CONFIDENTIAL OFFERING MEMORANDUM

CENTRAL FLORIDA US HWY 17/92 SOLIVITA GRAND 3,589 AC | PODS A, B, C, D & E

POINCIANA PARKWAY

CYPRESS PARKWAY WWW.CBRE-SOLIVITA-GRAND.COM PLEASE BE ADVISED CONTENTS

1) This Memorandum is based upon the existing vested rights in Pods A, B, C, & D which total: PROPERTY HIGHLIGHTS » 4,034 single-family residences The Offering...... 04 » 5,085 multi-family residences Pod A...... 06 » 1.45M sf of commercial space Pod B...... 08 » 163.40 AC of institutional use property Pod C...... 10 » 20.50 AC of service use space Pod D...... 12 » Plus Pod E’s 482 AC of Low Density Residential Future Land Use which allows for 3 units/ Pod E...... 14 acre - 8 units/acre. Poinciana Parkway...... 16 Qualified Opportunity Zone...... 17 2) The development and infrastructure cost estimates are available within the Preliminary Cost Estimates folder of the Virtual Deal Room (VDR) are based upon a conceptual layout of CURRENT OPPORTUNITY Pods A, B, C, D, & E and total: Current Opportunity...... 18 » 4,104 single-family residences » 842 town homes AREA DEVELOPMENTS » 1,224 multi-family residences Area Developments...... 20 » 1.45M sf of commercial space » 163.40 AC of institutional use property SCHOOLS » 20.50 AC of service use space Schools...... 23

3) The parcel information for the fee-simple owned 3,589 AC to be sold is available within TRANSPORTATION the Parcel Data folder of the Virtual Deal Room (VDR). The PCN / Folio Numbers and parcel Transportation...... 25 boundaries are contained in the document and it should be noted that the 3,589 AC contains some additional acreage area that is not included within the 2,692 AC depicted in this COUNTY OVERVIEWS Memorandum. The 2,692 AC depicted in this Memorandum is only comprised of the 2,210 AC Osceola County Overview...... 29 of vested rights in Pods A, B, C, & D along with the 482 AC of Pod E. Polk County Overview...... 30 Local Map...... 31 Regional Map...... 32 Property Aerials...... 33 CONTACT US OFFERING PROCESS CHRISTOPHER WOOD JASON SPALDING Senior Vice President Senior Associate Offering Process...... 35 Transaction & Advisory Services Transaction & Advisory Services Proposals...... 37 +1 954 745 5852 +1 954 331 1719 Solivita Grand Website...... 38 [email protected] [email protected]

CBRE, Inc. | Licensed Real Estate Broker AFFILIATED BUSINESS DISCLOSURE & CONFIDENTIALITY AGREEMENT

CBRE, Inc. operates within a global family of companies with many This Memorandum contains selected information pertaining to the this Memorandum or use of its contents; and you are to rely solely subsidiaries and/or related entities (each an “Affiliate”) engaging in a Property and does not purport to be a representation of the state on your investigations and inspections of the Property in evaluating a broad range of commercial real estate businesses including, but not of affairs of the Property or the owner of the Property (the “Owner”), possible purchase of the real property. limited to, brokerage services, property and facilities management, to be all-inclusive or to contain all or part of the information which valuation, investment fund management and development. At times prospective investors may require to evaluate a purchase of real The Owner expressly reserved the right, at its sole discretion, to different Affiliates may represent various clients with competing property. All financial projections and information are provided for reject any or all expressions of interest or offers to purchase the interests in the same transaction. For example, this Memorandum general reference purposes only and are based on assumptions Property, and/or to terminate discussions with any entity at any maybe received by our Affiliates, including CBRE Investors, Inc. or relating to the general economy, market conditions, competition time with or without notice which may arise as a result of review Trammell Crow Company. Those, or other, Affiliates may express and other factors beyond the control of the Owner and CBRE, Inc. of this Memorandum. The Owner shall have no legal commitment or an interest in the property described in this Memorandum (the Therefore, all projections, assumptions and other information obligation to any entity reviewing this Memorandum or making an “Property”) may submit an offer to purchase the Property and may provided and made herein are subject to material variation. All offer to purchase the Property unless and until written agreement(s) be the successful bidder for the Property. You hereby acknowledge references to acreages, square footages, and other measurements for the purchase of the Property have been fully executed, delivered that possibility and agree that neither CBRE, Inc. nor any involved are approximations. Additional information and an opportunity and approved by the Owner and any conditions to the Owner’s Affiliate will have any obligation to disclose to you the involvement of to inspect the Property will be made available to interested and obligations therein have been satisfied or waived. any Affiliate in the sale or purchase of the Property. In all instances, qualified prospective purchasers. In this Memorandum, certain however, CBRE, Inc. will act in the best interest of the client(s) it documents, including leases and other materials, are described in By receipt of this Memorandum, you agree that this Memorandum represents in the transaction described in this Memorandum and summary form. These summaries do not purport to be complete nor and its contents are of a confidential nature, that you will hold and will not act in concert with or otherwise conduct its business in a necessarily accurate descriptions of the full agreements referenced. treat it in the strictest confidence and that you will not disclose this way that benefits any Affiliate to the detriment of any other offer or Interested parties are expected to review all such summaries and Memorandum or any of its contents to any other entity without the prospective offer or, but rather will conduct its business in a manner other documents of whatever nature independently and not rely on prior written authorization of the Owner or CBRE, Inc. You also agree consistent with the law and any fiduciary duties owed to the client(s) the contents of this Memorandum in any manner. that you will not use this Memorandum or any of its contents in any it represents in the transaction described in this Memorandum. manner detrimental to the interest of the Owner or CBRE, Inc. Neither the Owner or CBRE, Inc, nor any of their respective directors, This is a confidential Memorandum intended solely for your limited officers, Affiliates or representatives make any representation or If after reviewing this Memorandum, you have no further interest in use and benefit in determining whether you desire to express further warranty, expressed or implied, as to the accuracy or completeness purchasing the Property, kindly return this Memorandum to CBRE, Inc. interest in the acquisition of the Property. of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of

General Disclaimers © 2020 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. PROPERTY HIGHLIGHTS THE OFFERING

CBRE is pleased to present Solivita Grand, a 3,589 acre development original 2,692 AC comprised of the 2,210 AC of vested rights in Pods opportunity, situated along recently completed Poinciana Parkway A, B, C, & D along with the 482 AC of Pod E. The purchaser has the near the Osceola County / Polk County border in . flexibility in amending the individual pod conceptual site plans which could adjust the above stated unit counts, square footages, and The property is part of an approved master planned community and designated acreages. the vested rights in Pod A, B, C, & D are based upon: Nearly the entire Solivita Grand property falls within a designated Qualified Opportunity Zone. Reference Page 15 for further details as POD A POD B POD C POD D well as the Qualified Opportunity Zone folder within the due diligence 131 AC 796 AC 1,141 AC 142 AC – Virtual Deal Room (VDR). Solivita Grand is located just 23 miles southwest of Downtown Orlando, Pod E does not have any vested rights but is designated with a LDR 10 miles south of Disney World, 6 miles east of Haines City, and 17 miles (Low Density Residential) Future Land Use which allows for 3 units/ north of Lake Wales. It is just outside the southwest city limits of the acre - 8 units/acre. City of Kissimmee, in Poinciana, a growing unincorporated area within the western side of Osceola County and eastern side of Polk County.

POINCIANA PARKWAY POD E The recently completed Poinciana Parkway abutting the east side 482 AC of the property provides easy access to both US Highway 17/92 to the northwest and Cypress Parkway to the south. The property Outside of Pod E, Solivita Grand’s Pods A, B, C, & D have vested rights is centrally situated between I-4 (7.90 miles to the west) , Orange that include a combined total of: Blossom Trail (2.70 miles north), and the Florida Turnpike (11.40 miles east). The property is also just south of SunRail’s recently completed . The 40 mile double decker train rail service provides easy transportation for local residents who travel north to Orange, CYPRESS PARKWAY Seminole and Volusia Counties and connection points to a number of 4,034 5,085 1.45M SF employers, schools and points of interest throughout Central Florida. Single-Family Multi-Family Commercial Osceola County’s thriving and diverse community of 325,000 is Residences Units Space expected to more than double to a population of over 600,000 people by 2040, making it the 18th fastest growing county in the nation according to the U.S. Census. The county has a unique character of its own with communities like Kissimmee and St. Cloud as well as a 163.40 AC 20.50 AC variety of unincorporated areas, including Celebration, Harmony, and Institutional-Use Service-Use Poinciana. Property Property As detailed within this Offering Memorandum a number of recently The 3,589 AC property to be sold is as per the separate PDF document approved and proposed projects are planned for the immediate area (Parcel Data - Solivita Grand PCNS) as available within the PA Data and they will continue to drive the demand for additional housing folder within the due diligence - Virtual Deal Room (VDR). It contains units and commercial development. some additional acreage area that was not included within the SOLIVITA GRAND 5 POD A POD A is situated in Polk County at the southern end of Solivita Grand at the northwest corner of Poinciana Parkway and Cypress Parkway.

POD A has vested rights within designated neighborhood V4-N1-WN for 139 SFR lots, 729 multi-family units, 432,112 SF of commercial space, 3.60 acres intended for institutional use, and 13.40 acres intended for service use. N Polk County does not use zoning designations for land and only uses the future land use designation to determine use. The future land use designation is PRE-DRI #1 under the jurisdiction of Polk County. This land use designation recognizes development rights granted by the Poinciana DRI through State- issued Binding Letters of Vested Rights (BLIVRs), which may be subsequently amended through Binding Letters of Interpretation for Modification (BLIMs). The Vested Rights of POD A are currently POD A (V4-N1-WN) determined by BLIM-691-004 (1991).

VESTED RIGHTS TOTAL AC 131 AC POINCIANA PARKWAY ZONING N/A FUTURE LAND USE Pre-DRI #1

CYPRESS PARKWAY

SOLIVITA GRAND 6 POD A POINCIANA PARKWAY POD A is situated in Polk County at the southern end of Solivita Grand at the northwest corner of N Poinciana Parkway and Cypress Parkway. US HWY 17/92 OSCEOLA COUNTY

N POLK COUNTY

KOA STREET INTERCHANGE

POD A

CYPRESS PARKWAY

COMMERCIAL INSTITUTIONAL SERVICES POD NEIGHBORHOOD SFR MF UNITS (SF) (AC) (AC) POINCIANA PARKWAY A V4-N1-WN 139 729 432,112 3.60 13.40

B V2-N4 & V2-N5-W 1,237 1,492 275,569 68.60 3.50 CYPRESS PARKWAY V2-N2-N, C 2,658 1,964 730,476 91.20 2.20 V2-N2-S, V2-N4

D V2-N2-N 0 900 16,706 0.00 1.40

TOTAL VESTED RIGHTS 4,034 5,085 1,454,863 163.40 20.50

E N/A LDR (Low Density Residential) Future Land Use = 3 units/acre - 8 units/acre.

SOLIVITA GRAND 7 POD B POD B is situated in Osceola County in the southern portion of Solivita Grand along the west side of Poinciana Parkway. Additional access to the pod is provided via a completed highway interchange at the KOA Street exit. POD B has vested rights within designated neighborhood V2-N4 for 500 SFR lots, 850 multi- family units, 250,000 SF of commercial space, 30.00 acres intended for institutional use, and 1.50 acres intended for service use. Plus rights within designated neighborhood V2-N5-W for 737 SFR lots, N 642 multi-family units, 25,569 SF of commercial space, 38.60 acres intended for institutional use, and 2.00 acres intended for service use.

Pod B is zoned as PD (Planned Unit Development District) under the jurisdiction of Osceola County. The future land use designation is Poinciana under the jurisdiction of Osceola County and the property has vested rights for development through the POD B (V2-N4 & V2-N5-W) issuance of a Binding Letter of Interpretation of Vested Rights and subsequent Binding Letter of Interpretations for Modification (BLIMs). The Vested Rights of POD B are currently determined by BLIM- 691-004 (1991).

POINCIANA PARKWAY VESTED RIGHTS TOTAL AC 796 AC PD (Planned Unit KOA STREET ZONING Development District) FUTURE LAND USE Poinciana

CYPRESS PARKWAY

SOLIVITA GRAND 8 POD B POINCIANA PARKWAY POD B is situated in Osceola County in the southern portion of Solivita Grand along the west N side of Poinciana Parkway. Additional access to US HWY 17/92 the pod is provided via a completed highway OSCEOLA COUNTY interchange at the KOA Street exit.

N

KOA STREET INTERCHANGE POD B

POLK COUNTY

CYPRESS PARKWAY

COMMERCIAL INSTITUTIONAL SERVICES POD NEIGHBORHOOD SFR MF UNITS (SF) (AC) (AC) POINCIANA PARKWAY A V4-N1-WN 139 729 432,112 3.60 13.40 KOA STREET B V2-N4 & V2-N5-W 1,237 1,492 275,569 68.60 3.50 V2-N2-N, C 2,658 1,964 730,476 91.20 2.20 V2-N2-S, V2-N4

D V2-N2-N 0 900 16,706 0.00 1.40 CYPRESS PARKWAY TOTAL VESTED RIGHTS 4,034 5,085 1,454,863 163.40 20.50

E N/A LDR (Low Density Residential) Future Land Use = 3 units/acre - 8 units/acre.

SOLIVITA GRAND 9 POD C POD C is situated in Osceola County within the central portion of Solivita Grand along the west side of Poinciana Parkway. Additional access to the pod is provided via a completed highway interchange at the Marigold Avenue exit. POD C has vested rights within designated neighborhood V2-N2-N for 1,315 SFR lots, 917 multi- family units, 60,000 SF of commercial space, and 33.60 acres intended for institutional use. Plus rights within designated neighborhood V2-N2-S for 1,189 SFR lots, 947 multi-family units, 588,082 SF of commercial space, 35.30 acres intended

N for institutional use, and 2.20 acres intended for service use. Plus rights within portion of designated neighborhood V2-N4 for 154 SFR lots, 100 multi- family units; 82,394 SF of commercial space, and 22.30 acres intended for institutional use.

Pod C is zoned as PD (Planned Unit Development POD C (V2-N2-N, V2-N2-S & V2-N4) District) under the jurisdiction of Osceola County. MARIGOLD AVE The future land use designation is Poinciana under the jurisdiction of Osceola County and the property has vested rights for development through the POINCIANA PARKWAY issuance of a Binding Letter of Interpretation of Vested Rights and subsequent Binding Letter of Interpretations for Modification (BLIMs). The Vested Rights of POD B are currently determined by BLIM- 691-004 (1991).

KOA STREET VESTED RIGHTS TOTAL AC 1,141 AC PD (Planned Unit ZONING Development District) FUTURE LAND USE Poinciana

SOLIVITA GRAND 10 POD C POINCIANA PARKWAY POD C is situated in Osceola County within the central portion of Solivita Grand along the west N side of Poinciana Parkway. Additional access to US HWY 17/92 the pod is provided via a completed highway OSCEOLA COUNTY interchange at the Marigold Avenue exit. MARIGOLD AVENUE INTERCHANGE

POD C

N

POLK COUNTY

MARIGOLD AVE CYPRESS PARKWAY

POINCIANA PARKWAY

COMMERCIAL INSTITUTIONAL SERVICES POD NEIGHBORHOOD SFR MF UNITS (SF) (AC) (AC)

KOA STREET A V4-N1-WN 139 729 432,112 3.60 13.40

B V2-N4 & V2-N5-W 1,237 1,492 275,569 68.60 3.50

V2-N2-N, C 2,658 1,964 730,476 91.20 2.20 V2-N2-S, V2-N4 D V2-N2-N 0 900 16,706 0.00 1.40

TOTAL VESTED RIGHTS 4,034 5,085 1,454,863 163.40 20.50

E N/A LDR (Low Density Residential) Future Land Use = 3 units/acre - 8 units/acre.

SOLIVITA GRAND 11 POD D POD D is situated in Osceola County within the central portion of Solivita Grand at the northeast corner of Poinciana Parkway and Marigold Avenue. Access to the pod is provided via a completed highway interchange at the Marigold Avenue exit.

POD D has vested rights within designated neighborhood V2-N2-N for 900 multi-family units, 16,706 SF of commercial space, and 1.40 acres N intended for service use.

Pod D is zoned as PD (Planned Unit Development District) under the jurisdiction of Osceola County. The future land use designation is Poinciana under POD D (V2-N2-N) the jurisdiction of Osceola County and the property has vested rights for development through the issuance of a Binding Letter of Interpretation of Vested Rights and subsequent Binding Letter of Interpretations for Modification (BLIMs). The Vested Rights of POD D are currently determined by BLIM- 691-004 (1991).

VESTED RIGHTS TOTAL AC 142 AC PD (Planned Unit ZONING Development District) FUTURE LAND USE Poinciana

POINCIANA PARKWAY

SOLIVITA GRAND 12 POD D POINCIANA PARKWAY POD D is situated in Osceola County within the central portion of Solivita Grand at the northeast OSCEOLA COUNTY N corner of Poinciana Parkway and Marigold US HWY 17/92 Avenue. Access to the pod is provided via a completed highway interchange at the Marigold POD D Avenue exit.

MARIGOLD AVENUE INTERCHANGE N

POLK COUNTY

CYPRESS PARKWAY

COMMERCIAL INSTITUTIONAL SERVICES POD NEIGHBORHOOD SFR MF UNITS (SF) (AC) (AC)

A V4-N1-WN 139 729 432,112 3.60 13.40

B V2-N4 & V2-N5-W 1,237 1,492 275,569 68.60 3.50

V2-N2-N, C 2,658 1,964 730,476 91.20 2.20 V2-N2-S, V2-N4 POINCIANA PARKWAY D V2-N2-N 0 900 16,706 0.00 1.40

TOTAL VESTED RIGHTS 4,034 5,085 1,454,863 163.40 20.50

E N/A LDR (Low Density Residential) Future Land Use = 3 units/acre - 8 units/acre.

SOLIVITA GRAND 13 POD E POD E is situated in Osceola County at the northern end of Solivita Grand along the southwest side of Poinciana Parkway.

POD E does not fall within a designated N neighborhood and it has a current Low-Density Residential Future Land Use Designation (3-8 DUs/acre). This would allow for the potential development of 1,146 - 3,856 residential units, POD E however preliminary cost estimates are based upon only 800 single-family residences within Pod E.

Development entitlements through zoning have yet to be obtained for Pod E, however the property is located in the Urban Infill Area of the Adopted Urban Growth Boundary (UGB).

TOTAL AC 482 AC ZONING Agricultural FUTURE LAND USE LDR (Low Density Residential)

POINCIANA PARKWAY

SOLIVITA GRAND 14 POD E POINCIANA PARKWAY POD E is situated in Osceola County at the northern end of Solivita Grand along the southwest side of N Poinciana Parkway. US HWY 17/92

POD E

OSCEOLA COUNTY N

MARIGOLD AVENUE INTERCHANGE

POLK COUNTY

CYPRESS PARKWAY

COMMERCIAL INSTITUTIONAL SERVICES POD NEIGHBORHOOD SFR MF UNITS (SF) (AC) (AC)

A V4-N1-WN 139 729 432,112 3.60 13.40

B V2-N4 & V2-N5-W 1,237 1,492 275,569 68.60 3.50

V2-N2-N, C 2,658 1,964 730,476 91.20 2.20 POINCIANA PARKWAY V2-N2-S, V2-N4 D V2-N2-N 0 900 16,706 0.00 1.40

TOTAL VESTED RIGHTS 4,034 5,085 1,454,863 163.40 20.50

E N/A LDR (Low Density Residential) Future Land Use = 3 units/acre - 8 units/acre.

SOLIVITA GRAND 15 POINCIANA PARKWAY

MARIGOLD AVE. - INTERCHANGE KOA STREET - INTERCHANGE CYPRESS PARKWAY - INTERSECTION

N N N

S S S

SOLIVITA GRAND 16 QUALIFIED OPPORTUNITY ZONE

Nearly the entire Solivita Grand property falls within a designated Qualified Opportunity Zone.

2017 TAX CUTS AND JOBS ACT Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act (a.k.a. tax reform). The idea behind these zones is to attract investment capital, and more specifically, capital gains—into these designated areas. In return for these investments, investors receive several tax benefits, which vary depending QUALIFIED OPPORTUNITY ZONE upon the time capital remains invested in a Qualified Opportunity Zone (QOZ). CENSUS TRACT = 12097041100

In order to invest in a QOZ, investors must utilize a specific investment vehicle: a Qualified Opportunity Fund (QOF). To qualify for tax deferral benefits, investors must place capital gains into a QOF within 180 days of realizing the gain. Importantly, there is not a limit to the amount of capital gains that can be reinvested through a QOF.

REDUCTION OF DEFERRED CAPITAL GAINS A QOZ investment allows for the reduction of deferred gains from the sale or exchange of prior investments.

» QOZ investments maintained for at least 5 years by the end of 2026 will qualify for a 10% reduction of deferred capital gains tax liability (for the original capital gain). If the gain has been invested in an opportunity fund for 7 years by the end of 2026 180 DAYS » Investors can defer Capital must be placed Unlimited amount of capital 2026, the tax liability on the original gain is reduced by 15%. taxes on capital in an opportunity fund gains can be reinvested » Consequently, in order to take advantage of at least some of these benefits, gains until 2026 within 180 days into an opportunity fund capital gains must be reinvested by the end of 2021 Beyond the 5 year and 7 year periods, gains from investments in QOZs become tax free after an investment period of at least 10 years (this does not include the original gain reinvested in the QOZ and will apply to assets held until 2047). As currently written, should Congress extend the 2026 due date for taxes on 2021 5 YEAR 7 YEAR original gains to at least 2028, it could be possible to erase tax liability for Must invest by 2021 Gains invested qualify Gains invested qualify for all gains. However, it is worth emphasizing Congressional action would be to take advantage for 10% reduction in 15% reduction in amount of required for the 2026 date to be extended. of tax benefits amount of taxed gain taxed gain

SOLIVITA GRAND 17 CURRENT OPPORTUNITY

SOLIVITA GRAND 18 CURRENT OPPORTUNITY

The prior ownership AV Homes, Inc. (fna Avatar Annual Housing Starts - Top 4 Counties Holdings, Inc.) has had a substantial amount of » Orange County = 6,206 (Up 7.5% YOY) development success within the Osceola County and Polk County markets. » Osceola County = 4,899 (Up 33% YOY) » Polk County = 4,470 (Up 23% YOY) PRIOR SUCCESS » Lake County = 2,496 (Down -13% YOY) Central Florida saw 25,117 closings in 2018, a 15% increase AV Homes commenced active home sales within Solivita over 2017 closing activity, with Osceola County and Polk in 2000. The development area was comprised of 10,098 County having the second most closings (4,096) and third lots on 7,193 acres, south of the Orlando metropolitan most closings (3,934) respectively. area. Through the end of 2017, 4,459 of the 5,598 planned residences in the actively developed area had been sold Annual Closings – Top 4 Counties and closed, with approximately 4,500 lots to be developed » Orange County = 6,261(Up 20% YOY) in future phases. Solivita offers its residents numerous activities year-round through the community’s lifestyles » Osceola County = 4,096 (Up 8.5% YOY) program, which includes approximately 148,000 sf of » Polk County = 3,934 (Up 18% YOY) recreation facilities. These facilities include two fitness » Lake County = 2,488 (Down -21% YOY) centers, 14 heated swimming pools, restaurants, arts and crafts rooms, a billiard room, a café, and other meeting and ballroom facilities. AV Homes also developed and owned CURRENT OPPORTUNITY two 18-hole championship golf courses. It is projected that Osceola County will become the most populated county in the Orlando metro area by 2030. EXISTING GROWTH Property tax revenue in Osceola County is estimated to go Per MetroStudy, Central Florida saw 27,455 housing starts in up $30 million over the next five years. By 2030, some 50,000 2018, an 18% increase over 2017 starts activity, with Osceola new homes are expected to be built to accommodate more County and Polk County having the second most starts than 200,000 people anticipated to move into the county. (4,899) and third most starts (4,470) respectively. For the sake of comparison, Orange County only has 10,000 acres of developable real estate, and Osceola County has 100,000 acres of land that can be built on within their urban growth boundary.

SOLIVITA GRAND 19 AREA DEVELOPMENTS

SOLIVITA GRAND 20 AREA DEVELOPMENTS

A number of recently approved and proposed projects provides collaborative space for academic and corporate are planned for the immediate area and they will researchers and access to sophisticated and expensive continue to drive the demand for additional housing units equipment, labs and software, like the massive clean and commercial development. rooms built for working with the semiconductor materials used in sensors. BRIDG is housed in a new state-of-the-art 109,000 sf R&D microelectronics JOB GROWTH building known as The Center for Neovation which opened in March of 2017. The next phase of development » Frito Lay Fulfillment Service Center: Frito-Lay has includes a separate 100,000 sf office building adjacent to proposed a $130MM, 286,000 sf high-tech fulfillment The Center for Neovation currently under construction. service center on 75 acres along the west side of S. Poinciana Boulevard across from the new SunRail Anchored by the University of Central Florida (UCF) and Poinciana Station. It is estimated that the facility will funded through a number of state agencies, a total employ 200 people when it’s completed in 2021. of nearly $200MM has gone into the NeoCity / BRIDG » NeoCity / BRIDG: Osceola County’s new high-tech planning and development thus far. research park known as NeoCity will assist in shifting the economic base of the county from tourism and agriculture, towards high-wage technology FOUR CORNERS BUSINESS PARK/27 LOGISTICS employment. The 482.50 acre NeoCity campus PARK is entitled for 11,000,000 sf of master planned The immediate area surrounding the I-4 / US Highway development. NeoCity has already partnered with 27 interchange continues to expand as a regional several technology companies including Face distribution hub. International Corp and Siemens. » Amazon: Amazon occupied an existing 350,000 SF facility for a fulfillment center in 2014. In addition, Osceola County has contributed $60MM » Wal-Mart: Wal-Mart constructed two fulfillment center to build the Bridging the Innovation Development Gap buildings totaling 2,200,000 SF on 50 acres in July of (BRIDG) facility on-site as well as planned commercial 2017. buildings around the NeoCity campus. BRIDG is a publicly funded consortium focused on the manufacturing » UPS: Polk County approved tax breaks and incentives processes, materials, and equipment for next-generation for UPS to spark the company’s transition into a 73,500 sensors and future innovative products. The facility SF warehouse in December of 2018.

SOLIVITA GRAND 21 AREA DEVELOPMENTS LEGEND Jobs EDUCATION Tourism MARGARITAVILLE RESORT Education Additional NeoCity development includes the NeoCity Academy, a STEM ORLANDO Magnet High School situated on a 5 acre campus that will open later in 2019. The Osceola County School District had committed $15MM to build the WALT DISNEY COMPANY NeoCity Academy.

As the school district has grown from 57,000 students to over 72,000 students over the past four years, Tohopekaliga High School was opened in 2018. The school is located on Boggy Creek Road, just north of East NEOCITY ACADEMY Lake Tohopekaliga, and it is the first comprehensive high school opened since 2007. The Osceola County School District now operates 60 facilities throughout the county.

Valencia College expanded their Osceola County presence in 2017 with the opening of their new Poinciana Campus situated at 3255 Pleasant Hill Road. This state-of-the-art building hosts 12 classrooms, a science lab, two FOUR CORNERS 192 computer labs, a Culinary teaching kitchen, library, tutoring center, indoor/ BUSINESS PARK outdoor cafe, and the Center for Accelerated Training. The center offers continuing education courses in English as a Second Language, Spanish, construction, welding, and other short-term training needs. FRITO LAY TOURISM FULFILLMENT CENTER The Margaritaville Resort is a massive 300 acre, $750 MM development that will have their grand opening in early 2019. The resort is located near 4 the Four Corners area in northwest Osceola County, just west of I-4, near 17 the intersection of US Highway 192 and SR 429. The property will feature extensive retail space, 1,000 “Margaritaville-inspired” vacation homes, and a 92 187 key hotel.

The Walt Disney Company just purchased 2,465 acres under two separate VALENCIA COLLEGE transactions for a total of $34MM. The properties were owned under the estate of Frank E. Brown and BFT Capital Corp. Disney has not said what it plans to do with its two recent land purchases, however it has been 27 LOGISTICS PARK SOLIVITA speculated that the land will be used for conservation purposes. Both properties are located south of Disney World, and just northwest of the new GRAND SunRail Poinciana Station.

SOLIVITA GRAND 22 SCH0OLS

SOLIVITA GRAND 23 SCHOOLS 4

The Osceola County School District is located in the heart of Central Florida, and provides academic instruction, rigor, and support each school day to more than 72,000 students in kindergarten through 12th grade in 60 schools. 192 The district is proud of its diverse mix of students who represent over 100 different countries and various cultural and ethnic backgrounds. 13

Within the immediate area there is 1 multi-level school (K – 8), 7 elementary schools, 2 middle schools, and 3 high schools. It is anticipated that 1 multi- level school (K – 8) and 1 high school will be built within Solivita Grand. 5

92 17 MULTI-LEVEL SCHOOL SOLIVITA GRAND INSTITUTIONAL USE 8 1 » Bellalago Academy 10 As per the accumulative vested rights within Pods A, B, C, and E of 12 ELEMENTARY SCHOOLS Solivita Grand it should be noted 7 that there are total of 163.40 acres 2» Chestnut Elementary School intended for institutional use. 3» Deerwood Elementary School 4» KOA Elementary School 5» Pleasant Hill Elementary School INTERACTIVE DATA REPORT 6 1 » Poinciana Academy of Fine Arts Osceola County School District: 3 The Osceola County School District 7» Reedy Creek Elementary School provides online access to an 8 9 » Sunrise Elementary School up-to-date interactive data and 6 demographic report which covers 11 the entire district. Data filters can be 4 MIDDLE SCHOOLS applied per grade or school.

9» Discovery Intermediate School The online interactive report is 10» Horizon Middle School available by clicking the following link below:

HIGH SCHOOLS SOLIVITA 11» Liberty High School Osceola County School District GRAND 12» Poinciana High School Interactive Data Report 2 13» NeoCity Academy

SOLIVITA GRAND 24 TRANSPORTATION

SOLIVITA GRAND 25 TRANSPORTATION A number of recently completed and proposed transportation projects are planned for the immediate area. 4 192 ROADWAYS The Southport Connector Expressway: The Central Florida Expressway Authority (CFX) is implementing a Concept, Feasibility, and Mobility Study for the Southport Connector Expressway, the goals of which are to provide a new POINCIANA STATION limited access facility from the greater Poinciana area to Florida’s Turnpike, thereby enhancing mobility of the area’s growing population and economy, relieving congestion on local roads, providing for the incorporation of transit options, and promoting regional connectivity.

The Southport Connector Expressway will be an east-west divided 4 lane freeway starting at the intersection of Poinciana Parkway and Cypress 17

Parkway and covering a distance of approximately 13 miles to the east, tying 92 into the Florida Turnpike. POINCIANA PARKWAY

BUS & AUTONOMOUS RAPID TRANSIT

Bus Rapid Transit (BRT) / Autonomous Rapid Transit (ART): Osceola MARIGOLD AVENUE INTERCHANGE County is in the process of implementing Bus Rapid Transit (BRT) for a 17-mile circulation route along Highway 192. In conjunction with the Florida Department of Transportation (FDOT), the county’s Transportation Department has developed a pilot project for regional Autonomous Rapid Transit (ART). KOA STREET INTERCHANGE The ART pilot is scheduled to be in place by 2021 connecting Hwy 192 from SR SOLIVITA 535 to World Drive and will be expanded east into NeoCity. To date, $7 million in funding has been provided for the ART pilot, split 50/50 between Osceola GRAND County and FDOT.

Commuter Train: SunRail opened its Osceola County lines during the summer of 2018, ushering a new era of transportation for locals. There are now 16 station stops total. The first phase, from DeBary to south Orange County, opened in 2014. The second phase through Osceola is a 17 mile stretch from the to the new Poinciana Station, just north of Solivita Grand. FUTURE SOUTHPORT CONNECTOR EXPRESSWAY

SOLIVITA GRAND 26 TRANSPORTATION

Solivita Grand is situated 36 miles southwest of the Orlando International Airport via I-4 crossing east along SR 417 (Central Florida Greenway) to Jeff Fuqua Blvd.

AIRPORT EXPANSION JEFF FUQUA BLVD New South Terminal: The Orlando International Airport’s $2.15 billion south terminal expansion is one of the region’s most 4 important projects underway. The terminal is expected to be completed by 2020 and will add up to 19 new gates at the airport.

It is expected that JetBlue will be the first major airline at the new South Terminal once it becomes operational.

417 The south terminal is part of a much larger $4.27 billion, multi- year capital improvement plan that will accommodate increasing CENTRAL FLORIDA GREENWAY passenger and airline demand. The new expansion now under construction will also connect to the existing intermodal terminal facility, which will serve as a station for the future Brightline train 4 connecting Orlando to South Florida via high-speed rail.

The passenger count at Orlando International Airport has been 7.9 MILES increasing by approximately 2 million passengers annually, 192 making it the busiest in Florida and the 11th busiest in the nation. The expansion will allow up to 10 million more passengers to 17 POINCIANA PARKWAY travel through the airport. 92

The project is a vital part of the overall growth of the region’s $70 billion tourism industry that serves more than 72 million annual visitors. In 2018 the airport had 47 million passengers traveling through it, and was honored with the No. 1 ranking in SOLIVITA the mega airport category — air hubs with more than 32 million passengers by J.D. Powers & Associate’s 2018 North America GRAND Airport Satisfaction Study.

FUTURE SOUTHPORT CONNECTOR EXPRESSWAY

SOLIVITA GRAND 27 COUNTY OVERVIEWS

SOLIVITA GRAND 28 OSCEOLA COUNTY OVERVIEW

Osceola County is a 1,506 square mile county located in of Latter-day Saints owned Deseret Ranches and a Eastern Central Florida and comprises the southern part number of other large privately operated ranch and of the Orlando Metropolitan area. The City of Kissimmee agricultural lands. The county has a proud ranching and The City of St. Cloud are the only two incorporated tradition that extends over generations. Ranching cities in the county, with the City of Kissimmee serving was never easy in Osceola County, and it was all as the county seat. Kissimmee is situated 18 miles the more challenging given the county’s landscape, due south of Orlando and St Cloud is 9 miles east of which is characterized by numerous lakes, wetlands, Kissimmee. The county was created in 1887 and the limits and wet prairies. Protecting the ranching tradition extended down to Lake Okeechobee until 1917 when beyond the growth boundary is an important objective, Okeechobee County was formed. but good planning should allow the development of comprehensive large-scale master-planned communities Northwest Osceola County is where most of the county’s as an efficient use of land and an alternative to sprawl. recent development activity has taken place. Northwest Osceola includes the cities of Kissimmee and St. Cloud and the unincorporated communities of Campbell, Celebration, Poinciana, and Buenaventura Lakes. Lake POPULATION INCREASE Tohopekaliga lies between the City of Kissimmee Central Florida: The four counties across the heart and the City of St. Cloud. Known as Lake Toho, it was of Central Florida all experienced positive population Osceola’s recreational centerpiece before the theme growth over the past 8 years. Since 2010, the populations parks and resorts came. Nevertheless, it continues to of Lake County, Orange County, Osceola County, and Polk be a significant open-space amenity for the Orlando County have increased: metropolitan area as well as the county. Osceola County = 23.78% Increase Southeast Osceola County is dominated by ranch lands » and undeveloped prairie, woods, and marsh, although » Orange County = 14.70% Increase the area does include a few rural settlements, such as » Polk County = 11.80% Increase Holopaw, Kenansville, and Yeehaw Junction. Southeast Lake County = 11.70% Increase Osceola County also includes the Church of Jesus Christ »

2010 2010 TO 2018 % 2018 CENSUS INCREASE INCREASE ESTIMATE

Kissimmee 59,682 12,687 21.26% 72,369 St. Cloud 35,183 11,336 24.37% 46,519 Unincorporated County 173,820 59,788 25.59% 233,608 OSCEOLA COUNTY (TOTAL) 268,685 83,811 23.78% 352,496

SOLIVITA GRAND 29 POLK COUNTY OVERVIEW

Polk County is a 1,798 square mile county located in Eastern Central strong and is outpacing that in the rest of Florida and the U.S. Florida and is contiguous to the southeastern part of the Orlando Metropolitan area. It sits along the I-4 corridor between Osceola and LAE is adding jobs faster than the U.S. in nearly every industry. Retail, Hillsborough Counties. Polk County is coexistent with the Lakeland- leisure/hospitality and logistics were key standouts in 2018, along with Winter Haven Metropolitan area (LAE) with the City of Lakeland serving business/professional services. There are few signs of overheating. as the county seat. There are 17 municipalities within the County, Average hourly earnings dropped off late in 2018, and despite superior the largest include Lakeland, Winterhaven and Poinciana (census job growth, wage income in LAE is rising only as fast as it is nationally. designated). LAE’s large and fast-growing retiree population will ensure healthcare plays a substantial role in the economy. Immigration to the metro area Polk County, FL is the 9th most populated county in Florida. Since the late has skyrocketed in recent years as soaring home values in Tampa and 20th century, growth in Polk County has been driven by its proximity to Orlando have priced out more home buyers. Residents age 25 to 44 both the Tampa and Orlando metropolitan areas along the Interstate 4 has increased while the number of residents age 65 or older has been corridor. Recent growth has been heaviest in Lakeland (closest to Tampa) growing for a decade and the cohort now accounts for more than one- and the Northeast areas near Haines City (nearest to Orlando). From fifth of LAE’s population. 2010 to 2017 the population grew 11.8%, a full point faster than Florida’s growth rate. In addition to cottage communities that have developed for commuters, Haines City has suburban sprawl into unincorporated areas. POPULATION INCREASE In Polk, one of the most visible signs of the recent growth is the plethora Central Florida: The four counties across the heart of Central Florida all of large distribution facilities in the area. Driving through cities like experienced positive population growth over the past 8 years. Since 2010, Haines City and Winter Haven or down U.S. 27. a number of large facilities the populations of Lake County, Orange County, Osceola County, and Polk from Walmart, Amazon, Best Buy, Haverty’s, FedEx and more. Polk has County have increased: become a hub for distribution centers due to its proximity to the Port of Tampa. This growth in distribution is providing major employment in » Osceola County = 23.78% Increase the area, which in turn supplies homebuyers for the area’s residential Orange County = 14.70% Increase properties, or tenants for rental properties. The area also has a lower » cost of living than Orlando, while still close to major Orlando employers » Polk County = 11.80% Increase like Resort. Lakeland-Winter Haven’s expansion is » Lake County = 11.70% Increase maturing, but there is still room for the economy to grow. Job growth is

2010 2010 TO 2018 % 2018 CENSUS INCREASE INCREASE ESTIMATE

Lakeland 97,405 12,687 21.26% 72,369 Poinciana 53,193 13,272 24.95% 66,465 Winter Haven 33,874 4,789 14.13% 38,663 POLK COUNTY (TOTAL) 483,924 183,772 37.97% 667,696

SOLIVITA GRAND 30 LAKE COUNTY ORANGE COUNTY Commute drive time has been substantially reduced with the recent completion of Poinciana Parkway. It is now only a 7.90 mile direct connection from Solivita Grand to I-4.

OSCEOLA COUNTY

7.9 MILES 4

POINCIANA PARKWAY

SOLIVITA GRAND

FUTURE SOUTHPORT CONNECTOR EXPRESSWAY

POLK COUNTY

SOLIVITA GRAND 31 75

4

SOLIVITA GRAND 95

SOLIVITA GRAND 32

MARIGOLD AVENUE INTERCHANGE N

KOA STREET INTERCHANGE

POINCIANA PARKWAY

CYPRESS PARKWAY

SOLIVITA GRAND 33 KOA STREET INTERCHANGE

MARIGOLD AVENUE INTERCHANGE N

POINCIANA PARKWAY

SOLIVITA GRAND 34 OFFERING PROCESS

SOLIVITA GRAND 35 OFFERING PROCESS

Taylor Morrison Inc. (the “Seller”) has retained CBRE on or any other written or oral communication transmitted The COM shall not be copied, reproduced or distributed, an exclusive basis to arrange for the sale of Solivita or made available to prospective purchasers. in whole or in part, to other parties at any time Grand – Pods A, B, C, D & E situated in western Osceola without the prior written consent of the Seller and County and eastern Polk County, FL (the “Property”). Prospective purchasers should conduct their own CBRE. It is made available to prospective purchasers independent investigation and verification of the for information purposes only and upon the express The Property shall not include any rights to the name information provided herein, and should seek legal, understanding that such prospective purchasers will “Solivita”, which is exclusively owned by the Seller. accounting, tax, engineering, planning and other use it only for the purposes set forth herein. Upon advice as necessary. If any information relating to the request, the recipient will promptly return all material The purchaser may not use the name “Solivita” in the Property, in addition to the information provided in marketing of the Property. received from the Seller and CBRE (including the COM) this COM, is provided at any time, orally or otherwise, without retaining any copies thereof. In furnishing the by the Seller or CBRE or anyone acting on their behalf, COM, the Seller and CBRE undertake no obligations such information is provided as a convenience only OFFERING MEMORANDUM CONTENTS to provide the recipient with access to additional without representation or warranty as to its accuracy information. The division of the COM into sections, This Confidential Offering Memorandum (“COM”) is being or completeness and such information should not paragraphs, sub-paragraphs and the insertion or use delivered to prospective purchasers to assist them in be relied upon by prospective purchasers without of titles and headings are for convenience or reference deciding whether they wish to acquire the Property. This independent investigation and verification. only and shall not affect the interpretation of this COM. COM does not purport to be all inclusive or to contain all the information that a prospective purchaser may require in deciding whether or not to purchase the CONFIDENTIALITY INDEMNIFICATION Property. By accepting this Confidential Offering Memorandum In exchange for specific good and valuable This COM is for information and discussion purposes (“COM”), prospective purchasers agree to hold and treat consideration provided by the Seller and CBRE, including only and does not constitute an offer to sell or the this COM and its contents in the strictest confidence. without limitation, the delivery of this COM, the receipt solicitation of any offer to buy the Property. The COM Prospective purchasers will not, directly or indirectly, and sufficiency of which is hereby acknowledged by the provides selective information relating to certain disclose or communicate or permit anyone else prospective purchasers, prospective purchasers hereby portions of the physical, locational and financial to disclose or communicate this COM or any of its agree to indemnify the Seller and CBRE, and their characteristics of the Property. contents or any part thereof to any person, firm or affiliates against any compensation, liability or expense entity without the prior written consent of the Seller (including attorneys’ fees), arising from claims by any The information on which this COM is based has been and CBRE. Prospective purchasers will not use or permit other party the purchaser had dealings with (excluding obtained from various sources. Neither the Seller this COM to be used in any manner detrimental to the CBRE) in connection with the sale of the Property, or in nor CBRE make any representations, declarations or interests of the Seller or CBRE or their affiliates or for connection with a breach by the prospective purchaser warranties, express or implied, as to the accuracy any other purpose than a proposed purchase of the of its obligations as described herein. In no event or completeness of the information or statements Property. The recipient of this COM agrees to provide shall any prospective purchaser or any of its agents contained herein or otherwise and such information or CBRE with a list of those persons to whom this COM or contractors contact any governmental authorities statements should not be relied upon by prospective or any information contained herein is provided. The concerning the Property, or make any physical purchasers without independent investigation and terms and conditions in this Section with respect to inspection or testing of the Property, without the prior verification. The Seller and CBRE expressly disclaim any confidentiality and the disclaimer contained under written consent of the Seller or CBRE. and all liability for any errors or omissions in the COM the heading “Memorandum Contents” will relate to all Sections of the COM as if stated independently therein.

SOLIVITA GRAND 36 PROPOSALS

Interested parties are invited to submit a proposal that addresses the requirements PROPOSALS SUBMISSIONS outlined below. From the submissions, one or more of the proposals may be short listed to proceed to the next stage of the process where it is the intent of the Seller Neither the Seller nor CBRE make any representation, warranty, or any agreement to enter into a binding Agreement of Purchase and Sale for all or part of the Property. whatsoever, that the Seller will accept any of the LOI’s, before or after negotiations, None of the submissions, regardless of their form and content, will create any binding which may be extensive, or, that the Seller, or CBRE, shall compensate any participant legal obligations upon the Seller or CBRE. All participants in the process do so of their for any costs incurred in its participation in the process. Offers will be evaluated, own accord. Neither the Seller nor CBRE make any representation or warranty, or any among other criteria, on the consideration offered for the Property, the prospective agreement whatsoever, that the Seller will accept any Agreement of Purchase and purchaser’s ability to complete the transaction and the proposed terms of closing. Sale, before or after negotiations, which may be extensive; that the Seller will accept Prospective purchasers are additionally advised of the following: the highest or any price offered or, that the Seller or CBRE, shall compensate any participant for any costs incurred in its participation in the process Proposals will be accepted at the following address:

CBRE PROPOSALS / LETTER OF INTENT GUIDELINES 401 East Las Olas Boulevard , Suite 1500 The proposal should be in the form of a non-binding Letter of Intent (“LOI”). The Fort Lauderdale, Florida 33301 Proposal should outline the terms for the purchase of the Property and should Attention: Chris Wood / Jason Spalding include the following information: or via email to:

» Purchase price Christopher Wood Jason Spalding » Proposed closing date [email protected] [email protected] » An indication of any material terms or conditions required by the Purchaser » Names of the ultimate beneficial owners of the Property, including their respective Following the submission of the Proposals, the Seller and CBRE may negotiate with percentage interests the prospective purchaser(s) whose agreement(s) is judged to be most attractive » Amount and timing of proposed deposits to the Seller, in its sole discretion. At any time prior to entering into a Purchase and Sale Agreement(“PSA”), the Seller may request additional information from interested » Adequate evidence of the Purchaser’s financial ability to complete the transaction parties relevant to the transaction. Failure to provide such information on a timely » A single point of contact including phone number, mailing address, and email basis may result in termination of discussions. The Seller reserves the right to end address for the delivery of notices the sale process or to cease discussions with any and all parties at any time prior to entering into a PSA without liability. In its sole discretion, the Seller reserves the right to remove the Property from the market and to alter the offering process described above and timing thereof, at any time or times.

SOLIVITA GRAND 37 SOLIVITA GRAND WEBSITE

A property website has been set up for this transaction within CBRE’s Deal Flow SALE CONDITIONS platform. Prospective purchasers can visit the website at: The Property and any fixtures, chattels and equipment included with the Property are SOLIVITA GRAND WEBSITE to be purchased on an “as is, where is” basis and there is no warranty, express or implied, as to title, description, zoning, condition, cost, size, quantity or quality thereof and without limiting the foregoing, any and all conditions or warranties expressed or www.cbre-solivita-grand.com implied.

Access to the due diligence and confidential information in both the website and Any information related to the Property, which has been or will be obtained from the Virtual Deal Room (VDR) is restricted to those who have executed a Confidentiality Seller or CBRE or any other person has been prepared and provided solely for the Agreement (CA). The website will contain the following information relative to the convenience of the prospective purchaser. Neither the Seller nor CBRE make any Property where available and applicable. Additional documents and materials may be representation or warranty that such information is accurate or complete. Such posted to the VDR over the course of the marketing process. information shall not form part of the terms of an agreement of purchase and sale, unless otherwise specifically agreed to in writing by the Seller.

VIRTUAL DEAL ROOM (VDR) – DUE DILIGENCE PROPERTY TOURS The Virtual Deal Room (VDR) contains the following information: Solivita Grand is available for an area tour and viewing by advance appointment only. » Binding Letters of Interpretation for Modification (BLIM) Please contact either of the following CBRE agents to schedule a property tour. » Binding Letters of Vested Rights (BLIVR) » Demographic Reports CBRE AGENTS » Maps » Metrostudy All inquiries regarding the Property or any information contained in this COM should be directed to CBRE as exclusive agents for the Seller. For further information, please » Permits contact: » Plans

Qualified Opportunity Zones » Christopher Wood Jason Spalding » Southport Connector Expressway Senior Vice President Senior Associate Transaction & Advisory Services Transaction & Advisory Services O: +1 954 745 5852 O: +1 954 331 1719

E: [email protected] E: [email protected]

SOLIVITA GRAND 38 CONFIDENTIAL OFFERING MEMORANDUM

CENTRAL FLORIDA SOLIVITA US HWY 17/92 GRAND 3,589 AC | PODS A, B, C, D & E

WWW.CBRE-SOLIVITA-GRAND.COM

POINCIANA PARKWAY

For Further Information, Please Contact:

CHRISTOPHER WOOD Senior Vice President CBRE © 2020 All Rights Reserved. All information included in this proposal pertaining to CBRE including butCYPRESS not limited PARKWAY to its operations, employees, O: +1 954 745 5852 technology and clients are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general [email protected] intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and JASON SPALDING sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in Senior Associate good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally O: +1 954 331 1719 terminate all negotiations with the other party hereto. This information has been obtained from sources believed reliable. We have not verified it [email protected] 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, Inc. | Licensed Real estate Broker