the years, there could be room for additional growth with a depth from 34 feet to 43 feet. A significant portion of the robust proposed pipeline in the office, industrial, funding will be provided by the FDOT and the U.S. Army residential condo, and hospitality sectors. Corps of Engineers. The project is expected to be completed over the next year.

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The Tampa metropolitan area is home to two key employment sectors in the overall job market. TIA is international airports, both growing at record paces. also in the midst of the $2 billion Gateway Tampa International Airport (TIA) served a record 21 redevelopment project, which in addition to expanding million passengers in fiscal year 2018. This strong the terminal will also add hotels, office and retail space to growth has also helped both consumer-driven retail and the market. The St. Pete-Clearwater airport also leisure and hospitality maintain their status as two of the established a record-high passenger count in 2018 with over 2.2 million travelers passing through.

TAMPA EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 69 0.6 1.99% 1.20% 1.30% 1.01% -0.40% -0.03% Trade, Transportation and Utilities 249 1.0 -0.11% 0.95% 1.78% 1.23% 0.43% 0.44% Retail Trade 164 1.1 -0.70% 0.04% 1.86% 0.90% 0.55% 0.36% Financial Activities 124 1.6 4.46% 0.90% 2.81% 1.06% 0.42% 0.33% Government 154 0.7 -0.13% 0.47% 0.02% 0.03% 0.84% 0.75% Natural Resources, Mining and Construction 82 1.1 2.95% 2.79% 3.23% 2.40% 0.51% 0.18% Education and Health Services 215 1.0 1.18% 2.05% 2.14% 2.11% 0.30% 0.54% Professional and Business Services 252 1.3 2.76% 2.20% 3.97% 2.71% 1.16% 0.94% Information 26 1.0 1.39% -0.72% -0.68% 0.12% 0.75% 0.56% Leisure and Hospitality 164 1.1 1.48% 2.47% 2.99% 2.54% 0.72% 0.57% Other Services 48 0.9 1.15% 1.30% 1.14% 1.01% 0.39% 0.27% Total Employment 1,381 1.0 1.55% 1.49% 2.18% 1.51% 0.59% 0.52% Source: Oxford Economics LQ = Location Quotient

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YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level Current Change 10-Year Change Forecast Change (5 Yrs)

Demographic Category Metro U.S. Metro U.S. Metro U.S. Metro U.S. Population 3,188,822 329,491,594 1.4% 0.7% 1.4% 0.7% 1.3% 0.7% Households 1,244,380 121,317,016 1.3% 0.5% 1.2% 0.6% 1.2% 0.6% Median Household Income $54,873 $63,986 3.0% 3.3% 2.1% 2.3% 3.8% 4.3% Labor Force 1,548,712 163,614,672 0.9% 1.0% 1.8% 0.6% 0.7% 0.5% Unemployment 3.1% 3.6% -0.2% -0.2% -0.8% -0.6% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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Anne Nymark ANNE NYMARK PA Peer Properties Summary 401 Vonderburg Dr

No. Peers Gross Direct Asking Rent Availability Rate Vacancy Rate 12 $16.75 24.8% 14.5%

PEER LOCATIONS

PEER SUMMARY STATISTICS

Property Attributes Low Average Median High Building SF 2,020 16,935 10,595 60,116

Year Built 1982 1985 1985 1991

Stories 1 1 2 3

Typical Floor SF 2,020 9,332 6,231 30,058

Vacancy Rate 7.9% 14.5% 15.2% 99.3%

Availability Rate 8.7% 24.8% 28.7% 100%

Star Rating 2.4

Available Space Attributes Low Average Median High Space SF 1,115 4,206 2,812 10,923

Gross Direct Asking Rent Per SF $14.00 $16.75 $16.49 $24.79

Months On Market 1.1 10.9 6.0 36.3

Floor Number 1 1 1 3

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Property Size Availability

Property Name / Address Rating Yr Blt/Renov Bldg SF Stories Spcs SF Avail % Vac % Gross Direct Rent 731 S Parsons Ave 1 - 1991/- 10,923 2 2 10,923 100% 0% -

Brandon Oaks Medical C… 2 - 1985/- 10,270 2 1 2,700 26.3% 0% $24.79 602 Vonderburg Dr 401 Vonderburg Dr - 1984/- 6,300 1 0 0 0% 0% -

Unit 106 3 - 1988/- 2,020 1 1 1,400 69.3% 0% - 401 N Parsons Ave Oakfield Medical Plaza 4 - 1985/- 10,920 2 2 3,810 34.9% 13.0% - 910 Oakfield Dr Colonial Bank Bldg 5 - 1988/1993 48,922 3 7 7,539 15.4% 7.9% $22.20 510 Vonderburg Dr 206 E Brandon Blvd 6 - 1982/- 2,945 1 1 2,925 99.3% 99.3% -

Brandon Medical Office 7 - 1983/- 7,000 1 1 1,960 28.0% 28.0% $21.04 908 S Parsons Ave 915 Oakfield Dr 8 - 1986/- 8,550 1 1 1,115 13.0% 13.0% $16.50

911-917 S Parsons Ave 9 - 1983/- 16,535 1 1 1,440 8.7% 8.7% $16.48

350 E Robertson St 10 - 1986/- 4,620 2 1 1,500 32.5% 32.5% $16.00

Bowing Oak Medical 11 - 1988/- 20,400 2 1 6,000 29.4% 29.4% $15.00 722 Bowing Oak Dr Oakfield Office 12 - 1984/- 60,116 2 6 9,166 15.2% 15.2% $14.00 710 Oakfield Dr

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Subject Property

1 731 S Parsons Ave 2 Brandon Oaks Medical Center 401 Vonderburg Dr 602 Vonderburg Dr 10,923 SF / 2 Stories 10,270 SF / 2 Stories 6,300 SF / 1 Story Rent/SF -, Vacancy 0% Rent/SF $24.79, Vacancy 0% Rent/SF -, Vacancy 0% Owner: JM Enterprises Owner: DEVCO Development, LLC Owner: George & Mary Dermarkar MD

3 Unit 106 4 Oakfield Medical Plaza 5 Colonial Bank Bldg 401 N Parsons Ave 910 Oakfield Dr 510 Vonderburg Dr 2,020 SF / 1 Story 10,920 SF / 2 Stories 48,922 SF / 3 Stories Rent/SF -, Vacancy 0% Rent/SF -, Vacancy 13.0% Rent/SF $22.20, Vacancy 7.9% Owner: Todd Holm Owner: 910 Brandon Inc Owner: Fort Brooke Bank

6 206 E Brandon Blvd 7 Brandon Medical Office 8 915 Oakfield Dr 908 S Parsons Ave 2,945 SF / 1 Story 7,000 SF / 1 Story 8,550 SF / 1 Story Rent/SF -, Vacancy 99.3% Rent/SF $21.04, Vacancy 28.0% Rent/SF $16.50, Vacancy 13.0% Owner: Doctor's Walk-in Clinic Owner: Amarjit S Dhaliwal Owner: Group VI Investors

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9 911-917 S Parsons Ave 10 350 E Robertson St 11 Bowing Oak Medical 722 Bowing Oak Dr 16,535 SF / 1 Story 4,620 SF / 2 Stories 20,400 SF / 2 Stories Rent/SF $16.48, Vacancy 8.7% Rent/SF $16.00, Vacancy 32.5% Rent/SF $15.00, Vacancy 29.4% Owner: Vonderburg Properties Inc Owner: Steven Glaros, PA Owner: Sidhom Family Ltd Partnership

12 Oakfield Office 710 Oakfield Dr 60,116 SF / 2 Stories Rent/SF $14.00, Vacancy 15.2% Owner: 710 Oakfield Drive LLP

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Property Name / Address Rating Gross Direct Rent Per SF Vacancy Rate Brandon Oaks Medica… 2 $24.79 0% 602 Vonderburg Dr Colonial Bank Bldg 5 $22.20 7.9% 510 Vonderburg Dr Brandon Medical Office 7 $21.04 28% 908 S Parsons Ave 915 Oakfield Dr 8 $16.50 13%

911-917 S Parsons Ave 9 $16.48 8.7%

350 E Robertson St 10 $16.00 32.5%

Bowing Oak Medical 11 $15.00 29.4% 722 Bowing Oak Dr Oakfield Office 12 $14.00 15.2% 710 Oakfield Dr 206 E Brandon Blvd 6 Withheld 99.3%

Oakfield Medical Plaza 4 Withheld 13% 910 Oakfield Dr 401 Vonderburg Dr $20 - 25(Est.) 0%

Unit 106 3 Withheld 0% 401 N Parsons Ave 731 S Parsons Ave 1 Withheld 0%

Average $16.75 14% (Arrows indicate trend over last quarter)

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Property Name / Address Rating Availability Rate Vacancy Rate 731 S Parsons Ave 1 100% 0%

206 E Brandon Blvd 6 99.3% 99.3%

Unit 106 3 69.3% 0% 401 N Parsons Ave Oakfield Medical Plaza 4 34.9% 13% 910 Oakfield Dr 350 E Robertson St 10 32.5% 32.5%

Bowing Oak Medical 11 29.4% 29.4% 722 Bowing Oak Dr Brandon Medical Office 7 28% 28% 908 S Parsons Ave Brandon Oaks Medica… 2 26.3% 0% 602 Vonderburg Dr Colonial Bank Bldg 5 15.4% 7.9% 510 Vonderburg Dr Oakfield Office 12 15.2% 15.2% 710 Oakfield Dr 915 Oakfield Dr 8 13% 13%

911-917 S Parsons Ave 9 8.7% 8.7%

401 Vonderburg Dr 0% 0%

Average 24.1% 14% (Arrows indicate trend over last quarter)

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Property Name / Address Rating Gross Direct Rent Per SF Median Months on Market Brandon Oaks Medica… 2 $24.79 1 602 Vonderburg Dr Colonial Bank Bldg 5 $22.20 3 510 Vonderburg Dr Brandon Medical Office 7 $21.04 26 908 S Parsons Ave 915 Oakfield Dr 8 $16.50 8

911-917 S Parsons Ave 9 $16.48 6

350 E Robertson St 10 $16.00 6

Bowing Oak Medical 11 $15.00 20 722 Bowing Oak Dr Oakfield Office 12 $14.00 36 710 Oakfield Dr 206 E Brandon Blvd 6 Withheld 13

731 S Parsons Ave 1 Withheld 6

Unit 106 3 Withheld 3 401 N Parsons Ave Oakfield Medical Plaza 4 Withheld 3 910 Oakfield Dr 401 Vonderburg Dr $20 - 25(Est.)

Average $16.75 14 (Arrows indicate trend over last quarter)

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Property Name / Address Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF 911-917 S Parsons Ave 9 5,534 687

350 E Robertson St 10 1,734 (1,500)

Colonial Bank Bldg 5 1,683 (2,166) 510 Vonderburg Dr Oakfield Office 12 1,000 250 710 Oakfield Dr 915 Oakfield Dr 8 980 1,000

401 Vonderburg Dr 0 0

Unit 106 3 0 0 401 N Parsons Ave Brandon Oaks Medica… 2 0 0 602 Vonderburg Dr Bowing Oak Medical 11 0 0 722 Bowing Oak Dr 731 S Parsons Ave 1 0 0

Brandon Medical Office 7 0 0 908 S Parsons Ave Oakfield Medical Plaza 4 0 (1,423) 910 Oakfield Dr 206 E Brandon Blvd 6 0 (2,925)

Average 840 (467)

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1 602 Vonderburg Dr Distance to Subject Property: 0.2 Miles

PROPERTY EXPENSES Type: Class C Office Taxes: $2.34/SF (2018) Yr Blt/Renov: 1985 RBA: 10,270 SF Stories: 2 OWNER Typical Floor: 5,484 SF DEVCO Development, LLC Parking Spaces: 64: 5.49/1,000 SF Purchased 8/31/2004 # of Tenants: 6 Price $1,225,000; $119/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 0 Vacancy %: 0% 0% Square Feet: 0 Available SF: 2,700 - Range: - Gross Ask Rent: $24.79 - Max Contig: - Months To Lease: - - % Sublet: 0 % Time On Market: 1 mo - Asking Rent: - Walk Score®: 53 59 Transit Score®: 29 29

2 510 Vonderburg Dr Distance to Subject Property: 0.1 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $1.19/SF (2018) Yr Blt/Renov: 1988/1993 Op. Exp: $3.68/SF (2012) RBA: 48,922 SF Stories: 3 OWNER Typical Floor: 16,307 SF Fort Brooke Bank Parking Spaces: 115: 1.49/1,000 SF Purchased 8/22/2001 # of Tenants: 22 Price $2,400,000; $49/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 7 Vacancy %: 7.9% 0% Square Feet: 7,539 Available SF: 7,539 - Range: 163 - 2,110 Gross Ask Rent: $22.20 - Max Contig: 2,110 Months To Lease: 16 mo - % Sublet: 0 % Time On Market: 3 mo - Asking Rent: $19.45 Walk Score®: 53 59 Transit Score®: 29 29

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3 908 S Parsons Ave Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $1.92/SF (2018) Yr Blt/Renov: 1983 RBA: 7,000 SF Stories: 1 OWNER Typical Floor: 7,000 SF Amarjit S Dhaliwal Parking Spaces: 5.00/1,000 SF Purchased 10/4/2013 # of Tenants: 3

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 28.0% 0% Square Feet: 1,960 Available SF: 1,960 - Range: 1,960 Gross Ask Rent: $21.04 - Max Contig: 1,960 Months To Lease: - - % Sublet: 0 % Time On Market: 26 mo - Asking Rent: $14.00/NNN Walk Score®: 13 59 Transit Score®: 29 29

4 910 Oakfield Dr Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $2.27/SF (2018) Yr Blt/Renov: 1985 RBA: 10,920 SF Stories: 2 OWNER Typical Floor: 10,920 SF 910 Brandon Inc Parking Spaces: 42: 10.00/1,000 SF Purchased 12/23/2008 # of Tenants: 4

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 2 Vacancy %: 13.0% 0% Square Feet: 3,810 Available SF: 3,810 - Range: 1,423 - 2,387 Gross Ask Rent: - - Max Contig: 3,810 Months To Lease: - - % Sublet: 0 % Time On Market: 3 mo - Asking Rent: $20.00/MG Walk Score®: 73 59 Transit Score®: 27 29

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5 915 Oakfield Dr Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $1.44/SF (2018) Yr Blt/Renov: 1986 RBA: 8,550 SF Stories: 1 Typical Floor: 8,550 SF Parking Spaces: 31: 3.63/1,000 SF # of Tenants: 13

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 13.0% 0% Square Feet: 1,115 Available SF: 1,115 - Range: 1,115 Gross Ask Rent: $16.50 - Max Contig: 1,115 Months To Lease: 1 mo - % Sublet: 0 % Time On Market: 8 mo - Asking Rent: $16.50/MG Walk Score®: 73 59 Transit Score®: 27 29

6 911-917 S Parsons Ave Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $1.11/SF (2018) Yr Blt/Renov: 1983 RBA: 16,535 SF Stories: 1 OWNER Typical Floor: 16,535 SF Vonderburg Properties Inc Parking Spaces: 66: 3.99/1,000 SF Purchased 1/6/2014 # of Tenants: 19 Price $690,000; $42/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 8.7% 0% Square Feet: 1,440 Available SF: 1,440 - Range: 1,440 Gross Ask Rent: $16.48 - Max Contig: 1,440 Months To Lease: 5 mo - % Sublet: 0 % Time On Market: 6 mo - Asking Rent: $16.50/MG Walk Score®: 24 59 Transit Score®: 28 29

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7 350 E Robertson St Distance to Subject Property: 0.6 Miles

PROPERTY EXPENSES Type: Class C Office Taxes: $1.04/SF (2018) Yr Blt/Renov: 1986 RBA: 4,620 SF Stories: 2 OWNER Typical Floor: 2,310 SF Steven Glaros, PA Parking Spaces: 22: 4.60/1,000 SF Purchased 3/15/2016 # of Tenants: 3 Price $325,000; $70/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 32.5% 0% Square Feet: 1,500 Available SF: 1,500 - Range: 500 - 1,500 Gross Ask Rent: $16.00 - Max Contig: 1,500 Months To Lease: 2 mo - % Sublet: 32.5 % Time On Market: 6 mo - Asking Rent: $24.00/FS Walk Score®: 66 59 Transit Score®: 27 29

8 722 Bowing Oak Dr Distance to Subject Property: 0.2 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $1.43/SF (2018) Yr Blt/Renov: 1988 RBA: 20,400 SF Stories: 2 OWNER Typical Floor: 12,297 SF Sidhom Family Ltd Partnership Parking Spaces: 40: 4.00/1,000 SF Purchased 8/31/2004 # of Tenants: 2 Price $2,000,000; $98/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 29.4% 0% Square Feet: 6,000 Available SF: 6,000 - Range: 6,000 Gross Ask Rent: $15.00 - Max Contig: 6,000 Months To Lease: - - % Sublet: 0 % Time On Market: 20 mo - Asking Rent: $15.00/MG Walk Score®: 47 59 Transit Score®: 30 29

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9 710 Oakfield Dr Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class C Office Taxes: $1.36/SF (2018) Yr Blt/Renov: 1984 Op. Exp: $3.72/SF (2010) RBA: 60,116 SF Stories: 2 OWNER Typical Floor: 30,058 SF 710 Oakfield Drive LLP Parking Spaces: 40: 0.67/1,000 SF Purchased 9/28/2001 # of Tenants: 47 Price $3,320,000; $55/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 6 Vacancy %: 15.2% 0% Square Feet: 9,166 Available SF: 9,166 - Range: 830 - 2,213 Gross Ask Rent: $14.00 - Max Contig: 2,213 Months To Lease: 4 mo - % Sublet: 0 % Time On Market: 36 mo - Asking Rent: $14.00/FS Walk Score®: 72 59 Transit Score®: 27 29

10 731 S Parsons Ave Distance to Subject Property: 0.3 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $2.80/SF (2018) Yr Blt/Renov: 1991 RBA: 10,923 SF Stories: 2 OWNER Typical Floor: 8,712 SF JM Enterprises Parking Spaces: 54: 4.98/1,000 SF Purchased 10/1/2014 # of Tenants: 1 Portfolio Price $7,175,000; $319/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 2 Vacancy %: 0% 0% Square Feet: 10,923 Available SF: 10,923 - Range: 2,211 - 8,712 Gross Ask Rent: - - Max Contig: 10,923 Months To Lease: - - % Sublet: 100 % Time On Market: 6 mo - Asking Rent: $22.50/NNN Walk Score®: 47 59 Transit Score®: 28 29

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11 206 E Brandon Blvd Distance to Subject Property: 0.5 Miles

PROPERTY EXPENSES Type: Class B Office Taxes: $2.88/SF (2018) Yr Blt/Renov: 1982 RBA: 2,945 SF Stories: 1 OWNER Typical Floor: 2,945 SF Doctor's Walk-in Clinic Parking Spaces: 28: 9.51/1,000 SF # of Tenants: 2

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 99.3% 0% Square Feet: 2,925 Available SF: 2,925 - Range: 2,925 Gross Ask Rent: - - Max Contig: 2,925 Months To Lease: - - % Sublet: 0 % Time On Market: 13 mo - Asking Rent: - Walk Score®: 68 59 Transit Score®: 27 29

12 401 N Parsons Ave Distance to Subject Property: 0.8 Miles

PROPERTY EXPENSES Type: Class C Office Taxes: $1.58/SF (2018) Yr Blt/Renov: 1988 Op. Exp: $1.93/SF (2013) RBA: 2,020 SF Stories: 1 OWNER Typical Floor: 2,020 SF Todd Holm Parking Spaces: 8: 3.96/1,000 SF Purchased 5/23/2018 # of Tenants: 6 Price $124,700; $62/SF

AVAILABILITY OFFICE COMPARISON THIS PROPERTY SUBJECT Spaces: 1 Vacancy %: 0% 0% Square Feet: 1,400 Available SF: 1,400 - Range: 1,400 Gross Ask Rent: - - Max Contig: 1,400 Months To Lease: - - % Sublet: 69.3 % Time On Market: 3 mo - Asking Rent: $13.71/FS Walk Score®: 64 59 Transit Score®: 25 29

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Anne Nymark ANNE NYMARK PA Vacancy Analytics 401 Vonderburg Dr

TAMPA VACANCY OVERVIEW

A flourishing labor market has combined with sluggish Channel District. development to keep vacancies near the record low Additionally, new construction is showing signs of life. established last year. The average vacancy rate has Supply has picked up, including some speculative remained less than 50 basis points above that mark construction. Perhaps the most notable office start to 2019, despite some loosening due to several large date this cycle, MetWest Three, got underway in tenant move-outs from firms such as Time, Inc., AAA Westshore after PricewaterhouseCoopers signed on as Auto Club, and LaserSpine Institute. anchor tenant for 150,000 square feet. Although there was a portion projected to deliver available, PwC later Tampa's office demand has historically favored financial took down the remainder of the building prior to services, which has been even more prevalant over completion. recent quarters. With job growth expected to continue to outperform the national average over upcoming years With a market that is largely devoid of available space, and a pipeline that, at least for now, remains well below the numerous expected groundbreakings in 2019 could historical build levels, Tampa appears unlikely to bring some relief in the near future. Most of the expected experience significant upward supply pressure on starts will be in the Downtown Tampa and Westshore vacancies over the near term. submarkets. This is perhaps unsurprising, as Downtown Tampa and Westshore have received an increasing level Co-working space has taken front stage in 2019, with of leasing activity in recent quarters. WeWork taking down 110,000 SF in Westshore and downtown Tampa. This also included Florida's first Additionally, both submarkets have largely experienced naming rights for the firm with WeWork Place, located at tightened vacancies with large blocks of space 501 E. Kennedy. Coworking has also gained traction with increasingly rare. Until new available supply begins numerous firms taking space such as Industrious in delivering, tenants seeking larger options can look at SunTrust Financial Center, Office Evolution in Lincoln scooping up recently-vacated space, such as the Center and the Pointe on Harbour Island, Hyde House insurance brokerage BKS Partners plans to do when T. expecting to occupy 30,000 SF in Hyde Park Village, and Rowe Price Group frees up 70,000 SF in Corporate Pipeline leasing 15,000 SF in Park Tower. Corporate Center II. relocations and expansions are frequent, such as when QDI relocated its corporate headquarters into The

EAST TAMPA VACANCY OVERVIEW

East Tampa's vacancy rate has begun to decline again in workers and vacated another 120,000 SF in Regency 2019 after lagging demand caused the average vacancy Corporate Park. rate to increase over the prior year. Despite the mild loosening in 2018, vacancies remained well below the Despite the upward movement, vacancies remain well long-term average. below their long-term average. Based on recent demand levels and barring another large tenant surprise, the Much of the recent negative absorption has come from vacancy rate is likely to continue improving over large tenant move-outs. For example, Coca-Cola upcoming quarters. With limited construction and nearly vacated nearly 120,000 SF, though it was hardly a all projects underway or proposed build-to-suit, surprise. Coca-Cola announced well in advance it was vacancies should avoid upward supply-side pressure in downsizing its space in Brandon, including layoffs for the near term. over 70 workers. In another example, HSBC laid off all

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VACANCY RATE

Subject Peers East Tampa Tampa

Vacancy Trend (YOY) Vacancy Trend (YOY) Vacancy Trend (YOY) Vacancy Trend (YOY) 2013 0% 0% 18.9% -2.1% 12.1% -4.5% 12.9% -1.1% 2014 0% 0% 22.2% 3.3% 10.5% -1.6% 11.5% -1.4% 2015 0% 0% 14.4% -7.8% 8.6% -2% 9.8% -1.8% 2016 0% 0% 18.6% 4.2% 7.4% -1.2% 8.8% -1% 2017 0% 0% 9.5% -9.1% 5.5% -1.8% 7.8% -0.9% 2018 0% 0% 9.7% 0.2% 8.6% 3.1% 7.6% -0.3% YTD 0% 0% 14.5% 4.8% 8.2% -0.4% 7.4% -0.2% 2019 13.8% 4.1% 8.1% -0.5% 7.3% -0.2% 2020 14.0% 0.1% 8.9% 0.8% 7.6% 0.3%

2021 Forecast > 13.8% -0.2% 9.2% 0.3% 8.0% 0.4% 2022 13.7% 0% 9.6% 0.4% 8.3% 0.3% 2023 13.6% -0.1% 9.8% 0.1% 8.6% 0.2%

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AVAILABILITY RATE

Subject Peers East Tampa 1-2 Star Tampa 1-2 Star

Availability Trend (YOY) Availability Trend (YOY) Availability Trend (YOY) Availability Trend (YOY) 2013 0% 0% 18.9% -8.4% 16.1% -7.4% 15.8% -1.9% 2014 0% 0% 22.2% 3.3% 15.4% -0.7% 14.2% -1.7% 2015 0% 0% 18.6% -3.6% 13.4% -2.1% 12.8% -1.3% 2016 0% 0% 19.6% 1% 13.0% -0.4% 10.3% -2.6% 2017 0% 0% 12.0% -7.6% 13.1% 0.1% 9.1% -1.1% 2018 0% 0% 11.1% -0.9% 12.7% -0.3% 8.5% -0.6% 2019 YTD 0% 0% 24.8% 11.9% - - - -

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MEDIAN MONTHS ON MARKET

Peers East Tampa Tampa 2009 13.4 10.4 10.2 2010 5.1 12.7 12.6 2011 14.2 14.2 15.1 2012 20.3 17.4 15.5 2013 16.4 15.6 16.9 2014 14.6 20.0 20.8 2015 23.5 21.6 21.3 2016 25.1 15.4 16.2 2017 8.0 11.9 10.8 2018 11.0 10.2 9.2 2019 5.8 8.5 8.9

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MONTHS TO LEASE BY BLOCK SIZE (PAST 3 YEARS)

Peers East Tampa Tampa 0-9,999 SF 5.4 8.0 8.3 10,000-19,999 SF - 12.1 11.9 20,000-49,999 SF - 10.5 13.4 50,000-99,999 SF - 9.0 11.1 100,000+ SF - - 21.3

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RENEWAL RATES

East Tampa & Adjacent Tampa 2009 51.0% 50.4% 2010 70.4% 64.5% 2011 73.3% 69.0% 2012 72.4% 66.8% 2013 72.4% 68.4% 2014 76.4% 74.9% 2015 80.0% 74.7% 2016 70.0% 68.0% 2017 69.1% 66.6% 2018 55.8% 61.1% 2019 47.7% 50.8%

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TAMPA RENT TRENDS

Annual rent growth in Tampa is robust at over twice the recent loosening remain near the all-time low. Given the long-term trend. Additionally, the market's annual gains expected continued strong demand and below average are one of the strongest in the nation and have supply pipeline, Tampa is unlikely to experience outperformed the national average for much of the past significant downward supply pressure on asking rents in five years. the immediate future.

The continual strong rent gains have steadily increased However, downward momentum on the rents is the average asking rents. In 2019, asking rents are now increasingly likely over the next three to five years. The handily above prerecession peaks and have remained metro has seen construction pick up significantly over the above this benchmark for the past two years. past two years. Additionally, further construction acceleration appears likely with a number of speculative Landlords have largely been able to push rents due to ground breakings expected later in 2019. consistently tightening vacancies, which despite some

EAST TAMPA RENT TRENDS

Annual rent growth in East Tampa is among the highest The high-end space here is aging and only commands a of of Tampa submarkets, and with a muted pipeline, has moderate premium over 3 Star space, on average seeing little threat from supply-induced compression. The a little less than 30% higher asking rents. The spread submarket also ranks in the top-third of the entire metro has started to widen in 2019, as 4 & 5 Star space rent for asking rents, primarily due to the relatively high gains has outperformed 3 Star and below for much of the concentration of 4 & 5 Star properties. past two years.

GROSS ASKING RENT PER SQUARE FOOT

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GROSS ASKING RENT PER SQUARE FOOT

Subject Peers East Tampa Tampa

Direct Rent Trend (YOY) Market Rent Trend (YOY) Market Rent Trend (YOY) Market Rent Trend (YOY) 2013 - - $17.28 3.7% $19.60 3.7% $19.04 1.7% 2014 - - $17.22 -0.4% $19.79 1% $19.71 3.5% 2015 - - $17.32 0.6% $20.62 4.2% $20.73 5.2% 2016 - - $18.97 9.5% $22.33 8.3% $22.01 6.2% 2017 - - $20.06 5.7% $23.51 5.3% $23.14 5.1% 2018 - - $20.26 1% $24.34 3.5% $24.41 5.5% YTD - - $20.83 2.8% $25.07 3% $25.19 3.2% 2019 $21.02 3.8% $25.39 4.3% $25.55 4.7% 2020 $21.56 2.5% $26.26 3.5% $26.52 3.8%

2021 Forecast > $21.93 1.7% $26.88 2.4% $27.21 2.6% 2022 $22.16 1.1% $27.30 1.6% $27.68 1.7% 2023 $22.32 0.7% $27.61 1.1% $28.03 1.3%

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NET ABSORPTION IN PEERS IN SQUARE FEET

NET ABSORPTION IN EAST TAMPA SUBMARKET IN SQUARE FEET

NET ABSORPTION IN TAMPA IN SQUARE FEET

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LEASING ACTIVITY IN PEERS IN SQUARE FEET

LEASING ACTIVITY IN EAST TAMPA SUBMARKET IN SQUARE FEET

LEASING ACTIVITY IN TAMPA IN SQUARE FEET

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SUBLEASE SPACE AVAILABLE IN TAMPA IN SQUARE FEET

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PREPARED BY

Anne Nymark ANNE NYMARK PA Lease Comps Summary 401 Vonderburg Dr

Deals Gross Asking Rent Per SF Gross Starting Rent Per SF Avg. Months On Market 8 $17.17 $17.71 18

LEASE COMPARABLES

SUMMARY STATISTICS

Rent Deals Low Average Median High Gross Asking Rent Per SF 7 $12.50 $17.17 $14.00 $32.25 Gross Starting Rent Per SF 8 $12.50 $17.71 $14.71 $32.25 Gross Effective Rent Per SF 4 $14.00 $14.73 $14.71 $14.96 Asking Rent Discount 7 -19.7% -6.5% 0.0% 12.5% TI Allowance - - - - - Months Free Rent - - - - -

Lease Attributes Deals Low Average Median High Months on Market 8 1 18 6 78 Deal Size 8 500 2,992 2,643 6,152 Lease Deal in Months 6 12.0 52.0 48.0 108.0 Floor Number 8 1 1 1 2

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Lease Rents

Property Name - Address Rating SF Leased Floor Sign Date Type Rent Rent Type 613 Oakfield Dr 1 - 4,149 1st 8/9/2019 New $22.50/nnn Starting

Alderwood-Bldg B 2 - 2,622 1st 5/15/2019 New $14.00/fs Effective 1209 Tech Blvd

Park at Bay Plaza - Build… 3 - 6,152 1st 5/8/2019 New $14.90/fs Effective 9225 Bay Plaza Blvd

Park at Bay Plaza - Build… 4 - 6,152 1st 4/2/2019 New $14.96/fs Effective 9325 Bay Plaza Blvd

401 N Parsons 5 - 1,050 1st 3/26/2019 New $14.00/mg Starting

Brandon Executive Center 6 - 648 2nd 2/26/2019 New $12.50/mg Starting 210-220 W Brandon Blvd

Park at Bay Plaza - Build… 4 - 2,665 1st 12/2/2018 New $14.51/fs Effective 9325 Bay Plaza Blvd

Oakfield Office 7 - 500 1st 11/21/2018 New $16.80/fs Starting 710 Oakfield Dr

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1 613 Oakfield Dr Brandon, FL 33511 - East Tampa Submarket

LEASE RENTS SF Leased: 4,149 SF Asking Rent: $22.50/NNN Sign Date: Aug 2019 Starting Rent: $22.50/NNN Space Use: Office/Medical

Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: 1st Floor Asking Discount: 0.00% Buildout Status: Full Build-Out LEASE TERM Space Condition: Average Start Date: Oct 2019

PROPERTY EXPENSES Taxes: $2.04/SF (2016)

TIME ON MARKET TIME VACANT Date On Market: Feb 2019 Date Vacated: Feb 2019 Date Off Market: Sep 2019 Date Occupied: Dec 2019 Months on Market: 6 Months Months Vacant: 9 Months

LEASING REP Colliers International Tampa Bay Florida 4830 W Kennedy Blvd, Suite 300 MARKET AT LEASE Tampa, FL 33607 Jim Allen (813) 871-8534 Vacancy Rates 2019 Q3 YOY Current Building 31.0% 31.0% Submarket 2-4 Star 8.2% 0.0% PROPERTY Market Overall 7.4% -0.3% Property Type: Office Rentable Area: 13,388 SF Status: Built 1977 Stories: 1 Same Store Asking Rent/SF 2019 Q3 YOY Tenancy: Multi Floor Size: 13,388 SF Current Building $29.54 - Class: B Vacancy at Lease: 31.0% Submarket 2-4 Star $25.07 4.8% Parking: Ratio of 6.00/1,000 SF Land Acres: 1.49 Market Overall $25.19 5.1%

Submarket Leasing Activity 2019 Q3 YOY

12 Mo. Leased SF 583,217 15.3% Months On Market 7.4 4.0

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Page 40 Lease Comps Details 401 Vonderburg Dr

2 1209 Tech Blvd - Alderwood-Bldg B Tampa, FL 33619 - East Tampa Submarket

LEASE RENTS SF Leased: 2,622 SF Starting Rent: $14.00/FS Sign Date: May 2019 Effective Rent: $14.00/FS Space Use: Office

Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: 1st Floor Space Condition: Average

LEASE TERM PROPERTY EXPENSES Start Date: Jun 2019 Taxes: $1.25/SF (2018) Expiration Date: May 2022 Operating Exp.: $1.62/SF (2010) Lease Term: 3 Years

TIME ON MARKET TIME VACANT Date On Market: Feb 2019 Date Vacated: Mar 2019 Date Off Market: May 2019 Date Occupied: Jun 2019 Months on Market: 4 Months Months Vacant: 3 Months

LEASING REP Hill Valley Properties, LLC 1211 Tech Blvd, Suite 109 MARKET AT LEASE Tampa, FL 33619-7846 Jaime Goujon Vacancy Rates 2019 Q2 YOY Current Building 0.0% 0.0% Submarket 2-4 Star 8.0% 1.4% PROPERTY Market Overall 7.6% 0.2% Property Type: Office Rentable Area: 28,202 SF Status: Built 1985 Stories: 1 Same Store Asking Rent/SF 2019 Q2 YOY Tenancy: Multi Floor Size: 28,202 SF Current Building - - Class: B Vacancy at Lease: 0.0% Submarket 2-4 Star $24.93 4.6% Construction: Reinforced Concrete Land Acres: 2.65 Market Overall $25.00 5.5% Parking: 75 free Surface Spa…

Submarket Leasing Activity 2019 Q2 YOY

12 Mo. Leased SF 551,748 14.6% Months On Market 7.7 3.0

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Page 41 Lease Comps Details 401 Vonderburg Dr

3 9225 Bay Plaza Blvd - Park at Bay Plaza - Building 4 Tampa, FL 33619 - East Tampa Submarket

TENANT Tenant Name: County Water Department Industry: Government

LEASE RENTS SF Leased: 6,152 SF Asking Rent: $14.00/FS Sign Date: May 2019 Starting Rent: $14.90/FS Space Use: Office Effective Rent: $14.90/FS Lease Type: Direct

Floor: 1st Floor CONCESSIONS AND BUILDOUT Asking Discount: -6.43% LEASE TERM Start Date: Jul 2019 PROPERTY EXPENSES Expiration Date: Jul 2024 Taxes: $8.46/SF (2011-Est) Lease Term: 5 Years Operating Exp.: $6.95/SF (2011-Est) Total Exp.: $15.41/SF (2011-Est)

TIME ON MARKET TIME VACANT Date On Market: Nov 2018 Date Vacated: Nov 2018 Date Off Market: May 2019 Date Occupied: Jul 2019 MARKET AT LEASE Months on Market: 6 Months Months Vacant: 8 Months

Vacancy Rates 2019 Q2 YOY Current Building 55.7% 55.7% LEASING REP Submarket 2-4 Star 8.0% 1.4% Turner Cole Company, Inc. Market Overall 7.6% 0.2% 333 N Falkenburg Rd Tampa, FL 33619-7889 Same Store Asking Rent/SF 2019 Q2 YOY Joe Cole (813) 610-5256 Current Building $14.00 - Submarket 2-4 Star $24.93 4.6% PROPERTY Market Overall $25.00 5.5% Property Type: Office Rentable Area: 11,042 SF

Submarket Leasing Activity 2019 Q2 YOY Status: Built 1974 Stories: 1

12 Mo. Leased SF 551,748 14.6% Tenancy: Multi Floor Size: 11,042 SF Months On Market 7.7 3.0 Class: C Vacancy at Lease: 55.7% Construction: Masonry Land Acres: 7.10 Parking: 36 free Surface Spa…

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Page 42 Lease Comps Details 401 Vonderburg Dr

4 9325 Bay Plaza Blvd - Park at Bay Plaza - Building 2 Tampa, FL 33619 - East Tampa Submarket

TENANT Tenant Name: Hillsborough Water Department Industry: Government

LEASE RENTS SF Leased: 6,152 SF Asking Rent: $12.50/FS Sign Date: Apr 2019 Starting Rent: $14.96/FS Space Use: Office Effective Rent: $14.96/FS Lease Type: Direct

Floor: 1st Floor CONCESSIONS AND BUILDOUT Suite: 201 Asking Discount: -19.68% Buildout Status: Partial Build-Out LEASE TERM Start Date: Jun 2019 PROPERTY EXPENSES Expiration Date: May 2024 Taxes: $1.23/SF (2011-Est) Lease Term: 5 Years Operating Exp.: $6.95/SF (2011-Est) Total Exp.: $8.18/SF (2011-Est)

TIME ON MARKET TIME VACANT Date On Market: Oct 2012 Date Vacated: Sep 2012 MARKET AT LEASE Date Off Market: May 2019 Date Occupied: Jun 2019 Months on Market: 78 Months Months Vacant: 81 Months Vacancy Rates 2019 Q2 YOY Current Building 0.0% 55.2% Submarket 1-3 Star 9.5% 1.8% LEASING REP Market Overall 7.6% 0.2% Turner Cole Company, Inc. 333 N Falkenburg Rd Same Store Asking Rent/SF 2019 Q2 YOY Tampa, FL 33619-7889 Current Building $12.95 7.4% Joe Cole (813) 610-5256 Submarket 1-3 Star $23.28 2.6% Market Overall $25.00 5.5% PROPERTY

Submarket Leasing Activity 2019 Q2 YOY Property Type: Office Rentable Area: 33,964 SF

12 Mo. Leased SF 551,748 14.6% Status: Built 1974 Stories: 1 Months On Market 7.7 3.0 Tenancy: Multi Floor Size: 33,964 SF Class: B Vacancy at Lease: 0.0% Construction: Masonry Land Acres: 7.03 Parking: 60 free Surface Spa…

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Page 43 Lease Comps Details 401 Vonderburg Dr

5 401 N Parsons Brandon, FL 33510 - East Tampa Submarket

LEASE RENTS SF Leased: 1,050 SF Asking Rent: $16.00/MG Sign Date: Mar 2019 Starting Rent: $14.00/MG Space Use: Office/Medical

Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: 1st Floor Asking Discount: 12.50% Buildout: Standard Office LEASE TERM Buildout Status: Full Build-Out Start Date: Apr 2019 Space Condition: Excellent Expiration Date: Apr 2022

Lease Term: 3 Years PROPERTY EXPENSES Taxes: $1.52/SF (2018)

TIME ON MARKET TIME VACANT Date On Market: May 2018 Date Vacated: Mar 2018 Date Off Market: Mar 2019 Date Occupied: Apr 2019 Months on Market: 11 Months Months Vacant: 13 Months

LEASING REP Tampa Commercial Real Estate MARKET AT LEASE 412 E Madison St, Suite 1206 Tampa, FL 33602-4601 Vacancy Rates 2019 Q1 YOY Steven E. Silverman, CCIM (813) 785-3665 Current Building 50.0% 0.0% Submarket 1-3 Star 9.5% 0.7% Market Overall 7.7% 0.1% PROPERTY Property Type: Office Rentable Area: 2,100 SF Same Store Asking Rent/SF 2019 Q1 YOY Status: Built 1988 Stories: 1 Current Building - - Tenancy: Multi Floor Size: 2,100 SF Submarket 1-3 Star $23.20 0.6% Class: C Vacancy at Lease: 50.0% Market Overall $24.77 5.6% Construction: Masonry

Submarket Leasing Activity 2019 Q1 YOY Parking: 10 free Surface Spa…

12 Mo. Leased SF 360,332 46.9% Months On Market 8.7 0.8

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Page 44 Lease Comps Details 401 Vonderburg Dr

6 210-220 W Brandon Blvd - Brandon Executive Center Brandon, FL 33511 - East Tampa Submarket

LEASE RENTS SF Leased: 648 SF Asking Rent: $12.50/MG Sign Date: Feb 2019 Starting Rent: $12.50/MG Space Use: Office

Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: 2nd Floor Asking Discount: 0.00% Suite: 207

PROPERTY EXPENSES LEASE TERM Taxes: $0.06/SF (2011) Start Date: Feb 2019

TIME ON MARKET TIME VACANT Date On Market: Jan 2019 Date Vacated: Jan 2019 Date Off Market: Feb 2019 Date Occupied: Feb 2019 Months on Market: 2 Months Months Vacant: 1 Month

LEASING REP Jeflis Construction & Property 13540 N Florida Ave, Suite 201 Tampa, FL 33613-3262 MARKET AT LEASE Harold R. Koster (813) 293-2677

Vacancy Rates 2019 Q1 YOY Current Building 4.6% 0.4% PROPERTY Submarket 1-3 Star 9.5% 0.7% Property Type: Office Rentable Area: 26,099 SF Market Overall 7.7% 0.1% Status: Built 1974 Stories: 2 Tenancy: Multi Floor Size: 13,050 SF Same Store Asking Rent/SF 2019 Q1 YOY Class: C Vacancy at Lease: 4.6% Current Building $11.87 3.7% Construction: Masonry Land Acres: 1.04 Submarket 1-3 Star $23.20 0.6% Parking: 88 Surface Spaces a… Market Overall $24.77 5.6%

Submarket Leasing Activity 2019 Q1 YOY

12 Mo. Leased SF 360,332 46.9% Months On Market 8.7 0.8

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Page 45 Lease Comps Details 401 Vonderburg Dr

4 9325 Bay Plaza Blvd - Park at Bay Plaza - Building 2 Tampa, FL 33619 - East Tampa Submarket

TENANT Tenant Name: Apollo Environmental Industry: Business Services

LEASE RENTS SF Leased: 2,665 SF Asking Rent: $13.50/FS Sign Date: Dec 2018 Starting Rent: $14.51/FS Space Use: Office Effective Rent: $14.51/FS Lease Type: Direct

Floor: 1st Floor CONCESSIONS AND BUILDOUT Suite: 208 Asking Discount: -7.48%

LEASE TERM PROPERTY EXPENSES Start Date: Jan 2019 Taxes: $1.23/SF (2011-Est) Expiration Date: Dec 2019 Operating Exp.: $6.95/SF (2011-Est) Lease Term: 1 Year Total Exp.: $8.18/SF (2011-Est)

TIME ON MARKET TIME VACANT Date On Market: Mar 2016 Date Vacated: Mar 2016 Date Off Market: Jan 2019 Date Occupied: Jan 2019 MARKET AT LEASE Months on Market: 33 Months Months Vacant: 34 Months

Vacancy Rates 2018 Q4 YOY Current Building 31.1% 24.1% LEASING REP Submarket 1-3 Star 10.2% 2.4% Turner Cole Company, Inc. Market Overall 7.6% 0.3% 333 N Falkenburg Rd Tampa, FL 33619-7889 Same Store Asking Rent/SF 2018 Q4 YOY Joe Cole (813) 610-5256 Current Building $13.09 6.4% Submarket 1-3 Star $22.85 0.3% PROPERTY Market Overall $24.41 5.5% Property Type: Office Rentable Area: 33,964 SF

Submarket Leasing Activity 2018 Q4 YOY Status: Built 1974 Stories: 1

12 Mo. Leased SF 456,294 41.9% Tenancy: Multi Floor Size: 33,964 SF Months On Market 11.0 2.0 Class: B Vacancy at Lease: 31.1% Construction: Masonry Land Acres: 7.03 Parking: 60 free Surface Spa…

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Page 46 Lease Comps Details 401 Vonderburg Dr

7 710 Oakfield Dr - Oakfield Office Brandon, FL 33511 - East Tampa Submarket

TENANT Tenant Name: Psychotherapist

LEASE RENTS SF Leased: 500 SF Asking Rent: $16.80/FS Sign Date: Nov 2018 Starting Rent: $16.80/FS Space Use: Office

Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: 1st Floor Asking Discount: 0.00%

LEASE TERM PROPERTY EXPENSES Start Date: Dec 2018 Taxes: $1.36/SF (2018) Expiration Date: Dec 2027 Operating Exp.: $3.72/SF (2010) Lease Term: 9 Years

TIME ON MARKET TIME VACANT Date On Market: Aug 2018 Date Vacated: Sep 2018 Date Off Market: Nov 2018 Date Occupied: Dec 2018 Months on Market: 3 Months Months Vacant: 3 Months

MARKET AT LEASE LEASING REP Hammond Psychology & Associates,P.A. Vacancy Rates 2018 Q4 YOY 710 Oakfield Dr, Suite 153 Current Building 15.7% 4.4% Submarket 1-3 Star 10.2% 2.4% Brandon, FL 33511-4938 Market Overall 7.6% 0.3% Nekeshia Hammond (813) 654-0503

Same Store Asking Rent/SF 2018 Q4 YOY PROPERTY Current Building $14.00 0.0% Property Type: Office Rentable Area: 60,116 SF Submarket 1-3 Star $22.85 0.3% Status: Built 1984 Stories: 2 Market Overall $24.41 5.5% Tenancy: Multi Floor Size: 30,058 SF

Submarket Leasing Activity 2018 Q4 YOY Class: C Vacancy at Lease: 15.7%

12 Mo. Leased SF 456,294 41.9% Construction: Masonry Land Acres: 3.52 Months On Market 11.0 2.0 Parking: 40 free Surface Spa…

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Page 47 Construction 401 Vonderburg Dr 6,300 SF Office Building

PREPARED BY

Anne Nymark ANNE NYMARK PA Overall Construction Summary 401 Vonderburg Dr

All-Time Annual Avg. SF Delivered SF Past 4 Qtrs Delivered SF Next 4 Qtrs Proposed SF Next 4 Qtrs 78,628 4,746 197,477 3,500

PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

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After nearly a decade of very limited office construction, when AAA leased the entirety of the building for use as development has started to pick up in Tampa. With a their regional headquarters. Vision Properties has been little under one million square feet underway, the metro emboldened by their success and is planning two is set to receive its largest injection of space in over a additional speculative office buildings in Renaissance decade. Center.

Additionally, construction appears on the cusp of a Despite the success of speculative construction, the speculative explosion in 2019, with many buildings majority of current office construction required at planning to break ground. Among the notable projects minimum a large anchor tenant. For example, MetWest expected to get underway are nearly one million square Three breaking ground last year after feet of office space in three buildings in the $3 billion PricewaterhouseCoopers signed a long-term 150,000 Water Street Tampa district and approximately 140,000 SF lease. Even though the building began partially square feet in Midtown One as part of Midtown Tampa. speculative, PwC later took down the remainder of the space prior to delivery. The limited deliveries prior had been strictly build-to-suit projects. However, the few speculative starts The Heights Union West building is also currently experienced success, such as when Vision Properties underway, which will have 300,000 SF spread across began the recently-delivered 150,000 SF Renaissance two buildings upon completion. Heights Union recently Center VI on a completely speculative basis. This inked coworking firm WeWork to a 50,000 SF lease. strategy was rewarded during initial construction phases

DELIVERIES & DEMOLITIONS

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Muted construction levels have contributed to East Phase One campus, and in early 2019, USAA delivered Tampa's overall general vacancy rate compression over Phase Two of the campus, a 240,000 SF building. recent years. There was an increase in activity over the past three years, though nearly all properties have been Notably, of the handful of properties in proposed status, build-to-suit. the majority are 100,000 SF or more. The submarket historically has done well at attracting large block The largest deliveries over the past decade both came tenants, but there have been few available spaces from USAA Real Estate Company. In 2015, they recently that can fulfill needs over 100,000 SF. completed a 260,000 SF facility for their Crosstown

DELIVERIES & DEMOLITIONS

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All-Time Annual Avg. SF Delivered SF Past 4 Qtrs Delivered SF Next 4 Qtrs Proposed SF Next 4 Qtrs 24,656 247,296 191,977 0

PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

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RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 408 E Brandon Blvd Rubicon General Contractors LLC 1 4,746 1 Feb-2019 Aug-2019 Dickey Properties Llc 10672 Bloomingdale Offi… - 2 6,000 1 Dec-2018 Jun-2019 10670 Bloomingdale Ave Extra Space Storage Inc. USAA Crosstown Phase 2 - 3 236,550 5 Jan-2017 Jan-2019 9519 Delaney Creek Blvd JDM Partners, LLC Brandon Gateway Medic… - 4 52,000 2 Oct-2017 Jul-2018 560 S Lakewood Dr Ryan Companies US, Inc.

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 515 S Kings Ave Harrod Properties, Inc. 1 60,000 1 Mar-2019 Dec-2019 Harrod Properties, Inc. 516 Vonderburg Dr Vonderburg Properties Inc 2 33,615 1 Apr-2019 Feb-2020 Vonderburg Properties Inc Brandon Gateway Plaza I… - 3 20,000 1 Jul-2019 Apr-2020 332 S Lakewood Dr Delatorre, Joe Bldg 9 McCullagh & Scott, Inc. 4 9,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - Bldg 7 McCullagh & Scott, Inc. 5 9,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - Bldg 1 McCullagh & Scott, Inc. 6 8,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - Bldg 5 McCullagh & Scott, Inc. 7 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 4 McCullagh & Scott, Inc. 8 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 3 McCullagh & Scott, Inc. 9 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 2 McCullagh & Scott, Inc. 10 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - 0 Bell Shoals Rd - 11 3,000 1 Dec-2018 Oct-2019 - Bldg 16 McCullagh & Scott, Inc. 12 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 15 McCullagh & Scott, Inc. 13 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 14 McCullagh & Scott, Inc. 14 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 13 McCullagh & Scott, Inc. 15 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 12 McCullagh & Scott, Inc. 16 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd -

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Bldg 11 McCullagh & Scott, Inc. 17 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 10 McCullagh & Scott, Inc. 18 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 8 McCullagh & Scott, Inc. 19 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 6 McCullagh & Scott, Inc. 20 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd -

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UNDER CONSTRUCTION IN SQUARE FEET (3 Mile Radius)

PROJECTED DELIVERIES IN SQUARE FEET (3 Mile Radius)

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DELIVERIES IN SQUARE FEET (3 Mile Radius)

STARTS IN SQUARE FEET (3 Mile Radius)

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PERCENT OCCUPIED AT DELIVERY (3 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (3 Mile Radius)

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NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (3 Mile Radius)

NET ABSORPTION IN SQUARE FEET (3 Mile Radius)

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GROSS ASKING RENT PER SQUARE FOOT (3 Mile Radius)

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Properties Square Feet Percent of Inventory Preleased 21 197,477 6.2% 89.8%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High Building SF 2,818 9,404 5,500 60,000

Stories 1 1 1 1

Typical Floor SF 3,000 9,083 8,500 20,000

Preleasing 0% 89.8% 100% 100%

Estimated Delivery Date October 2019 December 2019 December 2019 April 2020

Months to Delivery 1 3 3 7

Construction Period in Months 4 6 5 10

Star Rating 3.0

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COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 0 Bell Shoals Rd - 1 3,000 1 Dec-2018 Oct-2019 - 515 S Kings Ave Harrod Properties, Inc. 2 60,000 1 Mar-2019 Dec-2019 Harrod Properties, Inc. Bldg 5 McCullagh & Scott, Inc. 3 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 4 McCullagh & Scott, Inc. 4 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 3 McCullagh & Scott, Inc. 5 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 2 McCullagh & Scott, Inc. 6 6,000 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Building A - 7 5,500 1 Aug-2019 Dec-2019 1102 Bloomingdale Ave - Bldg 16 McCullagh & Scott, Inc. 8 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 15 McCullagh & Scott, Inc. 9 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 14 McCullagh & Scott, Inc. 10 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 13 McCullagh & Scott, Inc. 11 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 12 McCullagh & Scott, Inc. 12 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 11 McCullagh & Scott, Inc. 13 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 10 McCullagh & Scott, Inc. 14 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 8 McCullagh & Scott, Inc. 15 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd - Bldg 6 McCullagh & Scott, Inc. 16 2,818 1 Jul-2019 Dec-2019 811 E Lumsden Rd -

COMPLETIONS 3-6 MONTHS AWAY

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 516 Vonderburg Dr Vonderburg Properties Inc 17 33,615 1 Apr-2019 Feb-2020 Vonderburg Properties Inc Bldg 9 McCullagh & Scott, Inc. 18 9,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - Bldg 7 McCullagh & Scott, Inc. 19 9,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - Bldg 1 McCullagh & Scott, Inc. 20 8,000 1 Jul-2019 Mar-2020 811 E Lumsden Rd - 9/22/2019 Copyrighted report licensed to Anne Nymark Team - 903843. Call Anne Nymark - 813-239-9236 Page 61 Under Construction Summary 401 Vonderburg Dr

COMPLETIONS MORE THAN 6 MONTHS AWAY

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Brandon Gateway Plaza I… - 21 20,000 1 Jul-2019 Apr-2020 332 S Lakewood Dr Delatorre, Joe

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1 0 Bell Shoals Rd Distance to Subject Property: 1.4 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 0% Year Built: Delivers Oct 2019 Available SF: 3,000 RBA: 3,000 SF Gross Asking Rent: $27.04 Core Factor: -

Stories: 1 CONSTRUCTION Typical Floor: 3,000 SF Start Date: Dec-2018 Parking Spaces: 5.00/1,000 SF Completion Date: Oct-2019 Build Time: 10 Months CONTACTS Time To Delivery: 1 Month Developer: - Owner: -

2 515 S Kings Ave Distance to Subject Property: 0.3 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 100% Year Built: Delivers Dec 2019 Available SF: - RBA: 60,000 SF Gross Asking Rent: - Core Factor: -

Stories: 1 CONSTRUCTION Typical Floor: 60,000 SF Start Date: Mar-2019 Parking Spaces: - Completion Date: Dec-2019 Build Time: 9 Months CONTACTS Time To Delivery: 3 Months Developer: Harrod Properties, Inc. Owner: Harrod Properties, Inc.

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3 811 E Lumsden Rd - Bldg 5 Distance to Subject Property: 1.3 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 100% Year Built: Delivers Dec 2019 Available SF: - RBA: 6,000 SF Gross Asking Rent: - Core Factor: -

Stories: 1 CONSTRUCTION Typical Floor: 6,000 SF Start Date: Jul-2019 Parking Spaces: - Completion Date: Dec-2019 Build Time: 5 Months CONTACTS Time To Delivery: 3 Months Developer: McCullagh & Scott, Inc. Owner: -

4 811 E Lumsden Rd - Bldg 4 Distance to Subject Property: 1.3 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 100% Year Built: Delivers Dec 2019 Available SF: - RBA: 6,000 SF Gross Asking Rent: - Core Factor: -

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5 811 E Lumsden Rd - Bldg 3 Distance to Subject Property: 1.3 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 100% Year Built: Delivers Dec 2019 Available SF: - RBA: 6,000 SF Gross Asking Rent: - Core Factor: -

6 811 E Lumsden Rd - Bldg 2 Distance to Subject Property: 1.3 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 100% Year Built: Delivers Dec 2019 Available SF: - RBA: 6,000 SF Gross Asking Rent: - Core Factor: -

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7 1102 Bloomingdale Ave - Building A Distance to Subject Property: 2.9 Miles

PROPERTY AVAILABILITY Type: Class B Office Percent Leased: 0% Year Built: Delivers Dec 2019 Available SF: 5,500 RBA: 5,500 SF Gross Asking Rent: - Core Factor: -

Stories: 1 CONSTRUCTION Typical Floor: 5,500 SF Start Date: Aug-2019 Parking Spaces: 4.00/1,000 SF Completion Date: Dec-2019 Build Time: 4 Months CONTACTS Time To Delivery: 3 Months Developer: - Owner: -

8 811 E Lumsden Rd - Bldg 16 Distance to Subject Property: 1.3 Miles